True North is a supergroup investment club navigating the new financial frontier. Bitcoin treasury strategy, structured finance, corporate adoption, and macro conviction.https://tnorth.com/https://tnorth.com/shows/the-income-show/bitcoin-wins-but-strategy-could-still-fail/https://tnorth.com/shows/the-income-show/bitcoin-wins-but-strategy-could-still-fail/The Income Show is back with host Joe Burnett, joined by Jessy Gilger, a certified financial planner and founder of Verify Wealth, to discuss Bitcoin, personal finance, and the risks of chasing yield. They examine how investors can navigate Bitcoin drawdowns, whether the four-year cycle still matters, and why financial plans should reflect real-world goals and cash-flow needs. They also explore Bitcoin-native financial planning, self-custody versus ETFs, the role of education in broader adoption, and the differences between growth and income investing. Finally, Joe and Jessy discuss Bitcoin-backed preferred stock, MSTR as amplified Bitcoin exposure, and why investors should carefully weigh leverage, volatility, and downside risk.Thu, 27 Aug 2026 00:00:00 GMThttps://tnorth.com/research/the-fracture-breaking-bitcoins-power-law/https://tnorth.com/research/the-fracture-breaking-bitcoins-power-law/Joe Burnett argues the power law may not be Bitcoin's end state. Borrowing the fatigue crack growth curve from materials science, he maps Bitcoin's monetization in three phases — and makes the case that falling volatility expands the capital and credit that can compete for a fixed 21 million supply, until price breaks above the power-law trend.Thu, 27 Aug 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/liquidity-is-the-moat/https://tnorth.com/shows/hurdle-rate/liquidity-is-the-moat/In this week’s Hurdle Rate, the crew breaks down an explosive week across Bitcoin treasury markets, from Strategy reaching 0% net leverage and expanding its cash reserves to Strive growing its Bitcoin stack and seeing major liquidity across ASST and SATA. We dig into why liquidity itself can become a powerful competitive moat, how rising short interest could amplify ASST, and why Strive has chosen to let that pressure build rather than immediately satisfy large block demand. The conversation then turns to the macro setup, including a potentially weaker dollar, Treasury buybacks, rising long-term yields, and why those forces could create a backdrop for Bitcoin unlike anything it has experienced before. We close with the case for Bitcoin entering a broader melt-up in scarce assets, why the traditional four-year cycle may be breaking down, and why the crew believes investors still aren’t bullish enough. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Tim Kotzman.Tue, 25 Aug 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/strategy-s-biggest-risk-isn-t-bitcoin/https://tnorth.com/shows/the-income-show/strategy-s-biggest-risk-isn-t-bitcoin/The Income Show is back with host Joe Burnett, joined by Dr. Jeff Ross, founder and CEO of Vailshire Capital Management, to discuss Bitcoin, global liquidity, and the changing macroeconomic landscape. They examine Jeff’s transition from radiologist to macro fund manager, why gold has recently outperformed Bitcoin, and how hard assets could perform over the next decade. They also explore Bitcoin’s four-year cycle, the possibility of a market bottom, Strategy’s growing focus on digital credit, and the risks facing leveraged Bitcoin treasury companies. Finally, Jeff explains why investors should approach leverage cautiously and shares his long-term advice: stay humble and stack sats.Thu, 20 Aug 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/we-re-so-buy-back/https://tnorth.com/shows/true-north-weekly/we-re-so-buy-back/Bitcoin and Strategy rip higher as the crew breaks down the Treasury’s bond-buyback announcement, the market’s reaction, and what improving liquidity could mean for Bitcoin, MSTR, and the broader digital-credit ecosystem. The conversation moves through Strategy’s strengthening balance sheet, rising USD reserves, falling net leverage, and the way a higher Bitcoin price changes the credit profile of STRC and the rest of the preferred stack. The group also examines MSTR’s surge in trading activity, the potential to rebuild Bitcoin holdings and repurchase securities, and the longer-term path toward using Bitcoin as institutional-grade collateral. From there, the discussion turns to Nvidia-backed AI