🧭 MSTR True North episode 54: A deep dive into Bitcoin’s drawdown, macro liquidity, and why this cycle differs. We break down capital structure, leverage myths, margin-call fears, treasury concentration, short-risk asymmetry, and how convex balance sheets create explosive upside. 🎛️ As of this recording, 2/4/26, Strategy's (MSTR) performance: Open: $120.25 Close: $129.09 Volume: 23.8M Shares mNAV: ~1.03 Market Cap: ~$38.9B U.S. Market Cap Ranking: BTC: 713,502 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro agenda framing: NFA context and True North overview 00:03:38 - Bitcoin market drawdown: 42 percent decline framing 00:09:23 - Proof of reserves debate: Custody transparency and risk 00:12:39 - Macro framework setup: Rates liquidity and context 00:15:10 - Macro regime comparison: Liquidity rising versus 2022 contraction 00:18:02 - MSTR market dynamics: Equity pressure and hedging behavior 00:20:00 - Institutional market lens: Event context and capital markets views 00:26:25 - Margin call misconceptions: Liquidity versus leverage reality 00:28:41 - Capital structure deep dive: Balance sheet leverage and FUD breakdown 0:35:35 - Accretion and convexity mechanics: Bitcoin per share and upside asymmetry 00:41:12 - Capital model transition: Converts replaced by preferred equity 00:43:12 - Regulatory and stablecoin shifts: TradFi integration 00:46:04 - Bitcoin treasury model: Balance sheet-first companies 00:51:07 - Treasury concentration risk: Dominant holder analysis 00:55:04 - Bitcoin scarcity math: Rule of 72 framework 00:57:25 - Coverage framework reset: Net capital versus leverage fear 01:05:29 - Capital stack hierarchy: Senior debt preferred and equity 01:10:08 - Converts versus common equity: Dilution and coverage math 01:13:33 - Upcoming earnings call: What to watch and why it matters 01:20:49 - Balance sheet resilience: Liquidity runway and no margin calls 01:27:45 - Treasury concentration and survivability: Why failures don’t matter 01:32:38 - Treasury concentration math: Scale dominance and systemic impact 01:35:41 - Bitcoin technical distributions: Wallet structure and custody flows 01:41:14 - Short risk asymmetry: Explosive upside and forced covering 01:42:50 - Balance sheet endgame: Bitcoin as reserve asset 01:45:08 - Final thoughts from the team 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/world26/register 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/true-north 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.