Key Takeaways
- Strategy secures €620M via its first Euro-denominated STRE offering.
- Shares yield 10% annually, compounding up to 18% if deferred.
- Funds will fuel bitcoin purchases and European expansion.
Strategy Inc., led by billionaire Michael Saylor, has once again made headlines with another financial move aimed at expanding its already massive bitcoin treasury.
The firm announced the successful pricing of its new Series A Perpetual Stream Preferred Stock (STRE) offering, raising an impressive €620 million (approximately $715 million).
This latest capital raise marks Strategy’s growing international presence, particularly in Europe. The company described the STRE issuance as the first Euro-denominated preferred stock offering by a bitcoin treasury firm.
The company says that the offering, initially planned at €350 million, was upsized due to strong institutional investor demand. The sale includes 7.75 million shares priced at €80 each, with settlement expected on November 13, 2025, pending standard closing conditions.
According to Strategy’s official release, net proceeds are estimated at around €608.8 million ($702.2 million) after deducting underwriting fees and expenses. The funds will be used for general corporate purposes, primarily to acquire additional bitcoin and bolster working capital.
Michael Saylor, who has been one of the most vocal advocates for bitcoin as a treasury reserve asset, emphasized that this move allows the company to strengthen its balance sheet without selling any of its bitcoin.
Each share of the new STRE preferred stock carries a 10% annual dividend based on its €100 stated value. Dividends will be paid quarterly in cash, starting on December 31, 2025, if approved by the company’s board.
In cases where dividends are deferred, interest on unpaid amounts will compound quarterly, starting at 11% and increasing by 1% per quarter, up to a maximum rate of 18%. This structure makes the STRE stock one of the more lucrative yield options in today’s market.
“The STRE shares will pay cumulative perpetual dividends at a rate of 10.00% per annum,” the company explained in its SEC filing.
The preferred shares come with additional investor protections. Each share has a liquidation preference of €100, meaning investors would be repaid that amount before common shareholders in the event of liquidation.
The liquidation value also adjusts daily based on recent trading prices, ensuring fair valuation if the shares become publicly traded.
In certain situations — such as a merger, restructuring, or delisting — shareholders can request that Strategy repurchase their STRE shares at the stated value plus any unpaid dividends.
The company also retains the right to redeem all outstanding STRE shares if less than 25% remain outstanding or if specific tax-related events occur.
With this offering, the company has officially expanded internationally to access new funding sources to feed its appetite for further bitcoin acquisitions.
This marks a deliberate move to diversify funding sources and attract global institutional investors interested in exposure to both fixed-income and digital-asset-linked returns.
The offering is being managed by a powerhouse syndicate of financial institutions, including Barclays, Morgan Stanley, Moelis & Company, Société Générale, TD Securities, Canaccord Genuity, and StoneX Financial — all serving as joint book-running managers.
Their involvement is a big vote of confidence in Strategy’s long-term vision.
This unique combination of a guaranteed dividend payout alongside potential bitcoin gains is the kind of opportunity that appeals to investors who like steady income but also want historical bitcoin gains.