infrastructure financing, GPU depreciation and underwriting risk, Strategy’s convertible debt mechanics, STRC issuance, MSTR buyback optionality, and the tradeoffs facing common shareholders when mNAV expands. The episode closes with BlackRock’s BITA covered-call ETF, the possibility of Strategy reaching one million Bitcoin, the upcoming Jackson Hole speech and Fed meeting, and what a durable Bitcoin rally could unlock across capital markets. This episode is for informational and educational purposes only and is not investment, tax, or legal advice.Wed, 19 Aug 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/digital-credit-is-the-product/https://tnorth.com/shows/hurdle-rate/digital-credit-is-the-product/In this week’s Hurdle Rate, the crew reacts to Strategy’s latest investor Q&A and breaks down why the company is prioritizing STRC, building cash reserves, and treating Bitcoin as flexible capital. We dig into why Bitcoin has held firm despite Strategy selling, the Coldcard self-custody exploit, and broader market stress, and what that resilience could signal about the bear market. The conversation then turns to NVIDIA’s massive structured-finance deal, how the company is lending its balance sheet and creditworthiness to accelerate OpenAI’s infrastructure buildout, and what it reveals about the growing convergence of AI, credit, and capital markets. We close with OranjeBTC’s DIGY11 ETF and the expansion of digital credit into Brazil. Here's the latest with Tim Kotzman, Matt Cole, Joe Burnett, and Ben Werkman.Tue, 18 Aug 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/the-future-of-income-investing/https://tnorth.com/shows/the-income-show/the-future-of-income-investing/The Income Show is back with host Joe Burnett, joined by Loren Asmus, Head of Investor Relations at UTXO, to unpack how institutional capital is finally starting to bridge into Bitcoin, and why fixed income is at the center of it. Loren brings a traditional finance lens sharpened by years on the institutional side, and walks through the journey that took him from allocating inside legacy portfolios to helping build the infrastructure that lets institutions actually access Bitcoin exposure at scale. Joe and Loren break down why the 60/40 portfolio is fundamentally broken in a fiscally dominant world, how institutional allocators really think about fixed income, and the structural reasons most institutions still can't just buy Bitcoin outright, no matter how much conviction the CIO has. From there, the conversation moves into the future of income investing and the emergence of digital credit as its own asset class, covering the difference between senior and junior digital credit, how large the market could realistically become, and how it should actually be valued. They also get into the STRC drawdown and what it revealed about digital credit volatility, why the "just hold Bitcoin and cash" argument misses the point for large pools of capital, the role of the government backstop through the next recession, and why Bitcoin's infinite duration makes it the ultimate long-duration asset on a corporate balance sheet. It's a conversation about where trillions of dollars of fixed income allocation may ultimately end up, and the plumbing being built right now to move it there.Thu, 13 Aug 2026 00:00:00 GMThttps://tnorth.com/research/trust-is-civilizations-oldest-technology/https://tnorth.com/research/trust-is-civilizations-oldest-technology/Jeff Walton reads civilization as a stack of trust-extension technologies — from the oath and coined money to the joint-stock company and the central bank — and argues Bitcoin and digital credit are the next layers going in as the current architecture cracks at the base.Thu, 13 Aug 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/why-strategy-s-balance-sheet-became-a-blackhole/https://tnorth.com/shows/true-north-weekly/why-strategy-s-balance-sheet-became-a-blackhole/The crew takes apart the capital structure behind Strategy’s expanding Bitcoin balance sheet: the week’s common-stock issuance, Bitcoin sale, STRC repurchase, cash-reserve build, and the argument that a liquid, divisible BTC reserve changes how investors should think about funding preferred dividends. From there, the conversation moves through net leverage, refinancing optionality, the emerging digital credit stack, and the contrast between financing appreciating Bitcoin collateral and financing rapidly depreciating