What if everyone is measuring $MSTR wrong? In this conversation with Adrian Morris, founding member of True North (True North), we challenge some of the biggest assumptions in the Bitcoin Treasury space: • Why mNAV is really a sentiment metric • Why Bitcoin per share isn't a valuation metric... • Why Strategy shouldn't defend its mNAV • The real story behind Strategy selling 32 $BTC • Why $STRC and $SATA may evolve very differently than investors expect • Why AI is attracting some of Bitcoin's capital One of the most thought-provoking $MSTR conversations we've had. If Adrian is right, investors may be looking at $MSTR completely wrong. $MSTR $ASST $MPJPY 00:00 Adrian Morris' Bitcoin Journey & Why He Bought MSTR 05:02 The Real Meaning of mNAV (Market Sentiment) 10:10 Why Bitcoin Treasury mNAVs Eventually Collapse 11:22 Should Bitcoin Treasury Companies Defend Their mNAV? 15:56 The Fatal Flaw in mNAV Buybacks 17:57 Why Strategy Should NOT Sell Bitcoin to Buy Back Shares 20:15 Why Did Strategy Sell 32 Bitcoin? 23:55 MSTR Myths, Margin Calls & X Misinformation 25:38 Why Bitcoin Per Share May Be Misleading Investors 31:09 The Endgame for Bitcoin Treasury Companies 34:42 The Future: REITs, Options & Bitcoin Financial Products 36:46 STRC, SATA & Bitcoin Preferred Shares Explained 41:22 Does STRC Guidance Even Matter? 43:12 Why SATA Outperformed STRC 45:42 Daily Dividends: Innovation or Hype? 48:30 Will STRC & SATA Eventually Cut Dividends? 54:54 Is AI Stealing Capital From Bitcoin? 01:00:51 Can Bitcoin Become AI's Security Layer? 01:03:56 Adrian's Message to Bitcoin Investors Watch the full episode 👇show more

@TimKotzman @_Adrian @TNorth Adrian is lying and was wrong. He said there would be no rotation from MSTR to AI miners, and I was actually one of the few people who called this, years before him… Proof of Arrogance:

@_Adrian @TNorth @_Adrian - have you read SOFTWAR?

@_Adrian @TNorth Great content gentlemen, thank you for sharing

@_Adrian @TNorth

Watch it on Youtube:

Listen to it on: - Spotify: - Apple Podcasts:

@_Adrian @TNorth The mNAV-as-sentiment framing is the right call — it's exactly why treasury-company valuations swing harder than the BTC underneath them. Bitcoin-per-share is the durable number; mNAV is the mood ring. More people need to separate the two.

Good points @_Adrian yet arguing mNAV is purely driven by sentiment suggests management has no control over it (and does not encourage management to create new instruments/bridges to bitcoin island). Not sure it is the message we want to convey. Companies that created more optionality for themselves to capture BTC yield will be rewarded with different headroom for mNAV expansion. If @Strategy and @Strive end up enjoying a higher mNAV over time on a relative basis, it will be 100% the result of company-specific initiatives and execution, not just market sentiment.

@_Adrian @TNorth That segment made zero sense

@_Adrian @TNorth Why are you giving Adrian any coverage at all? When he is a clear charlatan??? Muted.

@MD_ata21 @_Adrian @TNorth LOL, fuck that guy.

@_Adrian @TNorth Adrian is the most arrogant MSTR cult member of them all. Back in Dec 2024 he refused to believe dilution would have any negative impact on the stock price. If you keep selling your own stock, of course it will have an adverse effect.

@_Adrian @TNorth Interesting discussion! It's worth noting that 161 institutional firms hold $MSTR, with an average purchase price of $151.42. The stock is currently trading at a 20.5% discount below that institutional average. Follow for institutional analysis.

@_Adrian @TNorth A continuation of this discussion and its ideas:

@_Adrian @TNorth LOL TLDR: Stock is down 80%