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
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
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.
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.
Flow-Adjusted Yield (FAY) for $STRC and $SATA
Grain of Salt introduces Flow-Adjusted Yield (FAY), a new metric that replaces volatility with market participation as the denominator — revealing that SATA delivers 35.6% more yield per unit of flow than STRC.
Michael Saylor Broke the Sharpe Ratio with $STRC
Grain of Salt explains how STRC's collapsing volatility mechanically breaks the Sharpe Ratio — and why that means the framework itself no longer applies to Bitcoin-backed preferred equity.
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
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