GPU infrastructure. The group also examines the potential implications of MSCI’s proposed screening methodology for digital-asset treasury companies, discusses preferred-share capital allocation across STRC, STRF, STRK, and STRD, and closes with a candid conversation about BIP 110, a possible fork, market process, and the work required to bring longer-duration institutional capital into Bitcoin-backed credit. This episode is for informational and educational purposes only and is not investment, tax, or legal advice.Wed, 12 Aug 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/what-s-new-with-strive/https://tnorth.com/shows/hurdle-rate/what-s-new-with-strive/In this week’s Hurdle Rate, the crew breaks down Strive’s Q2 results, including a 23.9% Bitcoin yield and how the company’s incentive structure supports its broader Bitcoin treasury strategy. We then turn to Strive’s refreshed website and redesigned Bitcoin Dashboard, exploring how the new tools improve transparency, make key treasury metrics easier to understand, and give investors a clearer view of the company’s performance. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Joe Burnett.Mon, 10 Aug 2026 00:00:00 GMThttps://tnorth.com/research/bitcoin-is/https://tnorth.com/research/bitcoin-is/Joe Burnett on how Bitcoin has escaped its creators: the failure of BIP 110 showed that no developer, miner, company, or government can redefine it. Bitcoin has become a permanent economic constraint that markets, institutions, and civilization now adapt to.Sun, 09 Aug 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/why-bitcoin-needs-to-hit-370k-by-2032/https://tnorth.com/shows/the-income-show/why-bitcoin-needs-to-hit-370k-by-2032/The Income Show is back with host Joe Burnett, joined by Sam Callahan to discuss how to think about markets and portfolio construction in today's environment. They break down Sam's unpopular Bitcoin opinions, the line between conviction and stubbornness, and why time horizon and volatility shake most investors out too early. They also examine fiscal dominance, Bitcoin's role as a global liquidity trade, treasury companies and digital credit, and Fidelity's math showing Bitcoin needs to hit $370K by 2032, evaluating the shape of Bitcoin's returns into 2030 and why adoption still isn't at 100%.Thu, 06 Aug 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/randomness-probability-101/https://tnorth.com/shows/true-north-weekly/randomness-probability-101/The crew breaks down the Coldcard security failure and the custody wake-up call it created across Bitcoin, examining compromised seed entropy, emergency wallet migrations, exposed public keys, multisig setups, hardware-wallet trust, and the privacy consequences of consolidating funds through KYC platforms. They then turn to MSTR and Strategy’s updated balance sheet, including its Bitcoin sale, growing USD reserve, convertible debt, dividend coverage, STRC repurchases, and the evolving credit quality of digital credit. From there, they introduce True North’s new seed-phrase tools to visualize SHA-256, brute-force probabilities, key-space scale, and each investor’s relative “slice” of Bitcoin before closing with corporate custody, sovereignty, reinsurance opportunities, and the BIP-110 game theory unfolding between miners and nodes.Wed, 05 Aug 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/look-for-the-helpers/https://tnorth.com/shows/hurdle-rate/look-for-the-helpers/In this week's Hurdle Rate, the crew breaks down the Coldcard self custody exploit and how the Bitcoin community responded to it, before turning to what the event revealed about how few people understood the cryptography they were relying on. We dig into the yen hitting its weakest level in forty years and what a fragile treasury market means for everyone holding dollars, Strategy's decision to sell Bitcoin and build a cash reserve, and the game theory behind buybacks. We close with a deeper look at the traditional capital that is starting to fill gaps this market used to fill on its own. Here's the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.Tue, 04 Aug 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/we-re-playing-for-trillions/https://tnorth.com/shows/hurdle-rate/we-re-playing-for-trillions/In this week’s Hurdle Rate, the crew breaks down Strategy’s Q2 2026 earnings call and its focus on returning STRC to par while building a trillion-dollar digital credit market. We