In Episode 30, MSTR True North episode 30: In this episode the crew dives deep into leverage, MSTR’s balance sheet, BTC-backed yield, and market psychology—plus how treasury companies are evolving and why Bitcoin… Key discussion points include episode 30 agenda, leverage ratio explained, trader psychology, sentiment analysis, trading vs investing. Market context: MSTR closed at $369.03 with mNAV at ~1.85.
Market Snapshot
- Date: 6/18/25
- MSTR Open/Close: $371.43 / $369.03
- Volume: 9,200,500 shares
- mNAV: ~1.85
- Market Cap: ~$103.17B
- U.S. Market Cap Rank: 97
- BTC Held: 592,100
Chapters
- 00:00:00 — Que the music:
- 00:01:12 — Episode 30 agenda:
- 00:05:44 — Leverage ratio explained: debt, equity & BTC collateral
- 00:10:12 — Trader psychology: cost basis bias, tax impact & conviction
- 00:15:09 — Sentiment analysis: zooming out amid noise & opportunities in BTC space
- 00:22:36 — Trading vs investing: understanding the players at the table & OTC tickers
- 00:28:46 — Safe havens & bear markets: strategy resilience & the power of scale
- 00:31:43 — Chanos short analysis: misunderstanding the playbook & over-collateralization 101
- 00:38:18 — Bitcoin as the new risk-free asset: fixed income demand is the signal
- 00:45:13 — Banking of the future: how Strategy’s products are redesigning the future banking system
- 00:47:49 — Evaluating BTC treasury companies: identifying survivors vs hype
- 01:01:51 — Fed, interest rates & impact on BTC/MSTR: how this impacts BTC torque
- 01:06:50 — New investment products: ETFs, diversified exposure & position sizing
- 01:17:20 — $MSTY & $WNTR: what is the craze? Solei competition with MSTY update
- 01:25:35 — Common share ATM: BTC yield using the preferred’s
- 01:27:22 — Valuation of BTC-backed companies:
- 01:29:16 — Q2 countdown: S&P 500 inclusion, bewilderment intensifying and EPS
- 01:37:39 — BTC vs MSTR: collateral, dividends, scale
- 01:45:45 — Zero carry cost: low capex with large appreciation
- 01:48:15 — Tim in Prague: home of the largest castle complex in the world & BTC Prague
- 01:51:00 — Final thoughts: we’re going higher
Stay on Course. Get the Signal.
Subscribe for livestream reminders, key insights, and the occasional alpha drop. Straight from True North.