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If Bitcoin were at $200K, would anyone be talking about STRC buybacks? Adrian Morris says his data shows Bitcoin, not buybacks or dividend hikes, is what drives digital credit. Adrian Morris is back with Joe Burnett to walk through his models on STRC and SATA, explain why digital credit now trades as its own asset class, and show why the summer sell-off doesn’t mean it’s broken. They also cover digital money built on top of digital credit, what a bull market could look like for Strategy and Strive, and his Bitcoin outlook. Follow Allard Peng on X: https://x.com/_Adrian Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps: 0:00 - Intro 1:06 - The State of Digital Credit 3:23 - Why Strategy Is Buying Back STRC 5:49 - What Really Drives STRC 18:16 - Do Dividend Hikes Work? 21:51 - The $200K Test 23:15 - What Strategy Should Do Now 25:11 - Breaking Down the Data 34:17 - Was It a Leverage Flush? 43:51 - Bitcoin as a Language 47:58 - The Future of Digital Money 53:26 - Digital Credit in a Bull Market 57:07 - Bitcoin Outlook 1:00:58 - Closing 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.

Strategy spent about nine times more buying back STRC than buying Bitcoin in one week. Allard Peng says buybacks at 98 cents on the dollar are waste. The quant returns to break down why STRC still isn’t back at $100, why not raising the dividend was the right call, and why the buybacks went too far. He also maps the digital money and digital yield products being built on top of digital credit, explains why fixed-rate preferreds may be the better long-term buy, and shares why he thinks Bitcoin is set to outperform. Follow Allard Peng on X: https://x.com/stonychambers Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps 0:00 - Intro 1:21 - Why STRC Isn’t at Par 4:09 - Is Leverage Back? 7:14 - Buybacks vs. Dividends 11:05 - Too Many Buybacks? 15:55 - When Yield Is Too High 18:51 - The Future of Digital Credit 21:29 - Digital Money and Digital Yield 30:37 - Fixed vs. Variable 40:13 - Measuring Digital Credit Risk 46:02 - Bitcoin Outlook 51:09 - Closing 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.

Trey Sellers borrowed against his home at 5% to buy STRC yielding 10%, and he explains why he never worried when it crashed. The head of Strike Private and creator of FIRE BTC joins host Joe Burnett to discuss how Bitcoin changes the math of retiring early, why he thinks an 8% withdrawal rate is conservative on a Bitcoin standard, and why you should keep a mortgage instead of paying it off. They also cover growth vs. income investing, whether digital credit is suppressing Bitcoin's price, and why $83,000 Bitcoin is bullish. Follow Trey Sellers on X: https://x.com/ts_hodl Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps 0:00 - Intro 1:19 - Investing Before Bitcoin and the FIRE Method 8:04 - Swapping Index Funds for Bitcoin 10:02 - Is the FIRE Movement Growing? 13:04 - How Bitcoin Changes the FIRE Math 16:32 - The Case for an 8% Withdrawal Rate 21:18 - Growth vs. Income Investing 24:21 - The Tax Advantage of Digital Credit 25:44 - Volatility Is Why People Buy Bitcoin 29:14 - Why Starting Early Matters 30:25 - Borrowing Against His Home to Buy STRC 34:46 - Why You Should Keep Your Mortgage 39:25 - Why He Trusted Strategy to Pay the Dividend 45:17 - Is Digital Credit Suppressing Bitcoin's Price? 49:44 - Why $83K Bitcoin Is Bullish 52:10 - Closing 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.

Wyatt O'Rourke believes the finance industry embracing Bitcoin is the only peaceful path to a Bitcoin standard. The founder of Bitcoin-native wealth manager Basilic Financial and author of The Bitcoinization of Finance joins host Joe Burnett to discuss why Bitcoiners will become the new 1%, how SATA and STRC are filling the fixed-income gap for his clients, and what the next generation of Bitcoin investment products could look like. They also cover inheritance and custody planning, taming Bitcoin's volatility, and what portfolios look like on a Bitcoin standard. Follow Wyatt O'Rourke on X: https://x.com/wyattorourke\_ Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ 0:00 - Intro 5:33 - Wyatt's Investing Philosophy Before Bitcoin 8:45 - The Bitcoinization of Finance 13:48 - The Biggest Mistake Wealthy Bitcoiners Make 16:48 - The Peaceful Path to Hyperbitcoinization 21:09 - Building the Bridge to a Bitcoin Standard 24:31 - The Case for Digital Credit 30:04 - What a V2 Bitcoin Income Product Looks Like 34:19 - Taming Bitcoin's Volatility 40:51 - Can Digital Credit Revive Income Investing? 45:09 - Portfolios on a Bitcoin Standard 50:35 - Closing 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.

