Every Wednesday, the True North crew breaks down the week in Bitcoin treasury strategy, structured finance, digital credit instruments, and macro. From balance sheets to basis trades, this is investment-grade analysis for allocators, treasurers, and high-conviction investors.https://tnorth.com/https://tnorth.com/shows/true-north-weekly/architecture-of-value/https://tnorth.com/shows/true-north-weekly/architecture-of-value/The crew opens with MSTR balance sheet Update (cash raised, Bitcoin holdings), MSTR credit Quality, and Comparing balance sheet companies. They dig into Algorithmic trading impact (Automation, arbitrage, capital flows), SATA vs. STRC arbitrage, and preferred instruments pair trading. The conversation turns to institutional investor Feedback (credit quality, market concerns), options market analysis, and STRC volatility & Future. From there they work through MSTR Future strategy, Bitcoin BIP 110 Activation, and Probabilistic BIP 110 Outcome. The crew closes with final thoughts on Bitcoin forks and portfolio changes.Wed, 22 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/mstr-sells-bitcoin-to-fund-dividend/https://tnorth.com/shows/true-north-weekly/mstr-sells-bitcoin-to-fund-dividend/The crew unpacks Strategy's Q2 2026 balance sheet management — why MSTR sold Bitcoin to fund the dividend, how the market read the sales, and the share buybacks running alongside them as preferred equity bottomed. They walk through STRC's performance and liquidity, dig into the Q2 financials — Bitcoin growth, debt reduction, interest coverage — and the convertible put dates that frame equity dilution risk, then zoom out to first principles: what capital actually is, Bitcoin's role as digital capital, and capital versus currency on the road to hyperbitcoinization. The crew closes on Bitcoin-backed loans and the lender's dilemma, the developing Bitcoin yield curve and credit spreads, and a summer crab market heading into Q3.Wed, 08 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-stress-test/https://tnorth.com/shows/true-north-weekly/the-stress-test/The crew puts Strategy's new capital framework through its paces — unpacking the USD reserve policy behind MSTR's cash liquidity, what credit and equity investors each need from it, and how the credit market is evolving from high-yield ETFs to pension gaps. They dig into the new STRC dividend and buyback policies, how the market read MSTR's Bitcoin sales, and the BTC monetization program funding reserves and dividend payments, then stress-test the balance sheet itself — leverage ratio, the Bitcoin price floor, and why clear communication around monetization carries psychological weight. The crew closes on securitized products, market leverage, and the opportunity hiding in a bear market.Wed, 01 Jul 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-long-game/https://tnorth.com/shows/true-north-weekly/the-long-game/The crew settles in for the long game — sizing up Bitcoin and MSTR's latest volatility, stress-testing Strategy's balance sheet and dividend coverage, and weighing MSTR's amplified beta against institutional hedging. They set Bitcoin's four-year CAGR and shortening drawdowns against a shifting macro backdrop of IPOs, bond raises, and gold outflows, then turn to the volatility running through digital credit across STRC and SATA, the Basel-era regulation taking shape around it, and the BIP-110 game theory pitting miners against nodes.Wed, 24 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-launch-pad/https://tnorth.com/shows/true-north-weekly/the-launch-pad/The crew works through the STRC selloff — what MSTR's cash-reserve reduction means for capital structure, dividend coverage, and debt reduction, and how an issuer can steady STRC's price while the market reprices it as a Bitcoin derivative. They weigh STRC's yield against its volatility and trading volume, then turn to the wave of AI and IPO capital (SpaceX and the tech giants), what AI's marginal-cost dynamics and shifting pricing models mean for Bitcoin's narrative, and the case for Bitcoin as savings technology with digital credit as the bridge to adoption. A live Q&A closes on STRC dividend confidence, treasury-company outperformance, OTC Bitcoin execution, and the latest STRC FUD.Wed, 17 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/strategy-sells-bitcoin-so-what-w-adam-livingston/https://tnorth.com/shows/true-north-weekly/strategy-sells-bitcoin-so-what-w-adam-livingston/The crew is joined by Adam Livingston to steelman the Strategy-is-selling-Bitcoin FUD — stress-testing MSTR's dividend coverage through Bitcoin drawdowns, dissecting STRC's credit quality against bank preferreds, and tracing how amplified Bitcoin and capital-market access fund the preferred stack. They zoom out to Bitcoin's evolution from reserve asset to settlement layer and why digital credit is becoming a yield-bearing monetary alternative.Wed, 03 Jun 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-new-regime/https://tnorth.com/shows/true-north-weekly/the-new-regime/The crew on Strategy's convertible-retirement playbook, the AI