$MSTR True North - Episode 39 - Chapter 2 "Full Sail Ahead"

🧭 MSTR True North episode 39: This episode kicks off with the news tied to the Strive acquisition and the push to maintain authenticity. The rest of the discussion highlights all the bews in Bitcoin Treasury space in the last 3 weeks.

🎛️ As of this recording, 9/24/25, Strategy's (MSTR) performance:
Open: $330.63
Close: $323.31
Volume: 9,153,097 shares
mNAV: 1.37
Market Cap: $91.4B
U.S. Market Cap Ranking: 114
BTC: 639,835

⏱️ TIMESTAMPS & INSIGHTS:
00:00:00 - Episode Agenda & Outlook: Markets, Bitcoin, capital structure updates
00:02:32 - Strategic Acquisition: True North & Strive
00:06:40 - Reverse Merger & authenticity: Media company deal opens doors & keeping authenticity
00:11:00 - Networking & Capital: you can just do things
00:13:35 - Long-Term Conviction: Holding firm through setbacks
00:19:20 - Unconferenced NYC: king of BTCTC events
00:23:02 - H.C. Wainwright Keynote: Market education vs. criticism led by Saylor
00:26:19 - Bitcoin Leverage Update: Treasury model risk profile
00:31:08 - $STRC: the desire to get to par and the impact to leverage
00:35:26 - ATM Usage Strategy: dividend obligations and leverage tools
00:38:15 - Wrapping Yield Products: Global access via new instruments
00:41:20 - Fixed Income Disruption: Bitcoin challenges legacy debt and platforms
00:45:03 - Bitcoin Interest Edge: Outpaces banks with 9% yield
00:47:27 - Risk and Options: Dan’s Portfolio strategy framework
00:55:15 - Credit ratings: the power behind getting the prefs rated
00:57:55 - Q2 earnings estimates: deep dive into the numbers using FASB accounting rules
00:59:50 - S&P 500 Inclusion: when is MSTR included?
01:05:22 - Legitimizing Bitcoin: BTC based earnings
01:13:46 - Treasury Company Trends: Segmenting by BTC holdings
01:16:43 - Bitcoin Acquisition Strategy: Why firms must secure BTC
01:20:29 - Digital Asset Treasuries: DAT structure and misconceptions
01:26:00 - Treasury Market Sentiment: Conviction shaken, NAV discount and value emerges
01:31:52 - Institutional Capital Scaling: Growth vs. mature firm dynamics
01:36:17 - Bitcoin Proxy Rotation: Miners vs. BTC treasuries
01:37:44 - Adrian’s final thoughts: AI plays dominate Q3 positioning and sentiment shifts
01:40:50 - AI vs. Bitcoin Outlook: Powerful Paradigm shift, not bubble
01:44:23 - Options on Prefs: impact on underlying; current Pricing and liquidity
01:45:47 - Digital asset treasury marketplace: Bitcoin is king
01:50:38 - Node & Mining talk: Soleil’s node wisdom
01:58:44 - Final thoughts: Q4 mindset, tourists and the importance of engagement

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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.