The Income Show

Is Bitcoin's four-year cycle still alive? Parker White used to deny it. Now he says Bitcoin tops in September 2029.

Parker White is back with Joe Burnett to break down STRC's return to par, why digital credit is in the trough of its J-curve, and why liquidity is the enemy of convexity. They also cover the midterms and affordability, whether money printing drives inflation, the backlash against data centers, Strategy's STRC buybacks, the Binance hack, and how the next Bitcoin bull market plays out.

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Timestamps:

0:00 - Intro

1:24 - STRC Is Back At Par

4:46 - The Midterms And Affordability

10:29 - Does Money Printing Cause Inflation?

16:15 - Why People Hate Data Centers

26:02 - Liquidity Is The Enemy Of Convexity

31:34 - The Bear Case For Bitcoin

33:10 - Why Rates Don't Matter For Digital Credit

35:07 - Strategy's STRC Buybacks

38:23 - Digital Money Vs Digital Yield

42:08 - The Binance Hack

45:24 - AI And The Scam Problem

48:47 - When Bitcoin Tops Next Cycle

50:57 - Closing Thoughts

Disclaimer:

The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers' filings with the Securities and Exchange Commission ("SEC"), including any registration statements, prospectuses and prospectus supplements for each issuers' securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.*

Any securities referred to herein, including those of True North's parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Grant Cardone offered Jason Calacanis a $1 million bet that Bitcoin hits a new all-time high by 2028. Jason still hasn't taken it. Grant explains why he's so sure, and why he's adding Bitcoin to every apartment deal he buys.

Grant Cardone joins Joe Burnett to break down his real estate and Bitcoin playbook, how STRC inspired him to bring back an 8% pref for his investors, and why he thinks the REIT model is broken. They also cover why the rich don't diversify, what Bitcoiners get wrong about marketing, and why he thinks money rotates from AI back to Bitcoin.

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Timestamps:

0:00 - Intro

1:04 - The $1M Bitcoin Bet

5:13 - Why Bitcoin Hits a New High

8:20 - Real Estate and Bitcoin on Sale

11:10 - From One House to 16,000 Apartments

14:31 - Why the Rich Don't Diversify

20:02 - What Michael Saylor Told Him

25:41 - What $500K Bitcoin Would Mean

30:29 - How STRC Changed His Deals

35:35 - Bitcoin's Marketing Problem

45:01 - Why REITs Are Broken

51:44 - The 10,000 Bitcoin Goal

53:34 - AI and Bitcoin

57:48 - Closing Thoughts

Disclaimer:

The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers' filings with the Securities and Exchange Commission ("SEC"), including any registration statements, prospectuses and prospectus supplements for each issuers' securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.*

Any securities referred to herein, including those of True North's parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

If Bitcoin were at $200K, would anyone be talking about STRC buybacks? Adrian Morris says his data shows Bitcoin, not buybacks or dividend hikes, is what drives digital credit.

Adrian Morris is back with Joe Burnett to walk through his models on STRC and SATA, explain why digital credit now trades as its own asset class, and show why the summer sell-off doesn’t mean it’s broken. They also cover digital money built on top of digital credit, what a bull market could look like for Strategy and Strive, and his Bitcoin outlook.

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Timestamps:

0:00 - Intro

1:06 - The State of Digital Credit

3:23 - Why Strategy Is Buying Back STRC

5:49 - What Really Drives STRC

18:16 - Do Dividend Hikes Work?

21:51 - The $200K Test

23:15 - What Strategy Should Do Now

25:11 - Breaking Down the Data

34:17 - Was It a Leverage Flush?

43:51 - Bitcoin as a Language

47:58 - The Future of Digital Money

53:26 - Digital Credit in a Bull Market

57:07 - Bitcoin Outlook

1:00:58 - Closing Thoughts

Disclaimer:

The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Strategy spent about nine times more buying back STRC than buying Bitcoin in one week. Allard Peng says buybacks at 98 cents on the dollar are waste.

