🧭 True North episode 61: Bitcoin meets capital markets as investors explore digital credit, leverage, and macro risk. From MSTR aalysis to portfolio construction, the discussion breaks down adoption, liquidity dynamics, and why Bitcoin is reshaping capital allocation.

🎛️ As of this recording, 4/1/26, Strategy's (MSTR) performance:

• Open: $126.18
• Close: $122.78
• Volume: 15.4M Shares
• mNAV: ~1.19
• Market Cap: ~ $42.4B
• BTC: 762,099

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⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - Episode Intro
• 00:01:20 - Agenda and current events: macro setup, topics, market context
• 00:05:38 - Bitcoin TradFi adoption: allocator perspective on mispricing
• 00:08:49 - Credit structuring mechanics: tranching volatility into yield layers
• 00:11:07 - Tokenization and liquidity: STRC volume, options, market structure
• 00:14:29 - Bear market strategy: building, educating, launching new products
• 00:22:41 - MSTR balance sheet: leverage, BTC holdings, capital strength
• 00:26:45 - Treasury company scaling: efficiency, multiples, capital allocation
• 00:31:01 - Federal Reserve policy: liquidity, rates, balance sheet strategy
• 00:36:09 - Macro complexity risks: second-order effects and system fragility
• 00:38:15 - Liquidity trap dynamics: capital idle, velocity collapse, inflation risk
• 00:43:28 - Debt and macro pressure: deficits, interest burden, systemic risk
• 00:45:47 - Portfolio and digital credit: allocation shift, yield vs volatility
• 00:56:56 - Bitcoin allocation shift: portfolio transition, risk and time horizon
• 00:59:12 - Bitcoin risk framework: counterparty risk, allocation philosophy shift
• 01:05:43 - Equity purpose rethink: cash flow claims vs speculative growth
• 01:10:40 - Scarcity premium thesis: Bitcoin vs traditional monetary assets
• 01:14:14 - Equity capital mechanics: purpose of equity and capital raising role
• 01:19:55 - Equity market incentives: EPS focus, buybacks, capital allocation
• 01:22:50 - Bitcoin adoption curve: talent inflow, ecosystem growth, structural shift
• 01:26:40 - Ownership and concentration: conviction bets vs diversification tradeoffs
• 01:29:40 - Volatility risk framing: perceived volatility vs actual systemic risk
• 01:33:08 - Risk underwriting approach: probability, downside, survivability focus
• 01:41:47 - Dan’s final thoughts: closing perspective on markets and outlook
• 01:42:55 - Grant’s final thoughts: closing perspective on markets and outlook
• 01:44:35 - Jeff’s final thoughts: closing perspective on markets and outlook
• 01:48:20 - Ben’s final thoughts: closing perspective on markets and outlook
• 01:53:00 - Grain’s final thoughts: closing perspective on markets and outlook

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• True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*
• Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.