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
Matthew Sigel: Digital Credit, Government Spending, & Institutional Yield
Joe Burnett sits down with Matthew Sigel — CFA and Head of Digital Assets Research at VanEck — for episode 2 of The Income Show. The conversation covers the evolution of Strategy's digital credit products, why 60/40 portfolios may no longer be sufficient in an era of persistent government spending and structural inflation, the intersection of AI and Bitcoin mining infrastructure, Bitcoin's relationship to gold, and nation-state involvement in mining.
The World Has Changed...
The crew unpacks Strategy's daily-dividend SATA launch and how dividend frequency reshapes stablecoin arbitrage and DRIP compounding, credit-risk modeling for perpetual yields, the Coffeezilla x Jeff Walton debate, leveraged carry trades and liquidity centralization in digital credit, IPOs as Bitcoin risk-transfer vehicles, and how the Clarity Act is accelerating Bitcoin capital markets.
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.
Mike Alfred: AI, Bitcoin, Digital Credit, & The Future of Investing
Joe Burnett sits down with Mike Alfred — Founder and Managing Partner of Alpine Fox LP and a director at IREN and Bakkt — for the debut episode of The Income Show. The conversation covers high-conviction investing, why Bitcoin is structurally unique, the rise of digital credit as a high-yield alternative to traditional bonds and private credit, AI and physical infrastructure, and Mike's case for Bitcoin reaching $1 million by 2033–2035.
Credit Quality Accelerating
The crew unpacks Strategy's earnings reaction, the rationale behind selling Bitcoin to fund preferred dividends and retire convertible debt, how deeper Bitcoin liquidity is amplifying credit arbitrage and mNAV mechanics, and the digital credit expansion reshaping debt markets through DeFi tranching and Bitcoin-backed instruments.
The Answer Is Trillions
The crew is back this week reacting to MSTR’s latest earnings call and what it could mean for the future. They then dive into the rise of digital credit and if it's too good to be true. Finally, they close with a discussion around the
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 Dividend Machine
The crew breaks down Strategy's shift to semi-monthly STRC dividends, walks through the balance sheet flywheel and mNAV premium funding capital raises, traces the path toward credit-rating receptivity through structured tranching, and explores how capital rotates from equity profits into yield-bearing digital credit instruments.
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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