Michael Saylor’s company Strategy has announced the launch of a new euro-denominated perpetual preferred share class, Stream (STRE), offering a 10% annual dividend. The securities will be traded on Luxembourg’s Euro MTF market and cleared through Euroclear and Clearstream, targeting professional and institutional investors across the European Economic Area (EEA).
According to the company’s statement, each STRE share has a nominal value of €100 ($115), with quarterly cash dividends. If payments are deferred, the dividend rate increases by 100 basis points per period, up to a maximum of 18%.
Strategy noted that proceeds from the offering will be used to acquire additional Bitcoin and support operational financing.
The STRE shares rank above STRK, STRD, and common MSTR shares in the company’s capital structure but remain junior to debt instruments and other senior series such as STRF and STRC.
STRE carries no voting rights and cannot be redeemed unless triggered by adverse tax events or if the outstanding issuance drops below 25% of the original amount. In case of a “fundamental change,” investors will be entitled to a cash redemption equal to the nominal value plus accrued dividends.
The liquidation value of STRE will be updated daily and set as the highest of three values: the nominal €100, the previous day’s market price, or the 10-day trading average.
Barclays Bank PLC, Morgan Stanley & Co. International, Moelis & Company, SG Americas Securities, TD Securities (USA), Canaccord Genuity, and StoneX Financial are serving as joint placement managers for the issuance.
Strategy emphasized that this initiative is part of a broader plan to expand Bitcoin-backed financing options across European markets.
The launch comes less than a week after Strategy reported a $2.8 billion net profit for Q3 2025 and $3.9 billion in unrealized gains from its Bitcoin holdings.
Meanwhile, analysts from Cantor Fitzgerald, TD Cowen, and Maxim Group have recently lowered their outlook for Strategy, citing a narrowing Bitcoin premium. Their average target price for MSTR shares has now fallen to its lowest level since May. Analysts estimate that for Strategy to meet its performance goals, Bitcoin’s price would need to reach $150,000 by year-end.
