In Episode 33, True North - Episode 33 - Inject the Bitcoin Volatility Virus Agenda: 1. Key discussion points include agenda & true north mission, surrendering capital, btc adoption, winter?, institutional growth. Market context: MSTR closed at $455.90 with mNAV at ~2.01.
Market Snapshot
- Date: 7/16/25
- MSTR Open/Close: $448.31 / $455.90
- Volume: 10,575,450 shares
- mNAV: ~2.01
- Market Cap: ~$128.52B
- U.S. Market Cap Rank: 80
- BTC Held: 601,550
Chapters
- 00:00:00 — cue the music:
- 00:01:10 — agenda & True North mission:
- 00:04:23 — surrendering capital: using risk to attract capital, accelerate innovation, and reset TradFi
- 00:12:35 — BTC adoption: how few companies hold Bitcoin on their treasury today
- 00:14:44 — winter?: Saylor’s conviction that the seasons are over
- 00:16:39 — institutional growth: big money reshaping Bitcoin markets
- 00:23:05 — optionality fueled by collateral: $670B buybacks signal stagnation, not strength
- 00:27:30 — $STRF narrative & mNAV justification: is Chanos better off buying Strife?
- 00:32:03 — MSTR leverage: how Bitcoin boosts corporate equity value
- 00:34:30 — redefining valuation frameworks: breaking down Phong Le’s recent commentary
- 00:37:26 — Q2 earnings: strategy’s $11.1B profit and how the market might digest the news
- 00:47:59 — leverage update: health of the balance sheet and financial strength built on BTC
- 00:55:00 — MSTR’s financial vehicles: preferreds, converts, and innovation in products
- 01:03:20 — capital stack: why Strife leads MSTR’s structure
- 01:05:54 — bond pricing: convertible arbitrage and pricing dynamics
- 01:11:58 — dilution effects: how convertibles vs. preferreds impact share count
- 01:17:21 — perpetual preferreds: why they work with Bitcoin’s nature
- 01:22:22 — raising capital: market cycles and creative deal-making
- 01:28:30 — pricing opportunity: weekly volume analysis and identifying pricing discrepancies
- 01:34:51 — valuation model: projecting multi-trillion dollar companies
- 01:40:31 — secured debt: BTC-backed preferreds vs. junk bonds
- 01:43:04 — index inclusion: analysis and catalyst for price appreciation
- 01:49:56 — $MSTR vs $PLTR: looking at the numbers and EPS bewilderment
- 01:58:54 — impact of BTC on job market: capitalizing on sound capital and AI transforming professions globally
- 02:01:20 — Q2 earnings call: True North coverage plan
- 02:02:15 — moon math: Jeff’s path to $MSTR all-time highs
- 02:05:30 — final thoughts:
Stay on Course. Get the Signal.
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