Episode 51 – “Bitcoin Did This”

True North Episode 51 – “Bitcoin Did This”

02:01:03 | January 14, 2026

🧭 MSTR True North – Episode 51

Recorded: January 14, 2026

Deep into MSTR capital structure, preferred equity, mNAV, and leverage. Tune in to learn about digital credit, the power of balance sheet compounding, risk management, and why Bitcoin-backed capital markets may reshape investing.

🎛️ Strategy (MSTR) Performance:
Open: $178.64
Close: $179.33
Volume: 40,257,000 Shares
mNAV: 1.07
Market Cap: $57.32B
U.S. Market Cap Rank: #192
BTC Holdings: 687,410

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 – Intro: NFA, agenda and True North overview
• 00:04:50 – MSTR liquidity dynamics: Volume enables capital raises
• 00:07:29 – Equity-Bitcoin flywheel: Reflexive balance sheet growth
• 00:11:29 – Preferred equity design: Yield-driven Bitcoin demand
• 00:15:24 – mNAV capital strategy: Selling below NAV intentionally
• 00:18:55 – Capital rotation mechanics: Common versus digital credit
• 00:21:50 – Digital credit validation: Peg stability and demand
• 00:25:36 – IPO overhang cleared: Volume absorbs new issuance
• 00:29:14 – Risk and protections: Prospectus and downside framing
• 00:33:24 – Short thesis breakdown: Preferred equity blocks dilution
• 00:35:25 – Long-term compounding: Bitcoin time horizon advantage
• 00:40:50 – Market mispricing risk: Capital structure misunderstood
• 00:46:50 – Capital analytics tools: ATM and volume modeling
• 00:49:10 – Balance sheet simulator: Trillion-dollar trajectory
• 00:53:30 – Bitcoin price assumptions: Power law and decay models
• 00:58:12 – Extreme upside scenarios: Moon math outcomes
• 01:00:38 – Capital dominance thesis: Bitcoin versus fiat
• 01:05:35 – Preferred ATM mechanics: Liquidity caps volatility
• 01:09:23 – Bitcoin as capital markets: Treasury company role
• 01:15:50 – Systemic Bitcoin integration: Making attack costly & ‘What Saylor did’
• 01:22:57 – Leadership conviction: Saylor underwriting risk
• 01:28:25 – Narrative versus fundamentals: Tone obscures signal
• 01:36:08 – Balance sheet mindset: Assets over income focus
• 01:41:08 – Fair value accounting shift: FASB changes incentives
• 01:43:26 – Grain’s lesson on edge cases: There’s always somebody
• 01:45:30 – Capital allocation lessons: Direct feedback sharpens strategy
• 01:55:40 – Final thoughts: Volatility, dividends, and conviction

Event Info:
Be part of the True North In-Side Event experience. Tickets and registration available. Use discount code TrueNorth for 20% off—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.