MicroStrategy's credit risk has eased, with its $8.36 billion in perpetual preferred stock surpassing the $8.2 billion in outstanding convertible bonds, indicating a more stable capital structure for its Bitcoin accumulation strategy. Analysts note that this shift reduces refinancing risk and credit spread volatility, as preferred stock has no principal repayment obligation. Additionally, the company holds $2.25 billion in reserves for dividend payments and to mitigate financing risks.