Bitcoin Capital Markets
The emerging Bitcoin capital stack — debt, equity, structured products, and market infrastructure.
100 episodes · 29 research pieces
Latest on Bitcoin Capital Markets
Episode
The Frontier of Credit
This week the crew covers SATS review / Pref Ecosystem, Perpetual Preferred Equity vs. Debt vs Convertible bonds, Cost of Capital, Balance Sheet Review, Vesttoo Story - Impact on market, AMA.
Oct 21, 2026 • 1:23:11 Watch →
Analysis
STRC: An Assessment of Buybacks, Market Structure & Channel Sensitivity
Adrian Morris tests whether Strategy's STRC buybacks drove the instrument's recovery toward par. A 60-session variance attribution assigns most of STRC's explained daily-return variance to the other digital credit preferreds, MSTR ex-BTC and Bitcoin, a buyback proxy adds little explanatory fit, and the report weighs leverage as a plausible explanation for June's selloff.
Sep 24, 2026 Read →
Episode
The Berkshires of Bitcoin
The crew kicks off Season 3 with a balance sheet check-in on Strategy and Strive: Strategy's 950 BTC purchase, STRC buybacks, cash versus convertible debt, and Strive's growing Bitcoin position, dividend coverage, and potential warrant capital. The crew then breaks down why digital credit changes the probability of outcomes versus traditional credit, draws parallels between Strategy and Berkshire Hathaway's insurance float model, and closes with a look at options activity across ASST, MSTR, IBIT, and STRC.
Sep 23, 2026 • 1:22:03 Watch →
All episodes (100)
True North Weekly (58)
2026
- The Frontier of Credit Oct 21, 2026
- The Berkshires of Bitcoin Sep 23, 2026
- The New Regime May 27, 2026
- MSTR Can Buy More BTC Than Sellers Can Sell Apr 8, 2026
- Waiting For The World To Catch Up Mar 19, 2026
- Weathering The Storm Feb 11, 2026
- Margin Isn't Calling! Feb 4, 2026
- What is Credit Risk? Jan 28, 2026
- Up to Par Jan 21, 2026
- Bitcoin Did This Jan 14, 2026
- New Year, The Bottom's In Jan 7, 2026
2025
- Bear is for Building Dec 17, 2025
- High Powered Digital Money Dec 10, 2025
- The Capital Fortress Dec 3, 2025
- And Then They Fight You Nov 26, 2025
- The Revolution of Digital Credit Nov 19, 2025
- Rate My Stock / Risk of Credit Oct 29, 2025
- Pref Analysis / Deep Dive Oct 22, 2025
- What is Credit with special guest Adam Livingston Oct 8, 2025
- MSTR Uptober Oct 1, 2025
- Chapter 2: Full Sail Ahead Sep 24, 2025
- No days off Aug 27, 2025
- Navigating the Storm Aug 20, 2025
- Building a Digital Empire Aug 13, 2025
- The iPhone moment Aug 6, 2025
- STRC'ing the limits Jul 23, 2025
- Inject the Bitcoin Volatility Virus Jul 16, 2025
- Everything's Computer... Credit Jul 9, 2025
- Wall Street Digital Gold Rush Jun 25, 2025
- Power of Collateral Jun 18, 2025
- Fishing for the Fixed Income Jun 11, 2025
- $STRDing toward BTC Fixed Income Jun 4, 2025
- BTC Opportunity Cost EVERYWHERE May 21, 2025
- Capital Gravity Converging & Teeth Scarcity May 14, 2025
- T'was the night before earnings Apr 30, 2025
- The Bitcoin Orchestra Apr 16, 2025
- On/Off/On/Off/On/Off Apr 9, 2025
- Liberation Day Chess Apr 2, 2025
- If You Build It, They Will Come Mar 26, 2025
- Weeks When Decades Happen Mar 12, 2025
- Volatility’s Return & Bitcoin Treasuries Mar 5, 2025
- Convertibles on Deck Feb 19, 2025
- Give Me a Lever Long Enough Feb 12, 2025
- Strategy₿ Q4 '24 Earnings Call Feb 5, 2025
- Financial Engineering 101 Jan 29, 2025
- Have Space Suit, Will Travel Jan 22, 2025
- Week of Jan 17 Expiration Jan 16, 2025
- New Year, Same Business Jan 8, 2025
2024
- Let’s Talk About Leverage Dec 18, 2024
- The Most Hated Rally in Finance Dec 11, 2024
- Financial Leverage & Bear Sightings Dec 4, 2024
- Thanksgiving Week Nov 25, 2024
- Bitcoin, Bonds and Breakthroughs Nov 20, 2024
- MSTR's Bold BTC Bet Nov 18, 2024
- Volatility is Vitality Nov 13, 2024
- MSTR & BTC Highs Nov 11, 2024
- Post Election Discussion Nov 6, 2024
- Navigating MSTR and BTC Oct 23, 2024
The Hurdle Rate (33)
2026
- Digital Credit Is The Product Aug 18, 2026
