The Revolution of Digital Credit

In Episode 45, True North Episode 45 - Revolution of digital credit -Blood in the streets Agenda 1 We’re so back (to 88k gang) 2 Prefs 3 Underwriting Bitcoin lending vs Digital Credit 4 Macro 5 MSTR Earnings… Key discussion points include bitcoin strategy archetypes, mstr bitcoin treasury thesis, digital credit instruments, margin hikes, forced selling, rsi and oversold read. Market context: MSTR closed at $186.50 with mNAV at ~1.17.

Market Snapshot

• MSTR Open/Close: $202.36 / $186.50
• Volume: 28,025,372 Shares
• mNAV: ~1.17
• Market Cap: ~$53.6B
• U.S. Market Cap Rank: 197
• BTC Held: 649,870

Chapters

• 00:00:00 — Cue the music:
• 00:01:51 — Bitcoin strategy archetypes: Poet, prophet, prince roles align
• 00:04:40 — MSTR Bitcoin treasury thesis: Balance sheet stack drives upside
• 00:09:37 — Digital credit instruments: Invest in Bitcoin credit quality
• 00:12:40 — Margin hikes, forced selling: JPM raises requirements on MSTR
• 00:15:36 — RSI and oversold read: Selloff deeper than prior dips
• 00:18:23 — Liquidity crunch: Previous cycle trends and credit quality
• 00:20:38 — MSTR’s collateral monopoly: Best asset, digital capital scale
• 00:25:45 — Narrative following price: Current climate has flipped the formula
• 00:29:04 — mNAV, peg, dividends: Market restores par as cash pays
• 00:33:14 — Shorting costs & carry with transparency: Dividends and borrow fees matter
• 00:38:14 — Yield traps vs holding: $MSTY erosion vs Stretch peg
• 00:43:21 — The 4 year cycle: Patterns & protocol risk management
• 00:54:42 — Spot ETF accumulation: Changing the game
• 00:57:41 — Bitcoin treasury companies: The future brought forward
• 01:00:25 — Dividend math with BTC: 1.25% BTC growth supports perpetual payouts
• 01:05:09 — Overcollateralization benefit: Real-time risk transparency
• 01:07:40 — What if Bitcoin breaks?:
• 01:09:20 — Selling loans vs credit: Digital credit broadens buyer base
• 01:16:00 — Inflation math: CPI plus M2 erodes returns
• 01:18:19 — Bitcoin as monetary ledger: Title registry with final settlement
• 01:22:44 — Patience and price targets: $125K to $200K and the 2026 narrative
• 01:28:21 — Private markets tokenization: Next capital frontier
• 01:32:00 — 1x MSTR lens: Dilution vs BTC per share
• 01:37:30 — Know terms and risks: Refi and regulation
• 01:43:04 — Grain’s last thoughts:
• 01:44:56 — Stretch as spendable credit: Tokenization enables fast liquidity
• 01:49:11 — Insurance capital in BTC: Claims funded by BTC treasuries
• 01:53:30 — World balance sheet on BTC: Treasury firms reshape finance