Nasdaq-listed Strategy Inc. (MSTR) has successfully closed its latest capital raise, pricing its 10% Series A Perpetual Stream Preferred Stock (STRE) at €80 per share and securing approximately €620 million ($715 million) in gross proceeds — more than double the company’s original target.
Each STRE share carries a €100 stated value and offers an annual 10% cash dividend, payable quarterly starting December 31, 2025. If dividends are deferred, the rate can increase to 18%, making STRE one of the company’s most lucrative preferred instruments to date.
According to Strategy, the structure is designed to reward investors for accepting potential deferrals while giving the company more flexibility during challenging funding cycles. Proceeds from the offering will be used for general corporate purposes, including bitcoin acquisitions and working capital.
The final raise marks a sharp uptick in investor demand: Strategy’s initial November 3 filing targeted just 3.5 million shares, but the final issuance reached 7.75 million, signaling strong interest in high-yield exposure to the firm’s bitcoin-focused capital model.
Expanding a Bitcoin-Linked Capital Framework
The STRE issuance continues Strategy’s pattern of issuing perpetual preferred shares to fund bitcoin purchases without directly diluting common stockholders. Earlier this year, the company introduced STRC, its first “Treasury Preferred” series, which raised $4.2 billion for similar purposes. Other fixed-yield offerings — including STRF, STRK, and STRD — have further strengthened this layered financing approach.
Slower Bitcoin Accumulation, Stable Long-Term Vision
Despite a robust funding pipeline, Strategy’s bitcoin accumulation slowed in the third quarter. The company added 1,417 BTC, down from over 9,000 BTC in the second quarter and 12,000 BTC in the first.
Its total holdings now stand at 640,808 BTC, roughly 3.1% of all bitcoin in circulation. Meanwhile, the firm’s mNAV multiple, which measures the market premium of its stock, narrowed to 1.2×, its lowest level since early 2023.
Analysts view the slowdown as temporary, attributing it to broader market conditions rather than a shift in strategy. They expect the company to stay on track for its 30% bitcoin-yield target for 2025, with accumulation likely to reaccelerate once funding conditions improve.
As of Friday, Strategy’s MSTR shares were trading just below $235, nearing new year-to-date lows amid bitcoin’s recent volatility. The cryptocurrency has hovered above $100,000 following a turbulent week influenced by global macroeconomic uncertainty.
A Confident Signal to the Market
With STRE’s success, Strategy demonstrates ongoing investor confidence in its bitcoin-centric model. The company continues to balance aggressive digital asset accumulation with innovative capital structures designed to sustain growth — even in uncertain markets.