explore why liquidity, simplicity, and preserving Bitcoin’s upside remain central to the strategy, along with the risks of borrowing against Bitcoin or using derivatives for short-term cash flow. Matt and Ben share lessons from meeting investors in Hong Kong, while Jeff explains how Strive is working to differentiate itself within the insurance industry. We close with a discussion on bringing Bitcoin to traditional institutions and the Federal Reserve’s shift away from heavy forward guidance. Here’s the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.Fri, 31 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/a-quant-breaks-down-why-strc-broke-100/https://tnorth.com/shows/the-income-show/a-quant-breaks-down-why-strc-broke-100/The Income Show is back with host Joe Burnett, joined by Allard Peng to discuss how Bitcoin is reshaping traditional investing and giving rise to a new asset class in digital credit. They break down retail versus institutional flows, growth versus income investing, and why volatility shouldn't be conflated with risk. They also examine Strategy's role as a Bitcoin development company, the Impossible Trinity shaping STRC's design, and a five year outlook for Bitcoin and digital credit, evaluating both the bull and bear cases and the role banks may ultimately play.Thu, 30 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/strategy-mstr-bitcoin-digital-credit-more/https://tnorth.com/shows/the-income-show/strategy-mstr-bitcoin-digital-credit-more/The Income Show is back with host Joe Burnett, joined by Archie from the Bitcoin Archive to discuss the tension between traditional HODLing culture and the rising financialization of Bitcoin. They break down portfolio strategies for onboarding new users, the macroeconomic role of corporate treasuries, and the metrics signaling the bottom of the current bear market. They also analyze a five-year outlook for global capital, evaluating both the bull and bear cases for Bitcoin and digital credit instruments.Thu, 23 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/architecture-of-value/https://tnorth.com/shows/true-north-weekly/architecture-of-value/The crew opens with MSTR balance sheet Update (cash raised, Bitcoin holdings), MSTR credit Quality, and Comparing balance sheet companies. They dig into Algorithmic trading impact (Automation, arbitrage, capital flows), SATA vs. STRC arbitrage, and preferred instruments pair trading. The conversation turns to institutional investor Feedback (credit quality, market concerns), options market analysis, and STRC volatility & Future. From there they work through MSTR Future strategy, Bitcoin BIP 110 Activation, and Probabilistic BIP 110 Outcome. The crew closes with final thoughts on Bitcoin forks and portfolio changes.Wed, 22 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/social-investing/https://tnorth.com/shows/hurdle-rate/social-investing/In this week’s Hurdle Rate, the crew breaks down the slow summer market and strategy's focus on building up its balance sheet to improve credit quality. We explore how Strategy and Strive are navigating macro uncertainty, steadying operations, and executing consistent Bitcoin buys through the summer doldrums. We also dig into the derivatives market, short interest dynamics for ASST and SATA, and how lending out shares ultimately impacts corporate dividend payments and tax treatment. We close with a broader discussion on structured finance, the emergence of AI agents in retail investing, and the long-term potential of building durable digital credit structures to onboard massive institutional capital into the Bitcoin era. Here’s the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.Tue, 21 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/bitcoin-bears-are-wrong/https://tnorth.com/shows/the-income-show/bitcoin-bears-are-wrong/The Income Show is back with host Joe Burnett, joined by Parker White of Apyx to break down his approach to portfolio construction, the role of income in managing Bitcoin volatility, and why price often drives market narratives more than fundamentals. They also discuss whether Bitcoin’s four year cycle is still intact, Strategy’s Bitcoin sales, Michael Saylor’s influence on adoption, the path for digital credit to return to par, and how Bitcoin backed credit and tokenized assets could reshape global finance.Wed, 15 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/shifting-institutional/https://tnorth.com/shows/hurdle-rate/shifting-institutional/In