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
Strategy ($MSTR), Bitcoin, Digital Credit, & More
The Income Show is back with host Joe Burnett, joined by Archie from the Bitcoin Archive to discuss the tension between traditional HODLing culture and the rising financialization of Bitcoin. They break down portfolio strategies for onboarding new users, the macroeconomic role of corporate treasurie
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.
Social Investing
In this week’s Hurdle Rate, the crew breaks down the slow summer market and strategy's focus on building up its balance sheet to improve credit quality. We explore how Strategy and Strive are navigating macro uncertainty, steadying operations, and executing consistent Bitcoin buys through the summer
Bitcoin Bears Are Wrong
The Income Show is back with host Joe Burnett, joined by Parker White of Apyx to break down his approach to portfolio construction, the role of income in managing Bitcoin volatility, and why price often drives market narratives more than fundamentals. They also discuss whether Bitcoin’s four year cy
Shifting Institutional
In this week’s Hurdle Rate, the crew opens with updates from Strategy, Strive, and the digital credit market before recapping the major developments from Q2. We cover Strategy’s growing cash reserve, market feedback, and the evolution of Bitcoin-backed credit. We also explore institutional adoption,
Fix The Money
The Income Show is back for Episode 9, with host Joe Burnett, joined by Jon Willbanks to talk about building a portfolio around Bitcoin, Tesla, and digital credit, the common misconceptions holding people back from Bitcoin, and why he sees the coming singularity and wealth rotation between asset cla
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.
STRK at $400 will Dominate Strategy's Trading Volume
Dan Hillery argues STRK will become as liquid as MSTR as a percentage of market cap. Gamma trading, MSTR call selling against STRK's embedded equity, levered carry trade structures, the ATM cut from $21B to $2.1B, and the moving liquidation preference all point to STRK dominating Strategy's trading volume.
The Income Statement Is the Obituary. The Balance Sheet Is the Will.
The equity market is scoring the wrong game. Jeff Walton re-runs the market's own pricing rule across 14 of the S&P's most scrutinized equities — Strategy is mispriced 4x to 22x in every honest specification, and the Mag 7 clusters on the wrong side of the line.
Semi-monthly STRC Divs Will Increase Monthly STRC ATM to $10B
Dan Hillery argues that shifting STRC's dividend cadence from monthly to semi-monthly will compress the time to recover to $100 par, give arbitrage traders two shots at overnight dividend capture per month, and drive STRC ATM volume toward $10B per month.
Weekly Signal: April 13–17, 2026
The weekly signal from the True North team — covering Strategy's STRC dividend shift to semi-monthly, a $1B BTC buy funded by STRC issuance, Fidelity's 'get off zero' research, Coffeezilla's STRC critique, and Wall Street banks racing into Bitcoin with $189K price targets.
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