Bitcoin Treasuries: Hottest Stocks in the Market? True North on Digital Transformation of Capital

In this episode of Coin Stories, Natalie Brunell interviews the True North team—Jeff Walton, Tim Kotzman, and Ben Werkman—to explore their insights on Bitcoin treasury companies. They discuss the origins of True North, initially an investment club that evolved into a C Corp, and its focus on providing transparent information about companies like Microstrategy (MSTR). The conversation covers the importance of MNAV (Multiple of Net Asset Value) in evaluating these companies, a metric popularized by True North, and how companies can differentiate themselves through messaging, execution, and innovative financial instruments like preferred equity. The team also addresses criticisms of corporate Bitcoin treasuries, emphasizing the collateralized nature and potential of these instruments to attract fixed income market investors, and shares their bullish outlook on companies like Metaplanet and Semler, highlighting the significance of risk management and strategic balance sheet management in the Bitcoin space.