In Episode 25, True North Episode 25: The team dives into market trends, an MSTR Q1 earnings preview, and insights from the recent Bitcoin for Corporations event hosted by Bitwise. Key discussion points include swan’s getting to werk, mstr tn world, mstr by the numbers, narrative shift, investing strategy. Market context: MSTR closed at $380.11 with mNAV at ~2.13.
Market Snapshot
- Date: 4/30/25
- MSTR Open/Close: $373.78 / $380.11
- Volume: 13,713,700 shares
- mNAV: ~2.13
- Market Cap: ~$103.74B
- U.S. Market Cap Rank: 86
- BTC Held: 553,555
Chapters
- 00:00:00 — Kickoff: Back from Bitwise, upcoming MSTR TN World and Agenda
- 00:03:30 — Swan’s getting to Werk: Ben’s new CIO role
- 00:07:17 — MSTR TN World: Latest updates from the team
- 00:14:13 — MSTR by the Numbers: BTC holdings, leverage ratio and capital position
- 00:19:30 — Narrative Shift: From ETF doubts to MSTR dominance and growing moat
- 00:24:00 — Investing Strategy: Picking BTC treasury companies
- 00:27:01 — MSTR’s Moat: Why competitors can’t catch up
- 00:30:42 — Trust and Debt: Why MSTR is built on a network of trust
- 00:34:40 — Credit Spreads: Relative risk comparisons for $MSTR vs others
- 00:42:35 — Meeting Saylor: Converts, marketing and insights
- 00:47:52 — Market Maturity: New derivative products and options
- 00:53:00 — Bitcoin Flywheel: Ecosystem growth, financialization and cooperation
- 01:07:20 — Corporate BTC: How adoption could spread fast
- 01:13:06 — Earnings Preview: Mark-to-market impact and Q1 outlook
- 01:18:13 — Future Forecast: MSTR as a top-10 stock if BTC hits $150K
- 01:22:04 — S&P 500 Talk: What MSTR inclusion could mean
- 01:24:00 — Final Words: Event prep, gratitude, and next steps