Strategy, the world’s largest public bitcoin treasury company led by Michael Saylor, has filed for an initial public offering of 3.5 million shares of euro-denominated perpetual preferred stock (STRE) to fund additional bitcoin purchases and general corporate needs.
Details of the STRE stock offering
The company stated that the STRE stock will feature a 10% annual cumulative dividend on the €100 stated amount, paid quarterly in cash beginning December 31, 2025, subject to board approval.
Any unpaid dividends will compound quarterly, initially at 11%, increasing by 100 basis points each period up to a cap of 18%.
Proceeds from the offering are intended for both working capital and further bitcoin acquisitions.
The company emphasized that the final terms depend on market conditions.
Ongoing bitcoin accumulation
On Monday, Strategy announced the purchase of 397 BTC for approximately $45.6 million at an average price of $114,771 per bitcoin.
This latest acquisition brings Strategy’s total holdings to 641,205 BTC, further cementing its lead among public companies with large bitcoin reserves.
Market response and outlook
While bitcoin purchases slowed in the third quarter, analysts from Mizuho, TD Cowen, and Benchmark noted that this deceleration appears cyclical rather than structural.
They remain bullish on the sustainability of Strategy’s acquisition model. The company’s stock (MSTR) closed down 1.8% at $264.67 on Monday, reflecting broader market trends.
For real-time updates on Strategy’s holdings, see the MicroStrategy bitcoin holdings tracker.
Strategy’s role in the digital asset treasury model
Strategy pioneered the use of both equity and debt offerings to finance large-scale bitcoin acquisitions, launching its accumulation strategy in August 2020 with an initial $250 million purchase.
Its ongoing activity continues to influence the digital asset treasury (DAT) model across the industry.
