Arkham's analysis reveals that Strategy's STRC perpetual preferred stock has de-pegged, dropping approximately 25% to $76.2. Despite an annual dividend yield of 11.5%, requiring $1.2 billion in payments, Strategy is not legally bound to pay these dividends. The price decline does not trigger liquidations but reflects market concerns about Strategy's future dividend payments and fundraising capabilities. Arkham emphasizes that the current price drop is due to investor skepticism about the sustainability of dividend payments, not a structural collapse risk. While this situation won't directly lead to the company's downfall, it could undermine investor confidence over time, potentially weakening Strategy's ability to secure future financing if new funds are perceived as merely repaying old shareholders.