True North — The Investment Grade Bitcoin Platform
The Investment Grade Bitcoin Platform
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EP 86 They Want To Build A Bitcoin Bank
Adam Livingston and Jeff Walton are joined by independent Bitcoin treasury analyst Zynx to unpack a wild week of hot inflation, rate hike odds, and the upcoming Anthropic IPO, then look at why Bitcoin's four-year compound annual growth rate has never been negative. From there, they review Strategy's balance sheet as it crosses 850,000 BTC, debate whether STRC buybacks or more Bitcoin is the better use of capital, and check in on Strive and SATS. They also explore reinsurance as a source of uncorrelated yield, what Saylor means by building a Bitcoin bank, and whether $10K belongs in the Anthropic IPO or Bitcoin.
The ATM is Noise
Jeff Walton, Adam Livingston, Adrian Morris, and Soleil break down the midterm results, why money printing is coming no matter who wins, and the AI capex build out, then check in on Strategy's balance sheet with STRC back at par and Strive's first SATS ATM issuance. From there, they unpack the ATM narrative, why index providers and rating agencies still resist Bitcoin treasury companies, Tesla's path from a B- rating to investment grade, the next catalysts for Bitcoin, and how structured, rated digital credit could unlock traditional credit capital, before closing on what treasury companies should do with hard fork coins. $MSTR Market Snapshot As of 11/4/26:
Nov 5, 2026Bitcoin for Business
An evening for business owners, operators, and investors who want to understand how money actually works — and what Bitcoin and digital credit mean for the decade ahead. Hosted by Jeff Walton, CRO of Strive.
Digital Credit Research Hub
The Definitive Guide to Digital Credit
Yield-bearing preferred securities with indirect Bitcoin exposure, offering 8.00%–15.00% stated yields. Seven instruments, two issuers, one comprehensive research hub. Instrument profiles, risk analysis, comparison frameworks, and primary-source data — updated October 2026.
Explore the Digital Credit Hub →Digital Credit Dashboard
Live market data, yields, capital structure, and volatility across all seven instruments.
Markets & Instruments
All seven digital credit instruments mapped with rates, yields, and capital structure.
What Is Digital Credit?
The definition, mechanics, and how it differs from crypto lending.
Track Bitcoin holdings across 180 public companies in the Bitcoin treasury tracker — or follow Strategy's daily preferred-stock issuance in the STRC ATM Tracker.
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True North Weekly
The flagship deep dive.
Every Wednesday, the True North crew breaks down the week in Bitcoin treasury strategy, structured finance, digital credit instruments, and macro. From balance sheets to basis trades, this is investment-grade analysis for allocators, treasurers, and high-conviction investors.
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The Hurdle Rate
The bar every investment must clear.
Matt Cole, Ben Werkman, Jeff Walton, and Tim Kotzman dive into Bitcoin, energy, treasury management, markets, macro, AI, and more. Bitcoin is the hurdle rate for capital deployment — and there is substantial depth to that statement that we endeavor to explore.
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The Income Show
Rethinking income investing from first principles.
The Income Show rethinks income investing from first principles. Hosted by Joe Burnett, the show explores the foundations of credit, why traditional income strategies are breaking down, and the emergence of Digital Credit as a new asset class.
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True North Now
Spotlight conversations with the operators building Bitcoin's capital markets.
True North Now hosts in-depth, on-the-record conversations with the people building Bitcoin's capital markets — treasury company CEOs, structured-finance founders, and protocol-level researchers. Released as guests are booked, no fixed cadence.
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