Episode 45 – “The Revolution of Digital Credit”

True North Episode 45 – “The Revolution of Digital Credit”

01:56:21 | November 19, 2025

🧭 MSTR True North – Episode 45

Recorded: November 19, 2025

This episode dives into Bitcoin credit, liquidity stress, mNAV mechanics, dividend math, and MSTR’s capital structure—framed around ETF flows, overcollateralization, protocol risk, and macro capital allocation signals.

🎛️ MSTR Performance:
Open: $202.36
Close: $186.50
Volume: 28,025,372 Shares
mNAV: 1.17
Market Cap: $53.6B
U.S. Market Cap Ranking: 197
BTC Holdings: 649,870

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 – Cue the music
• 00:01:51 – Bitcoin strategy archetypes: Poet, prophet, prince roles align
• 00:04:40 – MSTR Bitcoin treasury thesis: Balance sheet stack drives upside
• 00:09:37 – Digital credit instruments: Invest in Bitcoin credit quality
• 00:12:40 – Margin hikes, forced selling: JPM raises requirements on MSTR
• 00:15:36 – RSI and oversold read: Selloff deeper than prior dips
• 00:18:23 – Liquidity crunch: Previous cycle trends and credit quality
• 00:20:38 – MSTR’s collateral monopoly: Best asset, digital capital scale
• 00:25:45 – Narrative following price: Current climate has flipped the formula
• 00:29:04 – mNAV, peg, dividends: Market restores par as cash pays
• 00:33:14 – Shorting costs & carry with transparency: Dividends and borrow fees matter
• 00:38:14 – Yield traps vs holding: $MSTY erosion vs Stretch peg
• 00:43:21 – The 4 year cycle: Patterns & protocol risk management
• 00:54:42 – Spot ETF accumulation: Changing the game
• 00:57:41 – Bitcoin treasury companies: The future brought forward
• 01:00:25 – Dividend math with BTC: 1.25% BTC growth supports perpetual payouts
• 01:05:09 – Overcollateralization benefit: Real-time risk transparency
• 01:07:40 – What if Bitcoin breaks?
• 01:09:20 – Selling loans vs credit: Digital credit broadens buyer base
• 01:16:00 – Inflation math: CPI plus M2 erodes returns
• 01:18:19 – Bitcoin as monetary ledger: Title registry with final settlement
• 01:22:44 – Patience and price targets: $125K to $200K and the 2026 narrative
• 01:28:21 – Private markets tokenization: Next capital frontier
• 01:32:00 – 1x MSTR lens: Dilution vs BTC per share
• 01:37:30 – Know terms and risks: Refi and regulation
• 01:43:04 – Grain’s last thoughts
• 01:44:56 – Stretch as spendable credit: Tokenization enables fast liquidity
• 01:49:11 – Insurance capital in BTC: Claims funded by BTC treasuries
• 01:53:30 – World balance sheet on BTC: Treasury firms reshape finance

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