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.
Bitcoin treasury strategy has emerged as one of the most significant trends in corporate finance. Pioneered by Strategy (formerly MicroStrategy), the approach involves public companies holding Bitcoin as a primary treasury reserve asset.
True North covers every dimension of this movement, from the mechanics of convertible bond financing to the metrics that matter (mNAV, BTC yield, market cap premium) to the expanding universe of companies adopting the strategy worldwide.
Latest on Bitcoin Treasury Strategy
Podcasters Per Share
This week on The Hurdle Rate: Adam Livingston joins Strive as VP of Investments, Strategy buys back $139 million of STRC with stretch back near 99, and Strive adds 469 Bitcoin at an average cost of $77,954 while hitting an all-time high market cap of $2.75 billion. Jeff makes the case that trust is the real infrastructure of capital markets, and why Bitcoin makes that trust legible. We get into the Clarity Act, AI doomerism, and why the crew thinks the frontier labs are using fear to build a moat ahead of their IPOs. Matt takes macro with the 10-year touching 5%, what a short-term Bitcoin flush would actually look like, and why it would be the dream setup. We close with a capital markets recap and Strive's one-year anniversary. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, Adam Livingston, and Tim Kotzman.
He Called The $64K Bitcoin Bottom
The Income Show is back with host Joe Burnett, joined by Brian Harrington to discuss how he identified a likely Bitcoin bottom and navigated the latest bear market. Brian explains why he rebuilt his portfolio around income, why passive index investing no longer interests him, and how he maps products across a simplified Bitcoin yield curve. They also explore digital credit, Strategy preferreds, covered-call funds, Bitcoin-backed lending, stablecoins, and the role of predictable cash flow in reducing Bitcoin’s volatility barrier. Finally, they consider Bitcoin’s future returns, the path from income products to direct Bitcoin ownership, and why both longtime holders and newer participants may need to rethink old assumptions.
Insurance Risk Bubbling
Strategy and Strive take center stage in a solo desk session comparing their Bitcoin balance sheets, dividend coverage, leverage, and capital capacity, including Strategy's pause in MSTR ATM sales, STRC repurchases, and push to return STRC to par. The discussion models how warrant proceeds and additional SATA issuance could reshape Strive's amplification, then explores downside protection, preferred-market liquidity, short interest, dividend reinvestment, and possible Bitcoin CAGR outcomes through 2030. The episode closes by examining private credit inside the insurance industry, CLO capital arbitrage, and lessons from Lehman and AIG that continue to shape the emerging digital credit market.
The Billion Dollar Wall
In this week's Hurdle Rate, the crew discusses SATA hitting $999 million outstanding, Strategy doubling its STRC repurchase facility to $2 billion, and Strive adding another 1,000+ Bitcoin. Ben breaks down the art and science of running the desk and why amplification stays on. Matt makes the case that we've never seen a bull market with a perpetual preferred model in place. We also get into executive comp and shareholder alignment, and close on macro: what happens if the 10-year breaks 7%. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Tim Kotzman.
Clean Sheet, who dis?
The crew examines Bitcoin’s technical setup as price converges around the power-law floor, the 200-week moving average, and the short-term holder realized price, then asks whether the latest bottoming signals point toward a durable bull-market confirmation. From there, the conversation moves through financial repression, Treasury buybacks, structurally higher long-term rates, the housing market, rising federal interest expense, and why persistent deficits continue to strengthen the monetary case for Bitcoin. The group then breaks down Strategy’s cleaner balance sheet, the combination of its USD reserve and cash position, the move to zero net leverage, and the capital-allocation flexibility that creates for convertible debt, Bitcoin purchases, STRC repurchases, and MSTR common stock. The discussion also explores STRC’s path back to par, how cash reserves and buybacks affect investor confidence, the emergence of leveraged and delta-neutral markets around preferred equity, and the contrast between STRC and SATA on scale, liquidity, and daily dividends. The episode closes by comparing Strategy’s liquid Bitcoin reserve with traditional bank loan books, revisiting lessons from the 2008 financial crisis, and examining how verifiable Bitcoin collateral could support reinsurance, structured products, prediction markets, and the next phase of digital credit.
Building on Digital Credit
In this week's Hurdle Rate, the crew unpacks a market that has come roaring back to life, from Strategy returning as a Bitcoin buyer at 0% net leverage to Strive growing its stack 14.4% in two weeks to 23,156 Bitcoin. Jeff brings back lessons from Bitcoin Asia, where investors are building structured finance on top of Bitcoin and digital credit faster than the US, and we dig into why STRC hasn't snapped back to par, how amplification and liquidity have to be earned rather than dialed in, and why Strategy's balance sheet may be the most misunderstood credit story in the market. We then take on MSCI's proposed exclusion of digital asset treasury companies and why it would effectively make index providers investment advisers, before closing on macro: fiscal dominance, why long-end yields go higher whether the Fed hikes or cuts, and why this is a backdrop Bitcoin has never seen. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Tim Kotzman.
The Fracture: Breaking Bitcoin's Power Law
Joe Burnett argues the power law may not be Bitcoin's end state. Borrowing the fatigue crack growth curve from materials science, he maps Bitcoin's monetization in three phases — and makes the case that falling volatility expands the capital and credit that can compete for a fixed 21 million supply, until price breaks above the power-law trend.
Trust Is Civilization's Oldest Technology
Jeff Walton reads civilization as a stack of trust-extension technologies — from the oath and coined money to the joint-stock company and the central bank — and argues Bitcoin and digital credit are the next layers going in as the current architecture cracks at the base.
Bitcoin Is.
Joe Burnett on how Bitcoin has escaped its creators: the failure of BIP 110 showed that no developer, miner, company, or government can redefine it. Bitcoin has become a permanent economic constraint that markets, institutions, and civilization now adapt to.
Bitcoin is the Humanity ETF
Joe Burnett argues that no traditional asset lets you own human progress itself — competition, construction, and mining dilute every store of wealth. Bitcoin's fixed supply makes it the one asset where the abundance humanity creates can accumulate without being diluted.
Bitcoin-Backed Yield: A Boring Chart and a Beautiful Coupon
James Lavish, CFA walks through STRC and SATA — the two perpetual preferred shares with Bitcoin reserves behind them — and explains how Digital Credit pays an 11.5% monthly cash coupon while keeping the share price anchored near par.
Strategy Q1 2026 Earnings Call — Full Q&A Notes
Mason Foard's full Q&A notes from Strategy's Q1 2026 earnings call — Saylor on the BTC drive as a third lever, the STRC issuance dial, Bitcoin as Layer 3, the institutional ownership shift, the volatility-and-quantum playbook, the credit rerating, the regulatory wishlist, and the clean-sheet balance sheet.
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