🧭 MSTR True North episode 50: The crew does a deep dive into Bitcoin treasury strategy, mNAV, leverage, and capital structure. The discussion includes a healthy debate about ATM issuance, liquidity, credit, and short risk, then zooms out to macro shocks, pensions, and Bitcoin’s role in capital allocation. 🎛️ As of this recording, 1/7/26, Strategy's (MSTR) performance: Open: $163.45 Close: $161.83 Volume: 28,334,600 Shares mNAV: 1.06 Market Cap: $50.62B U.S. Market Cap Ranking: #212 BTC: 673,783 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:05:11 - Roundtable updates: Latest projects the crew is working on 00:13:58 - Balance Sheet Snapshot: Assets, Bitcoin, reserves 00:15:12 - Net Capital Growth: Leverage compression and dividends 00:17:25 - Perpetual Preferred Equity: Permanent capital effects 00:18:27 - Balance Sheet Resilience: Drawdowns, leverage, amplification 00:23:27 - Liquidity and Dividends: Trading volume supports payouts 00:26:27 - Price Drivers Explained: Options flow, ATM, rates, volatility 00:34:35 - ATM Issuance and Liquidity: Supply debates and market structure 00:40:37 - Volatility and Liquidity Mechanics: Preferreds versus common stock 00:46:11 - Short MSTR Risk: mNAV drift and asymmetrical downside 00:50:04 - Preferred Credit Demand: Yield, pricing, dividend behavior 00:53:55 - Yield Product Mechanics: Pricing, dividends, distribution flow 01:05:34 - Capital Control Framework: Liquidity management and excess coverage 01:09:07 - Capital Reallocation Shock: AI disruption and Bitcoin treasury edge 01:15:30 - Institutional Positioning: Sentiment shifts, capital signaling and MSCI decision 01:23:07 - Policy Risk and Bitcoin: Leverage, regulation, and asset selection 01:28:40 - Capital Structure Engineering: Yield creation and durability 01:34:33 - Credit System Stress: AI shock, failure, recovery mechanics 01:46:49 - Institutional Delay Risk: Pensions, governance, missed adoption 01:58:47 - Final Thoughts: Conviction, positioning, long-term framework Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/worl… Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. 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.