The quant returns to break down why STRC still isn’t back at $100, why not raising the dividend was the right call, and why the buybacks went too far. He also maps the digital money and digital yield products being built on top of digital credit, explains why fixed-rate preferreds may be the better long-term buy, and shares why he thinks Bitcoin is set to outperform.

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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

Disclaimer:

The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Trey Sellers borrowed against his home at 5% to buy STRC yielding 10%, and he explains why he never worried when it crashed.

The head of Strike Private and creator of FIRE BTC joins host Joe Burnett to discuss how Bitcoin changes the math of retiring early, why he thinks an 8% withdrawal rate is conservative on a Bitcoin standard, and why you should keep a mortgage instead of paying it off. They also cover growth vs. income investing, whether digital credit is suppressing Bitcoin's price, and why $83,000 Bitcoin is bullish.

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Timestamps

0:00 - Intro

1:19 - Investing Before Bitcoin and the FIRE Method

8:04 - Swapping Index Funds for Bitcoin

10:02 - Is the FIRE Movement Growing?

13:04 - How Bitcoin Changes the FIRE Math

16:32 - The Case for an 8% Withdrawal Rate

21:18 - Growth vs. Income Investing

24:21 - The Tax Advantage of Digital Credit

25:44 - Volatility Is Why People Buy Bitcoin

29:14 - Why Starting Early Matters

30:25 - Borrowing Against His Home to Buy STRC

34:46 - Why You Should Keep Your Mortgage

39:25 - Why He Trusted Strategy to Pay the Dividend

45:17 - Is Digital Credit Suppressing Bitcoin's Price?

49:44 - Why $83K Bitcoin Is Bullish

52:10 - Closing Thoughts

Disclaimer:

The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Wyatt O'Rourke believes the finance industry embracing Bitcoin is the only peaceful path to a Bitcoin standard.

The founder of Bitcoin-native wealth manager Basilic Financial and author of The Bitcoinization of Finance joins host Joe Burnett to discuss why Bitcoiners will become the new 1%, how SATA and STRC are filling the fixed-income gap for his clients, and what the next generation of Bitcoin investment products could look like. They also cover inheritance and custody planning, taming Bitcoin's volatility, and what portfolios look like on a Bitcoin standard.

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0:00 - Intro

5:33 - Wyatt's Investing Philosophy Before Bitcoin

8:45 - The Bitcoinization of Finance

13:48 - The Biggest Mistake Wealthy Bitcoiners Make

16:48 - The Peaceful Path to Hyperbitcoinization

21:09 - Building the Bridge to a Bitcoin Standard

24:31 - The Case for Digital Credit

30:04 - What a V2 Bitcoin Income Product Looks Like

34:19 - Taming Bitcoin's Volatility

40:51 - Can Digital Credit Revive Income Investing?

45:09 - Portfolios on a Bitcoin Standard

50:35 - Closing Thoughts

Disclaimer:

The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).\*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Tad Smith is very bullish on Bitcoin, and the fact that so many people aren't makes him even more bullish.

Tad joins host Joe Burnett to discuss the Fed's surprise rate hike, Treasury Secretary Bessent's path toward yield curve control, and how AI is reshaping jobs and markets. They also cover Tad's barbell portfolio, the lessons of STRC's summer selloff, Bitcoin treasury companies, and why he believes all roads lead to Bitcoin.

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Timestamps

0:00 - Intro

1:18 - The Fed's Unnecessary Rate Hike

5:49 - Bessent, Warsh and Yield Curve Control

12:01 - Is AI a Bubble?

