The perpetual preferred stock of Strategy has reached $8.36 billion, surpassing its $8.21 billion convertible bonds, marking a key step in the company's efforts to protect its Bitcoin assets. This structure eliminates debt maturity risk but also creates a permanent dividend obligation, estimated at $876 million annually. Analysts warn that a continued decline in Bitcoin prices could weaken the company's stock premium, lead to dilution from new share issuance, and threaten the company's ability to pay dividends without selling Bitcoin, potentially triggering a vicious cycle.