Bitcoin Treasury Strategy
Analysis and insights on how public companies are integrating Bitcoin into their balance sheets, from convertible bond financing to BTC yield metrics.
Bitcoin treasury strategy has emerged as one of the most significant trends in corporate finance. Pioneered by Strategy (formerly MicroStrategy), the approach involves public companies holding Bitcoin as a primary treasury reserve asset.
True North covers every dimension of this movement, from the mechanics of convertible bond financing to the metrics that matter (mNAV, BTC yield, market cap premium) to the expanding universe of companies adopting the strategy worldwide.
Latest on Bitcoin Treasury Strategy
Bitcoin Wins, But Strategy Could Still Fail
The Income Show is back with host Joe Burnett, joined by Jessy Gilger, a certified financial planner and founder of Verify Wealth, to discuss Bitcoin, personal finance, and the risks of chasing yield. They examine how investors can navigate Bitcoin drawdowns, whether the four-year cycle still matters, and why financial plans should reflect real-world goals and cash-flow needs. They also explore Bitcoin-native financial planning, self-custody versus ETFs, the role of education in broader adoption, and the differences between growth and income investing. Finally, Joe and Jessy discuss Bitcoin-backed preferred stock, MSTR as amplified Bitcoin exposure, and why investors should carefully weigh leverage, volatility, and downside risk.
The Fracture: Breaking Bitcoin's Power Law
Joe Burnett argues the power law may not be Bitcoin's end state. Borrowing the fatigue crack growth curve from materials science, he maps Bitcoin's monetization in three phases — and makes the case that falling volatility expands the capital and credit that can compete for a fixed 21 million supply, until price breaks above the power-law trend.
Liquidity Is The Moat
In this week’s Hurdle Rate, the crew breaks down an explosive week across Bitcoin treasury markets, from Strategy reaching 0% net leverage and expanding its cash reserves to Strive growing its Bitcoin stack and seeing major liquidity across ASST and SATA. We dig into why liquidity itself can become a powerful competitive moat, how rising short interest could amplify ASST, and why Strive has chosen to let that pressure build rather than immediately satisfy large block demand. The conversation then turns to the macro setup, including a potentially weaker dollar, Treasury buybacks, rising long-term yields, and why those forces could create a backdrop for Bitcoin unlike anything it has experienced before. We close with the case for Bitcoin entering a broader melt-up in scarce assets, why the traditional four-year cycle may be breaking down, and why the crew believes investors still aren’t bullish enough. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Tim Kotzman.
Strategy’s Biggest Risk Isn’t Bitcoin
The Income Show is back with host Joe Burnett, joined by Dr. Jeff Ross, founder and CEO of Vailshire Capital Management, to discuss Bitcoin, global liquidity, and the changing macroeconomic landscape. They examine Jeff’s transition from radiologist to macro fund manager, why gold has recently outperformed Bitcoin, and how hard assets could perform over the next decade. They also explore Bitcoin’s four-year cycle, the possibility of a market bottom, Strategy’s growing focus on digital credit, and the risks facing leveraged Bitcoin treasury companies. Finally, Jeff explains why investors should approach leverage cautiously and shares his long-term advice: stay humble and stack sats.
We're So (Buy)Back
Bitcoin and Strategy rip higher as the crew breaks down the Treasury’s bond-buyback announcement, the market’s reaction, and what improving liquidity could mean for Bitcoin, MSTR, and the broader digital-credit ecosystem. The conversation moves through Strategy’s strengthening balance sheet, rising USD reserves, falling net leverage, and the way a higher Bitcoin price changes the credit profile of STRC and the rest of the preferred stack. The group also examines MSTR’s surge in trading activity, the potential to rebuild Bitcoin holdings and repurchase securities, and the longer-term path toward using Bitcoin as institutional-grade collateral. From there, the discussion turns to Nvidia-backed AI infrastructure financing, GPU depreciation and underwriting risk, Strategy’s convertible debt mechanics, STRC issuance, MSTR buyback optionality, and the tradeoffs facing common shareholders when mNAV expands. The episode closes with BlackRock’s BITA covered-call ETF, the possibility of Strategy reaching one million Bitcoin, the upcoming Jackson Hole speech and Fed meeting, and what a durable Bitcoin rally could unlock across capital markets. This episode is for informational and educational purposes only and is not investment, tax, or legal advice.