this week’s Hurdle Rate, the crew opens with updates from Strategy, Strive, and the digital credit market before recapping the major developments from Q2. We cover Strategy’s growing cash reserve, market feedback, and the evolution of Bitcoin-backed credit. We also explore institutional adoption, structured products, AI, intellectual property, and the limits of government intervention in the debt crisis. We close it off with thoughts on outdated financial systems and Bitcoin’s expanding role in traditional capital markets. Here’s the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.Tue, 14 Jul 2026 00:00:00 GMThttps://tnorth.com/research/bitcoin-is-the-humanity-etf/https://tnorth.com/research/bitcoin-is-the-humanity-etf/Joe Burnett argues that no traditional asset lets you own human progress itself — competition, construction, and mining dilute every store of wealth. Bitcoin's fixed supply makes it the one asset where the abundance humanity creates can accumulate without being diluted.Fri, 10 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/fix-the-money/https://tnorth.com/shows/the-income-show/fix-the-money/The Income Show is back for Episode 9, with host Joe Burnett, joined by Jon Willbanks to talk about building a portfolio around Bitcoin, Tesla, and digital credit, the common misconceptions holding people back from Bitcoin, and why he sees the coming singularity and wealth rotation between asset classes reshaping how capital moves, with Bitcoin at the center of it.Thu, 09 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/mstr-sells-bitcoin-to-fund-dividend/https://tnorth.com/shows/true-north-weekly/mstr-sells-bitcoin-to-fund-dividend/The crew unpacks Strategy's Q2 2026 balance sheet management — why MSTR sold Bitcoin to fund the dividend, how the market read the sales, and the share buybacks running alongside them as preferred equity bottomed. They walk through STRC's performance and liquidity, dig into the Q2 financials — Bitcoin growth, debt reduction, interest coverage — and the convertible put dates that frame equity dilution risk, then zoom out to first principles: what capital actually is, Bitcoin's role as digital capital, and capital versus currency on the road to hyperbitcoinization. The crew closes on Bitcoin-backed loans and the lender's dilemma, the developing Bitcoin yield curve and credit spreads, and a summer crab market heading into Q3.Wed, 08 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/building-the-track-record/https://tnorth.com/shows/hurdle-rate/building-the-track-record/In this week’s Hurdle Rate, the crew breaks down Strategy’s sale of Bitcoin to fund dividend payments and why the market’s reaction may signal growing confidence in Bitcoin as a liquid capital asset. We explore how Strategy and Strive are using balance sheet management, digital credit, and capital markets access to keep their models moving through volatility. We also dig into SATA’s short interest, the idea of a “controlled burn,” and how Strive is thinking about protecting shareholders while allowing the market to function. We close with a broader discussion on patience, positioning, and building durable structures in the Bitcoin capital markets era. Here's the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.Tue, 07 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/is-the-bitcoin-4-year-cycle-dead/https://tnorth.com/shows/the-income-show/is-the-bitcoin-4-year-cycle-dead/The Income Show is back for Episode 8, with host @IIICapital joined by Jesse Myers to talk about the recent shakeout in digital credit, where Bitcoin sentiment and the four-year cycle stand today, and why he sees Bitcoin accelerating toward becoming the world's dominant form of long-term capital.Thu, 02 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-stress-test/https://tnorth.com/shows/true-north-weekly/the-stress-test/The crew puts Strategy's new capital framework through its paces — unpacking the USD reserve policy behind MSTR's cash liquidity, what credit and equity investors each need from it, and how the credit market is evolving from high-yield ETFs to pension gaps. They dig into the new STRC dividend and buyback policies, how the market read MSTR's Bitcoin sales, and the BTC monetization program funding reserves and dividend payments, then stress-test the balance sheet itself — leverage ratio, the Bitcoin price