True North Podcast

Agenda:

SpaceX & Broad Capital Markets

Macro

BTC Prague Takeaways

STRC & SATA Analysis & Credit Instruments

Fed Meeting

Thank you to our Sponsors:

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

SALT: https://saltlending.com/

ABUNDANT MINES: https://abundantmines.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](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.

Agenda:

MSTR Balance Sheet Math

Reserve Status

STRC & Pref Price Action

Risk Relativity

Thank you to our Sponsors:

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

SALT: https://saltlending.com/

ABUNDANT MINES: https://abundantmines.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](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.

🎛️ As of this recording, 5/27/26, Strategy's (MSTR) performance:

Open: $156.76

Close: $154.20

Volume: ~ 11.89M Shares

mNAV: ~1.23

Market Cap: ~ $54B

BTC: 843,738

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro And NFA: Educational discussion and disclaimers

00:02:45 - Market Structure Overview: Bitcoin volatility and AI trade setup

00:04:36 - Amplification Dynamics: Dividend coverage and leverage improve

00:07:21 - Bitcoin Collateral Risk: 2022 balance sheet stress comparison

00:09:36 - Balance Sheet Stress Test: Bitcoin drawdowns and coverage durability

00:10:43 - Preferred Equity Security: Bitcoin overcollateralization strengthens credit

00:13:13 - Refinancing Strategy Shift: Cash reserves retire senior liabilities

00:16:10 - Capital Structure Psychology: Market reassesses reserve reduction risks

00:19:10 - Bitcoin Per Share Focus: Debt buybacks reduce dilution pressure

00:20:25 - Convertible Arbitrage Mechanics: Volatility traders value optionality

00:22:23 - Infinite Leverage Thesis: mNAV expansion under stressed Bitcoin

00:24:13 - Preferred Equity Risks: Amplification alters collateral assumptions

00:27:15 - Leveraged Bitcoin Exposure: Strategy equity outperforms spot BTC

00:29:02 - Traditional Valuation Limits: Default models ignore capital access

00:32:32 - Digital Credit Stability: Fiduciary media concerns and dividends

00:35:13 - Bitcoin Credit Scaling: Trillion-dollar preferred structures discussed

00:39:43 - AI Memory Trade: Semiconductor positioning and AI infrastructure demand

00:42:13 - High Bandwidth Memory: AI compute bottlenecks intensify

00:45:28 - Future Compute Curves: Photonics and decentralized processing

00:48:54 - Technological Expansion Thesis: Robotics and global adoption accelerate

00:49:58 - AI Equity Volatility: Micron trading cycles and risk

00:55:09 - Valuation Expansion Dynamics: AI multiples and equity issuance

00:57:15 - Sentiment Reflexivity Loops: Markets rotate across AI narratives

01:01:58 - Dollar Base Layer: AI growth meets debt crisis

01:03:34 - Federal Debt Spiral: Interest burdens outpace economic growth

01:07:30 - Treasury Demand Crisis: Global trust erosion pressures dollar

01:09:00 - Fed Policy Trap: Inflation and liquidity dilemmas collide

01:12:28 - Digital Credit Demand: Capital preservation drives Bitcoin yield products

01:15:42 - Dan’s Final Thoughts: Long-term conviction through market uncertainty

01:17:42 - Soleil’s Final Thoughts: Digital credit and Bitcoin market resilience

01:21:25 - Adrian’s Final Thoughts: Bitcoin and macro outlook wrap-up

01:23:01 - Jeff’s Final Thoughts: Long-duration Bitcoin adoption thesis

Thank you to our Sponsors:

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

SALT: https://saltlending.com/

ABUNDANT MINES: https://abundantmines.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](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.

Agenda:

STRC analysis (VWAP / risk)

Market Benchmarks & Capital Flow Comparisons

Bitcoin Supply, Demand & Price Impact

4.Yield, Performance & Strategic Positioning

Have questions? Ask on our website! https://tnorth.com/ask

Thank you to our Sponsors:

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

SALT: https://saltlending.com/

ABUNDANT MINES: https://abundantmines.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](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.

🎛️ As of this recording, 5/14/26, Strategy's (MSTR) performance:

* Open: $177.85

* Close: $186.97

* Volume: ~15.9M Shares

* mNAV: ~1.23

* Market Cap: ~ $65.5B

* BTC: 818,869

⏱️ TIMESTAMPS & INSIGHTS:

* 00:00:00 - Intro And NFA: Educational discussion and disclaimers

* 00:07:05 - Daily Dividend Breakthrough: First US security with daily payouts

* 00:14:03 - Stablecoin Arbitrage Surface: Dividend frequency expands carry trade activity

* 00:17:23 - Dividend Market Psychology: Daily payouts sustain investor engagement

* 00:19:09 - Credit Risk Modeling: Evaluating perpetual dividend sustainability

* 00:22:16 - Daily Yield Tokenization: DeFi liquidity models disrupted by SATA

* 00:26:23 - DRIP Compounding Mechanics: Daily reinvestment increases effective yield

* 00:30:53 - 13% Yield Product: Public preferred equity launches daily income

* 00:32:32 - Structured Credit Evolution: Bitcoin credit wrapped into rated products

* 00:35:03 - Bitcoin Payment Rails: Lightning enables instant Bitcoin spending

* 00:38:34 - Digital Credit Unlock: SATA acts as instant global credit layer

* 00:39:50 - STRC Trading Explosion: Ex-dividend dates drive massive trading volume

* 00:42:59 - Institutional Carry Trades: Quant funds exploit dividend arbitrage spreads

* 00:47:32 - Liquidity Centralization Effects: US markets concentrate digital credit liquidity

* 00:49:28 - Sticky Yield Behavior: Daily dividends reduce investor selling pressure

* 00:52:11 - Leveraged SATA Trading: Margin carry trades amplify yield exposure

* 00:56:03 - Bitcoin Trojan Horse: Digital credit drives indirect Bitcoin adoption

* 00:58:37 - Capital Gravity Effects: Stable assets attract institutional capital flows

* 01:04:45 - Bitcoin Risk Mispricing: Probability models create asymmetric market alpha

* 01:11:14 - Insurance Balance Sheet: Duration matching liabilities with Bitcoin reserves

* 01:14:25 - IPO Risk Transfer: Public equities distribute leveraged Bitcoin exposure

* 01:16:05 - MSTR Trading Chaos: Hedging flows create persistent alpha opportunities

* 01:20:48 - Bitcoin Regulatory Tailwinds: Clarity Act accelerates digital credit adoption

* 01:23:50 - Bitcoin Capital Markets: STRC volume signals securitization acceleration

* 01:27:33 - Soleil's Final Thoughts: Digital credit transforms Bitcoin capital markets

* 01:29:15 - Dan's Final Thoughts: Long-term digital credit market outlook

* 01:30:37 - Jeff's Final Thoughts: Bitcoin capital markets continue accelerating

Thank you to our Sponsors:

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

SALT: https://saltlending.com/

ABUNDANT MINES: https://abundantmines.com

See our website: https://tnorth.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](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.