39 – Chapter 2 “Full Sail Ahead”

True North Episode 39 – Chapter 2 “Full Sail Ahead”

02:10:14 | September 24, 2025

🧭 MSTR True North episode 39: This episode kicks off with the news tied to the Strive acquisition and the push to maintain authenticity. The rest of the discussion highlights all the bews in Bitcoin Treasury space in the last 3 weeks.

🎛️ As of this recording, 9/24/25, Strategy’s (MSTR) performance:
Open: $330.63
Close: $323.31
Volume: 9,153,097 shares
mNAV: 1.37
Market Cap: $91.4B
U.S. Market Cap Ranking: 114
BTC: 639,835

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 – Episode Agenda & Outlook: Markets, Bitcoin, capital structure updates
• 00:02:32 – Strategic Acquisition: True North & Strive
• 00:06:40 – Reverse Merger & Authenticity: Media company deal opens doors & keeping authenticity
• 00:11:00 – Networking & Capital: You can just do things
• 00:13:35 – Long-Term Conviction: Holding firm through setbacks
• 00:19:20 – Unconferenced NYC: King of BTCTC events
• 00:23:02 – H.C. Wainwright Keynote: Market education vs. criticism led by Saylor
• 00:26:19 – Bitcoin Leverage Update: Treasury model risk profile
• 00:31:08 – $STRC: The desire to get to par and the impact to leverage
• 00:35:26 – ATM Usage Strategy: Dividend obligations and leverage tools
• 00:38:15 – Wrapping Yield Products: Global access via new instruments
• 00:41:20 – Fixed Income Disruption: Bitcoin challenges legacy debt and platforms
• 00:45:03 – Bitcoin Interest Edge: Outpaces banks with 9% yield
• 00:47:27 – Risk and Options: Dan’s Portfolio strategy framework
• 00:55:15 – Credit Ratings: The power behind getting the prefs rated
• 00:57:55 – Q2 Earnings Estimates: Deep dive into the numbers using FASB accounting rules
• 00:59:50 – S&P 500 Inclusion: When is MSTR included?
• 01:05:22 – Legitimizing Bitcoin: BTC-based earnings
• 01:13:46 – Treasury Company Trends: Segmenting by BTC holdings
• 01:16:43 – Bitcoin Acquisition Strategy: Why firms must secure BTC
• 01:20:29 – Digital Asset Treasuries: DAT structure and misconceptions
• 01:26:00 – Treasury Market Sentiment: Conviction shaken, NAV discount and value emerges
• 01:31:52 – Institutional Capital Scaling: Growth vs. mature firm dynamics
• 01:36:17 – Bitcoin Proxy Rotation: Miners vs. BTC treasuries
• 01:37:44 – Adrian’s Final Thoughts: AI plays dominate Q3 positioning and sentiment shifts
• 01:40:50 – AI vs. Bitcoin Outlook: Powerful paradigm shift, not bubble
• 01:44:23 – Options on Prefs: Impact on underlying; current pricing and liquidity
• 01:45:47 – Digital Asset Treasury Marketplace: Bitcoin is king
• 01:50:38 – Node & Mining Talk: Soleil’s node wisdom
• 01:58:44 – Final Thoughts: Q4 mindset, tourists and the importance of engagement

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.