In Episode 23, True North Episode 23: Jeff Park joins the True North crew to break down market volatility, the impact of tariffs, the options market + derivatives, income products, and why Bitcoin and… Key discussion points include new tickets!!, tariffs, derivatives, volatility 101 & macro, options, $imst and covered calls. Market context: MSTR closed at $296.86 with mNAV at ~2.05.
Market Snapshot
- Date: 4/9/25
- MSTR Open/Close: $242.02 / $296.86
- Volume: 38,261,400 shares
- mNAV: ~2.05
- Market Cap: ~$78.70B
- U.S. Market Cap Rank: 120
- BTC Held: 528,185
Chapters
- 00:00:00 — Intro: Market overview, MSTR leverage, and upcoming TN Strategy World event
- 00:04:00 — New tickets!!: Grain provides details on new tranche of tickets for TN Strategy event
- 00:08:19 — Tariffs: Tariff policy revival and national emergency market reactions
- 00:15:00 — Derivatives: Jeff Park’s experience trading exotic derivatives
- 00:20:13 — Volatility 101 & Macro: Post-crypto shift, low liquidity, and reading order books
- 00:30:08 — Options, $IMST and covered calls: Market dynamics of options & Bitwise’s covered call products
- 00:50:30 — $STRK & $STRF: Utility of Saylor’s new instruments
- 00:56:10 — Fed impact: Fed and Treasury moves that could trigger Bitcoin upside
- 01:00:38 — Power is knowledge: Volatility and the art of the professional trader
- 01:08:20 — $MSTR debt: Comparing MSTR’s leverage to a real estate analogy
- 01:22:04 — Risk mgmt: Managing debt with excess capital and stress-tested balance sheets
- 01:32:00 — Tech vs money: Inflation system vs. tech deflation and Bitcoin’s deflationary value
- 01:45:12 — Bitcoin edge: Why Bitcoin thrives in flawed fiat systems and coming money printing
- 01:56:01 — $MSTR market position: Strategy as a “risk-off” asset priced like a “risk-on” play