In Episode 34, True North - Episode 34 - $STRC’ing the limits Agenda: 1. Key discussion points include mstr’s leverage ratio, volatility as strategy, q2 earnings catalyst, mstr vs. bitcoin, algo trading & arbitrage. Market context: MSTR closed at $412.67 with mNAV at ~1.81.
Market Snapshot
- Date: 7/23/25
- MSTR Open/Close: $422.83 / $412.67
- Volume: 12,990,043 shares
- mNAV: ~1.81
- Market Cap: ~$117B
- U.S. Market Cap Rank: 91
- BTC Held: 607,770
Chapters
- 00:00:00 — agenda breakdown:
- 00:02:50 — MSTR’s leverage ratio: $72B in assets, debt ratio, and drawdown resilience
- 00:06:41 — volatility as strategy: why MSTR embraces leverage and market spikes
- 00:17:50 — Q2 earnings catalyst: projected $10B+ gain and possible S&P 500 inclusion
- 00:20:26 — MSTR vs. Bitcoin: understanding the equity vs. asset performance dynamic
- 00:25:10 — algo trading & arbitrage: breaking correlation and capital flow strategies
- 00:32:58 — perpetual preferreds: unlocking 100x fixed income demand with Bitcoin
- 00:39:48 — market mechanics: how algos pin MSTR price to Bitcoin
- 00:42:36 — liquidity shift: moving the pin and spiking Bitcoin yield
- 00:46:05 — capital strategy: risk-adjusted allocation for BTC finance
- 00:48:39 — S&P500 watch: is MSTR’s inclusion already priced in?
- 00:50:01 — sentiment war: transparency, short sellers, and ATM timing
- 00:52:08 — STRC breakdown: risk tranches, liquidity support, and yield protection
- 00:55:57 — compound dividends: cumulative structure makes it hard to fail
- 00:58:57 — STRC appeal: Bitcoin-backed fixed income for today’s yield-starved market
- 01:03:01 — monthly yield: passive income with BTC exposure, no staking risk
- 01:06:12 — BTC credit cards: cashback, credit, and Bitcoin collateral futures
- 01:09:03 — Bitcoin securities: building stable income products on BTC base layer
- 01:13:09 — adoption curve: early innings of Bitcoin-native financial products
- 01:16:47 — portfolio strategy: how investors are blending STRC, MSTR, and BTC
- 01:20:14 — Bitcoin as safety: redefining ‘safe’ yield in a broken bond world
- 01:25:35 — BTC insurance play: Bitcoin as capital buffer for risk models
- 01:27:05 — product innovation: capital markets are being rebuilt on BTC rails
- 01:30:30 — collateral evolution: tokenized BTC for direct lending and structured credit
- 01:35:51 — converts retired: why MSTR is exiting convertibles for a clean equity base
- 01:39:12 — BTC credit model: measuring risk using Bitcoin collateral math
- 01:43:30 — yield curve race: preferred equity arms race for Bitcoin treasuries
- 01:46:55 — liquidity moat: MSTR’s flexibility vs. other BTC asset plays
- 01:50:30 — new market cycle: this isn’t 2022—why BTC fundamentals are stronger
- 01:56:28 — corporate hedging: the coming wave of CFO-driven BTC buys
- 01:58:05 — ETF impact: in-kind redemptions and BTC liquidity stress
- 02:00:26 — final thoughts: still early—BTC, MSTR, STRC just getting started
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