This episode kicks off with the news tied to the Strive acquisition and the push to maintain authenticity. The rest of the discussion highlights all the bews in Bitcoin Treasury space in the last 3 weeks.
Market Snapshot
As of 9/24/25:
- Open: $330.63 | Close: $323.31
- Volume: 9,153,097 shares
- mNAV: ~1.37 | Market Cap: ~$91.4B
- BTC Holdings: 639,835
In This Episode
- 00:00:00 — Episode Agenda & Outlook
- 00:02:32 — Strategic Acquisition
- 00:06:40 — Reverse Merger & Authenticity
- 00:11:00 — Networking & Capital
- 00:13:35 — Long-Term Conviction
- 00:19:20 — Unconferenced NYC
- 00:23:02 — H.C. Wainwright Keynote
- 00:26:19 — Bitcoin Leverage Update
- 00:31:08 — $STRC
- 00:35:26 — ATM Usage Strategy
- 00:38:15 — Wrapping Yield Products
- 00:41:20 — Fixed Income Disruption
- 00:45:03 — Bitcoin Interest Edge
- 00:47:27 — Risk and Options
- 00:55:15 — Credit Ratings
- 00:57:55 — Q2 Earnings Estimates
- 00:59:50 — S&P 500 Inclusion
- 01:05:22 — Legitimizing Bitcoin
- 01:13:46 — Treasury Company Trends
- 01:16:43 — Bitcoin Acquisition Strategy
- 01:20:29 — Digital Asset Treasuries
- 01:26:00 — Treasury Market Sentiment
- 01:31:52 — Institutional Capital Scaling
- 01:36:17 — Bitcoin Proxy Rotation
- 01:37:44 — Adrian’s Final Thoughts
- 01:40:50 — AI vs. Bitcoin Outlook
- 01:44:23 — Options on Prefs
- 01:45:47 — Digital Asset Treasury Marketplace
- 01:50:38 — Node & Mining Talk
- 01:58:44 — Final Thoughts
Episode Summary
Key Themes: Strive acquisition; independence; scaling the platform; Bitcoin careers; conference signal; digital credit future; capital-markets education; ecosystem building.
Why the Strive Deal
Episode 39 provides clarity on the future of True North after it has been acquired by Strive, along with a weekly update on Bitcoin treasuries and digital credit. Jeff spends time explaining why he views the acquisition as a strategic step forward rather than a loss of identity. The show had grown enough that if it was going to continue expanding, it needed more resources for clips, distribution, production, and general ecosystem-building. Jeff was already effectively wearing two hats — one at Strive and one at True North — so combining the two was a way to simplify the structure and put more support behind the platform. The purpose was not an exit, but scaling the message and helping grow the broader Bitcoin and digital credit ecosystem.
Independence Intact
That leads into a response to a potential concern some listeners might have had: whether True North would still be independent. The panel addresses that directly. Jeff says the acquisition should not change the nature of the conversations, and the others reinforce that they remain independent voices with their own views, their own trading exposures, and their own ability to disagree. They assure the audience that the show is gaining infrastructure, not becoming scripted or sanitized. By having more support behind the show, they think they can make it even more useful and more effective as a place for high-signal conversation around Bitcoin, Bitcoin treasury companies, and digital credit.
A Pipeline into the Industry
Another key thread is how True North has become a pipeline into the Bitcoin economy itself. Part of the motivation behind trying to grow the platform was that Bitcoin still has relatively few real jobs, relatively few institutions, and relatively few obvious professional pathways compared with traditional finance. The team treats the growth of the show as something bigger than content — it is a node in the infrastructure of the industry. Several people involved have gone from being highly engaged online analysts or enthusiasts to actually working in the space, advising companies, or helping shape capital markets conversations. Ben emphasizes consistency: the people who kept showing up, thinking seriously, and doing work through both good and bad markets ended up developing real expertise and opportunities.
Offline Still Matters
Jeff and the others stress that conferences, smaller gatherings, and in-person conversations remain disproportionately important in this industry. While online discourse is loud, much of the real progress still happens through direct conversations with operators, investors, management teams, and people building new structures. This is part of the broader “chapter two” idea: the next phase of Bitcoin finance is not just about posting and debating online, but about building institutions, networks, and products in the real world — including not only the growth of treasury companies, but also the increasing seriousness around preferreds, structured products, and digital credit.
Fixing Capital Markets
The final theme is that the team sees Bitcoin as having to do more than fix money. It has to fix capital markets. They are increasingly focused on how Bitcoin-backed products can be made legible to ordinary investors through brokerage accounts, listed securities, and familiar wrappers. Rather than expecting the world to jump straight from fiat complacency to self-custodied Bitcoin maximalism, they think the bridge may be these securities and platforms that make Bitcoin-native capital easier to access. The Strive acquisition of True North is presented as one more step in professionalizing and scaling that bridge.
Main Takeaway: True North’s move under Strive is the start of a bigger and more professional chapter, aimed at scaling the platform while helping accelerate the spread of Bitcoin treasuries and digital credit into the mainstream.