🧭 MSTR True North episode 37: A sharp look into Bitcoin-backed finance, misunderstood leverage, market shakeups, and the future of MSTR. Big money, bold moves, and a masterclass in navigating financial storms—this one’s not just for Bitcoiners.

🎛️ As of this recording, 8/20/25, Strategy's (MSTR) performance:
Open: $339.38
Close: $344.47
Volume: 13,739,806 shares
mNAV: 1.52
Market Cap: ~95.5B
U.S. Market Cap Ranking: 111
BTC: 629,376

⏱️ TIMESTAMPS & INSIGHTS:
00:00:00 - Cue the music: Episode 37 introduction
00:02:25 - True North: A masters in corporate finance
00:04:00 - Agenda breakdown
00:04:33 - Strategy Balance Sheet: Leverage, debt, and MNAV updates
00:08:57 - Risk Misconceptions: Why Strategy isn't overleveraged
00:14:25 - Dividend Mechanics: Pref equity, asset coverage and the toolkit
00:18:45 - Capital Strategy: The BTC corporate finance education moat
00:25:30 - Bitcoin Valuation: Why BTC is not “magic internet money”
00:29:49 - MNAV Guidance Shift: ATM strategy and market reaction
00:34:00 - Institutional Fallout: How investors responded to new mNAV guidance
00:45:00 - Credit Structure: Prefs, overcollateralization, and trust in team
00:48:20 - Bond Market Blindspots: Educating a legacy finance world
00:51:05 - Evolving Metrics: Future of BTC treasury and capital stack
00:53:08 - Trust & Control: Prefs vs equity and managing investor expectations
01:00:00 - Convertible Notes: Delta hedge and investor appeal
01:02:29 - Disrupting risk: the paradigm shift occuring in riskframe works
01:07:42 - Bitcoin Treasuries Growth: Corporate playbook and capital flow
01:14:30 - Bitcoin Awareness Push: Retail exposure via ETFs
01:24:20 - Bitcoin vs Alt Treasuries: ETH, DOGE, and structural risks
01:31:15 - Leveraging Bitcoin Holdings: Institutional scale and credit play
01:34:30 - S&P 500 Inclusion Odds: Probability, credit rating, and timeline
01:43:47 - Bitcoin at $444K: Scenario planning and treasury value shift
01:48:50 - Bitcoin Credit Market: Risk pricing and adoption indicators
01:50:32 - AI and Market Influence: Bots, clickbait, and signal-to-noise
01:59:50 - Bitcoin Events: Unconference, meetups, and promo code
02:03:25 - final thoughts


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MSTR TRUE NORTH LINKS:
True North Website: www.mstrtruenorth.com/
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Youtube: @MSTRTrueNorth

MSTR Links:
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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 decisio