Architecture of Value | True North Podcast | Ep. 74

🎛️ As of this recording, 7/22/26, Strategy's (MSTR) performance: - Open: $100.06 - Close: $100.01 - Volume: ~ 13M Shares - mNAV: ~ 1.03 - Market Cap: ~ $37.9B - BTC: 843,775 ⏱️ TIMESTAMPS & INSIGHTS: 0:00 - True North Episode 74 Loading 1:17 - Intro & Agenda 4:13 - MSTR Balance Sheet Update: Cash raised, Bitcoin holdings 6:55 - MSTR Model Evolution: Balance sheet, dividend coverage 9:55 - MSTR Credit Quality: Market feedback, reserve replenishment 12:02 - Comparing Balance Sheet Companies: MSTR vs. top 20 firms 18:50 - Capital Flows & Market Psychology: Investor beliefs, crowded trades 20:48 - Algorithmic Trading Impact: Automation, arbitrage, capital flows 24:02 - Preferred Equities & Liquidity: High yield, perpetual, battle testing 25:48 - SATA vs. STRC Arbitrage: Short interest, carry cost 28:27 - Preferred Instruments Pair Trading: SATA vs. STRC, investor base 32:44 - Dividend Frequency & Stickiness: Daily vs. twice-monthly, capital retention 36:33 - Institutional Investor Feedback: Credit quality, market concerns 40:00 - Options Market Analysis: Short interest, put options 43:50 - STRE European Preferred Equity: Luxembourg exchange, trading issues 47:16 - STRC Volatility & Future: Price limits, structural leverage 50:27 - MSTR Estimated Net Income: Bitcoin price impact, comparisons 54:12 - MSTR Future Strategy: Beyond Bitcoin bank, diverse balance sheet 56:56 - Bitcoin BIP 110 Activation: Signaling, block height, path 59:02 - BIP 110 Activation Mechanics: Hash power, chain split risk 1:04:06 - Probabilistic BIP 110 Outcome: Miner game theory, incentives 1:12:57 - Dan's Final Thoughts: Bitcoin forks, portfolio changes Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.com Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. - True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at \[www.sec.gov](http://www.sec.gov).\* - Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.