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Jeff Walton opens with a capital structure 101 on the launch of SATS, Strive's new fixed-rate perpetual preferred equity sitting junior to SATA, then walks through why daily dividends compress the underwriting timeline and attract high-frequency trading liquidity. He compares the true cost of capital across a 15% perpetual preferred equity, 7% five-year debt, and a 0% coupon convertible bond with a 35% conversion premium, then shows probability-curve dashboards illustrating how digital credit removes the event-of-default tail that traditional credit carries. He reviews Strategy's and ASST's balance sheets, including STRC buybacks and amplification near 26.3% for MSTR and 40% for ASST, tells the story of being hired at the fraudulent reinsurance company Vesttoo before finding Bitcoin as collateral, and closes with an AMA covering amplification targets, proof of reserves, Robinhood's SATS listing, and why capital structure itself functions as a moat. This episode is for informational and educational purposes only and is not investment, tax, or legal advice. Market Snapshot As of 10/21/26: Open: $146.20 | Close: $153.48 Volume: ~22.3M shares mNAV: ~1.11x | Market Cap: ~$61.8B BTC Holdings: 848,517 Timestamps: 00:00 – Introduction 03:25 – SATS Launch: Capital Structure 101 12:55 – Daily Dividends and Underwriting Compression 19:04 – Cost of Capital: Preferred vs. Debt vs. Converts 31:13 – Traditional Credit vs. Digital Credit Curves 40:22 – Balance Sheet Review: MSTR vs. ASST 45:57 – AMA: Convertible Debt History and SATA/SATS Dynamics 52:38 – Bitcoin Treasuries vs. ETH and SOL Credit 01:01:22 – AMA: Amplification, Reserves, and Capital Structure as Moat 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.

The crew discusses why digital credit is still so misunderstood, starting with takeaways from the Bitcoin Treasuries Conference and how SATA and STRC work as dry powder that keeps earning while you wait. The crew covers SATA passing STRF in notional outstanding, the fastest horse debate, and why amplification matters more than a 1% difference in cost of capital. From there, they compare Tesla's multiple to mNAV, look at AI disruption and goodwill at Adobe, and close with a breakdown of the ASST options chain and LEAPS heading into warrant week. This episode is for informational and educational purposes only and is not investment, tax, or legal advice. Market Snapshot As of 10/7/26: Open: $157.82 | Close: $153.37 Volume: ~21.3M shares mNAV: ~1.13x | Market Cap: ~$50.7B BTC Holdings: 848,000 In This Episode 00:00 True North Loading… 05:18 Bitcoin Treasuries Conference Takeaways 11:21 Digital Credit as Dry Powder 16:03 SATA Passes STRF 19:15 The Fastest Horse Debate 25:26 Why Amplification Matters 38:45 Tesla, Mag 7, and mNAV 42:38 AI Disruption and Goodwill 46:50 ASST Options and LEAPS 57:48 Final Thoughts 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.

The crew opens with a balance sheet check-in on Strategy and Strive, then dig into why amplification, not a 1% difference in cost of capital, is the biggest driver of long-term shareholder returns. They share takeaways from the Bitcoin Treasuries Conference, walks through Strategy's move to daily dividends and what that could mean for STRC, SATA, and AI agents managing capital, and closes with a Warrants 101 breakdown covering how warrant holders hedge, why warrants are a capital injection rather than a sign of stress, and what exercise would mean for Strive's balance sheet. This episode is for informational and educational purposes only and is not investment, tax, or legal advice. Market Snapshot As of 9/30/26: Open: $160.82 | Close: $153.09 Volume: ~17.3M shares mNAV: ~1.13x | Market Cap: ~$50.6B BTC Holdings: 847,666 Timestamps: 00:00 True North Loading… 03:15 Balance Sheet Update 05:23 Why Amplification Drives Returns 21:23 Bitcoin Treasuries Conference 31:44 The Future of Digital Credit 44:47 Daily Dividends 50:54 AI Agents and Capital 01:04:06 Warrants 101 01:20:12 Final Thoughts 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.

The crew kicks off Season 3 with a balance sheet check-in on Strategy and Strive: Strategy's 950 BTC purchase, STRC buybacks, cash versus convertible debt, and Strive's growing Bitcoin position, dividend coverage, and potential warrant capital. The crew then breaks down why digital credit changes the probability of outcomes versus traditional credit, draws parallels between Strategy and Berkshire Hathaway's insurance float model, and closes with a look at options activity across ASST, MSTR, IBIT, and STRC. This episode is for informational and educational purposes only and is not investment, tax, or legal advice. Market Snapshot As of 9/23/26: Open: $167.23 | Close: $162.20 Volume: ~21.0M shares mNAV: ~1.16x | Market Cap: ~$53.7B BTC Holdings: 846,000 Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.com Timestamps: 00:00 Intro 03:27 Episode Overview: Market close, balance sheets, Berkshire, derivatives 05:47 Meet the Crew: Adam Livingston joins Strive 11:29 Strategy $MSTR Balance Sheet: $BTC holdings, cash, converts, $STRC buybacks 15:23 Strive Balance Sheet: $ASST $SATA, dividend coverage, warrants, amplification 26:13 Risk Management and Volatility: Four-year cycle, drawdowns, credit flows 29:09 Traditional Credit vs. Digital Credit: Probability of outcomes, tail risk 40:35 Berkshire Hathaway Parallels: Capital, insurance float, risk taking 51:39 Strategy vs. Berkshire: Float growth, digital credit engine 58:55 Derivatives Market: ASST warrants, options open interest 1:04:26 MSTR and $IBIT Options: Open interest, hedging, liquidity 1:08:02 STRC Options Market: Puts, strikes, yield enhancement 1:15:01 Final Thoughts 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.