floor, and why clear communication around monetization carries psychological weight. The crew closes on securitized products, market leverage, and the opportunity hiding in a bear market.Wed, 01 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/the-digital-credit-capital-framework/https://tnorth.com/shows/hurdle-rate/the-digital-credit-capital-framework/In this week's Hurdle Rate, the crew opens with the latest on digital credit volatility and the broader market backdrop, before digging into Strategy's capital framework and how management is navigating stress in the system. The conversation turns to institutional behavior, the realities of managingTue, 30 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/is-digital-credit-broken/https://tnorth.com/shows/the-income-show/is-digital-credit-broken/Joe Burnett sits down with Tyler Evans — Chief Investment Officer of Nakamoto — for episode 7 of The Income Show. With STRC and SATA whipsawing, they ask whether digital credit is 'broken' or simply repricing: tracing Bitcoin's market cycles and shifting volatility, framing digital credit as a long-carry trade, and unpacking what recent STRC volatility, issuer cash reserves, and capital-markets positioning really signal. They contrast digital credit with private credit on transparency and liquidity, take on the loudest criticisms from the Bitcoin community, and close on the Bitcoin growth required to cover dividends and the macro backdrop underpinning the core thesis.Thu, 25 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-long-game/https://tnorth.com/shows/true-north-weekly/the-long-game/The crew settles in for the long game — sizing up Bitcoin and MSTR's latest volatility, stress-testing Strategy's balance sheet and dividend coverage, and weighing MSTR's amplified beta against institutional hedging. They set Bitcoin's four-year CAGR and shortening drawdowns against a shifting macro backdrop of IPOs, bond raises, and gold outflows, then turn to the volatility running through digital credit across STRC and SATA, the Basel-era regulation taking shape around it, and the BIP-110 game theory pitting miners against nodes.Wed, 24 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/digital-credit-weakness/https://tnorth.com/shows/hurdle-rate/digital-credit-weakness/In this week's Hurdle Rate, the crew breaks down the mechanics of volatility and liquidation events, before turning to shifting investor behavior and how markets react to sudden liquidations. We dig into how digital credit stacks up against traditional financial instruments, the innovations shaping Mon, 22 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/public-company-ceo-went-all-in-on-bitcoin-digital-credit/https://tnorth.com/shows/the-income-show/public-company-ceo-went-all-in-on-bitcoin-digital-credit/Joe Burnett sits down with Evan Horowitz — Chief Executive Officer of Farmhouse Inc. ($FMHS) — for episode 6 of The Income Show. Evan tells the story of taking a public company from cannabis to Bitcoin, and makes the case for the 'anti-debasement company': holding Bitcoin alongside tokenized and physical gold on a multi-asset treasury, scaling a digital-asset balance sheet, and using digital credit as a strategic asset to neutralize corporate expenses. They range across Bitcoin adoption versus the early internet, a bearish read on stablecoins, gold-and-Bitcoin synergies, why permissionless money matters, and how to handle market volatility and red days.Thu, 18 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-launch-pad/https://tnorth.com/shows/true-north-weekly/the-launch-pad/The crew works through the STRC selloff — what MSTR's cash-reserve reduction means for capital structure, dividend coverage, and debt reduction, and how an issuer can steady STRC's price while the market reprices it as a Bitcoin derivative. They weigh STRC's yield against its volatility and trading volume, then turn to the wave of AI and IPO capital (SpaceX and the tech giants), what AI's marginal-cost dynamics and shifting pricing models mean for Bitcoin's narrative, and the case for Bitcoin as savings technology with digital credit as the bridge to adoption. A live Q&A closes on STRC dividend confidence, treasury-company outperformance, OTC Bitcoin execution, and the latest STRC FUD.Wed, 17 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/whats-your-time-preference/https://tnorth.com/shows/hurdle-rate/whats-your-time-preference/In