Tad Smith is very bullish on Bitcoin, and the fact that so many people aren't makes him even more bullish. Tad joins host Joe Burnett to discuss the Fed's surprise rate hike, Treasury Secretary Bessent's path toward yield curve control, and how AI is reshaping jobs and markets. They also cover Tad's barbell portfolio, the lessons of STRC's summer selloff, Bitcoin treasury companies, and why he believes all roads lead to Bitcoin. Follow Tad Smith on X: https://x.com/tadtweets Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps 0:00 - Intro 1:18 - The Fed's Unnecessary Rate Hike 5:49 - Bessent, Warsh and Yield Curve Control 12:01 - Is AI a Bubble? 15:04 - AI Regulation and P(doom) 20:09 - AI and the Labor Market 25:11 - Tad's Barbell Portfolio 28:28 - Digital Credit and Stretch's Summer Selloff 35:28 - Why Tad Is Bullish on Bitcoin 40:00 - Strive, Strategy and Metaplanet 44:26 - The Clarity Act and Crypto Regulation 49:19 - AI, Terminal Values and Bitcoin 52:05 - The Economy in 10 Years 55:59 - Bitcoin's Path to 2030 57:56 - Closing 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 Income Show is back with host Joe Burnett and BritishHODL, who argues that Bitcoin’s problem wasn’t gold or AI: it became boring. They discuss why ETF investors may be the real diamond hands, BlackRock’s Bitcoin strategy, and the trade-offs of self-custody. They also explore SATA, STRC, Bitcoin-backed savings accounts, and borrowing against Bitcoin without selling. Follow British HODL on X: https://x.com/BritishHodl Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps 0:00 - Intro 1:19 - From Real Estate and Gold to Bitcoin 5:03 - Bitcoin as the Investment Hurdle Rate 7:07 - What Holds Back Bitcoin Adoption? 9:55 - Interest Rates, Debt and Global Liquidity 14:49 - Does the ISM PMI Still Matter for Bitcoin? 17:19 - Gold, AI and Why Bitcoin Became Boring 24:20 - BlackRock, IBIT and In-Kind Conversions 34:50 - Self-Custody vs. Bitcoin ETFs 38:35 - Plugging Bitcoin Into Global Finance 42:05 - Digital Credit, SATA and STRC 44:42 - Could Bitcoin Power High-Yield Savings Accounts? 50:22 - Bitcoin Purists, Borrowing and Generational Wealth 58:15 - Closing 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 Income Show is back with host Joe Burnett, joined by Brian Harrington to discuss how he identified a likely Bitcoin bottom and navigated the latest bear market. Brian explains why he rebuilt his portfolio around income, why passive index investing no longer interests him, and how he maps products across a simplified Bitcoin yield curve. They also explore digital credit, Strategy preferreds, covered-call funds, Bitcoin-backed lending, stablecoins, and the role of predictable cash flow in reducing Bitcoin’s volatility barrier. Finally, they consider Bitcoin’s future returns, the path from income products to direct Bitcoin ownership, and why both longtime holders and newer participants may need to rethink old assumptions. Follow Brian Harrington on X: https://x.com/BrainHarrington Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps 0:00 - Intro 1:42 - The Bitcoin Bottom and Bear Market 5:42 - Strategy Sales and Market Signals 9:08 - Growth vs. Income Investing 12:23 - Bitcoin Maximalism and Tokenization 15:50 - Bitcoin as the Growth Benchmark 20:27 - The Bitcoin Yield Curve 24:07 - Total Return vs. Cash Flow 28:23 - The Case for Digital Credit 34:00 - Borrowing Against Bitcoin 36:30 - Digital Money and Stablecoins 44:03 - Volatility and Bitcoin Adoption 50:26 - Future Returns and Bitcoin Ownership 54:47 - Closing 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 Income Show is back with host Joe Burnett, joined by Lyn Alden, to discuss U.S. Treasury buybacks, long-term yields, and the path toward financial repression. They