We're So (Buy)Back | True North Podcast | Ep. 77

— Treasury announced a program to buy back long-term bonds (10–30 year) by issuing short-term T-bills, effectively functioning as quantitative easing and increasing market liquidity.

— Bitcoin rose sharply in response to macro stimulus signals; the largest short liquidation day in Bitcoin history occurred, with $100 billion added to Bitcoin's market cap in 17 hours.

— MicroStrategy's balance sheet strengthened significantly with Bitcoin holdings up ~$5.2 billion week-over-week; USD reserve increased ~$150 million; net leverage approaching zero.

— Strategy Q&A revealed focus on digital credit products (STRC, SDRC), cash preservation ($4.8 billion), and refinancing away from convertible debt toward perpetual preferred equity structures.

— NVIDIA announced a $500 billion backstop facility for GPU financing, raising systemic risk concerns about concentrated collateral depreciation schedules and competitive obsolescence.

— Gold and equities rallied alongside Bitcoin; dollar index hit lowest point since May; Trump signaled willingness to consider U.S. government Bitcoin purchases.

— Monitor Bitcoin's durability above $80,000 as the key technical threshold signaling a confirmed trend reversal and bear market bottom; moves below $70,000 would suggest the rally remains nascent.

— Watch MicroStrategy's capital allocation decisions: if STRC reaches par ($100+), they can redirect issuance proceeds to cash reserves rather than forcing MSTR ATM dilution, reducing short pressure and allowing MNAV expansion.

— Understand the structural shift from convertible debt (incentivizes short selling by hedge funds) to perpetual preferred equity (incentivizes credit quality focus); this alignment reduces negative convexity risks and supports sustainable credit instrument pricing.