New Year, The Bottom's In | True North Podcast | Ep. 50

Описание: 🧭 MSTR True North episode 50: The crew does a deep dive into Bitcoin treasury strategy, mNAV, leverage, and capital structure. The discussion includes a healthy debate about ATM issuance, liquidity, credit, and short risk, then zooms out to macro shocks, pensions, and Bitcoin’s role in capital allocation.

🎛️ As of this recording, 1/7/26, Strategy's (MSTR) performance:
Open: $163.45
Close: $161.83
Volume: 28,334,600 Shares
mNAV: 1.06
Market Cap: $50.62B
U.S. Market Cap Ranking: #212
BTC: 673,783

⏱️ TIMESTAMPS & INSIGHTS:
00:00:00 - Intro: NFA, agenda and True North overview
00:05:11 - Roundtable updates: Latest projects the crew is working on
00:13:58 - Balance Sheet Snapshot: Assets, Bitcoin, reserves
00:15:12 - Net Capital Growth: Leverage compression and dividends
00:17:25 - Perpetual Preferred Equity: Permanent capital effects
00:18:27 - Balance Sheet Resilience: Drawdowns, leverage, amplification
00:23:27 - Liquidity and Dividends: Trading volume supports payouts
00:26:27 - Price Drivers Explained: Options flow, ATM, rates, volatility
00:34:35 - ATM Issuance and Liquidity: Supply debates and market structure
00:40:37 - Volatility and Liquidity Mechanics: Preferreds versus common stock
00:46:11 - Short MSTR Risk: mNAV drift and asymmetrical downside
00:50:04 - Preferred Credit Demand: Yield, pricing, dividend behavior
00:53:55 - Yield Product Mechanics: Pricing, dividends, distribution flow
01:05:34 - Capital Control Framework: Liquidity management and excess coverage
01:09:07 - Capital Reallocation Shock: AI disruption and Bitcoin treasury edge
01:15:30 - Institutional Positioning: Sentiment shifts, capital signaling and MSCI decision
01:23:07 - Policy Risk and Bitcoin: Leverage, regulation, and asset selection
01:28:40 - Capital Structure Engineering: Yield creation and durability
01:34:33 - Credit System Stress: AI shock, failure, recovery mechanics
01:46:49 - Institutional Delay Risk: Pensions, governance, missed adoption
01:58:47 - Final Thoughts: Conviction, positioning, long-term framework

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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.