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Risk Parity & Portfolio Construction

How Bitcoin treasury instruments fit into institutional portfolio construction. Risk parity frameworks, correlation analysis, and allocation models for digital credit.

12 episodes · 5 research pieces

Risk parity is a portfolio construction framework that allocates capital based on risk contribution rather than capital weight. As Bitcoin treasury instruments proliferate, understanding how they fit into institutional portfolios becomes critical.

True North covers risk parity and portfolio construction as it applies to digital credit instruments, with analysis from practitioners managing real capital in this space.

Latest on Risk Parity & Portfolio Construction

Episode

All In On Bitcoin

The Hurdle Rate goes LIVE at the Bitcoin Treasuries Conference in New York, back where the Strive and Semler deal started a year ago. The panel looks back on that deal, which brought the two companies' roughly 6,000 and 5,000 Bitcoin together, and explains why getting bigger was what made SATA possible. Matt explains the game theory behind SATA's daily dividend now that Strategy is following suit, and why the two companies are playing different games. The panel also covers why Strive is aiming for total returns rather than Sharpe ratio, Matt's call for $500K Bitcoin by 2030, and what comes next for Bitcoin balance sheet companies. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Joe Burnett.

Sep 29, 2026 • 28:02 Watch →
Analysis

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.

Aug 27, 2026 Read →
Episode

The Future of Income Investing

The Income Show is back with host Joe Burnett, joined by Loren Asmus, Head of Investor Relations at UTXO, to unpack how institutional capital is finally starting to bridge into Bitcoin, and why fixed income is at the center of it. Loren brings a traditional finance lens sharpened by years on the institutional side, and walks through the journey that took him from allocating inside legacy portfolios to helping build the infrastructure that lets institutions actually access Bitcoin exposure at scale. Joe and Loren break down why the 60/40 portfolio is fundamentally broken in a fiscally dominant world, how institutional allocators really think about fixed income, and the structural reasons most institutions still can't just buy Bitcoin outright, no matter how much conviction the CIO has. From there, the conversation moves into the future of income investing and the emergence of digital credit as its own asset class, covering the difference between senior and junior digital credit, how large the market could realistically become, and how it should actually be valued. They also get into the STRC drawdown and what it revealed about digital credit volatility, why the "just hold Bitcoin and cash" argument misses the point for large pools of capital, the role of the government backstop through the next recession, and why Bitcoin's infinite duration makes it the ultimate long-duration asset on a corporate balance sheet. It's a conversation about where trillions of dollars of fixed income allocation may ultimately end up, and the plumbing being built right now to move it there.

Aug 13, 2026 • 47:50 Watch →

All episodes (12)

True North Weekly (4)

The Hurdle Rate (5)

The Income Show (3)

Research (5)

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True North is for informational and educational purposes only. Nothing presented should be considered investment advice or an offer of any security or investment product. Consult your own investment and tax advisors. Full disclaimer.