MSTR Analysis
Deep dives on Strategy (formerly MicroStrategy), the pioneer of corporate Bitcoin treasury strategy. Covering earnings, acquisitions, mNAV trends, and strategic outlook.
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 over 500,000 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
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.
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.
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.
STRC Will Become a Part of Common Investor Vocabulary
Dan Hillery argues that STRC is not just a high-yield instrument — it creates the first liquid, free-market rate for short-term Bitcoin-backed credit, positioning it as the benchmark rate for a new asset class.
Strategy Breaks Bitcoin
Strategy isn't just buying Bitcoin — it's absorbing multiples of newly mined supply, triggering a structural shift from linear supply-driven pricing to reflexive conviction-driven repricing.
Balancing of MSTR and STRC
Grain of Salt builds a mechanical framework for projecting MSTR equity value across four scenarios — showing how STRC preferred issuance reduces common share dilution and amplifies Bitcoin per share growth.
Margin Isn't Calling!
A deep dive into Bitcoin’s drawdown, macro liquidity, and why this cycle differs. We break down capital structure, leverage myths, margin-call fears, treasury concentration, short-risk asymmetry, and how convex balance sheets create explosive upside.
Up to Par
The crew discusses Bitcoin, digital credit, and MSTR's capital structure. Analysis on leverage, mNAV, yield curve control and macro deficits, plus Ray Dalio's gold vs Bitcoin view and why credit drives demand.
Bitcoin Did This
Deep into MSTR capital structure, preferred equity, mNAV, and leverage. Digital credit, the power of balance sheet compounding, risk management, and why Bitcoin-backed capital markets may reshape investing.
Pref Analysis / Deep Dive
The crew explores Bitcoin as corporate capital, synthetic yield, and how it’s driving in ovation in the credit markets. From mNAV to macro risk models, this episode highlights the process of building a balance sheet in a market that is build in a choric climate.
What is Credit with special guest Adam Livingston
The crew does a deep dive into credit markets, bond risk, and capital structure with special guest Adam Livingston. Covering Strategy, Ford, disruption risk, mNAV, liquidity, and why BTC is emerging as the prime collateral asset.
Stay on Course. Get the Signal.
Subscribe for livestream reminders, key insights, and the occasional alpha drop. Straight from True North.