Strategy (formerly MicroStrategy), listed on Nasdaq as MSTR, has completed a substantial preferred-stock sale, pricing its 10% Series A Perpetual Stream Preferred Stock (STRE) at €80 per share and raising gross proceeds of €620 million (approximately $715 million).
Details of the STRE offering
Each STRE share has a €100 stated value and pays a 10% annual dividend, with the rate rising to 18% if payments are deferred.
The instrument is designed to reward investors for bearing deferral risk while giving Strategy financial flexibility during tight funding periods.
According to the company’s release:
Proceeds from the offering will go toward “general corporate purposes, including the acquisition of bitcoin and working capital.”
Investor appetite and capital structure
The final 7.75 million share issuance more than doubled the company’s original plan for a 3.5 million share raise, signaling strong investor demand for high-yield, bitcoin-linked exposure.
The STRE is the latest in a series of perpetual preferred offerings, following the STRC series, which raised $4.2 billion earlier this year to fund bitcoin purchases.
Other such offerings (STRF, STRK, STRD) have also contributed to Strategy’s layered capital approach—financing ongoing bitcoin accumulation without diluting existing shareholders.
Recent bitcoin acquisition slowdown
Despite the expanded funding pipeline, Strategy’s third-quarter bitcoin accumulation slowed sharply, with just 1,417 BTC added compared to more than 9,000 in Q2.
The company’s total holdings have reached 640,808 BTC, representing about 3.1% of the total bitcoin supply.
