Bitcoin-focused firm Strategy has raised $715 million through its latest preferred stock issuance aimed at European investors, signalling its continued push to expand global funding sources for its Bitcoin accumulation strategy. The Virginia-based company announced the completion of its Perpetual Stream Preferred Stock (STRE) offering on Friday, marking its first euro-denominated security and its debut in Europe’s capital markets.
According to Strategy’s statement, the STRE will be listed on Luxembourg’s Euro MTF exchange, which caters to international issuers—distinguishing it from the firm’s previous preferred stocks that were made available to retail investors in the U.S. via Robinhood. Proceeds from the new issue will be used to fund general corporate operations and further Bitcoin purchases. As of earlier this week, Strategy held 641,205 Bitcoin—valued at approximately $64.6 billion at current market prices.
Michael Saylor, the company’s co-founder and executive chairman, described the STRE as “the first digital credit instrument created for the European market.” The preferred stock carries a fixed 10% dividend, mirroring the payout structure of the STRF, another offering launched in March. While each STRE share has a par value of €100 ($116), Strategy ultimately priced it at €80 ($93), with dividends calculated from the €100 benchmark and paid in cash. Holders of STRE enjoy higher priority claims on the firm’s assets than common shareholders but rank below those owning STRF shares or corporate debt.
This move marks another strategic shift by Strategy as it increasingly relies on preferred shares rather than issuing common stock to bolster its Bitcoin holdings. With its stock down 14% over the past week and closing at $230 on Friday, the company’s market capitalisation now sits at $66 billion, trading only slightly above the value of its Bitcoin reserves. A year ago, during a period of heightened investor enthusiasm following Donald Trump’s presidential victory, Strategy’s market premium was nearly triple the value of its Bitcoin.
The latest fundraising follows a series of smaller issuances, including a $69.5 million raise earlier in the week that funded a $45.6 million Bitcoin purchase. Despite market volatility and Bitcoin’s recent dip below $100,000, Strategy’s commitment to acquiring more of the asset remains unwavering. On prediction market Myriad, traders placed a 95% probability that the firm will not sell any Bitcoin before the end of the year—a testament to Saylor’s long-standing philosophy of “never sell, only borrow.”
