Strategy Upsizes Stream Stock to €620M to Fuel Bitcoin Buys

TLDR:

• Strategy expands its Stream Preferred Stock deal from €350M to €620M.
• Funds will support Bitcoin purchases and general operations.
• The STRE stock offers a 10% annual dividend, compounded if unpaid.
• Settlement of the €620M offering is set for November 13, 2025.

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Strategy Inc (Nasdaq: MSTR) announced the pricing of its €620 million Stream Perpetual Preferred Stock offering, expanding from an initial €350 million target. The company priced 7.75 million shares of its 10% Series A Stream Preferred Stock (STRE) at €80 per share. 

Settlement is scheduled for November 13, 2025, pending customary closing conditions. The firm expects net proceeds of about €608.8 million, according to its official release.

Funds Target Bitcoin Acquisition and Corporate Expansion

According to the company’s statement, proceeds from the offering will be used for general corporate purposes, including Bitcoin acquisitions and working capital. This move aligns with Strategy’s ongoing crypto investment strategy, widely associated with Michael Saylor’s continued focus on digital asset accumulation.

Based on Bloomberg’s €1.00/$1.1534 exchange rate, the proceeds equal roughly $715.1 million in gross capital raised.

The STRE Stock carries a 10% annual dividend rate, paid quarterly in arrears beginning December 31, 2025. Dividends will be distributed in cash when declared by the board, with compounded dividends applied to any unpaid amounts. 

The compounded rate can rise by 100 basis points per quarter if deferred, capped at 18% annually.

Dividend and Redemption Terms Outline a Long-Term Strategy

If Strategy fails to declare dividends by the record date, it will issue a notice of deferral and may sell other securities to cover missed payments. These may include the company’s Stride, Strike, or Strife preferred stock series, alongside other equity classes. The firm retains the right to redeem all outstanding STRE shares if their total falls below 25% of initial issuance or if certain tax events occur.

The redemption price equals the liquidation preference per share plus accrued dividends. The liquidation preference starts at €100 per share but can adjust daily based on trading activity or market pricing. Such flexibility allows the firm to maintain alignment with market value fluctuations.

Barclays, Morgan Stanley, Moelis & Company, SG Americas Securities, TD Securities, Canaccord Genuity, and StoneX Financial are acting as joint book-running managers for the offering. 

The company’s offering will not target retail investors within the European Economic Area or the U.K. Regulatory filings confirm that sales are restricted to professional and institutional investors under regional securities laws. The move ensures compliance with the Prospectus and PRIIPs regulations governing financial offerings in both markets.

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