In Episode 15, True North Episode 15: The crew explores MicroStrategy’s financial strategies, Bitcoin treasury management, preferred stock offering, and market trends. Key discussion points include preferred equity 101, “the battlefront”, bitcoin’s role in balance sheet strength, s&p 500 inclusion debate, bitcoin’s game theory intensifies. Market context: MSTR closed at $341.25 with mNAV at ~1.76.
Market Snapshot
- Date: 1/29/25
- MSTR Open/Close: $338.20 / $341.25
- Volume: 11,675,200 shares
- mNAV: ~1.76
- Market Cap: ~$85.53B
- U.S. Market Cap Rank: 112
- BTC Held: 471,107
Chapters
- 00:00:00 — Introduction: Overview of MicroStrategy & discussion objectives
- 00:03:40 — Preferred Equity 101: Ben Workman explains key financial concepts
- 00:06:41 — “The Battlefront”: MicroStrategy’s deleveraging strategy
- 00:10:25 — Bitcoin’s Role in Balance Sheet Strength: Why BTC price impacts stability
- 00:13:42 — S&P 500 Inclusion Debate: How Bitcoin holdings affect eligibility
- 00:17:23 — Bitcoin’s Game Theory Intensifies: Adoption acceleration & institutional resistance
- 00:20:11 — Two Treasury Models: Buy & hold vs. financial engineering approach
- 00:24:28 — Leverage & Volatility: How Bitcoin price movements impact corporate balance sheets
- 00:28:36 — Bulls vs. Bears in Valuation Debates: Bitcoin’s role in earnings reports
- 00:33:42 — Preferred Stock Offering (Strike): Structure, pricing & purpose
- 00:37:52 — How ATMs Fund Dividends & Bitcoin Purchases: A dual approach
- 00:42:05 — Preferred Stock vs. Common Stock: Risks & advantages in bankruptcy
- 00:46:27 — SAB 121 Repeal & Banking Rules: Bitcoin custody implications
- 00:50:44 — Bitcoin as Collateral for Loans: How corporations may leverage holdings
- 00:55:20 — Who Buys Preferred Stock?: Institutional vs. retail investors
- 01:05:31 — Convertible Debt vs. Preferred Stock: Understanding capital structure
- 01:16:01 — Japan’s Bitcoin Strategy: Meta Planet’s impact in the Japanese market
- 01:21:47 — Bitcoin as a Risk-On vs. Risk-Off Asset: How market conditions shape perception
- 01:27:52 — Building a Capital Powerhouse: The long-term impact of BTC holdings
- 01:34:06 — The Competitive Advantage of Bitcoin Treasury Strategies: Disrupting traditional finance
- 01:40:41 — Preparing for Market Volatility: What’s next for MicroStrategy & Bitcoin
- 01:46:56 — Staying Level-Headed in Financial Markets: Avoiding emotional decision-making
- 01:52:42 — Community Updates & MicroStrategy World 2025: Upcoming events & opportunities