In Episode 36, True North - Episode 36 - Building a Digital Empire Agenda: 1. Key discussion points include price action analysis, market vs. earnings, atm trap exposed, what counts as earnings?, nav is king. Market context: MSTR closed at $389.90 with mNAV at ~1.62.
Market Snapshot
- Date: 8/13/25
- MSTR Open/Close: $397.73 / $389.90
- Volume: 10,884,940 shares
- mNAV: ~1.62
- Market Cap: ~$111B
- U.S. Market Cap Rank: 93
- BTC Held: 628,946
Chapters
- 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 jewel, $STRF
- 01:03:25 — MSTR valuation logic: BTC per share and impact of the preferreds
- 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
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