🧭 True North episode 59: Explore how institutional flows, leverage, and digital credit are reshaping markets, driving Bitcoin demand, and setting up a massive capital reallocation with the True North team.

🎛️ As of this recording, 3/18/26, Strategy's (MSTR) performance:

• Open: $144.99
• Close: $140.56
• Volume: 21.3M Shares
• mNAV: ~1.22
• Market Cap: ~ $44.64B
• BTC: 761,068

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - Intro
• 00:04:54 - Top of mind: Stretch adoption and Bitcoin positioning
• 00:08:04 - Bitcoin cycle outlook: ETF flows and halving cycle expectations
• 00:10:09 - Bitcoin balance sheet model: Capital structure, leverage, and liquidity design
• 00:13:30 - Capital structure design: Volatility split and financial engineering
• 00:14:37 - Capital structure amplification: Preferred equity mechanics and Bitcoin per share growth
• 00:18:36 - Bitcoin liquidity engine: Institutional trading volume and capital market access
• 00:21:08 - ATM issuance strategy: Shelf sizing, filings, and market psychology effects
• 00:24:41 - Market priced preferred yield: Open market dividend discovery and rate stabilization
• 00:27:08 - Bank preferred risk analysis: Legacy structures, yield opacity, and credit uncertainty
• 00:29:53 - Bank credit opacity risks: Balance sheet complexity and rating uncertainty explained
• 00:33:45 - Credit rerating catalyst: Market disruption and systemic repricing risk unfolds
• 00:37:10 - Credit market breakdown: Private credit cracks, insurance risk, and forced selling dynamics
• 00:45:15 - Credit market response: Capital rotation, government intervention, and bullish demand dynamics
• 00:49:42 - Bitcoin acquisition engine: Strategy scaling purchases and supply absorption dynamics
• 00:55:30 - Bitcoin demand acceleration: Market liquidity, top buying, and supply shock dynamics
• 01:01:09 - Bitcoin performance breakout: Sharpe ratio, supply capture, and inflection catalysts
• 01:05:47 - AI driven investing edge: Data structuring, modeling, and decision advantage
• 01:09:28 - Capital allocation strategy: Digital credit, liquidity positioning, and balance sheet optimization
• 01:15:20 - Capital markets execution: ATM strategy, dividend arbitrage, and timing dynamics
• 01:21:09 - Bitcoin milestone trajectory: Million BTC target, projections, and valuation comparisons
• 01:26:40 - Bitcoin price trajectory: Million dollar targets and vertical market repricing thesis
• 01:30:40 - Digital credit narrative: Market adoption, exclusivity, and investor knowledge gap
• 01:37:25 - Institutional capital flows: Large scale accumulation and market demand expansion
• 01:43:39 - Final thoughts: Closing insights on capital shifts and Bitcoin trajectory

Thank you to our Sponsors:

BitGo: https://www.bitgo.com/

Horizon: https://joinhorizon.com/?ref=TRUENORTH

TRUE NORTH LINKS:

• True North Website: https://tnorth.com
• X: https://x.com/MSTRTrueNorth
• 🛒 MERCH: https://thehodlshop.com/collections/t…
• Youtube: @MSTRTrueNorth

MSTR Links:

• https://www.mstr-tracker.com
• https://saylortracker.com/
• https://robinhood.com/us/en/stocks/MSTR/
• https://www.strategy.com/

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, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

• 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.

• 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.