15:04 - AI Regulation and P(doom)

20:09 - AI and the Labor Market

25:11 - Tad's Barbell Portfolio

28:28 - Digital Credit and Stretch's Summer Selloff

35:28 - Why Tad Is Bullish on Bitcoin

40:00 - Strive, Strategy and Metaplanet

44:26 - The Clarity Act and Crypto Regulation

49:19 - AI, Terminal Values and Bitcoin

52:05 - The Economy in 10 Years

55:59 - Bitcoin's Path to 2030

57:56 - Closing Thoughts

Disclaimer:

The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Income Show is back with host Joe Burnett and BritishHODL, who argues that Bitcoin’s problem wasn’t gold or AI: it became boring. They discuss why ETF investors may be the real diamond hands, BlackRock’s Bitcoin strategy, and the trade-offs of self-custody. They also explore SATA, STRC, Bitcoin-backed savings accounts, and borrowing against Bitcoin without selling.

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Timestamps

0:00 - Intro

1:19 - From Real Estate and Gold to Bitcoin

5:03 - Bitcoin as the Investment Hurdle Rate

7:07 - What Holds Back Bitcoin Adoption?

9:55 - Interest Rates, Debt and Global Liquidity

14:49 - Does the ISM PMI Still Matter for Bitcoin?

17:19 - Gold, AI and Why Bitcoin Became Boring

24:20 - BlackRock, IBIT and In-Kind Conversions

34:50 - Self-Custody vs. Bitcoin ETFs

38:35 - Plugging Bitcoin Into Global Finance

42:05 - Digital Credit, SATA and STRC

44:42 - Could Bitcoin Power High-Yield Savings Accounts?

50:22 - Bitcoin Purists, Borrowing and Generational Wealth

58:15 - Closing Thoughts

Disclaimer:

The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Income Show is back with host Joe Burnett, joined by Brian Harrington to discuss how he identified a likely Bitcoin bottom and navigated the latest bear market. Brian explains why he rebuilt his portfolio around income, why passive index investing no longer interests him, and how he maps products across a simplified Bitcoin yield curve. They also explore digital credit, Strategy preferreds, covered-call funds, Bitcoin-backed lending, stablecoins, and the role of predictable cash flow in reducing Bitcoin’s volatility barrier. Finally, they consider Bitcoin’s future returns, the path from income products to direct Bitcoin ownership, and why both longtime holders and newer participants may need to rethink old assumptions.

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Timestamps

0:00 - Intro

1:42 - The Bitcoin Bottom and Bear Market

5:42 - Strategy Sales and Market Signals

9:08 - Growth vs. Income Investing

12:23 - Bitcoin Maximalism and Tokenization

15:50 - Bitcoin as the Growth Benchmark

20:27 - The Bitcoin Yield Curve

24:07 - Total Return vs. Cash Flow

28:23 - The Case for Digital Credit

34:00 - Borrowing Against Bitcoin

36:30 - Digital Money and Stablecoins

44:03 - Volatility and Bitcoin Adoption

50:26 - Future Returns and Bitcoin Ownership

54:47 - Closing Thoughts

Disclaimer:

The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Income Show is back with host Joe Burnett, joined by Lyn Alden, to discuss U.S. Treasury buybacks, long-term yields, and the path toward financial repression. They distinguish the Treasury’s recent actions from full yield curve control, examine fiscal dominance and the relationship between the Treasury and Federal Reserve, and consider what these policies mean for hard assets. They also explore Bitcoin’s role as money and a protocol of value, its recent performance relative to gold, and the structure, valuation, and leverage risks of digital credit. Lyn compares Bitcoin mining with AI compute and explains why greater technological abundance would not eliminate scarcity or the need for money.

