Strategy’s €100 STRE preferred doubles initialto $715 million, extends bitcoin funding pipeline

Nasdaq-listed Strategy (ticker MSTR) has priced its new 10% Series A Perpetual Stream Preferred Stock, ticker STRE, at €80 per share, generating gross proceeds of €620 million, or about $715 million.

Each STRE share carries a €100 stated value and pays quarterly cash dividends at 10% annually, beginning Dec. 31, 2025. At a rate that can rise to 18% if dividends are deferred, it ranks among the highest-yielding instruments in Strategy’s preferred stack.

The structure is meant to reward investors for accepting deferral risk while giving Strategy flexibility during tighter funding periods.

Proceeds from the offering will go toward “general corporate purposes, including the acquisition of bitcoin and working capital,” the company wrote in a Friday release.

The pricing follows Strategy’s Nov. 3 filing for a smaller 3.5 million-share raise. The final issuance more than doubled to 7.75 million shares, showing that there is still strong investor appetite for high-yield exposure to the firm’s bitcoin-linked capital structure.

The new STRE shares extend a sequence of perpetual preferred-stock offerings Strategy has rolled out this year. STRC, introduced in July, was the first “Treasury Preferred” series and raised $4.2 billion to fund bitcoin purchases.

Other fixed-yield issues from the company — including STRF, STRK, and STRD, issued before STRE's initial public offering — have also helped build a layered capital framework designed to finance ongoing bitcoin accumulation without directly diluting common shareholders.

Bitcoin slowdown

Strategy’s third-quarter results showed a marked slowdown in bitcoin accumulation, with the company adding just 1,417 BTC during the quarter compared to more than 9,000 BTC in the second quarter and roughly 12,000 BTC in the first.

Its total holdings rose to 640,808 BTC, equal to about 3.1% of total supply, while the firm’s mNAV multiple, a key gauge of its market premium, narrowed to roughly 1.2×, the lowest since early 2023.

Analysts said the pullback appears cyclical rather than structural, noting that the company remains on pace to meet its 30% bitcoin-yieldfor 2025 and could re-accelerate accumulation once market premiums and funding conditions improve next year. Bitcoin is hovering above $100,000 after a volatile week and continuing macroeconomic pressures.

Shares of Strategy's primary MSTR stock were trading just under $235 on Friday, teetering on new year-to-date lows, according to The Block's price page.