Agenda: -Bitcoin Balance Sheet update -"The Hole" paper review -Private Credit / Landscape -"Panic" clip 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.

The crew examines Bitcoin’s technical setup as price converges around the power-law floor, the 200-week moving average, and the short-term holder realized price, then asks whether the latest bottoming signals point toward a durable bull-market confirmation. From there, the conversation moves through financial repression, Treasury buybacks, structurally higher long-term rates, the housing market, rising federal interest expense, and why persistent deficits continue to strengthen the monetary case for Bitcoin. The group then breaks down Strategy’s cleaner balance sheet, the combination of its USD reserve and cash position, the move to zero net leverage, and the capital-allocation flexibility that creates for convertible debt, Bitcoin purchases, STRC repurchases, and MSTR common stock. The discussion also explores STRC’s path back to par, how cash reserves and buybacks affect investor confidence, the emergence of leveraged and delta-neutral markets around preferred equity, and the contrast between STRC and SATA on scale, liquidity, and daily dividends. The episode closes by comparing Strategy’s liquid Bitcoin reserve with traditional bank loan books, revisiting lessons from the 2008 financial crisis, and examining how verifiable Bitcoin collateral could support reinsurance, structured products, prediction markets, and the next phase of digital credit. This episode is for informational and educational purposes only and is not investment, tax, or legal advice. Market Snapshot As of 9/2/26: Open: $123.35 | Close: $123.19 Volume: ~14.9M shares mNAV: ~1.04 | Market Cap: ~$51.8B BTC Holdings: 845,050 In This Episode 00:00 - True North Loading… 00:03:16 - Disclaimer 00:03:47 - Episode Overview: Bitcoin technicals, Strategy’s balance sheet, preferred equity 00:08:25 - The Macro Backdrop: ETF distribution, rates, capital flows 00:10:48 - Financial Repression: Treasury buybacks, long-term rates, housing 00:16:01 - Federal Deficits and Interest Expense: debt growth, inflation, monetary debasement 00:21:51 - Strategy Balance Sheet Update: Bitcoin assets, USD reserves, cash flexibility 00:28:21 - STRC’s Path Back to Par: buybacks, liquidity, sellers, market recovery 00:31:46 - Cash Reserves and Preferred Buybacks: signaling, duration, price stability 00:36:55 - Hong Kong Takeaways: market makers, leverage, Hyperliquid, delta-neutral trading 00:39:35 - STRC Versus SATA: scale, daily dividends, liquidity, market structure 00:46:04 - The MSTR Valuation Debate: mNAV cycles, one million Bitcoin, balance-sheet scale 01:01:49 - Reinsurance and Prediction Markets: catastrophe risk, Polymarket, organized risk-taking 01:06:23 - Closing Outlook: bull-market signals, golden cross, institutional momentum 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.

Agenda: Balance Sheet and Credit Quality Update Buybacks/MSTR/US Treasury Strategy Q/A 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.

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. Market Snapshot As of 8/12/26: Open: $97.16 | Close: $94.83 Volume: ~11.1M shares mNAV: 1.05x | Market Cap: ~$37.4B BTC Holdings: 840,447 In This Episode 00:00 True North Loading… 09:50 Episode Overview: Balance sheet, credit markets, digital credit 11:43 Market Backdrop and Big Issuance: capital gains, equity issuance, AI financing 12:56 Strategy’s Weekly Capital Moves: MSTR ATM, Bitcoin sale, STRC buyback 15:58 Bitcoin Liquidity Versus Real Estate: divisibility, tax lots, 24/7 markets 20:19 Strategy Balance Sheet Update: BTC holdings, reserves, debt, preferred obligations 24:06 Cash Reserves and Net Leverage: USD reserve, debt coverage, refinancing optionality 32:47 Why Cash Strengthens Credit: liquidity, dividend protection, STRC credit quality 35:47 Strategy’s Capital Black Hole: capital access, BTC accumulation, market structure 37:37 Credit Markets Meet the AI Boom: private credit, GPU collateral, issuance cycle 38:52 Jane Street’s GPU Debt Deal: secured debt, depreciation, underwriting risk 44:59 Building Private Credit on Preferreds: institutional mandates, duration, digital credit 48:17 GPU Debt Versus Bitcoin Credit: appreciating collateral, asset risk, credit spreads 59:56 Secured Debt and Convert Risk: seniority, collateral, convert obligations 01:10:23 Preferred Buybacks and Capital Allocation: STRC, STRF, STRK, STRD, capital stack 01:15:22 MSCI’s Digital Treasury Screen: index methodology, digital treasury, inclusion risk 01:28:32 Closing Outlook: Digital Credit: institutional adoption, market development, patience 01:31:02 BIP 110 and the Fork Debate: Bitcoin governance, market process, OODA loop 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.

Bring your thinking caps, we're getting into the math this week. Agenda: ColdCard Anxiety Suits & BTC Strategy B/S Moves & Updates MATH (Entropy / Randomness / Risk Probability) Collateral Exercises 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.

🎛️ 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.

Agenda: What is Capital ? Using Bitcoin as Capital Math of Q2 2026 Balance Sheet Management 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.

Agenda: New Capital Framework Leverage Design, Market Discussion 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.

Agenda: Lay of the Land Digital Capital / Digital Credit Volatility / Credit Spam War Discussion Q&A 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.

Agenda: SpaceX & Broad Capital Markets Macro BTC Prague Takeaways STRC & SATA Analysis & Credit Instruments Fed Meeting 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.

Agenda: MSTR Balance Sheet Math Reserve Status STRC & Pref Price Action Risk Relativity 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.