Digital Credit Is The Product
In this week’s Hurdle Rate, the crew reacts to Strategy’s latest investor Q&A and breaks down why the company is prioritizing STRC, building cash reserves, and treating Bitcoin as flexible capital. We dig into why Bitcoin has held firm despite Strategy selling, the Coldcard self-custody exploit, and broader market stress, and what that resilience could signal about the bear market. The conversation then turns to NVIDIA’s massive structured-finance deal, how the company is lending its balance sheet and creditworthiness to accelerate OpenAI’s infrastructure buildout, and what it reveals about the growing convergence of AI, credit, and capital markets. We close with OranjeBTC’s DIGY11 ETF and the expansion of digital credit into Brazil. Here's the latest with Tim Kotzman, Matt Cole, Joe Burnett, and Ben Werkman.
The Future of Income Investing
The Income Show is back with host Joe Burnett, joined by Loren Asmus, Head of Investor Relations at UTXO, to unpack how institutional capital is finally starting to bridge into Bitcoin, and why fixed income is at the center of it. Loren brings a traditional finance lens sharpened by years on the institutional side, and walks through the journey that took him from allocating inside legacy portfolios to helping build the infrastructure that lets institutions actually access Bitcoin exposure at scale. Joe and Loren break down why the 60/40 portfolio is fundamentally broken in a fiscally dominant world, how institutional allocators really think about fixed income, and the structural reasons most institutions still can't just buy Bitcoin outright, no matter how much conviction the CIO has. From there, the conversation moves into the future of income investing and the emergence of digital credit as its own asset class, covering the difference between senior and junior digital credit, how large the market could realistically become, and how it should actually be valued. They also get into the STRC drawdown and what it revealed about digital credit volatility, why the "just hold Bitcoin and cash" argument misses the point for large pools of capital, the role of the government backstop through the next recession, and why Bitcoin's infinite duration makes it the ultimate long-duration asset on a corporate balance sheet. It's a conversation about where trillions of dollars of fixed income allocation may ultimately end up, and the plumbing being built right now to move it there.
Trust Is Civilization's Oldest Technology
Jeff Walton reads civilization as a stack of trust-extension technologies — from the oath and coined money to the joint-stock company and the central bank — and argues Bitcoin and digital credit are the next layers going in as the current architecture cracks at the base.
Bitcoin Is.
Joe Burnett on how Bitcoin has escaped its creators: the failure of BIP 110 showed that no developer, miner, company, or government can redefine it. Bitcoin has become a permanent economic constraint that markets, institutions, and civilization now adapt to.
Bitcoin is the Humanity ETF
Joe Burnett argues that no traditional asset lets you own human progress itself — competition, construction, and mining dilute every store of wealth. Bitcoin's fixed supply makes it the one asset where the abundance humanity creates can accumulate without being diluted.
Bitcoin-Backed Yield: A Boring Chart and a Beautiful Coupon
James Lavish, CFA walks through STRC and SATA — the two perpetual preferred shares with Bitcoin reserves behind them — and explains how Digital Credit pays an 11.5% monthly cash coupon while keeping the share price anchored near par.
Strategy Q1 2026 Earnings Call — Full Q&A Notes
Mason Foard's full Q&A notes from Strategy's Q1 2026 earnings call — Saylor on the BTC drive as a third lever, the STRC issuance dial, Bitcoin as Layer 3, the institutional ownership shift, the volatility-and-quantum playbook, the credit rerating, the regulatory wishlist, and the clean-sheet balance sheet.
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