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Timestamps:

0:00 - Intro

1:15 - Treasury Buybacks and Yield Curve Control

5:55 - Why Long-Term Yields Matter

9:44 - Druckenmiller and Financial Repression

13:10 - Hard Money and Fiscal Dominance

20:36 - Bitcoin’s Role as Money

25:20 - Treasuries, Hard Assets and Currency Failure

29:16 - Bitcoin as a Protocol of Value

32:31 - Bitcoin vs. Gold

36:32 - The Digital Credit Thesis

41:16 - Valuing Digital Credit

47:23 - Stablecoins, Tokenization and Reflexivity

54:41 - Bitcoin, AI Compute and Abundance

59:41 - Closing Thoughts

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Income Show is back with host Joe Burnett, joined by Jessy Gilger, a certified financial planner and founder of Verify Wealth, to discuss Bitcoin, personal finance, and the risks of chasing yield. They examine how investors can navigate Bitcoin drawdowns, whether the four-year cycle still matters, and why financial plans should reflect real-world goals and cash-flow needs. They also explore Bitcoin-native financial planning, self-custody versus ETFs, the role of education in broader adoption, and the differences between growth and income investing. Finally, Joe and Jessy discuss Bitcoin-backed preferred stock, MSTR as amplified Bitcoin exposure, and why investors should carefully weigh leverage, volatility, and downside risk.

Timestamps:

0:00 - Intro

1:38 - Bitcoin’s Drawdown and Investor Behavior

4:01 - The Four-Year Cycle and Halvings

6:10 - Planning Through Bitcoin Volatility

13:09 - Financial Advisors and Bitcoin ETFs

16:00 - Self-Custody vs. ETFs

18:49 - Cash Flow Before Bitcoin

22:41 - Education and the Next Wave of Adoption

27:31 - Growth vs. Income Investing

32:22 - When Income Investing Fits

47:55 - MSTR and Amplified Bitcoin

57:07 - Closing Thoughts

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).\*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Income Show is back with host Joe Burnett, joined by Dr. Jeff Ross, founder and CEO of Vailshire Capital Management, to discuss Bitcoin, global liquidity, and the changing macroeconomic landscape. They examine Jeff’s transition from radiologist to macro fund manager, why gold has recently outperformed Bitcoin, and how hard assets could perform over the next decade. They also explore Bitcoin’s four-year cycle, the possibility of a market bottom, Strategy’s growing focus on digital credit, and the risks facing leveraged Bitcoin treasury companies. Finally, Jeff explains why investors should approach leverage cautiously and shares his long-term advice: stay humble and stack sats.

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Timestamps:

0:00 Intro

1:52 From Radiologist to Macro Fund Manager

5:23 How Medicine Shaped His Investing

8:06 From Gold Bug to Bitcoin Believer

16:05 Is Bitcoin the Ultimate Hard Asset?

21:30 Yield Curve Control, Bonds and Housing

25:04 10-Year Outlook for Bitcoin, Gold and Stocks

29:58 Is Bitcoin’s Four-Year Cycle Still Alive?

39:42 Digital Credit and Strategy’s Changing Focus

45:14 Bitcoin, Proof of Stake and Washington

50:23 The Leverage Risk for Bitcoin Treasury Companies

53:54 Can Bitcoin Yield Products Go Mainstream?

58:30 Closing Thoughts

The Income Show is back with host Joe Burnett, joined by Loren Asmus, Head of Investor Relations at UTXO, to unpack how institutional capital is finally starting to bridge into Bitcoin, and why fixed income is at the center of it. Loren brings a traditional finance lens sharpened by years on the institutional side, and walks through the journey that took him from allocating inside legacy portfolios to helping build the infrastructure that lets institutions actually access Bitcoin exposure at scale.

Joe and Loren break down why the 60/40 portfolio is fundamentally broken in a fiscally dominant world, how institutional allocators really think about fixed income, and the structural reasons most institutions still can't just buy Bitcoin outright, no matter how much conviction the CIO has. From there, the conversation moves into the future of income investing and the emergence of digital credit as its own asset class, covering the difference between senior and junior digital credit, how large the market could realistically become, and how it should actually be valued.