this week’s Hurdle Rate, the crew opens on accelerating market activity and the role of bitcoin in USD reserve thinking, before working through a holistic capital structure strategy and how to design long-term capital vehicles around it. We dig into recent Bitcoin flows, the SpaceX IPO and other Tue, 16 Jun 2026 00:00:00 GMThttps://tnorth.com/research/theres-a-wealth-shortage/https://tnorth.com/research/theres-a-wealth-shortage/Joe Burnett argues the economy's real problem isn't inequality but a wealth shortage — abundant productive capacity with no durable way to store it — and how bitcoin's perfect scarcity, plus digital credit and digital money, fixes it.Tue, 16 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/bitcoin-is-down-50-what-is-happening/https://tnorth.com/shows/the-income-show/bitcoin-is-down-50-what-is-happening/The Income Show is back for Episode 5, with host @IIICapital joined by Brian Brookshire to talk all things digital finance. From digital credit and stablecoins to Bitcoin and standout tickers like $MSTR, $STRC, and $SATA, this conversation covers the ideas and assets reshaping how we think about monMon, 15 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/jakob-schillinger-future-of-money-digital-credit-bitcoin/https://tnorth.com/shows/the-income-show/jakob-schillinger-future-of-money-digital-credit-bitcoin/Joe Burnett sits down with Jakob Schillinger — Founder and CEO of Hermetica — for episode 4 of The Income Show. They explore the future of money, the evolution of fixed income, and why digital credit is one of the largest untapped markets in finance: what separates a durable yield product from past-cycle failures, the role of transparency, institutional-grade risk controls and low volatility, lessons from recent DeFi exploits, and Hermetica's path to multi-billion-dollar scale. They close on Bitcoin as a world reserve asset, the intersection of AI and Bitcoin, and how a shifting interest-rate regime will redefine every digital credit issuer's priorities.Thu, 04 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/strategy-sells-bitcoin-so-what-w-adam-livingston/https://tnorth.com/shows/true-north-weekly/strategy-sells-bitcoin-so-what-w-adam-livingston/The crew is joined by Adam Livingston to steelman the Strategy-is-selling-Bitcoin FUD — stress-testing MSTR's dividend coverage through Bitcoin drawdowns, dissecting STRC's credit quality against bank preferreds, and tracing how amplified Bitcoin and capital-market access fund the preferred stack. They zoom out to Bitcoin's evolution from reserve asset to settlement layer and why digital credit is becoming a yield-bearing monetary alternative.Wed, 03 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/the-math-of-amplification/https://tnorth.com/shows/hurdle-rate/the-math-of-amplification/In this week's Hurdle Rate, the crew breaks down the latest corporate Bitcoin market activity and Strive's growing Bitcoin holdings, before turning to Strategy's Bitcoin sale and what the balance sheet math actually reveals about risk and permanent impairment. We dig into historical bear market scenTue, 02 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/stephen-cole-building-a-high-yield-account-on-bitcoin/https://tnorth.com/shows/the-income-show/stephen-cole-building-a-high-yield-account-on-bitcoin/Joe Burnett sits down with Stephen Cole — Co-Founder and CEO of Castle — for episode 3 of The Income Show. The conversation covers how any business can automatically put Bitcoin on its balance sheet, why digital credit beats traditional banking, Bitcoin as a benchmark for long-term success, the parallels between today's adoption and the early internet, the risk of waiting on the sidelines, and what happens to corporate treasuries as interest rates shift over the next five years.Thu, 28 May 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/scale-like-crazy/https://tnorth.com/shows/hurdle-rate/scale-like-crazy/In this weeks Hurdle Rate the crew breaks down Strategy's latest debt retirement and what it signals about capital structure and market perception, before turning to Strive's growing Bitcoin holdings, the launch of SATA daily dividends, and what the firm's market cap reveals about treasury efficiencWed, 27 May 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-new-regime/https://tnorth.com/shows/true-north-weekly/the-new-regime/The crew on Strategy's convertible-retirement playbook, the AI memory