Episode 52 – Up to Par

True North Episode 52 – Up to Par

01:08:06 | January 21, 2026

🧭 MSTR True North – Episode 52

Recorded: January 21, 2026

The crew discusses Bitcoin, digital credit, and MSTR’s capital structure. Tune in to hear analysis on leverage, mNAV, yield curve control and macro deficits, plus Ray Dalio’s gold vs Bitcoin view and why credit drives demand.

🎛️ Strategy (MSTR) Performance:
Open: $161.27
Close: $163.81
Volume: 18,440,820 Shares
mNAV: 1.07
Market Cap: $54.09B
U.S. Market Cap Rank: #201
BTC Holdings: 709,715

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 – Intro: NFA, agenda and True North overview
• 00:02:09 – Stretch price behavior: Volatility compression versus Bitcoin
• 00:04:18 – Balance sheet strategy: 1x mNAV and ATM expansion logic
• 00:06:49 – Capital structure model: Bitcoin, equity, credit flywheel
• 00:09:43 – Yield curve control: Variable dividend preferred mechanics
• 00:11:07 – Supply discipline approach: Peg defense and issuance limits
• 00:13:30 – Rate cut asymmetry: Falling rates boost credit spread
• 00:15:27 – TN event: join the crew in Las Vegas
• 00:16:51 – Fiscal dominance reality: Structural US deficit regime
• 00:20:05 – Monetary financing loop: Deficits force money creation
• 00:23:10 – Debt compounding risk: Interest burden and debasement cycle
• 00:26:46 – Product market fit: Stretch outperforming other credit tools
• 00:29:37 – Fiscal responsibility debate: Fed, deficits, real rate risk
• 00:32:17 – Bitcoin-backed credit thesis: Alternative to sovereign bonds
• 00:34:10 – Capital raise capacity: ATM runway and mNAV leverage
• 00:36:33 – mNAV leverage durability: Dividend funding in bear markets
• 00:38:17 – Global macro signal: Japan rates and carry trade unwind
• 00:43:34 – Generational capital shift: Exiting legacy financial assets
• 00:45:33 – Ray Dalio perspective: Bitcoin versus gold debate
• 00:48:45 – Macro landing scenarios: Debasement versus crisis outcomes
• 00:53:00 – Bitcoin moat math: Relative ownership and scarcity
• 00:56:17 – Convert dilution dynamics: Delta hedging fade thesis
• 00:57:06 – Bull case modeling: Million Bitcoin accumulation path
• 00:59:30 – Long-term supply capture: 2035 Bitcoin ownership projection
• 01:03:01 – MNAV upside bounds: Convert structure constraints
• 01:04:30 – Final thoughts

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.