[Arkham: STRC Price Decline Will Not Trigger Liquidation, But May Erode Strategy's Financing Ability in the Long Term] According to Arkham's analysis, Strategy's STRC perpetual preferred shares have depegged, dropping approximately 25% from face value to $76.2, with an annual dividend yield of 11.5%, requiring about $1.2 billion in annual dividend payments. Arkham emphasizes that Strategy is not legally obligated to pay these dividends, and if the company faces difficulties, it is not required to prioritize STRC shareholders. Unlike Terra LUNA, a decline in STRC price will not trigger liquidation; its price merely reflects market concerns about Strategy's ability to pay dividends and secure future financing. The current decline stems from investor doubts about the sustainability of dividend payments, rather than risks of structural collapse. Arkham believes this will not directly topple the company, but in the long term, it may erode investor confidence—if the market perceives new financing as merely being used to repay existing shareholders, future financing capabilities could be weakened.