Strategy Inc Launches Upsized Euro-Denominated Offering
Strategy Inc (Nasdaq: MSTR) announced on November 6, 2025, that it has priced a €620 million Euro-denominated perpetual preferred stock offering under the ticker STRE. The company plans to allocate the funds primarily toward Bitcoin acquisitions and other corporate purposes.
The offering represents a significant increase from the originally proposed €280 million raise. It involves 7.75 million shares priced at €80 each, totaling approximately $715.1 million at an exchange rate of €1 = $1.1534. The preferred shares carry a 10% annual dividend, payable quarterly beginning December 31, 2025. The dividend is cumulative, with deferred payments accruing up to an 18% maximum annual rate.
A Strategic Shift Toward European Institutional Investors
This marks Strategy’s first Euro-denominated preferred share issuance, signaling a deliberate pivot toward European institutional capital markets. The offering is limited to qualified institutional investors across the European Economic Area and the United Kingdom, in compliance with MiFID II and PRIIPs regulations that restrict retail investor participation.
Currently, Strategy holds 641,205 Bitcoin, acquired at an average price of roughly $74,057 per coin. This move underscores the company’s ongoing strategy of using equity or equity-like instruments to fund Bitcoin accumulation while designing yield-oriented products for institutional investors.
Strengthening Bitcoin Reserves and Investor Appeal
After accounting for fees and expenses, Strategy expects to net around €608.8 million. At current market prices, that amount could purchase approximately 6,986 additional Bitcoins. Analysts note that while this capital structure aligns with the company’s long-term Bitcoin-treasury model, the yield and mechanics of the STRE offering may differ substantially from prior preferred-stock structures.
By entering the European market, Strategy diversifies its funding sources beyond U.S. dollar instruments. However, the move also raises questions about shareholder dilution, reliance on continuous fundraising, and the sustainability of yield-linked instruments backed by a volatile asset like Bitcoin. Investors will be closely monitoring how efficiently these proceeds are deployed and whether the model can sustain its promised returns across fluctuating crypto market cycles.
