[Analysis: Strategy's Credit Risk Eased as Preferred Stock Value Exceeds Convertible Bonds] According to CoinDesk, the credit risk of Bitcoin treasury company Strategy has eased as the nominal value of its perpetual preferred stock reached $8.36 billion, surpassing the $8.2 billion in convertible debt. This shift in capital structure toward perpetual capital reduces refinancing risks and balance sheet volatility. Convertible bonds introduce maturity refinancing risks and volatility linked to stock prices, whereas perpetual preferred stock does not require principal repayment and pays fixed dividends, ranking between common stock and debt in priority. The company's preferred stock portfolio includes four instruments, with an annual dividend total of approximately $876 million. Additionally, Strategy holds $2.25 billion in reserves to improve dividend coverage and reduce short-term financing risks. The number of common shares in circulation has increased from 76 million in 2020 to over 310 million, which may alleviate dilution pressure from future bond-to-stock conversions.