trade through Micron and high-bandwidth memory, Warsh and the Fed's new regime navigating debt spirals and treasury-demand erosion, and how digital credit demand grows as the dollar base layer comes under pressure.Wed, 27 May 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/reimagining-money/https://tnorth.com/shows/true-north-weekly/reimagining-money/The crew on STRC's payout cadence and ex-dividend liquidity dynamics, Bitcoin amplification theory through preferred-equity leverage, and the rise of Bitcoin credit markets eclipsing spot BTC — plus AI capital rotation, a Strategic Bitcoin Reserve, and how shareholder voting may shape the next wave of digital credit.Thu, 21 May 2026 00:00:00 GMThttps://tnorth.com/shows/hurdle-rate/exponential-innovation/https://tnorth.com/shows/hurdle-rate/exponential-innovation/The crew on Strive's evolution into 'The Daily Dividend Company' and what it means for the future of financial products: ringing the opening bell at Nasdaq, how Strive paid off its debt, the magnitude of the opportunity, the infrastructure behind the scenes, and where Bitcoin fits in Strive's long-term future.Tue, 19 May 2026 00:00:00 GMThttps://tnorth.com/research/strategy-trading-bitcoin-power-law-trend/https://tnorth.com/research/strategy-trading-bitcoin-power-law-trend/Dan Hillery argues that Strategy's pendulum between STRC issuance at low Bitcoin prices and accretive common equity issuance at high prices systematically grows BTC per share — with the current 37% amplification ratio reflecting management's bet that Bitcoin is near the lows relative to the power law trend.Tue, 19 May 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/matthew-sigel-digital-credit-government-spending-institutional-yield/https://tnorth.com/shows/the-income-show/matthew-sigel-digital-credit-government-spending-institutional-yield/Joe Burnett sits down with Matthew Sigel — CFA and Head of Digital Assets Research at VanEck — for episode 2 of The Income Show. The conversation covers the evolution of Strategy's digital credit products, why 60/40 portfolios may no longer be sufficient in an era of persistent government spending and structural inflation, the intersection of AI and Bitcoin mining infrastructure, Bitcoin's relationship to gold, and nation-state involvement in mining.Mon, 18 May 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-world-has-changed/https://tnorth.com/shows/true-north-weekly/the-world-has-changed/The crew unpacks Strategy's daily-dividend SATA launch and how dividend frequency reshapes stablecoin arbitrage and DRIP compounding, credit-risk modeling for perpetual yields, the Coffeezilla x Jeff Walton debate, leveraged carry trades and liquidity centralization in digital credit, IPOs as Bitcoin risk-transfer vehicles, and how the Clarity Act is accelerating Bitcoin capital markets.Thu, 14 May 2026 00:00:00 GMThttps://tnorth.com/research/bitcoin-backed-yield-a-boring-chart/https://tnorth.com/research/bitcoin-backed-yield-a-boring-chart/James Lavish, CFA walks through STRC and SATA — the two perpetual preferred shares with Bitcoin reserves behind them — and explains how Digital Credit pays an 11.5% monthly cash coupon while keeping the share price anchored near par.Sun, 10 May 2026 00:00:00 GMThttps://tnorth.com/shows/the-income-show/mike-alfred-ai-bitcoin-digital-credit-the-future-of-investing/https://tnorth.com/shows/the-income-show/mike-alfred-ai-bitcoin-digital-credit-the-future-of-investing/Joe Burnett sits down with Mike Alfred — Founder and Managing Partner of Alpine Fox LP and a director at IREN and Bakkt — for the debut episode of The Income Show. The conversation covers high-conviction investing, why Bitcoin is structurally unique, the rise of digital credit as a high-yield alternative to traditional bonds and private credit, AI and physical infrastructure, and Mike's case for Bitcoin reaching $1 million by 2033–2035.Fri, 08 May 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/credit-quality-accelerating/https://tnorth.com/shows/true-north-weekly/credit-quality-accelerating/The crew unpacks Strategy's earnings reaction, the rationale behind selling Bitcoin to fund preferred dividends and retire convertible debt, how deeper Bitcoin liquidity is amplifying credit arbitrage and mNAV mechanics, and the digital credit expansion reshaping debt markets through DeFi tranching and instruments with indirect Bitcoin exposure.Thu, 07 May 2026 00:00:00 GMT