Episode 44 – “2026 the Year of Digital Credit”

True North Episode 44 – “2026 The Year of Digital Credit”

01:16:53 | November 12, 2025

🧭 MSTR True North Episode 44

Topic: How Bitcoin, preferred equity, and digital credit products like $STRC and $SATA are reshaping yield, capital structure, and macro finance. Grain and the Dans walk through the latest macro deck and digital credit evolution.

🎛️ Strategy (MSTR) Performance on 11/12/25

• Open: $233.90
• Close: $224.61
• Volume: 10,800,420 Shares
• mNAV: 1.20
• Market Cap: $64.7B
• U.S. Market Cap Rank: 168
• BTC Holdings: 641,692

⏱️ Timestamps & Insights

• 00:00:00 – Intro: TN episode 45, NFA, and team updates
• 00:02:34 – AI Impact on Bitcoin: Synthetic disruption and Wikipedia collapse
• 00:04:59 – Bitcoin & Market Dynamics: S&P equity-weighted distribution, MAG 7, capital rotation
• 00:07:37 – Valuations & Market Cycles: PE ratios, bubbles, ETF flows
• 00:10:10 – Compounding Growth Rates: Big tech as the benchmark
• 00:11:06 – Interest Rate Trajectory: Fed outlook and debt burden
• 00:14:30 – Financial Engineering: Buybacks vs fundamentals
• 00:15:35 – Macro Signals: PMI trends and risk asset underperformance
• 00:17:38 – Consumer Stress: K-shaped demand, AI-driven job risk
• 00:20:25 – MSTR as Bitcoin Leverage: mNAV, floor value, perpetual debt
• 00:22:45 – Rethinking Preferred Equity: Modeling perpetual capital risk
• 00:26:40 – $STRC Product Vision: Yield innovation, market fit, adoption
• 00:29:05 – $STRC Trading Mechanics: VWAP peg, IPO pricing, retail flows
• 00:32:16 – $STRC Yield Advantage: 10.5% return, volatility dampening
• 00:35:34 – Perpetual Bond Structure: Stable long-term returns
• 00:38:39 – ‘Strategy’ vs Tether: Yield advantage, adoption potential
• 00:42:44 – Bitcoin as Collateral: Money market TAM, real-time risk
• 00:44:10 – Credit Spread Mispricing: $STRE vs EU bonds
• 00:46:28 – Swap Rates & Credit Tiers: $STRE vs STRF pricing
• 00:49:10 – Tokenized Yield: $STRE/$STRF arbitrage
• 00:53:01 – $SATA Capital Structure: 12% yield, seniority, covenants
• 00:56:45 – Yield in Action: $SATA vs $Stretch
• 01:09:06 – Strategic Use of Prefs: MSTR scaling yield strategy
• 01:12:19 – $STRK, Euro $STRC: Timing and roadmap expansion
• 01:16:19 – 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.