Strategy Announces Proposed Euro-Based STRE Stock Sale
- Strategy launches €100-per-share STRE stock to boost Bitcoin acquisition funding.
- The 10% dividend STRE stock targets European institutional investors exclusively.
- Strategy now holds 641,205 Bitcoins after its latest $45.6 million Bitcoin purchase.
Strategy, led by Michael Saylor, announced plans to raise funds through a euro-denominated preferred stock offering in Europe. The company intends to issue 3.5 million shares of its 10% Series A Perpetual Stream Preferred Stock (STRE) priced at €100 each. According to its filing, the proceeds will support Bitcoin acquisitions and general corporate needs.
Expanding Bitcoin Funding Through Europe
The STRE Stock, Strategy’s first euro-based perpetual preferred equity, targets institutional investors across Europe and global markets. The offering aligns with Strategy’s plan to extend its funding network beyond the U.S. and appeal to institutional investors in European capital markets.
Each STRE share begins with a €100 value, but the liquidation preference will adjust daily based on market data. This dynamic pricing aims to maintain alignment between share value and market performance. The stock carries a 10% annual cumulative dividend, payable quarterly in cash starting December 31, 2025.
However, dividend payments depend on approval by the board and the company’s available funds. Unpaid dividends will accumulate and compound quarterly, starting at 11% and increasing by 1% per quarter to a maximum of 18%.
Terms, Redemption Rights, and Investor Protections
If Strategy fails to declare a regular dividend, it must issue a notice of deferral. The company then has 60 days to raise funds through sales of other stock classes to cover unpaid dividends. These may include its existing Strike (STRK), Strife (STRF), or Stride (STRD) preferred stocks, along with its Class A common stock (MSTR).
Strategy retains the right to redeem all STRE shares if fewer than 25% of the original total remain outstanding or if specific tax events occur. The redemption amount will equal the liquidation preference plus any unpaid regular dividends. Investors can also request repurchases if a “fundamental change,” such as a merger or restructuring, takes place.
The offering will be managed by Barclays Bank PLC, Morgan Stanley & Co. International plc, Moelis & Company LLC, SG Americas Securities LLC, TD Securities (USA) LLC, Canaccord Genuity Limited, and StoneX Financial Inc. as joint book-running managers.
The sale will be conducted under an effective shelf registration filed with the U.S. Securities and Exchange Commission (SEC). In Europe and the United Kingdom, the STRE stock will only be available to “qualified investors” under respective regulations.
Retail investors in the European Economic Area or the U.K. will not be eligible to participate. This restriction ensures compliance with the Prospectus Regulation and PRIIPs frameworks governing investment product distribution.
Related: ECB Pushes Digital Euro Rollout Forward to 2029
Strengthening Strategy’s Digital Asset Model
Strategy’s euro offering is another step in expanding its digital asset treasury model. The firm pioneered this approach in August 2020 when it used $250 million in company cash to buy bitcoin. Since then, Strategy has financed additional purchases through a mix of equity and preferred stock issuances.
Earlier this week, the company disclosed the acquisition of 397 BTC for about $45.6 million at an average price of $114,771 per Bitcoin. Its total holdings are at 641,205 BTC, making it the largest corporate holder of the asset globally.
Although the pace of acquisitions slowed in the third quarter, analysts at Mizuho, TD Cowen, and Benchmark noted that the deceleration appeared cyclical. They said Strategy’s Bitcoin purchasing strategy is intact heading into 2026, supported by consistent access to capital markets.
By offering an option priced in euros, Strategy wants to reduce currency risks and attract more European investors. The planned STRE listing, likely on a European exchange like Luxembourg, is meant to help the company reach more global markets and make Bitcoin-related investments easier for people in Europe.
Meanwhile, the upcoming STRE sale highlights how Strategy continues to blend regular financial methods with its growing focus on digital assets. The euro-based offering seeks to raise new capital, support ongoing Bitcoin purchases, and strengthen Strategy’s position as a key player in the growing digital finance sector.
