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
Is Digital Credit Broken?
Joe Burnett sits down with Tyler Evans — Chief Investment Officer of Nakamoto — for episode 7 of The Income Show. With STRC and SATA whipsawing, they ask whether digital credit is 'broken' or simply repricing: tracing Bitcoin's market cycles and shifting volatility, framing digital credit as a long-carry trade, and unpacking what recent STRC volatility, issuer cash reserves, and capital-markets positioning really signal. They contrast digital credit with private credit on transparency and liquidity, take on the loudest criticisms from the Bitcoin community, and close on the Bitcoin growth required to cover dividends and the macro backdrop underpinning the core thesis.
The Long Game
The crew settles in for the long game — sizing up Bitcoin and MSTR's latest volatility, stress-testing Strategy's balance sheet and dividend coverage, and weighing MSTR's amplified beta against institutional hedging. They set Bitcoin's four-year CAGR and shortening drawdowns against a shifting macro backdrop of IPOs, bond raises, and gold outflows, then turn to the volatility running through digital credit across STRC and SATA, the Basel-era regulation taking shape around it, and the BIP-110 game theory pitting miners against nodes.
Digital Credit Weakness
In this week's Hurdle Rate, the crew breaks down the mechanics of volatility and liquidation events, before turning to shifting investor behavior and how markets react to sudden liquidations. We dig into how digital credit stacks up against traditional financial instruments, the innovations shaping
Public Company CEO Went All In on Bitcoin & Digital Credit
Joe Burnett sits down with Evan Horowitz — Chief Executive Officer of Farmhouse Inc. ($FMHS) — for episode 6 of The Income Show. Evan tells the story of taking a public company from cannabis to Bitcoin, and makes the case for the 'anti-debasement company': holding Bitcoin alongside tokenized and physical gold on a multi-asset treasury, scaling a digital-asset balance sheet, and using digital credit as a strategic asset to neutralize corporate expenses. They range across Bitcoin adoption versus the early internet, a bearish read on stablecoins, gold-and-Bitcoin synergies, why permissionless money matters, and how to handle market volatility and red days.
The Launch Pad
The crew works through the STRC selloff — what MSTR's cash-reserve reduction means for capital structure, dividend coverage, and debt reduction, and how an issuer can steady STRC's price while the market reprices it as a Bitcoin derivative. They weigh STRC's yield against its volatility and trading volume, then turn to the wave of AI and IPO capital (SpaceX and the tech giants), what AI's marginal-cost dynamics and shifting pricing models mean for Bitcoin's narrative, and the case for Bitcoin as savings technology with digital credit as the bridge to adoption. A live Q&A closes on STRC dividend confidence, treasury-company outperformance, OTC Bitcoin execution, and the latest STRC FUD.
What’s Your Time Preference?
In this week’s Hurdle Rate, the crew opens on accelerating market activity and the role of bitcoin in USD reserve thinking, before working through a holistic capital structure strategy and how to design long-term capital vehicles around it. We dig into recent Bitcoin flows, the SpaceX IPO and other
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.
STRK at $400 will Dominate Strategy's Trading Volume
Dan Hillery argues STRK will become as liquid as MSTR as a percentage of market cap. Gamma trading, MSTR call selling against STRK's embedded equity, levered carry trade structures, the ATM cut from $21B to $2.1B, and the moving liquidation preference all point to STRK dominating Strategy's trading volume.
The Income Statement Is the Obituary. The Balance Sheet Is the Will.
The equity market is scoring the wrong game. Jeff Walton re-runs the market's own pricing rule across 14 of the S&P's most scrutinized equities — Strategy is mispriced 4x to 22x in every honest specification, and the Mag 7 clusters on the wrong side of the line.
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.
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