Strategy Inc. priced a 10% Series A Perpetual Stream Preferred Stock (STRE) offering on November 7, 2025, raising €620 million—an upsized amount from the original €350 million target. The issuance consists of 7.75 million shares priced at €80 each, with a stated value of €100 per share, and carries a 10% annual dividend that compounds to 18% if unpaid.
The offering is exclusively available to qualified institutional investors and professional clients in the European Economic Area and the United Kingdom; retail investors are excluded. By issuing perpetual preferred stock, Strategy Inc. can raise capital without immediately diluting common shareholders, while the high dividend and potential compounding create a long‑term financial obligation.
Proceeds from the sale will be used to purchase additional Bitcoin and support the company’s treasury strategy. The transaction is a key component of Strategy’s “42/42” capital plan, announced in May 2025, which aims to raise $84 billion over two years to accelerate Bitcoin accumulation. The company’s rebranding to Strategy Inc. underscores its focus as a Bitcoin‑treasury firm.
Investor sentiment turned negative following the announcement. Concerns centered on the company’s increased leverage, the sizable dividend commitment, and the broader weakness in the cryptocurrency market. While the offering signals strong demand for Strategy’s Bitcoin‑centric capital structure, the market’s reaction reflects caution about the long‑term cost of the preferred‑stock financing.
The issuance illustrates the trade‑off Strategy Inc. faces: perpetual preferred stock provides a stable source of capital that avoids immediate common‑equity dilution, but the high dividend and potential compounding raise future cash‑flow pressure. The euro‑denominated security also marks the company’s first foray into the European capital markets, expanding its investor base beyond the United States. Overall, the transaction aligns with Strategy’s aggressive Bitcoin‑accumulation strategy while highlighting the financial risks inherent in large, high‑yield preferred‑stock issuances.
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