distinguish the Treasury’s recent actions from full yield curve control, examine fiscal dominance and the relationship between the Treasury and Federal Reserve, and consider what these policies mean for hard assets. They also explore Bitcoin’s role as money and a protocol of value, its recent performance relative to gold, and the structure, valuation, and leverage risks of digital credit. Lyn compares Bitcoin mining with AI compute and explains why greater technological abundance would not eliminate scarcity or the need for money. Follow Lyn Alden on X: https://x.com/LynAldenContact Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps: 0:00 - Intro 1:15 - Treasury Buybacks and Yield Curve Control 5:55 - Why Long-Term Yields Matter 9:44 - Druckenmiller and Financial Repression 13:10 - Hard Money and Fiscal Dominance 20:36 - Bitcoin’s Role as Money 25:20 - Treasuries, Hard Assets and Currency Failure 29:16 - Bitcoin as a Protocol of Value 32:31 - Bitcoin vs. Gold 36:32 - The Digital Credit Thesis 41:16 - Valuing Digital Credit 47:23 - Stablecoins, Tokenization and Reflexivity 54:41 - Bitcoin, AI Compute and Abundance 59:41 - Closing 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 Income Show is back with host Joe Burnett, joined by Jessy Gilger, a certified financial planner and founder of Verify Wealth, to discuss Bitcoin, personal finance, and the risks of chasing yield. They examine how investors can navigate Bitcoin drawdowns, whether the four-year cycle still matters, and why financial plans should reflect real-world goals and cash-flow needs. They also explore Bitcoin-native financial planning, self-custody versus ETFs, the role of education in broader adoption, and the differences between growth and income investing. Finally, Joe and Jessy discuss Bitcoin-backed preferred stock, MSTR as amplified Bitcoin exposure, and why investors should carefully weigh leverage, volatility, and downside risk. Timestamps: 0:00 - Intro 1:38 - Bitcoin’s Drawdown and Investor Behavior 4:01 - The Four-Year Cycle and Halvings 6:10 - Planning Through Bitcoin Volatility 13:09 - Financial Advisors and Bitcoin ETFs 16:00 - Self-Custody vs. ETFs 18:49 - Cash Flow Before Bitcoin 22:41 - Education and the Next Wave of Adoption 27:31 - Growth vs. Income Investing 32:22 - When Income Investing Fits 47:55 - MSTR and Amplified Bitcoin 57:07 - Closing 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 Income Show is back with host Joe Burnett, joined by Dr. Jeff Ross, founder and CEO of Vailshire Capital Management, to discuss Bitcoin, global liquidity, and the changing macroeconomic landscape. They examine Jeff’s transition from radiologist to macro fund manager, why gold has recently outperformed Bitcoin, and how hard assets could perform over the next decade. They also explore Bitcoin’s four-year cycle, the possibility of a market bottom, Strategy’s growing focus on digital credit, and the risks facing leveraged Bitcoin treasury companies. Finally, Jeff explains why investors should approach leverage cautiously and shares his long-term advice: stay humble and stack sats. Follow Dr. Jeff Ross on X: https://x.com/FormerDrJeff Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps: 0:00 Intro 1:52 From Radiologist to Macro Fund Manager 5:23 How Medicine Shaped His Investing 8:06 From Gold Bug to Bitcoin Believer 16:05 Is Bitcoin the Ultimate Hard Asset? 21:30 Yield Curve Control, Bonds and Housing 25:04 10-Year Outlook for Bitcoin, Gold and Stocks 29:58 Is Bitcoin’s Four-Year Cycle Still Alive? 39:42 Digital Credit and Strategy’s Changing Focus 45:14 Bitcoin, Proof of Stake and Washington 50:23 The Leverage Risk for Bitcoin Treasury Companies 53:54 Can Bitcoin Yield Products Go Mainstream? 58:30 Closing Thoughts

