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MSTR Analysis

Deep dives on Strategy (formerly MicroStrategy), the pioneer of corporate Bitcoin treasury strategy. Covering earnings, acquisitions, mNAV trends, and strategic outlook.

134 episodes · 21 research pieces

Strategy (Nasdaq: MSTR) is the company that started it all. Under Michael Saylor’s leadership, the enterprise software company transformed into the world’s first Bitcoin treasury company, now holding approximately 848,517 BTC.

True North provides ongoing analysis of Strategy’s operations, financial structure, and strategic decisions. Essential reading for any investor in the Bitcoin treasury space.

Latest on MSTR Analysis

Episode

All In On Bitcoin

The Hurdle Rate goes LIVE at the Bitcoin Treasuries Conference in New York, back where the Strive and Semler deal started a year ago. The panel looks back on that deal, which brought the two companies' roughly 6,000 and 5,000 Bitcoin together, and explains why getting bigger was what made SATA possible. Matt explains the game theory behind SATA's daily dividend now that Strategy is following suit, and why the two companies are playing different games. The panel also covers why Strive is aiming for total returns rather than Sharpe ratio, Matt's call for $500K Bitcoin by 2030, and what comes next for Bitcoin balance sheet companies. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Joe Burnett.

Sep 29, 2026 • 28:02 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 (134)

True North Weekly (80)

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The Hurdle Rate (51)

2026

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The Income Show (3)

Research (21)

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True North is for informational and educational purposes only. Nothing presented should be considered investment advice or an offer of any security or investment product. Consult your own investment and tax advisors. Full disclaimer.