Research
Reference-grade analysis of digital credit instruments, Bitcoin treasury strategy, and risk frameworks. Built for allocators, treasurers, and institutional investors.
From the Digital Credit Hub
Digital Credit: The Definitive Guide
18-page institutional research hub covering the emerging digital credit asset class — instruments, risk frameworks, methodology, and market data.
True North Research The Digital Credit Investment Thesis
Why Bitcoin-backed digital credit may represent a generational shift in capital markets. The $300T credit market context, Bitcoin as collateral, the volatility refinery model, OEP analysis, macro tailwinds, risk catalog, and an honest market-sizing assessment — by Strive CRO Jeff Walton.
Jeff Walton · March 25, 2026 Digital Credit Dashboard
Live yields, capital structure, dividend schedule, ATM history, and 30-day volatility for all six digital credit instruments across Strategy and Strive.
True North Research Research Reports
Sentiment as Substrate: An Expanded Theory For Markets & Valuation
This essay argues that sentiment is not a distortion of an unbiased, objective market but the constitutive substrate of price formation. Through a systematic examination of valuation methodologies and mechanics, the essay demonstrates that financial data remains inert without narrative context and that valuation multiples measure the distance collective belief has drifted from parity benchmarks rooted in mathematical identity or market convention.
Adrian Morris · March 25, 2026 A Primer on Balance Sheet Liquidity
Matt Cole explains how large U.S. public companies simultaneously issue and invest in commercial paper, and how Strive applies this same balance sheet architecture to Bitcoin treasury strategy and digital credit through SATA.
Matt Cole · March 11, 2026 Analysis & Commentary
Weekly Signal — Our weekly briefing on digital credit, Bitcoin treasury strategy, and market developments.
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.
Jeff Walton • Apr 20, 2026 
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.
Dan Hillery • Apr 20, 2026 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.
J64 • Apr 17, 2026 
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.
Grain of Salt • Apr 8, 2026 
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.
Grain of Salt • Apr 8, 2026 
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.
Dan Hillery • Mar 31, 2026 Bitcoin and Inflation: Protecting the Value of Your Work
Colleen explores how Bitcoin serves as a container that holds and protects the value of your work — a fixed-supply monetary network that cannot be quietly diluted by distant decision-makers.
Colleen • Mar 30, 2026 
What Is Money Printing?
Joe Burnett explains what money printing really is — not physical cash creation, but the expansion of dollar-denominated credit the market accepts as money. From base money to bank lending to digital credit, he maps the full spectrum of money creation and contrasts short-duration dollars with long-duration Bitcoin.
Joe Burnett • Mar 26, 2026 
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.
Grain of Salt • Mar 18, 2026 
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.
Grain of Salt • Mar 16, 2026 
The Original 1,000x — Standard Oil Is Happening Again
Jackson Fairbanks draws the parallel between Standard Oil's refinement of crude oil into kerosene and Strategy's refinement of volatile Bitcoin into stable yield products like STRC — and argues this playbook is just getting started.
Jackson Fairbanks • Mar 15, 2026 When Capital Exceeds Liquidity: Bitcoin's $50 Billion Repricing Threshold
Tim Kotzman explains why Bitcoin's inelastic supply creates a repricing event when sustained capital inflows approach $50 billion per day — and why the race begins at that threshold.
Tim Kotzman • Mar 13, 2026 
Billions of Dollars backed by STRC.
Dan Hillery maps every market-winning product built on STRC and Digital Credit — from interest rate resistant preferred equity baskets and delta hedges to FX-hedged ETFs, leveraged strategies, and put selling yield.
Dan Hillery • Mar 13, 2026 
The 2028 Intelligence Policy Response
Joe Burnett envisions a 2028 scenario where AI-driven deflation triggers zero rates, massive QE, and a liquidity hierarchy that favors digital credit and bitcoin over traditional assets.