They also get into the STRC drawdown and what it revealed about digital credit volatility, why the "just hold Bitcoin and cash" argument misses the point for large pools of capital, the role of the government backstop through the next recession, and why Bitcoin's infinite duration makes it the ultimate long-duration asset on a corporate balance sheet. It's a conversation about where trillions of dollars of fixed income allocation may ultimately end up, and the plumbing being built right now to move it there.

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The Income Show is back with host Joe Burnett, joined by Sam Callahan to discuss how to think about markets and portfolio construction in today's environment. They break down Sam's unpopular Bitcoin opinions, the line between conviction and stubbornness, and why time horizon and volatility shake most investors out too early. They also examine fiscal dominance, Bitcoin's role as a global liquidity trade, treasury companies and digital credit, and Fidelity's math showing Bitcoin needs to hit $370K by 2032, evaluating the shape of Bitcoin's returns into 2030 and why adoption still isn't at 100%.

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The Income Show is back with host Joe Burnett, joined by Allard Peng to discuss how Bitcoin is reshaping traditional investing and giving rise to a new asset class in digital credit. They break down retail versus institutional flows, growth versus income investing, and why volatility shouldn't be conflated with risk. They also examine Strategy's role as a Bitcoin development company, the Impossible Trinity shaping STRC's design, and a five year outlook for Bitcoin and digital credit, evaluating both the bull and bear cases and the role banks may ultimately play.

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The Income Show is back with host Joe Burnett, joined by Archie from the Bitcoin Archive to discuss the tension between traditional HODLing culture and the rising financialization of Bitcoin. They break down portfolio strategies for onboarding new users, the macroeconomic role of corporate treasuries, and the metrics signaling the bottom of the current bear market. They also analyze a five-year outlook for global capital, evaluating both the bull and bear cases for Bitcoin and digital credit instruments.

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Timestamps:

00:00 - Intro

01:54 - How People Think About Investing

03:00 - The Core Thesis For Bitcoin

05:18 - Traditional And Modern Investment Approaches

07:29 - Reconciling Hodling And Financialization

13:36 - Overcoming Bitcoin FUD and Misconceptions

14:46 - Evolution Of Bitcoin Adoption

15:35 - Strategies For Introducing Bitcoin To New Users

17:05 - The Orange Pilling Conversation Nuance

18:01 - Role Of ETFs And Treasury Companies

22:03 - The Role Of Financial Institutions In Hyper Bitcoinization

26:04 - Digital Credit Fit In Income Generation

27:56 - Bottom Of The Bitcoin Bare Market Dynamics

32:27 - Strategy For Working Professionals With Savings

37:19 - Technical Indicators Signaling Market Bottoms

39:33 - Market Projections For Late Q3 And Q4

40:00 - Five Year Bull and Bear Case For Bitcoin

44:40 - Stress Testing Financial Products For Emerging Bull Markets

45:50 - Closing Thoughts

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Income Show is back with host Joe Burnett, joined by Parker White of Apyx to break down his approach to portfolio construction, the role of income in managing Bitcoin volatility, and why price often drives market narratives more than fundamentals. They also discuss whether Bitcoin’s four-year cycle is still intact, Strategy’s Bitcoin sales, Michael Saylor’s influence on adoption, the path for digital credit to return to par, and how Bitcoin-backed credit and tokenized assets could reshape global finance.

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Timestamps:

00:00 - Intro

01:00 - Parker's Investment Philosophy

05:49 - The Psychology and Optics of Income Assets

11:34 - Market Outlook & The Psychology of Price Action

15:57 - The Bitcoin 4-Year Cycle & Human Emotion

29:27 - Strategy’s Bitcoin Selling & Resiliency

35:21 - Michael Saylor's Impact on Bitcoin Education

41:24 - What Will It Take for Digital Credit to Return to Par?

