True North — Navigating the New Financial Frontier
Navigating the New Financial Frontier
Latest from True North
EP 77 We're So (Buy)Back
Bitcoin and Strategy rip higher as the crew breaks down the Treasury’s bond-buyback announcement, the market’s reaction, and what improving liquidity could mean for Bitcoin, MSTR, and the broader digital-credit ecosystem. The conversation moves through Strategy’s strengthening balance sheet, rising USD reserves, falling net leverage, and the way a higher Bitcoin price changes the credit profile of STRC and the rest of the preferred stack. The group also examines MSTR’s surge in trading activity, the potential to rebuild Bitcoin holdings and repurchase securities, and the longer-term path toward using Bitcoin as institutional-grade collateral. From there, the discussion turns to Nvidia-backed AI infrastructure financing, GPU depreciation and underwriting risk, Strategy’s convertible debt mechanics, STRC issuance, MSTR buyback optionality, and the tradeoffs facing common shareholders when mNAV expands. The episode closes with BlackRock’s BITA covered-call ETF, the possibility of Strategy reaching one million Bitcoin, the upcoming Jackson Hole speech and Fed meeting, and what a durable Bitcoin rally could unlock across capital markets. This episode is for informational and educational purposes only and is not investment, tax, or legal advice.
Why Strategy's Balance Sheet Became a Blackhole
The crew takes apart the capital structure behind Strategy’s expanding Bitcoin balance sheet: the week’s common-stock issuance, Bitcoin sale, STRC repurchase, cash-reserve build, and the argument that a liquid, divisible BTC reserve changes how investors should think about funding preferred dividends. From there, the conversation moves through net leverage, refinancing optionality, the emerging digital credit stack, and the contrast between financing appreciating Bitcoin collateral and financing rapidly depreciating GPU infrastructure. The group also examines the potential implications of MSCI’s proposed screening methodology for digital-asset treasury companies, discusses preferred-share capital allocation across STRC, STRF, STRK, and STRD, and closes with a candid conversation about BIP 110, a possible fork, market process, and the work required to bring longer-duration institutional capital into Bitcoin-backed credit. This episode is for informational and educational purposes only and is not investment, tax, or legal advice.
Aug 12, 2026Bitcoin for Business
An evening for business owners, operators, and investors who want to understand how money actually works — and what Bitcoin and digital credit mean for the decade ahead. Hosted by Jeff Walton, CRO of Strive.
Digital Credit Research Hub
The Definitive Guide to Digital Credit
Yield-bearing preferred securities with indirect Bitcoin exposure, offering 8.00%–13.00% stated yields. Six instruments, two issuers, one comprehensive research hub. Instrument profiles, risk analysis, comparison frameworks, and primary-source data — updated July 2026.
Explore the Digital Credit Hub →Digital Credit Dashboard
Live market data, yields, capital structure, and volatility across all six instruments.
Markets & Instruments
All six digital credit instruments mapped with rates, yields, and capital structure.
What Is Digital Credit?
The definition, mechanics, and how it differs from crypto lending.
Track Bitcoin holdings across 196 public companies in the Bitcoin treasury tracker.
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True North Weekly
The flagship deep dive.
Every Wednesday, the True North crew breaks down the week in Bitcoin treasury strategy, structured finance, digital credit instruments, and macro. From balance sheets to basis trades, this is investment-grade analysis for allocators, treasurers, and high-conviction investors.
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The Hurdle Rate
The bar every investment must clear.
Matt Cole, Ben Werkman, Jeff Walton, and Tim Kotzman dive into Bitcoin, energy, treasury management, markets, macro, AI, and more. Bitcoin is the hurdle rate for capital deployment — and there is substantial depth to that statement that we endeavor to explore.
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The Income Show
Rethinking income investing from first principles.
The Income Show rethinks income investing from first principles. Hosted by Joe Burnett, the show explores the foundations of credit, why traditional income strategies are breaking down, and the emergence of Digital Credit as a new asset class.
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True North Now
Spotlight conversations with the operators building Bitcoin's capital markets.
True North Now hosts in-depth, on-the-record conversations with the people building Bitcoin's capital markets — treasury company CEOs, structured-finance founders, and protocol-level researchers. Released as guests are booked, no fixed cadence.
Browse Episodes →Stay on Course. Get the Signal.
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