In Episode 28, True North episode 28: In this episode the crew breaks down MSTR’s capital stack, Saylor’s latest fixed income product creations, leverage analysis, and how digital yield products could reshape… Key discussion points include $mstr leverage, capital strategy, the capital stack, risk tiers, why $strd vs $strf. Market context: MSTR closed at $378.10 with mNAV at ~1.90.
Market Snapshot
- Date: 6/4/25
- MSTR Open/Close: $385.80 / $378.10
- Volume: 8,472,192 shares
- mNAV: ~1.90
- Market Cap: ~$105.62B
- U.S. Market Cap Rank: 94
- BTC Held: 580,955
Chapters
- 00:00:00 — Agenda: cue the music and NFA
- 00:03:25 — $MSTR leverage: BTC holdings, debt ratios, and over-collateralization
- 00:07:07 — Capital strategy: Strike/Strife ATMs, growth potential, and leverage expansion
- 00:09:30 — The capital stack: Structure, liquidation preference, and investment-grade terms
- 00:15:15 — Risk tiers: Pyramid mechanics and creditworthiness of BTC-backed instruments
- 00:16:50 — Why $STRD vs $STRF: Spread breakdown, market yields and pricing
- 00:23:12 — High yield appetite: STRD as a Bitcoin-native junk bond
- 00:28:50 — Institutional angles: How insurance, banks, and pensions fit $STRD in portfolios & market comps
- 00:37:00 — $STRF moat: Scale, BTC trust, and sustainable yield thesis
- 00:42:55 — Digital capital shift: Rethinking credit spreads, collateral risk & the power of liquidity
- 00:46:50 — Bear defense: Using Stride to defend NAV and disincentivize short pressure
- 00:52:48 — Bull thesis: Rising prices, credit rating catalysts and qualified dividends
- 00:58:50 — Portfolio fit: STRF/STRD as yield anchors in digital-first portfolios
- 01:01:31 — Collateral moat: STRF as benchmark BTC treasury product & investment grade quality analysis
- 01:07:35 — Assessing legitimacy: Trust, scale, perpetual BTC yield as must-haves
- 01:11:55 — Proof-of-reserves debate: Security, audit, and credibility issues unpacked
- 01:15:19 — New adopters: Surge in corporate Bitcoin treasury conversions expected
- 01:19:48 — Valuation clarity: Dan’s analysis of non-cumulative preferred stocks and MSTR dividend security
- 01:24:37 — Community recap: BTC Conference stories, meetups, and strategy culture
- 01:38:57 — Translating Bitcoin: meeting investors where they are to fuel adoption
- 01:42:10 — Pre-IPO BTC Treasury investing: Overview of reverse merger & SPAC strategies
- 01:53:00 — Moon math: mNAV expansion price predictions
- 01:57:10 — S&P 500 inclusion: review the latest status and push for September
- 01:58:50 — Final thoughts: Roundtable takeaways