Strategy’s $8.36B preferred equity tops $8.21B debt as analysts flag lower bankruptcy risk for MSTR

Strategy (Nasdaq: MSTR), formerly MicroStrategy, has for the first time lifted its preferred stock balance of $8.36 billion above its total convertible debt of $8.21 billion, marking a key shift in its capital structure. Analysts say the move toward preferred equity, which has no fixed maturity, reduces bankruptcy-linked risk as the firm continues expanding its Bitcoin holdings and could support MSTR’s long-term stock performance.