memory trade through Micron and high-bandwidth memory, Warsh and the Fed's new regime navigating debt spirals and treasury-demand erosion, and how digital credit demand grows as the dollar base layer comes under pressure.Wed, 27 May 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/reimagining-money/https://tnorth.com/shows/true-north-weekly/reimagining-money/The crew on STRC's payout cadence and ex-dividend liquidity dynamics, Bitcoin amplification theory through preferred-equity leverage, and the rise of Bitcoin credit markets eclipsing spot BTC — plus AI capital rotation, a Strategic Bitcoin Reserve, and how shareholder voting may shape the next wave of digital credit.Thu, 21 May 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-world-has-changed/https://tnorth.com/shows/true-north-weekly/the-world-has-changed/The crew unpacks Strategy's daily-dividend SATA launch and how dividend frequency reshapes stablecoin arbitrage and DRIP compounding, credit-risk modeling for perpetual yields, the Coffeezilla x Jeff Walton debate, leveraged carry trades and liquidity centralization in digital credit, IPOs as Bitcoin risk-transfer vehicles, and how the Clarity Act is accelerating Bitcoin capital markets.Thu, 14 May 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/credit-quality-accelerating/https://tnorth.com/shows/true-north-weekly/credit-quality-accelerating/The crew unpacks Strategy's earnings reaction, the rationale behind selling Bitcoin to fund preferred dividends and retire convertible debt, how deeper Bitcoin liquidity is amplifying credit arbitrage and mNAV mechanics, and the digital credit expansion reshaping debt markets through DeFi tranching and instruments with indirect Bitcoin exposure.Thu, 07 May 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-dividend-machine/https://tnorth.com/shows/true-north-weekly/the-dividend-machine/The crew breaks down Strategy's shift to semi-monthly STRC dividends, walks through the balance sheet flywheel and mNAV premium funding capital raises, traces the path toward credit-rating receptivity through structured tranching, and explores how capital rotates from equity profits into yield-bearing digital credit instruments.Thu, 23 Apr 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/calling-the-shot/https://tnorth.com/shows/true-north-weekly/calling-the-shot/The crew unpacks STRC's arbitrage setup and the capital-markets shift toward digital credit, billion-scale liquidity perspective and the balance-sheet flywheel, debasement math and leverage-risk analysis, issuance constraints and mNAV allocation strategy across rate regimes, and the Coffeezilla x Bankless media-narrative debate.Tue, 14 Apr 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/mstr-can-buy-more-btc-than-sellers-can-sell/https://tnorth.com/shows/true-north-weekly/mstr-can-buy-more-btc-than-sellers-can-sell/The crew analyzes STRC's liquidity and yield structure, breaks down algorithmic arbitrage flows, examines digital credit's hybrid capital thesis, models MSTR's demand engine under rate cuts, and compares the full capital stack across STRC, STRF, and STRK.Wed, 08 Apr 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-mechanics-of-capital-and-digital-credit/https://tnorth.com/shows/true-north-weekly/the-mechanics-of-capital-and-digital-credit/The crew breaks down the Federal Reserve's latest moves, the Sharpe Ratio and its implications for Bitcoin treasury strategy, the fundamental purpose of equity, and how capital structures are evolving in the digital credit era.Thu, 02 Apr 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/beneath-the-surface-a-system-in-motion/https://tnorth.com/shows/true-north-weekly/beneath-the-surface-a-system-in-motion/Bitcoin, digital credit, and capital markets collide. The crew covers STRC arbitrage, yield strategies, credit risk, AI disruption, and Bitcoin's path to institutional adoption and balance sheet dominance.Thu, 26 Mar 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/waiting-for-the-world-to-catch-up/https://tnorth.com/shows/true-north-weekly/waiting-for-the-world-to-catch-up/Explore how institutional flows, leverage, and digital credit are reshaping markets, driving Bitcoin demand, and setting up a massive capital reallocation with the True North team.Thu, 19 Mar 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/is-the-tide-turning/https://tnorth.com/shows/true-north-weekly/is-the-tide-turning/A deep dive into Bitcoin’s evolving capital markets, covering digital credit, private credit risks, institutional adoption, and the financial innovations shaping the future of money, markets, and technology.Thu, 12 Mar 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/signals-from-true-north-live/https://tnorth.com/shows/true-north-weekly/signals-from-true-north-live/The crew opens with True North event insights (global investors discuss Bitcoin credit innovation), Bitcoin credit flywheel, and credit risk mispricing. They dig into policy catalysts (regulatory shifts supporting Bitcoin adoption), bond market disruption, and Bitcoin analytics tools. The conversation