Strategy Raises €620M Preferred Stock for Bitcoin Buys

Strategy (formerly MicroStrategy) launched a €620 million Series A Perpetual Stream Preferred Stock (STRE) offering on the Euro MTF Luxembourg exchange to fund further Bitcoin acquisitions. The company is selling 7.75 million euro-denominated shares at €80 each. Each share carries a 10% annual cumulative dividend on a €100 stated value, payable quarterly beginning December 31, 2025. Unpaid dividends accrue interest at an initial rate of 11%, rising 1% per quarter up to 18% until fully paid. The offering, expected to settle on November 13, marks the first direct tap into overseas investors. It expands Michael Saylor’s institutional Bitcoin accumulation strategy, which began with a $250 million purchase in August 2020. Strategy has financed past BTC acquisitions through at-the-market equity and preferred-stock sales, including MSTR and multiple preferred share series (STRK, STRF, STRD). Strategy now holds 641,205 BTC, roughly 3% of the total supply, valued at about $65.1 billion at current rates. As Bitcoin’s price retraced from its peak, the firm’s common shares fell by 50% since early 2025. This decline has constrained equity funding, making preferred stock offerings a preferred capital source to sustain its aggressive Bitcoin treasury growth amid rising institutional demand.