Many people talk about 'MicroStrategy's interest pressure,' but you actually need to break it down into two layers to see the completely different consequences. 1. Convertible bond interest: This is real debt, but the coupon rate is very low, and many are even at 0%. In terms of cash flow, 'not paying interest' doesn’t save much; the real danger is missing payments on any coupon-bearing bonds → legal default → cross-default → creditors demanding principal repayment ahead of schedule. Only this chain of events could force the company to sell BTC. 2. Preferred stock dividends: The 11%/10%/8% mentioned in the news is mostly here. Legally, this isn’t considered interest, and missing payments usually doesn’t equal default or directly trigger bankruptcy. So the focus shouldn’t be on 'how high the interest rate is,' but rather on which layer of cash obligations gets breached.