Billionaire Michael Saylors Strategy Inc. announced Friday that it has priced its initial public offering of 10% Series A Perpetual Stream Preferred Stock (STRE), raising gross proceeds of 620 million euros ($715 million).
The offering, originally planned for €350 million, has been increased due to strong investor demand and is expected to close on November 13, 2025, pending customary approvals.
Raised €620 million to fund expansion and Bitcoin purchase
The offering will consist of 7.75 million shares at a price of EUR 80 per share, resulting in net proceeds before fees and expenses of approximately EUR 608.8 million (EUR 702.2 million). The strategy states that the funds will be used for general corporate purposes, including acquiring more Bitcoin and supporting ongoing operations and growth initiatives.
This announcement underscores Strategy’s continued confidence in Bitcoin as a reserve asset and as part of a broader financial management strategy. The company is one of the largest corporate holders of Bitcoin and continues to build investment products around the digital asset, positioning itself as a hybrid of a technology-driven financial company and a Bitcoin-focused company.
10% dividend with quarterly payments
Each STRE share carries an annual dividend of 10% equal to EUR 10 per EUR 100 of the official price, payable in cash quarterly from 31 December 2025 on 31 March, 30 June, 30 September and 31 December.
If Strategy fails to make a payment, interest on the unpaid amount will increase quarterly by 1% each period, up to a maximum interest rate of 18%.
This structure allows investors to earn stable, high-yield returns while providing flexibility in their strategies should cash flow timing be challenged. Additionally, all shares can be redeemed at any time if the outstanding balance drops below 25% or in certain tax-related circumstances.
Investor protection and redemption rights
In the event of a “fundamental change” such as a merger, reorganization or change of ownership, holders of STRE shares can request that Strategy buy back their shares for €100 per share plus any unpaid dividends. Each share also has a liquidation priority of €100, which means that in the unlikely event of a trading termination, investors will have their amounts repaid before common shareholders.
The liquidation value is adjusted daily based on recent market prices, ensuring that the preferred stock reflects its fair value if actively traded.
Led by world-class banks
The product is managed by a group of leading financial institutions including Barclays, Morgan Stanley, Moelis & Company, Société Générale, TD Securities, Canaccord Genuity, and StoneX Financial.
Their involvement highlights institutions’ strong confidence in Strategy’s business model and its growing role in connecting traditional finance and the digital asset economy.
By blending traditional yield products with the growth potential associated with cryptocurrencies, Strategy’s latest move strengthens its dual identity as both a financial innovator and a pioneer in Bitcoin-backed corporate finance.
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