True North

True North is a team of investors and analysts exploring the outer edges of Bitcoin, digital credit, finance and macro economics.

[True North @TNorth]

Strategy Sells Bitcoin, so what? | Ep. 69 https://t.co/bcpIgOgEBD

[Jeff Walton @PunterJeff]

Agenda PIVOT.

We're on a FUD busting mission tonight.

Chat soon

[Jeff Walton @PunterJeff]

Strategy tracking day 559

$MSTR now ranked 233rd largest US company by market cap. Fell 5 positions in the last 34 trading days.

Right behind $EBAY, yes the same Ebay that Ryan Cohen tried to buy weeks ago.

Let's compare Ebay's balance sheet, shall we?
Assets: $17.8 Billion ($4.4B, ~24.7% is goodwill)
Liabilities: $13.4 Billion
Net Assets: $4.4 Billion
Market Cap: $48.3 Billion
Price to Book Ratio: 10.9x
Price to Book Ratio (net of Goodwill): -947x (assets worth less than liabilities, net of goodwill)
Bitcoin held: ZERO
P/E Ratio: 24x
Revenue: $11.6B
TTM Net Income: $2.53B

For reference, Strategy has raised $10.4 Billion on STRC in the last 11 months.

Sits on 843,000 Bitcoin, currently valued at $56 Billion
Debt Liabilities: $6.7 Billion
Net Assets: $49.3 Billion.
Price to Book Ratio: 0.97%

Strategy has MORE NET ASSETS ON BALANCE SHEET TODAY THAN EBAY HAS IN MARKET CAP.

Others: Net assets / P/B ratio
XEL: $23 Billion (2.0X)
ETR: $17 Billion (2.9x)
LNG: $13.7 Billion (3.8x)
AZO: -$3.2 Billion (yes, negative) (-15.4x)
NDAQ: $12.2 Billion (4.1x)

[Jeff Walton @PunterJeff]

Episode 60 of the Hurdle Rate, out now!

We hit on:
- @Strive recent BTC buy
- Digital Credit: STRC & SATA market movement
- Conceptually analyzing the math behind amplification and risk
- Market incentive structures

Lots to unpack, straight shot of alpha from CEO, CIO & CRO

[Mason @MasonFoard]

The important context behind Strategy selling 32 BTC is S&P.

When S&P assigned Strategy a “B minus” credit rating, it cited reliance on capital markets as a weakness, “particularly since the company is reluctant to sell bitcoin it holds as investments.”

This sale directly rebuts that critique.

Rather than showing a change in treasury philosophy, Strategy showed that BTC is not trapped on the balance sheet. It is a liquid reserve asset that can be accessed when management decides it is economically rational.

[True North @TNorth]

A special guest will be joining as well :)

[True North @TNorth]

New Episode Today: 📷3pm PST / 6pm EST

True North Episode 69: Strategy Sells Bitcoin, so what?

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

Have questions you want answered on the stream? Ask them here: https://t.co/jgRCAZYr9M

[True North @TNorth]

High Yield, Low Volatility, and High Liquidity. $SATA $STRC

"That's like the Trifecta." @PunterJeff @_DannyKnowles

[True North @TNorth]

Boom. @PunterJeff back on with @_DannyKnowles: https://t.co/ip89dhW8Qq

[True North @TNorth]

@sthenc @IIICapital @savewithcastle Spotify: https://t.co/6T8f5Jr0Jb

Youtube: 
https://t.co/4hWqVQvi4T

[True North @TNorth]

The Income Show | Ep. 3 ft. @sthenc

Our host @IIICapital sits down with Stephen Cole to discuss Bitcoin powered businesses, @savewithcastle, the future of banking, and what the future holds for Bitcoin & Digital Credit.

[True North @TNorth]

Youtube Stream: https://t.co/3MsHKYEluw

[True North @TNorth]

The New Regime | Ep. 68 https://t.co/XJw9x59vPN

[True North @TNorth]

New Episode Today: 📷3pm PST / 6pm EST

True North Episode 68: The New Regime

1. Convertible Retirement
2. AI Trade
3. Warsh & Fed Regime

Have questions you want answered on the stream?
Ask them here: https://t.co/FEVWrBVqTq

[Mason @MasonFoard]

“This is personal. It’s not about the money anymore. I want to fix things. - @PunterJeff

Amen, Jeff.

[True North @TNorth]

@PunterJeff CC: @PunterJeff

[True North @TNorth]

Banks are becoming less trustworthy.

Civilization was built on trust.

Trust has been around for 200,000 years...

We can rebuild that trust with transparent balance sheets. @PunterJeff

[True North @TNorth]

"Mathematically it's a better product. You're getting capital faster. The APY is higher..." @PunterJeff @natbrunell