🧭 MSTR True North episode 36: The True North crew dives deep into this transformational period. Segments include MSTR valuation, leverage risks, liquidation prefs, and BTC’s future as digital capital. 🎛️ As of this recording, 8/13/25, Strategy's (MSTR) performance: Open: $397.73 Close: $389.90 Volume: 10,884,940 shares mNAV: 1.62 Market Cap: ~$111B U.S. Market Cap Ranking: 93 BTC: 628,946 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: Soleil kicks things off 00:01:00 - Price action analysis: why price highs feel bearish 00:02:25 - market vs earnings: hidden disconnect driving BTC moves 00:04:30 - atm trap exposed: how convert holders profit on you 00:06:16 - what counts as earnings?: redefining profit in bitcoin terms 00:08:51 - nav is king: the metric real investors watch 00:11:56 - next btc supercycle?: mNAV catalysts you can’t ignore 00:15:13 - preferreds = btc yield?: microstrategy’s secret weapon 00:19:14 - will BTC be lent?: how leverage could unlock billions 00:23:34 - how many btc per share?: future model for equity upside 00:28:00 - MSTR is retooling: BTC conversion factories under construction 00:36:55 - 80k tuned in live: digital event lessons from tim 00:39:04 - Unconferenced 2025: what to expect from nyc btc summit 00:48:18 - should btc firms defend the network?: stewardship debate 00:55:50 - BTC alliance model: how cooperation beats competition 00:59:45 - Get your prefs ready: planning with the crown jewl, $STRF 01:03:25 - MSTR valuation logic: BTC per share and impact of the preffereds 01:04:50 - Leverage risks unpacked: why 30% ratio breaks in rally 01:08:11 - Arbing the MSTR ecosystem: analyzing probabilities and price drivers 01:20:30 - short-term vs long-term leverage: rally scenario pros and cons 01:24:25 - community sentiment split: bearish takes vs fundamentals 01:29:25 - Real-world BTC signal: home break-in and building conviction 01:33:00 - market manipulation fears: bots, short sellers, FUD 01:36:27 - BTC buys as signal: $2.5B raises mean conviction 01:38:56 - BTC vs MSTR: separate assets, different roles 01:43:15 - Strategy shifts scale: 600K BTC and new game plan 01:47:18 - Digital asset valuation: NAV vs oil, tech, AI stocks 01:51:35 - Common vs Crown Jewel: liquidation preference dynamics 01:55:45 - BTC dividend theory: capital structure transformation 01:59:30 - product structure insights: voting rights and risk tiers 02:00:55 - closing vision shared: bullish outlook + event plug 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.