Topics
Browse True North's coverage by topic. Each page collects the latest episodes, research, and analysis in one place.
11 topics.
Digital Credit
Yield-bearing financial instruments with indirect Bitcoin exposure — the emerging Layer 2 of the digital capital framework.
Bitcoin-Backed Equities
Public companies with Bitcoin treasury strategies — equity exposure to the digital capital framework.
Bitcoin Macro Landscape
Global liquidity, interest rates, and monetary policy through the lens of Bitcoin and digital credit.
Bitcoin Capital Markets
The emerging Bitcoin capital stack — debt, equity, structured products, and market infrastructure.
Bitcoin for Business
Resources and education for executives considering Bitcoin treasury operations. From first principles to implementation playbooks.
Bitcoin Treasury Strategy
Analysis and insights on how public companies are integrating Bitcoin into their balance sheets, from convertible bond financing to BTC yield metrics.
mNAV Analysis
Tracking and analyzing the multiple-to-net-asset-value (mNAV) of Bitcoin treasury companies. The core metric for evaluating whether these companies trade at a premium or discount to their Bitcoin holdings.
MSTR Analysis
Deep dives on Strategy (formerly MicroStrategy), the pioneer of corporate Bitcoin treasury strategy. Covering earnings, acquisitions, mNAV trends, and strategic outlook.
Risk Parity & Portfolio Construction
How Bitcoin treasury instruments fit into institutional portfolio construction. Risk parity frameworks, correlation analysis, and allocation models for digital credit.
SATA — Strive
Coverage and analysis of SATA, Strive's Bitcoin treasury vehicle. Instrument design, risk analysis, and comparison to other digital credit products.
STRC — Strategy Preferred Equity
STRC is Strategy's preferred equity instrument, offering exposure to Bitcoin treasury returns through a structured product with defined dividend characteristics. Track our analysis, risk models, and coverage.