In Episode 35, True North - Episode 35 - “The iPhone moment” Agenda: 1. Key discussion points include bitcoin as unit, btc treasury strategy, preferred equity insight, perpetual preferreds, dividend coverage math. Market context: MSTR closed at $383.41 with mNAV at ~1.68.
Market Snapshot
- Date: 8/6/25
- MSTR Open/Close: $374.75 / $383.41
- Volume: 7,032,447 shares
- mNAV: ~1.68
- Market Cap: ~$109B
- U.S. Market Cap Rank: 98
- BTC Held: 628,791
Chapters
- 00:00:00 — intro: cue the music, agenda, NFA and TN mission
- 00:00:00 — Bitcoin as unit: framing equities in BTC
- 00:04:19 — BTC treasury strategy: leverage update
- 00:07:05 — preferred equity insight: debt maturity risk
- 00:10:00 — perpetual preferreds: no principal repayment risk
- 00:13:01 — dividend coverage math: BTC drawdown scenario & convertible bond shift for new entrants
- 00:18:55 — bond vs. preferred: capital structure evolution
- 00:24:22 — 124-year coverage: preferreds for accretive BTC buys
- 00:29:55 — MSTR enterprise value: full capital stack view
- 00:33:20 — MSTR volatility playbook: portfolio allocation to harness the volatility and Q2 earnings
- 00:37:12 — career risk flips: BTC credit vs. no exposure
- 00:40:00 — liquidity premium: new instruments outperform
- 00:43:55 — $1.3T preferred market: Bitcoin exposure for everyone
- 00:47:17 — category killers: yields drop, scale rises, domination continues
- 00:51:49 — BTC balance sheets: insulation from disruption
- 00:56:07 — Bitcoin-backed investing: why BTC collateral matters to valuation
- 01:00:28 — reducing keyman risk: Phong steps up in earnings call in a big way
- 01:05:04 — investor engagement shift: teaching the market long-term strategy
- 01:09:20 — Bitcoin vs. AI risk: holding BTC as hedge against job disruption
- 01:12:00 — yield structure insight: preferred products with BTC dividends during inflationary times
- 01:15:00 — equity issuance strategy: mNAV targets before new dilution
- 01:18:56 — dividend reinvestment pressure: scaling capital raises efficiently
- 01:23:33 — massive earnings potential: BTC price could 10x net income
- 01:28:21 — STRC product outlook: high-yield structure with monthly payouts
- 01:32:42 — Bitcoin mainstream adoption: ETFs drive broader exposure
- 01:37:15 — missed BTC opportunity: corporate income priced in sats
- 01:40:44 — Bitcoin as war chest: financial runway and the power of the BTC treasury
- 01:50:17 — AI job displacement: how GPT and coders intersect
- 01:54:09 — adapt or fall behind: AI mastery becomes essential
- 01:55:05 — final thoughts:
Stay on Course. Get the Signal.
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