Episode 36 – Building a Digital Empire

True North Episode 36 – Building a Digital Empire

2:02:22 | August 13, 2025

🧭 MSTR True North Episode 36
The True North crew dives deep into this transformational period. Segments include MSTR valuation, leverage risks, liquidation prefs, and BTC’s future as digital capital.

🎛️ As of this recording, 8/13/25, Strategy’s (MSTR) performance:
Open: $397.73
Close: $389.90
Volume: 10,884,940 shares
mNAV: 1.62
Market Cap: ~$111B
U.S. Market Cap Ranking: 93
BTC: 628,946

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 – intro: Soleil kicks things off
• 00:01:00 – price action analysis: why price highs feel bearish
• 00:02:25 – market vs. earnings: hidden disconnect driving BTC moves
• 00:04:30 – atm trap exposed: how convert holders profit on you
• 00:06:16 – what counts as earnings?: redefining profit in bitcoin terms
• 00:08:51 – nav is king: the metric real investors watch
• 00:11:56 – next BTC supercycle?: mNAV catalysts you can’t ignore
• 00:15:13 – preferreds = BTC yield?: MicroStrategy’s secret weapon
• 00:19:14 – will BTC be lent?: how leverage could unlock billions
• 00:23:34 – how many BTC per share?: future model for equity upside
• 00:28:00 – MSTR is retooling: BTC conversion factories under construction
• 00:36:55 – 80k tuned in live: digital event lessons from Tim
• 00:39:04 – Unconferenced 2025: what to expect from NYC BTC summit
• 00:48:18 – should BTC firms defend the network?: stewardship debate
• 00:55:50 – BTC alliance model: how cooperation beats competition
• 00:59:45 – get your prefs ready: planning with the crown jewel, $STRF
• 01:03:25 – MSTR valuation logic: BTC per share and impact of the preferreds
• 01:04:50 – leverage risks unpacked: why 30% ratio breaks in rally
• 01:08:11 – arbing the MSTR ecosystem: analyzing probabilities and price drivers
• 01:20:30 – short-term vs. long-term leverage: rally scenario pros and cons
• 01:24:25 – community sentiment split: bearish takes vs. fundamentals
• 01:29:25 – real-world BTC signal: home break-in and building conviction
• 01:33:00 – market manipulation fears: bots, short sellers, FUD
• 01:36:27 – BTC buys as signal: $2.5B raises mean conviction
• 01:38:56 – BTC vs. MSTR: separate assets, different roles
• 01:43:15 – Strategy shifts scale: 600K BTC and new game plan
• 01:47:18 – digital asset valuation: NAV vs. oil, tech, AI stocks
• 01:51:35 – common vs. crown jewel: liquidation preference dynamics
• 01:55:45 – BTC dividend theory: capital structure transformation
• 01:59:30 – product structure insights: voting rights and risk tiers
• 02:00:55 – closing vision shared: bullish outlook + event plug

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.