Episode 50 – New Year, The Bottom’s In

True North Episode 50 – New Year, The Bottom’s In

02:08:42 | January 7, 2026

🧭 MSTR True North – Episode 50

Recorded: January 7, 2026

The crew does a deep dive into Bitcoin treasury strategy, mNAV, leverage, and capital structure. The discussion includes a healthy debate about ATM issuance, liquidity, credit, and short risk, then zooms out to macro shocks, pensions, and Bitcoin’s role in capital allocation.

🎛️ Strategy (MSTR) Performance:
Open: $163.45
Close: $161.83
Volume: 28,334,600 Shares
mNAV: 1.06
Market Cap: $50.62B
U.S. Market Cap Rank: #212
BTC Holdings: 673,783

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 – Intro: NFA, agenda and True North overview
• 00:05:11 – Roundtable updates: Latest projects the crew is working on
• 00:13:58 – Balance Sheet Snapshot: Assets, Bitcoin, reserves
• 00:15:12 – Net Capital Growth: Leverage compression and dividends
• 00:17:25 – Perpetual Preferred Equity: Permanent capital effects
• 00:18:27 – Balance Sheet Resilience: Drawdowns, leverage, amplification
• 00:23:27 – Liquidity and Dividends: Trading volume supports payouts
• 00:26:27 – Price Drivers Explained: Options flow, ATM, rates, volatility
• 00:34:35 – ATM Issuance and Liquidity: Supply debates and market structure
• 00:40:37 – Volatility and Liquidity Mechanics: Preferreds versus common stock
• 00:46:11 – Short MSTR Risk: mNAV drift and asymmetrical downside
• 00:50:04 – Preferred Credit Demand: Yield, pricing, dividend behavior
• 00:53:55 – Yield Product Mechanics: Pricing, dividends, distribution flow
• 01:05:34 – Capital Control Framework: Liquidity management and excess coverage
• 01:09:07 – Capital Reallocation Shock: AI disruption and Bitcoin treasury edge
• 01:15:30 – Institutional Positioning: Sentiment shifts, capital signaling and MSCI decision
• 01:23:07 – Policy Risk and Bitcoin: Leverage, regulation, and asset selection
• 01:28:40 – Capital Structure Engineering: Yield creation and durability
• 01:34:33 – Credit System Stress: AI shock, failure, recovery mechanics
• 01:46:49 – Institutional Delay Risk: Pensions, governance, missed adoption
• 01:58:47 – Final Thoughts: Conviction, positioning, long-term framework

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

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.