MicroStrategy's perpetual preferred stock STRC has seriously depegged, with a face value of $100 now below 90%. The annualized interest rate is still 11.50%, probably the most severe depegging so far. But if they sell crypto to pay interest, it might depeg further. Their debt was already serious, yet they insisted on doubling down on buying crypto. Now, with the cash on hand, there’s really only a few months left to pay interest.