45:14 - The Future of Digital Credit & Fixed Income Capital

48:20 - Volatility, Returns, and Digital Money

52:32 - Real-World Assets On-Chain & Exporting American Finance

57:03 - Closing Thoughts

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Income Show is back for Episode 8, with host @IIICapital joined by Jon Willbanks to talk about building a portfolio around Bitcoin, Tesla, and digital credit, the common misconceptions holding people back from Bitcoin, and why he sees the coming singularity and wealth rotation between asset classes reshaping how capital moves, with Bitcoin at the center of it.

The Income Show is back for Episode 9, with host Joe Burnett joined by Jesse Myers to talk about the recent shakeout in digital credit, where Bitcoin sentiment and the four-year cycle stand today, and why he sees Bitcoin accelerating toward becoming the world's dominant form of long-term capital.

00:00 - Intro

01:37 - Analyzing Recent Volatility In Digital Credit

03:21 - Examining Liquidation Events And Leverage Wipeouts

07:46 - Effective Yields And Market Bargains

09:24 - The Future Cycle Of Par Value And Market Dynamics

12:18 - Comparing Digital Credit Design To Typical Bonds

16:00 - Digital Credit And Its Relationship With Bitcoin Investment

18:33 - Potential Market Penetration In Fixed Income Portfolios

22:40 - Accelerating The Monetization Of Bitcoin

28:32 - Bitcoin As A Better Form Of Global Capital

30:58 - Analyzing The Four-year Bitcoin Cycle

35:46 - The Impact Of The Ai Boom On Bitcoin Liquidity

37:56 - Transitioning To A Bitcoin-based Civilization

41:40 - Reshaping Culture Toward Long-term Thinking

44:20 - Defining Digital Capital Versus Day-to-day Money

47:43 - The Utility And Permissionless Nature Of Bitcoin

51:52 - Layer 2 Solutions And The Medium Of Exchange

55:27 - Historical Parallels With Industrial Innovators

57:56 - The Role Of Michael Sailor And Structural Advantages

59:18 - Executing The Amplified Bitcoin Strategy In The Uk

01:02:08 - Closing Thoughts

The Income Show is back for Episode 7, with host @IIICapital joined by Tyler Evans, CIO of Nakamoto, to discuss $STRC, $SATA, Strive, Strategy, Bitcoin sentiment, and more.

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Time Stamps:

00:00 Intro

01:17 Historical Bitcoin Market Cycles And Institutional Adoption

02:51 Current Bitcoin Market Sentiment And On-Chain Indicators

03:45 Evolution Of Bitcoin's Volatility

05:30 Volatility Harvesting Strategies And ETFs

06:31 Conceptualizing Digital Credit As A Long Carry Trade

08:54 Target Markets For Digital Credit Products

11:51 Retail Interest And Income Generation For Bitcoiners

13:39 Recent Volatility In STRC Pricing

14:53 Market Forces Affecting Digital Credit Performance

18:17 Importance Of Cash Reserves For Issuers

19:57 Capital Markets Positioning And Raising Capital

21:32 One-Year Performance Review Of Digital Credit

24:26 Building Financial Applications On Digital Credit

28:07 Addressing Criticisms Within The Bitcoin Community

34:52 Digital Credit Vs. Private Credit Market

37:32 Transparency And Liquidity Differences

41:32 Bitcoin Growth Required For Dividend Coverage

42:25 Future Outlook For Digital Credit Issuers

45:13 Macroeconomic Conditions And Bitcoin's Core Thesis

48:37 Closing Thoughts

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Income Show is back for Episode 6, with host @IIICapital joined by Evan Horowitz to discuss the Anti-debasement trade (as a public CEO of $FMHS), the future of Bitcoin, recent price action of $MSTR & $STRC), Market volatility and how to deal with red days, and much more.

The Income Show is back for Episode 5, with host @IIICapital joined by Brian Brookshire to talk all things digital finance. From digital credit and stablecoins to Bitcoin and standout tickers like $MSTR, $STRC, and $SATA, this conversation covers the ideas and assets reshaping how we think about money. Tune in for a clear, no-fluff breakdown of where digital credit and markets are heading.