- Shifting Institutional Jul 14, 2026
- A Digital Credit Treasury | The Hurdle Rate Podcast Ep.51 Mar 17, 2026
- Some Pretty Good Money Printing Mar 10, 2026
- Bullish Digital Credit Feb 18, 2026
- Preferred Equity Demand Jan 28, 2026
- Pensions, Private Equity & Digital Credit Jan 6, 2026
2025
- Structurally Bullish Dec 23, 2025
- The Hurdle Rate Is High Dec 9, 2025
- The Incentives Are Aligned Dec 2, 2025
- Amplified Bitcoin and Digital Credit Nov 10, 2025
- The Preferred Strategy is Digital Credit Nov 4, 2025
- Credit Ratings for Digital Capital Oct 28, 2025
- Strategic Risk Taking Oct 22, 2025
- The Digital Credit Landscape Oct 14, 2025
- Focus on the Future Oct 7, 2025
- The M&A Era Has Begun Sep 23, 2025
- The Starting Line Sep 16, 2025
- Zoom Out - We're Early Sep 9, 2025
- Noise in the Market Aug 19, 2025
- Commodity, Security, Token Aug 13, 2025
- The Intelligent Leverage Trade: Winter Isn't Coming Back Aug 5, 2025
- Convert to IPO Jul 29, 2025
- A Huge Wave of Capital isn't a STRC Jul 23, 2025
- Dividend Drip Jul 1, 2025
- Billions in Bitcoin Treasuries Jun 24, 2025
- Upgrade with Junk Grade Jun 3, 2025
- People Are Dancing May 30, 2025
- Have Bitcoin - Get Money May 20, 2025
- A Movement Has Started May 13, 2025
- Fully Torqued Bitcoin May 3, 2025
- Win or Win More Apr 29, 2025
- Bitcoin Portfolio Theory Apr 16, 2025
The Income Show (2)
- Bitcoiners Aren't Ready for What's Coming Sep 17, 2026
- Is Digital Credit Broken? Jun 25, 2026
True North Now (7)
- Bitcoin Bonds & Beyond | Featuring Pierre Rochard Oct 6, 2025
- Theya, Horizon & Bitcoin Price Action | Featuring Joe Consorti Sep 26, 2025
- Inside Look at H100 | Featuring CEO Sander Andersen Jul 17, 2025
- Another Inside Look at The Smarter Web Company | Featuring CEO Andrew Webley Jul 15, 2025
- Inside Look at The Blockchain Group | Featuring Alexandre Laizet Jul 10, 2025
- Inside Look at Semler Scientific | Featuring Eric Semler & Joe Burnett Jun 30, 2025
- Inside Look at The Smarter Web Company | Featuring CEO Andrew Webley Jun 20, 2025
Research (29)
- STRC: An Assessment of Buybacks, Market Structure & Channel Sensitivity Sep 24, 2026
- Trust Is Civilization's Oldest Technology Aug 13, 2026
- Strategy is Trading Bitcoin's Power Law Trend May 19, 2026
- Bitcoin-Backed Yield: A Boring Chart and a Beautiful Coupon May 10, 2026
- Strategy Q1 2026 Earnings Call — Full Q&A Notes May 5, 2026
- STRK at $400 will Dominate Strategy's Trading Volume May 1, 2026
- The Income Statement Is the Obituary. The Balance Sheet Is the Will. Apr 20, 2026
- Semi-monthly STRC Divs Will Increase Monthly STRC ATM to $10B Apr 20, 2026
- Flow-Adjusted Yield (FAY) for $STRC and $SATA Apr 8, 2026
- Michael Saylor Broke the Sharpe Ratio with $STRC Apr 8, 2026
- STRC Will Become a Part of Common Investor Vocabulary Mar 31, 2026
- The Definitive Guide to Digital Credit Mar 25, 2026
- The Digital Credit Investment Thesis Mar 25, 2026
- Digital Credit vs. Traditional Credit Mar 25, 2026
- STRK: Strategy's Convertible Preferred Stock Mar 25, 2026
- Balancing of MSTR and STRC Mar 16, 2026
- The Original 1,000x — Standard Oil Is Happening Again Mar 15, 2026
- When Capital Exceeds Liquidity: Bitcoin's $50 Billion Repricing Threshold Mar 13, 2026
- Billions of Dollars backed by STRC. Mar 13, 2026
- A Primer on Balance Sheet Liquidity Mar 11, 2026
- Before Las Vegas: The Math Every Bitcoin Treasury CEO Needs to See Feb 19, 2026
- $4,000+ per share for MSTR in five years? Feb 11, 2026
- Bitcoin Maxims and Why They are Broken Jan 30, 2026
- Bitcoin Is Missing a Central Bank. Strategy Is Building One. Jan 26, 2026
- STRC, Bitcoin's Exponential Pump, MSTR to 20k & BTC to 5MM — Money, The Perfect Product Jan 21, 2026
- Hiding in Plain Sight Jan 20, 2026
- Comments Regarding Proposed Index Exclusion of Bitcoin Treasury Companies Dec 5, 2025
- The Bitcoin Credit Monopoly: Why Strategy's Moat Is Fixed Income, Not Equity May 30, 2025
- Options Comprehensive Guide Aug 11, 2024
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