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. Follow Loren Asmus on LinkedIn: https://linkedin.com/lorenasmus Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/

The Income Show is back with host Joe Burnett, joined by Sam Callahan to discuss how to think about markets and portfolio construction in today's environment. They break down Sam's unpopular Bitcoin opinions, the line between conviction and stubbornness, and why time horizon and volatility shake most investors out too early. They also examine fiscal dominance, Bitcoin's role as a global liquidity trade, treasury companies and digital credit, and Fidelity's math showing Bitcoin needs to hit $370K by 2032, evaluating the shape of Bitcoin's returns into 2030 and why adoption still isn't at 100%. Follow Sam Callahan on X: Sam Callahan (@samcallah) on X Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/

The Income Show is back with host Joe Burnett, joined by Allard Peng to discuss how Bitcoin is reshaping traditional investing and giving rise to a new asset class in digital credit. They break down retail versus institutional flows, growth versus income investing, and why volatility shouldn't be conflated with risk. They also examine Strategy's role as a Bitcoin development company, the Impossible Trinity shaping STRC's design, and a five year outlook for Bitcoin and digital credit, evaluating both the bull and bear cases and the role banks may ultimately play. Follow Allard Peng on X: https://x.com/stoneychambers Follow Joe on X: https://x.com/IIICapital Follow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/

The Income Show is back with host Joe Burnett, joined by Archie from the Bitcoin Archive to discuss the tension between traditional HODLing culture and the rising financialization of Bitcoin. They break down portfolio strategies for onboarding new users, the macroeconomic role of corporate treasuries, and the metrics signaling the bottom of the current bear market. They also analyze a five-year outlook for global capital, evaluating both the bull and bear cases for Bitcoin and digital credit instruments. Follow Archie (Bitcoin Archive) on X: https://x.com/BitcoinArchiveFollow Joe on X: https://x.com/IIICapitalFollow True North on X: https://x.com/TNorth Keep up to date on all True North Here: https://tnorth.com/ Timestamps: 00:00 - Intro 01:54 - How People Think About Investing 03:00 - The Core Thesis For Bitcoin 05:18 - Traditional And Modern Investment Approaches 07:29 - Reconciling Hodling And Financialization 13:36 - Overcoming Bitcoin FUD and Misconceptions 14:46 - Evolution Of Bitcoin Adoption 15:35 - Strategies For Introducing Bitcoin To New Users 17:05 - The Orange Pilling Conversation Nuance 18:01 - Role Of ETFs And Treasury Companies 22:03 - The Role Of Financial Institutions In Hyper Bitcoinization 26:04 - Digital Credit Fit In Income Generation 27:56 - Bottom Of The Bitcoin Bare Market Dynamics 32:27 - Strategy For Working Professionals With Savings 37:19 - Technical Indicators Signaling Market Bottoms 39:33 - Market Projections For Late Q3 And Q4 40:00 - Five Year Bull and Bear Case For Bitcoin 44:40 - Stress Testing Financial Products For Emerging Bull Markets 45:50 - Closing 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.* 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 Income Show is back with host Joe Burnett, joined by Parker White of Apyx to break down his approach to portfolio construction, the role of income in managing Bitcoin volatility, and why price often drives market narratives more than fundamentals. They also discuss whether Bitcoin’s four-year cycle is still intact, Strategy’s Bitcoin sales, Michael Saylor’s influence on adoption, the path for digital credit to return to par, and how Bitcoin-backed credit and tokenized assets could reshape global finance. Follow Jon on X: https://x.com/TheOtherParker_Follow Joe on X: https://x.com/IIICapitalFollow True North on X: https://x.com/TNorthKeep up to date on all True North Here: https://tnorth.com/ Timestamps: 00:00 - Intro 01:00 - Parker's Investment Philosophy 05:49 - The Psychology and Optics of Income Assets 11:34 - Market Outlook & The Psychology of Price Action 15:57 - The Bitcoin 4-Year Cycle & Human Emotion 29:27 - Strategy’s Bitcoin Selling & Resiliency 35:21 - Michael Saylor's Impact on Bitcoin Education 41:24 - What Will It Take for Digital Credit to Return to Par? 45:14 - The Future of Digital Credit & Fixed Income Capital 48:20 - Volatility, Returns, and Digital Money 52:32 - Real-World Assets On-Chain & Exporting American Finance 57:03 - Closing 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.* 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.