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True North
@TNorth
True North is a team of investors and analysts exploring the outer edges of Bitcoin, digital credit, finance and macro economics.
Joined October 2024
33 Following    31.4K Followers
$6.2 billion raised. The converts paid off. A $4.8 billion cash balance. @GrainofSaltSF The person reading out those numbers spent last September publicly unhappy with Strategy, in a back and forth with @JoshMandell6 that happened in the open. The complaint then was specific. No willingness to sell Bitcoin, so the only way to fund the preferred dividends was issuing more MSTR shares, and SATA did not exist yet. Every item on that list has since moved. Fewer than 7,000 Bitcoin sold, which the clip treats as a non event. STRC described as back at par at $100.01 and funding its own dividend. Phong on TV saying the buybacks looked great mathematically and the Bitcoin price did them no favors is named on tape as the kind of answer that was missing before. One caveat stays on the list. Temptation. mNAV at 2.0 means a $1 stock sells for $2, and the read given is that the buying is now happening into strength. A change of mind, said out loud, to MSTR shareholders, with the receipts attached. $MSTR $STRC bitcoin:native
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