🧭 MSTR True North episode 39: This episode kicks off with the news tied to the Strive acquisition and the push to maintain authenticity. The rest of the discussion highlights all the bews in Bitcoin Treasury space in the last 3 weeks. 🎛️ As of this recording, 9/24/25, Strategy's (MSTR) performance: Open: $330.63 Close: $323.31 Volume: 9,153,097 shares mNAV: 1.37 Market Cap: $91.4B U.S. Market Cap Ranking: 114 BTC: 639,835 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Episode Agenda & Outlook: Markets, Bitcoin, capital structure updates 00:02:32 - Strategic Acquisition: True North & Strive 00:06:40 - Reverse Merger & authenticity: Media company deal opens doors & keeping authenticity 00:11:00 - Networking & Capital: you can just do things 00:13:35 - Long-Term Conviction: Holding firm through setbacks 00:19:20 - Unconferenced NYC: king of BTCTC events 00:23:02 - H.C. Wainwright Keynote: Market education vs. criticism led by Saylor 00:26:19 - Bitcoin Leverage Update: Treasury model risk profile 00:31:08 - $STRC: the desire to get to par and the impact to leverage 00:35:26 - ATM Usage Strategy: dividend obligations and leverage tools 00:38:15 - Wrapping Yield Products: Global access via new instruments 00:41:20 - Fixed Income Disruption: Bitcoin challenges legacy debt and platforms 00:45:03 - Bitcoin Interest Edge: Outpaces banks with 9% yield 00:47:27 - Risk and Options: Dan’s Portfolio strategy framework 00:55:15 - Credit ratings: the power behind getting the prefs rated 00:57:55 - Q2 earnings estimates: deep dive into the numbers using FASB accounting rules 00:59:50 - S&P 500 Inclusion: when is MSTR included? 01:05:22 - Legitimizing Bitcoin: BTC based earnings 01:13:46 - Treasury Company Trends: Segmenting by BTC holdings 01:16:43 - Bitcoin Acquisition Strategy: Why firms must secure BTC 01:20:29 - Digital Asset Treasuries: DAT structure and misconceptions 01:26:00 - Treasury Market Sentiment: Conviction shaken, NAV discount and value emerges 01:31:52 - Institutional Capital Scaling: Growth vs. mature firm dynamics 01:36:17 - Bitcoin Proxy Rotation: Miners vs. BTC treasuries 01:37:44 - Adrian’s final thoughts: AI plays dominate Q3 positioning and sentiment shifts 01:40:50 - AI vs. Bitcoin Outlook: Powerful Paradigm shift, not bubble 01:44:23 - Options on Prefs: impact on underlying; current Pricing and liquidity 01:45:47 - Digital asset treasury marketplace: Bitcoin is king 01:50:38 - Node & Mining talk: Soleil’s node wisdom 01:58:44 - Final thoughts: Q4 mindset, tourists and the importance of engagement MSTR TRUE NORTH LINKS: True North Website: https://www.mstrtruenorth.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.