Bitcoin-Backed Equities
Public companies with Bitcoin treasury strategies — equity exposure to the digital capital framework.
Latest on Bitcoin-Backed Equities
The Dividend Machine
The crew breaks down Strategy's shift to semi-monthly STRC dividends, walks through the balance sheet flywheel and mNAV premium funding capital raises, traces the path toward credit-rating receptivity through structured tranching, and explores how capital rotates from equity profits into yield-bearing digital credit instruments.
The User Experience| Ep. 56
The crew is back this week discussing Strategy’s passing of BlackRock in Bitcoin Holdings and what it could signal for broader markets. They then dive into whether the tokenized ecosystem is actually providing value, before exploring how AI tools are reshaping portfolio construction. Finally, they w
Semi-monthly STRC Divs Will Increase Monthly STRC ATM to $10B
Dan Hillery argues that shifting STRC's dividend cadence from monthly to semi-monthly will compress the time to recover to $100 par, give arbitrage traders two shots at overnight dividend capture per month, and drive STRC ATM volume toward $10B per month.
Weekly Signal: April 13–17, 2026
The weekly signal from the True North team — covering Strategy's STRC dividend shift to semi-monthly, a $1B BTC buy funded by STRC issuance, Fidelity's 'get off zero' research, Coffeezilla's STRC critique, and Wall Street banks racing into Bitcoin with $189K price targets.
A Structural Shift| Ep. 55
The crew is back this week discussing Digital Credit’s big month and what it signals for markets. They then explore capital flows, before rethinking credit in today’s environment and wrapping with a discussion on the end of the 60/40 portfolio. Here's the latest with Tim Kotzman, Matt Cole, Jeff Wal
Calling The Shot
This week the crew covers Does STRC Have a speed limit?, Large Capital Flows, Capital Market Landscape.
Weekly Signal: April 6–10, 2026
The weekly signal from the True North team — covering Japan's Bitcoin regulation bill, Iran requiring Bitcoin for Strait of Hormuz transit, the US push for digital asset clarity, Fidelity's stablecoin launch, Strategy's continued BTC accumulation via STRC, quantum-safe Bitcoin transactions, and Morgan Stanley's ETF debut.
MSTR Can Buy More BTC Than Sellers Can Sell
The crew analyzes STRC's liquidity and yield structure, breaks down algorithmic arbitrage flows, examines digital credit's hybrid capital thesis, models MSTR's demand engine under rate cuts, and compares the full capital stack across STRC, STRF, and STRK.
The Management of The Treasury| Ep. 54
The crew is back this week discussing the growing risks around the US debt crisis and what it could mean for markets. They then explore how AI is rapidly disrupting the startup economy, before diving into debasement and how to think about portfolio construction in this environment. Finally, they deb
Weekly Signal: March 30 – April 3, 2026
The weekly signal from the True North team — covering Strive's first-ever digital credit ETF filing, STRC and SATA both hitting par, New Hampshire's Bitcoin-backed municipal bond, Morgan Stanley's spot BTC ETF, Bitcoin as mortgage collateral, and MetaPlanet's aggressive Q1 accumulation.
STRC Will Become a Part of Common Investor Vocabulary
Dan Hillery argues that STRC is not just a high-yield instrument — it creates the first liquid, free-market rate for short-term Bitcoin-backed credit, positioning it as the benchmark rate for a new asset class.
Bitcoin and Inflation: Protecting the Value of Your Work
Colleen explores how Bitcoin serves as a container that holds and protects the value of your work — a fixed-supply monetary network that cannot be quietly diluted by distant decision-makers.
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