Joe Burnett • Feb 23, 2026 
Before Las Vegas: The Math Every Bitcoin Treasury CEO Needs to See
Grain of Salt demonstrates with four scenarios why some Bitcoin treasury stocks mathematically belong near $1 — and why the fix isn't narrative, it's capital structure discipline.
Grain of Salt • Feb 19, 2026 
$4,000+ per share for MSTR in five years?
Grain of Salt builds a BTC-per-share compounding model for Strategy using only four inputs — and shows that even with assumptions below historical averages, $4,000 per share is the conservative case.
Grain of Salt • Feb 11, 2026 
Bitcoin Maxims and Why They are Broken
Grain of Salt dismantles five core Bitcoin maxims — never sell, banks are evil, cash-only is freedom — and argues that Bitcoin doesn't eliminate banks, it recreates them on a Bitcoin Standard.
Grain of Salt • Jan 30, 2026 
AI isn't the threat, Lack of Self-awareness is.
Grain of Salt reinterprets Snow White as a parable for AI — arguing the real disruption isn't automation, but what happens when an always-honest mirror confronts fragile identity.
Grain of Salt • Jan 28, 2026 
Bitcoin Is Missing a Central Bank. Strategy Is Building One.
Grain of Salt completes the 3-part series by arguing that Strategy is not just a Bitcoin treasury — it's building monetary infrastructure on Bitcoin, functioning as a de facto central bank with reserves, digital credit issuance, and programmatic monetary policy.
Grain of Salt • Jan 26, 2026 
We Live in a Dissimulation
Soleil argues that the Federal Reserve is a dissimulation concealing the free market's natural deflation — and that Bitcoin is the only technology capable of breaking the control system.
Soleil • Jan 23, 2026 
Is the Federal Reserve Evil?
Grain of Salt argues the real problem isn't monetary policy — it's political reality. A civics lesson on fiscal vs. monetary policy, why the Fed ends up printing, and why this leads to Bitcoin.
Grain of Salt • Jan 21, 2026 
STRC, Bitcoin's Exponential Pump, MSTR to 20k & BTC to 5MM — Money, The Perfect Product
Dan Hillery argues that STRC demand creates a reflexive loop with Bitcoin, potentially pushing BTC into exponential price discovery. Includes proprietary MSTR balance sheet model through 2038.
Dan Hillery • Jan 21, 2026 
Hiding in Plain Sight
Grain of Salt deconstructs Strategy's three-fuel-tank capital engine — Bitcoin as reserve, preferreds as digital credit, and cash as liquidity buffer — and explains why analyzing the system beats analyzing events.
Grain of Salt • Jan 20, 2026 
The Dual Decay
Mason Foard argues that technology is producing two simultaneous decays — moat erosion from AI and monetary debasement from printing — and that Bitcoin is the only asset immune to both.
Mason Foard • Jan 20, 2026 
The Singularity Has Begun
Joe Burnett argues the singularity began on January 3, 2009 — when perfect digital scarcity entered a world about to experience collapsing intelligence costs. As AI makes everything abundant, wealth converges on what intelligence cannot replicate.
Joe Burnett • Jan 17, 2026 
Comments Regarding Proposed Index Exclusion of Bitcoin Treasury Companies
Strive's formal letter to MSCI Chairman Henry Fernandez opposing the proposed exclusion of Bitcoin treasury companies from MSCI indices. Matt Cole argues the 50% threshold is unjustified, unworkable, and harmful to passive investors — and proposes custom index solutions instead.
Matt Cole • Dec 5, 2025 The Bitcoin Credit Monopoly: Why Strategy's Moat Is Fixed Income, Not Equity
Dan Hillery explains why Strategy's real competitive advantage isn't buying Bitcoin at a premium — it's the emerging monopoly on issuing digital credit instruments like STRK and STRF.
Dan Hillery • May 30, 2025 Options Comprehensive Guide
A complete options education guide covering cash secured puts, covered calls, the wheel strategy, option Greeks, credit spreads, LEAPS, poor man's covered calls, and trade management. Video walkthroughs included.
Soleil • Aug 11, 2024