Episode 49 – Bear is for Building

True North Episode 49 – Bear is for Building

01:56:42 | December 17, 2025

🧭 MSTR True North – Episode 49

Recorded: December 17, 2025

This week the crew highlights their experience at Bitcoin MENA, status of sovereign adoption, balance sheet leverage, mNAV, digital credit, AI capital shifts, and why patient capital wins when price disconnects from value in Bitcoin and equity markets.

🎛️ Strategy (MSTR) Performance:
Open: $167.75
Close: $160.38
Volume: 19,144,900 Shares
mNAV: 1.10
Market Cap: $46.09B
U.S. Market Cap Rank: ~#285
BTC Holdings: 671,268

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 – Intro: NFA, agenda and True North overview
• 00:04:45 – Bitcoin MENA Conference: Middle East adoption and capital interest
• 00:15:20 – Abu Dhabi Capital Flexibility: Hard money enables rapid coordination
• 00:18:25 – Bitcoin Treasury Leverage: Net capital and drawdown resilience
• 00:21:19 – Institutional Bitcoin Strategy: Banks, regulation, capital optionality and MSTR dominance
• 00:35:04 – Waiting Out Mispricing: Patience before repricing
• 00:43:39 – AI Capital Structure Shift: Hardware focus requires a strong balance sheet
• 00:47:31 – Bitcoin-Backed Banking Model: Digital credit system design
• 00:53:27 – Bitcoin-Backed Yield Products: Savings disruption via credit
• 00:55:50 – Sovereign Capital Allocation: Attracting trillions with yield
• 01:01:55 – Bessent quote: Reflecting on the past to change the companies of the future
• 01:07:19 – Bitcoin Volatility Harvesting: Trading, structures, market evolution
• 01:12:00 – MSTR Valuation Debate: Holdings, mNAV, scale advantage
• 01:17:55 – Liquidity and Options Market: Structural buyer dynamics
• 01:22:56 – Equity Valuation Frameworks: Transparency dilemma and the mNAV versus market multiples
• 01:33:19 – Social Media Risk Signals: Noise, sentiment, investor behavior
• 01:44:27 – Balance Sheet Quality Test: Intangibles versus hard assets
• 01:53:54 – Bitcoin as Superior Collateral: Liquid assets beat goodwill
• 01:55:44 – Closing thoughts: like and subscribe

Note: Be part of the True North In-Side Event Vegas experience. Tickets and registration are available. Use discount code TrueNorth for 20% off your registration—just a bonus for our True North community.

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. Please consult with a qualified professional before making any financial decisions. All investments involve risk, and you are solely responsible for your decisions.