turns to institutional STRC demand (desks and buyers driving issuance), digital equity model, and monetary debasement hedge. From there they work through STRC adoption curve, banking infrastructure shift, and control system debate.Thu, 05 Mar 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-quiet-accumulation/https://tnorth.com/shows/true-north-weekly/the-quiet-accumulation/The crew dives dive into Strategy’s capital structure, rising BTC per share, AI-driven disruption, and regulatory momentum that is brewing. Th team breaks down digital credit strength, supply math, and why this cycle may be structurally different.Thu, 19 Feb 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/weathering-the-storm/https://tnorth.com/shows/true-north-weekly/weathering-the-storm/We break down Strategy’s capital structure, mNAV, leverage, and the emerging digital credit markets. Learn more about how institutional capital actually moves in Bitcoin an how to think about risk in this marketplace.Wed, 11 Feb 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/margin-isnt-calling/https://tnorth.com/shows/true-north-weekly/margin-isnt-calling/A deep dive into Bitcoin’s drawdown, macro liquidity, and why this cycle differs. We break down capital structure, leverage myths, margin-call fears, treasury concentration, short-risk asymmetry, and how convex balance sheets create explosive upside.Wed, 04 Feb 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/what-is-credit-risk/https://tnorth.com/shows/true-north-weekly/what-is-credit-risk/The group does a deep dive into Bitcoin credit risk, preferred equity, leverage, and mNAV. Covers MSTR balance sheet math, metals vs Bitcoin flows, Tether reserves, credit models, macro signals, liquidity, and risk/reward across cycles.Wed, 28 Jan 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/up-to-par/https://tnorth.com/shows/true-north-weekly/up-to-par/The crew discusses Bitcoin, digital credit, and MSTR's capital structure. Analysis on leverage, mNAV, yield curve control and macro deficits, plus Ray Dalio's gold vs Bitcoin view and why credit drives demand.Wed, 21 Jan 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/bitcoin-did-this/https://tnorth.com/shows/true-north-weekly/bitcoin-did-this/Deep into MSTR capital structure, preferred equity, mNAV, and leverage. Digital credit, the power of balance sheet compounding, risk management, and why Bitcoin-backed capital markets may reshape investing.Wed, 14 Jan 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/new-year-the-bottoms-in/https://tnorth.com/shows/true-north-weekly/new-year-the-bottoms-in/The crew does a deep dive into Bitcoin treasury strategy, mNAV, leverage, and capital structure. The discussion includes a healthy debate about ATM issuance, liquidity, credit, and short risk, then zooms out to macro shocks, pensions, and Bitcoin's role in capital allocation.Wed, 07 Jan 2026 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/bear-is-for-building/https://tnorth.com/shows/true-north-weekly/bear-is-for-building/This week the crew highlights their experience at Bitcoin MENA, status of sovereign adoption, balance sheet leverage, mNAV, digital credit, AI capital shifts, and why patient capital wins when price disconnects from value.Wed, 17 Dec 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/high-powered-digital-money/https://tnorth.com/shows/true-north-weekly/high-powered-digital-money/The crew does a deep dive into Bitcoin markets, macro signals, credit cycles, and capital structure. Breaking down trend data, EPS thresholds, leverage, mNAV, Fed policy, and why Bitcoin sits at the center of the next liquidity cycle.Wed, 10 Dec 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-capital-fortress/https://tnorth.com/shows/true-north-weekly/the-capital-fortress/The crew covers the recent news on the USD reserves, preferreds, mNAV, leverage, credit markets, solvency ratios, macro stress, and why Strategy's balance sheet strengthens despite volatility.Wed, 03 Dec 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/and-then-they-fight-you/https://tnorth.com/shows/true-north-weekly/and-then-they-fight-you/The team hosts an early call on Wednesday to address the latest digital credit and BTC treasury catalysts. Highlights include MSCI index, JP Morgan structured notes, MNAV math, capital structure engineering, and the growing shift toward institutional Bitcoin adoption and treasury allocation.Wed, 26 Nov 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-revolution-of-digital-credit/https://tnorth.com/shows/true-north-weekly/the-revolution-of-digital-credit/The crew opens with Bitcoin strategy archetypes, digital credit instruments, and liquidity crunch. They dig into narrative following price, shorting costs & carry with transparency, and spot ETF accumulation. The conversation turns to dividend math with BTC, selling loans vs credit, and Bitcoin as monetary ledger. From there they work through private markets tokenization, Stretch as spendable credit, and world balance sheet on BTC.Wed, 19 Nov 