Fishing for the Fixed Income

In Episode 29, MSTR True North episode 29: The crew does a deep dive into MSTR’s leverage and the future outlook! Also included – Stride IPO insights, Bitcoin volatility, BTC yield projections, S&P 500 potential,… Key discussion points include mstr leverage, strd ipo, btc volatility, future products, yield curve & credit spreads. Market context: MSTR closed at $387.11 with mNAV at ~1.91.

Market Snapshot

• Date: 6/11/25
• MSTR Open/Close: $391.23 / $387.11
• Volume: 6,812,152 shares
• mNAV: ~1.91
• Market Cap: ~$108.13B
• U.S. Market Cap Rank: 94
• BTC Held: 580,955

Chapters

• 00:00:00 — Intro: Cue the music and agenda overview
• 00:04:47 — MSTR leverage: Debunking MSTR’s leverage myths with data
• 00:12:02 — STRD IPO: How Stride IPO works & why it matters for MSTR
• 00:20:41 — BTC volatility: Impact of Bitcoin volatility on MSTR’s capital strategy
• 00:24:52 — Future products: What’s next? Potential new products & global expansion
• 00:33:00 — Yield curve & credit spreads: Fixed income ideas & STRK, STRF, STRD comparison
• 00:45:00 — BTC as collateral: How the market is starting to price Bitcoin as collateral
• 00:50:59 — Leverage & $STRD: MSTR leverage strategy for future market downturns
• 00:58:00 — Market dynamics: Demand trends & capital stack effects
• 01:04:06 — Q2 earnings: MSTR Q2 earnings estimates & S&P 500 potential
• 01:11:00 — BTC yield: Long-term Bitcoin yield projections to 2035
• 01:22:52 — BTC CAGR: Why Bitcoin’s CAGR could fuel exponential market cap growth
• 01:30:42 — Market sentiment: Investor reactions & long vs short-term strategy debate
• 01:35:45 — Seeing into the future: Thinking like a visionary and pattern recognition
• 01:42:46 — Why hold an equity?: Pay now for future performance & DNA of future MAG7
• 01:48:52 — The BTC Standard: A world with energy that doesn’t decay; BTC exposure and UBI
• 02:00:00 — Closing insights: Final thoughts on strategy, risk, and market opportunity