In Episode 4 of The Income Show, Joe sits down with Jakob Schillinger, CEO of Hermetica, a self-custodial Bitcoin yield product built for earning BTC-denominated returns while keeping your position on-chain and transparent. Together they explore the future of money, the evolution of fixed income, and why digital credit represents one of the largest untapped markets in finance. The conversation digs into what separates a durable yield product from the failures of past cycles, covering transparency, institutional-grade risk controls, the importance of low volatility, and the lessons being absorbed from recent DeFi exploits. Jakob and Joe also unpack Hermetica's infrastructure, its path to multi billion dollar scale, and how simplification, not complexity, is the foundation of higher security. They close on the bigger picture: Bitcoin's role as a world reserve asset, the intersection of AI and Bitcoin, and how a shifting interest rate regime will redefine the priorities of every digital credit issuer in the next cycle.

Full video podcast on YouTube and https://tnorth.com

In this Episode 3 of The Income Show, we sit down with the founder of Castle to explore how Bitcoin and digital credit are reshaping the way businesses save, borrow, and benchmark long-term success. We dig into why traditional banking is falling short, how Castle's platform lets any company automatically start accumulating Bitcoin on its balance sheet, and why digital credit may be one of the most overlooked opportunities of the cycle. From the parallels between today's Bitcoin adoption and the early internet, to the risks of waiting on the sidelines, to what happens when rates shift and household-name corporates finally step in, we cover the full arc of where this is heading over the next five years.

In Episode 2 of The Income Show, we sit down with Matthew Sigel, CFA and Head of Digital Assets Research at VanEck, to discuss the rise of digital credit, institutional yield opportunities, Bitcoin’s role in the global financial system, how macroeconomic forces are reshaping modern investing, and much more. Matthew shares his investment philosophy, breaks down the evolution of Strategy’s digital credit products, and explains why traditional 60/40 portfolios may no longer be sufficient in an era of persistent government spending, monetary expansion, and structural inflation. The conversation also explores Bitcoin mining infrastructure, AI-driven energy demand, institutional adoption, and the long-term implications of digital assets on markets and society. Whether you’re interested in Bitcoin, fixed income, macro strategy, or the future of institutional finance, this episode offers a deep dive into the changing landscape of modern capital markets. Matthew Sigel is a CFA charterholder and serves as Head of Digital Assets Research at VanEck, where he focuses on crypto markets, Bitcoin adoption, mining infrastructure, and digital asset investment strategy.

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Time Stamps:

00:00 - Intro

01:14 - General investment philosophy and core principles

03:37 - Common mistakes and market timing pitfalls

06:07 - Analysis of Strategy and digital credit offerings

08:36 - Digital credit versus traditional fixed income

10:25 - Shifting away from traditional 60/40 portfolios

12:45 - Personal conviction and modern monetary theory

14:15 - Economic inequality and Bitcoin's societal impact

16:33 - Resilience of digital credit during market drawdowns

18:01 - Building institutional trust and track records

19:34 - Risks and limitations of digital credit

23:21 - Growth versus value investing in digital assets

28:04 - Intersection of AI and Bitcoin mining infrastructure

31:48 - Future market projections for 2030 and 2050

34:16 - Macroeconomic factors and interest rate impact

36:14 - Relationship between Bitcoin and gold

37:12 - Nation-state involvement in Bitcoin mining

39:42 - Closing thoughts

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

In the debut episode of The Income Show, we sit down with Mike Alfred; private investor, board director, and one of the sharpest minds at the intersection of Bitcoin, AI, and digital finance. Mike is the Founder and Managing Partner of Alpine Fox LP, a private investment partnership focused on value equities and Bitcoin. He serves on the boards of IREN (NASDAQ: IREN), a publicly traded data center and Bitcoin mining company, and Bakkt (NYSE: BKKT), a regulated crypto fintech platform.

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