True North✓

$MSTR holders are more convicted than Bitcoiners. And the data proves it. @SullyMichaelvan joins @AdamBLiv to break down the sentiment data behind amplified Bitcoin, $BTC's philosophical civil war, and why he thinks we’re in a disbelief rally. Timestamps: 00:00 Intro 01:39 Bitcoin’s Philosophical Civil War 06:29 Why Buy Bitcoin Treasury Companies 11:30 The Merton Model Explained 22:33 Bitcoin Sentiment Hits Historic Lows 32:41 How Michael Measures Sentiment 37:47 MSTR Holders Vs. Bitcoiners 44:20 The Coldcard Divide 47:49 Strive Sentiment After The Reverse Split 53:48 Is The Bitcoin Bottom In? 57:07 Bitcoin’s Correlation With Gold 59:29 Closing Thoughts

A higher yield can attract the wrong kind of buyer. @stonychambers says pushing income too high can draw leveraged investors while turning away people who just want a stable credit product. “It attracts a crowd that behaves like that if you put the yield too high up.”

Bitcoin's recent underperformance is part of Allard Peng's bullish case for the next two years. @stonychambers on why he expects $BTC to outperform other major assets.

Allard Peng likes Strive adding $SATS alongside $SATA. Fixed and variable rates appeal to different investors and give the market more ways to allocate capital. “When you have competition like this, you create better products for the market, for consumers.” - @stonychambers

@SullyMichaelvan @AdamBLiv Check out the discussion between @AdamBLiv and @SullyMichaelvan on YouTube:

Strategy $MSTR is spending cash to buy back and retire $STRC. @PunterJeff says the buybacks, changing arbitrage flows and reduced leverage could help compress volatility and move the preferred back toward par. “I think we will see this continue to trend toward par.”

Digital Credit · Week in Review (Oct 19–23) Three up, three down. $1.27B traded. ▲ $SATS +1.74% · $221.5M* ▲ $STRC +1.65% · $738.8M ▲ $SATA +1.18% · $222.0M ▼ $STRD −1.62% · $30.2M ▼ $STRF −2.12% · $27.3M ▼ $STRK −3.00% · $32.2M $SATS is the latest addition to the digital credit market. Public trading began on the 20th. $STRC took 58% of the flow. Strive’s $SATA and $SATS took 83.2% of the rest:

A missed dividend doesn’t mean the same thing for every preferred. @PunterJeff explains the difference between SATS and STRD: $SATS is cumulative, so deferred dividends build up and remain owed. $STRD is noncumulative. If a dividend is skipped, investors don’t get it back later.

Could BlackRock or JPMorgan offer the same risk profile? @PunterJeff argues they'd have to change their balance sheets and take on the risk of paying a 15% dividend.

The True Innovation of Digital Credit - Explained! Every piece of credit comes with an option. Traditional credit gives it to the lender... which is the right to force a sale at the worst possible time. Digital credit gives up the right to force a sale. The value of that right accrues to the common, which pays for it through the dividend. @AdamBLiv explains in less than 3 minutes:

No other asset class comes close to touching Bitcoin's long term compounding trend. @AdamBLiv breaks down why there is no second best... in only three minutes. bitcoin:native

$SATA’s $100 issuance floor protects investors, but it can also close the door on new issuance. @PunterJeff says a fixed-rate instrument gives Strive $ASST another way to access credit markets when SATA is below par. “It gives significant optionality on when we can be utilizing that instrument to raise capital.”

Allard Peng says Digital Credit investors are being overcompensated for the risk they’re taking right now. @stonychambers is back on The Income Show with @IIICapital to break down what’s holding STRC below par, where digital credit goes next, and why he’s still very bullish on Bitcoin. 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 $BTC $MSTR $STRC $ASST $SATA $SATS

@stonychambers @IIICapital YouTube: Spotify: Apple: Fountain:

True North Episode 83: The Frontier of Credit

Corporate Credit issued against crypto since August 2020. Includes: 1. Debt issued 2. Preferred Issued 3. Hybrid (convertible bonds) issued 4. Retired debt and preferred equity (buybacks / refi's) Credit is building on Bitcoin.

135 Digital Credit dividends have come due since March 2025. 135 have been paid. STRK: 7/7 STRF: 6/6 STRD: 5/5 STRE: 4/4 STRC: 18/18 SATA: 95/95 SATS: first payment Nov 9 Quarterly. Monthly. Semi-monthly. Every business day. Zero missed.

Digital Credit is Bitcoin, refined. 2026 YTD annualized volatility: ASST + MSTR: 95% Bitcoin: 45% SATA + STRC: 24% Same raw material. Structured finance sends the volatility to the common equity and strips it out of Digital Credit:

Digital Credit vs. Traditional Income: Effective Yield

RT @nithusezni: I'll be on stage. Hope to see you there. You ever had a conference with a range day? I didn't think so.

27 DAYS. Day two of the Bitcoin Veterans Summit is not your average Range Day. Our Range Event is a competitive, skill-building experience led by Paladin Tower Tactics @PaladinTower Designed to challenge you, sharpen your skills, and push you beyond your comfort zone. Real competition. Elite instruction. Serious skill development. This isn't a day at the range. It's a mission. November 9-10 | Nashville, TN Think you've got what it takes? Let's find out. Register now for the Bitcoin Veterans Summit and secure your spot at the Range Event.