Billionaire Michael Saylor’s 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 ($715 million).
The offering, initially planned at €350 million, was upsized due to strong investor demand and is set to close on November 13, 2025, pending customary approvals.
€620 Million Raised to Fund Expansion and Bitcoin Purchases
The offering consists of 7.75 million shares priced at €80 each, bringing in approximately €608.8 million (€702.2 million) in net proceeds after fees and expenses. Strategy stated that the funds will be used for general corporate purposes, including acquiring more bitcoin and supporting its ongoing operational and growth initiatives.
The announcement underscores Strategy’s continued confidence in bitcoin as a reserve asset and part of its broader treasury management strategy. The company has been one of the largest corporate holders of bitcoin and continues to build investment products around digital assets, positioning itself as a hybrid between a tech-driven financial firm and a bitcoin-focused enterprise.
10% Dividend With Quarterly Payouts
Each share of STRE carries a 10% annual dividend, equivalent to €10 per €100 of stated value, paid quarterly in cash on March 31, June 30, September 30, and December 31, starting December 31, 2025.
If Strategy misses a payment, interest on the unpaid amount compounds quarterly, increasing by 1% each period up to a maximum rate of 18%.
This structure provides investors with a stable, high-yield return, while allowing Strategy flexibility if cash flow timing issues arise. The company can also redeem all shares at any time once less than 25% of the original issue remains or in the event of specific tax-related circumstances.
Investor Protections and Redemption Rights
In the event of a “fundamental change”—such as a merger, restructuring, or ownership shift—holders of the STRE stock can request that Strategy buy back their shares for €100 each, plus any unpaid dividends. Each share also has a liquidation preference of €100, meaning investors would be repaid that amount before common shareholders in the unlikely event of a wind-down.
The liquidation value adjusts daily based on recent market prices, ensuring that the preferred stock reflects fair value if actively traded.
Led by Top Global Banks
The offering is being 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 strong institutional confidence in Strategy’s business model and its growing role in connecting traditional finance with the digital asset economy.
By blending traditional yield instruments with crypto-linked growth potential, Strategy’s latest move reinforces its dual identity — as both a financial innovator and a pioneer in bitcoin-backed corporate finance.
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