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/2026-the-year-of-digital-credit/https://tnorth.com/shows/true-north-weekly/2026-the-year-of-digital-credit/How Bitcoin, preferred equity, and digital credit products like $STRC and $SATA are reshaping yield, capital structure, and macro finance. Grain and the Dans walk through the latest macro deck and digital credit evolution.Wed, 12 Nov 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/rate-my-stock-risk-of-credit/https://tnorth.com/shows/true-north-weekly/rate-my-stock-risk-of-credit/This episode breaks down return of capital investing, credit ratings, risk underwriting, and structured yield products - framed around macro signals, mNAV, capital allocation, and long-term value.Wed, 29 Oct 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/pref-analysis-deep-dive/https://tnorth.com/shows/true-north-weekly/pref-analysis-deep-dive/The crew explores Bitcoin as corporate capital, synthetic yield, and how it’s driving in ovation in the credit markets. From mNAV to macro risk models, this episode highlights the process of building a balance sheet in a market that is build in a choric climate.Wed, 22 Oct 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/what-is-credit-with-special-guest-adam-livingston/https://tnorth.com/shows/true-north-weekly/what-is-credit-with-special-guest-adam-livingston/The crew does a deep dive into credit markets, bond risk, and capital structure with special guest Adam Livingston. Covering Strategy, Ford, disruption risk, mNAV, liquidity, and why BTC is emerging as the prime collateral asset.Wed, 08 Oct 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/mstr-uptober/https://tnorth.com/shows/true-north-weekly/mstr-uptober/The group dives deep into Bitcoin investing, capital allocation, risk management, and leverage. They explore mNAV, treasury plays, macro signals, and why fixed income products are reshaping long-term portfolios.Wed, 01 Oct 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/chapter-2-full-sail-ahead/https://tnorth.com/shows/true-north-weekly/chapter-2-full-sail-ahead/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.Wed, 24 Sep 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/no-days-off/https://tnorth.com/shows/true-north-weekly/no-days-off/Soleil and Dan break down Strategy's credit stack, BTC accumulation strategy, preferreds, rate risk, and AI macro themes. Topics include Strike, Strife, Stretch, MSTR mNAV, BTC vs gold, and Fed policy.Wed, 27 Aug 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/navigating-the-storm/https://tnorth.com/shows/true-north-weekly/navigating-the-storm/A sharp look into Bitcoin-backed finance, misunderstood leverage, market shakeups, and the future of MSTR. Big money, bold moves, and a masterclass in navigating financial storms.Wed, 20 Aug 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/building-a-digital-empire/https://tnorth.com/shows/true-north-weekly/building-a-digital-empire/The True North crew dives deep into this transformational period. Segments include MSTR valuation, leverage risks, liquidation prefs, and BTC’s future as digital capital.Wed, 13 Aug 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/the-iphone-moment/https://tnorth.com/shows/true-north-weekly/the-iphone-moment/The crew talks Q2 earnings call, Bitcoin-backed investing, the creation of the BTC yield curve, AI disruption, and rising instituional adoption.Wed, 06 Aug 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/strcing-the-limits/https://tnorth.com/shows/true-north-weekly/strcing-the-limits/The crew unpacks the power of leverage, BTC-backed yield products, and capital market evolution being built atop the Bitcoin base layer. From earnings catalysts to collateral innovation, this episode traces the threads of MSTR's next financial chapter.Wed, 23 Jul 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/inject-the-bitcoin-volatility-virus/https://tnorth.com/shows/true-north-weekly/inject-the-bitcoin-volatility-virus/The crew discusses how MSTR is transforming corporate finance by holding permeant, digital capital on the balqnce sheet. This episode breaks down Strategy’s evolving playbook, institutional adoption, leverage, and why Bitcoin is becoming oxygen for forward-looking companies.Wed, 16 Jul 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/everythings-computer-credit/https://tnorth.com/shows/true-north-weekly/everythings-computer-credit/The crew does a deep dive into Strategy’s capital stack, leverage, and preferred instruments like Strike, Strife and Stride—exploring risk, credit, and how institutional capital is recognizing the tue credit worthiness of a treasury powered by Bitcoin.Wed, 09 Jul 2025 00:00:00 GMThttps://tnorth.com/shows/true-north-weekly/wall-street-digital-gold-rush/https://tnorth.com/shows/true-north-weekly/wall-street-digital-gold-rush/Led by Captain Solei, the crew dives deep into Bitcoin treasury strategies, convertible notes, market sentiment, and global investment dynamics from the U.S. to Japan. An all-access breakdown of how BTC-backed corporate finance is evolving across continents.Wed, 25 Jun 2025 00:00:00 GMT