This week the crew covers What is Capital ?, Using Bitcoin as Capital, Math of Q2 2026 Balance Sheet Management.
Market Snapshot
As of 7/8/26:
- Open: $93.68 | Close: $93.87
- Volume: ~17.1M Shares
- mNAV: ~1.04 | Market Cap: ~$34.9B
- BTC Holdings: 843,775
In This Episode
- 00:00:00 — True North Episode 73 Loading
- 00:02:50 — Q2 Outlook: Balance sheet, preferreds, capital markets
- 00:04:38 — Bitcoin Sales Impact: Market sentiment, amplified Bitcoin strategy
- 00:08:22 — Share Buybacks: Capital management, preferred equity bottoming
- 00:10:12 — STRC Performance & Liquidity: Dampening effect, short interest, Bitcoin liquidity
- 00:14:31 — Q2 Financials Deep Dive: Bitcoin growth, debt reduction, interest coverage
- 00:19:56 — Liabilities & Bitcoin Price: Convertible put dates, equity dilution risk
- 00:24:12 — MSTR’s Buy/Sell Dynamic: Amplified Bitcoin exposure, market sentiment
- 00:28:01 — Balance Sheet & Catalysts: Downside risk, macro factors, ETF impact
- 00:33:33 — Defining Capital & Bitcoin’s Role: Economic resource, digital capital, money properties
- 00:37:08 — Capital Allocation & Risk Taking: Buy, borrow, buy; Bitcoin liquidity advantage
- 00:42:12 — Capital vs. Currency in Bitcoin: Appreciation, strong money, hyperbitcoinization
- 00:44:21 — Bitcoin-Backed Loans Analysis: Lender’s dilemma, adverse selection, preferred equity
- 00:52:11 — Bitcoin Yield Curve Development: Credit spreads, secured debt, perpetual products
- 00:56:48 — Dan’s Final Thoughts: Summer slowness, MSTR capital management
- 00:57:18 — Joe’s Final Thoughts: Zoom out, normal drawdown, long-term bullish
- 00:58:14 — Jeff’s Final Thoughts: Macro factors, summer crab market, Q3/Q4 outlook