37 – Navigating the Storm

True North Episode 37 – Navigating the Storm

2:08:05 | August 20, 2025

🧭 MSTR True North episode 37: A sharp look into Bitcoin-backed finance, misunderstood leverage, market shakeups, and the future of MSTR. Big money, bold moves, and a masterclass in navigating financial storms—this one’s not just for Bitcoiners.

🎛️ As of this recording, 8/20/25, Strategy’s (MSTR) performance:
Open: $339.38
Close: $344.47
Volume: 13,739,806 shares
mNAV: 1.52
Market Cap: ~95.5B
U.S. Market Cap Ranking: 111
BTC: 629,376

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 – Cue the music: Episode 37 introduction
• 00:02:25 – True North: A masters in corporate finance
• 00:04:00 – Agenda breakdown
• 00:04:33 – Strategy Balance Sheet: Leverage, debt, and MNAV updates
• 00:08:57 – Risk Misconceptions: Why Strategy isn’t overleveraged
• 00:14:25 – Dividend Mechanics: Pref equity, asset coverage and the toolkit
• 00:18:45 – Capital Strategy: The BTC corporate finance education moat
• 00:25:30 – Bitcoin Valuation: Why BTC is not “magic internet money”
• 00:29:49 – MNAV Guidance Shift: ATM strategy and market reaction
• 00:34:00 – Institutional Fallout: How investors responded to new mNAV guidance
• 00:45:00 – Credit Structure: Prefs, overcollateralization, and trust in team
• 00:48:20 – Bond Market Blindspots: Educating a legacy finance world
• 00:51:05 – Evolving Metrics: Future of BTC treasury and capital stack
• 00:53:08 – Trust & Control: Prefs vs equity and managing investor expectations
• 01:00:00 – Convertible Notes: Delta hedge and investor appeal
• 01:02:29 – Disrupting risk: the paradigm shift occuring in risk frameworks
• 01:07:42 – Bitcoin Treasuries Growth: Corporate playbook and capital flow
• 01:14:30 – Bitcoin Awareness Push: Retail exposure via ETFs
• 01:24:20 – Bitcoin vs Alt Treasuries: ETH, DOGE, and structural risks
• 01:31:15 – Leveraging Bitcoin Holdings: Institutional scale and credit play
• 01:34:30 – S&P 500 Inclusion Odds: Probability, credit rating, and timeline
• 01:43:47 – Bitcoin at $444K: Scenario planning and treasury value shift
• 01:48:50 – Bitcoin Credit Market: Risk pricing and adoption indicators
• 01:50:32 – AI and Market Influence: Bots, clickbait, and signal-to-noise
• 01:59:50 – Bitcoin Events: Unconference, meetups, and promo code
• 02:03:25 – Final thoughts

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.