Strategy Opens Euro Channel, Secures $715M to Expand Bitcoin Stack With 10% STRE Preferred

Strategy is exporting its capital structure to Europe. The Tysons Corner firm expects €-denominated proceeds of $715 million from its new Perpetual Stream Preferred Stock (ticker: STRE), a yield instrument built for non‑U.S. investors and listed on Luxembourg’s Euro MTF. That capital will fund general expenses and—true to form—more Bitcoin.

Here’s the fulcrum: pricing and priority. Management set STRE’s stated amount at €100 (~$116) with a fixed 10% cash dividend, but launched it at €80 (~$93). Dividends accrue on the €100 base, so buyers at €80 are effectively underwriting a 12.5% current yield. STRE holders sit ahead of common stock in a wind‑down, but they rank below earlier preferred (STRF) and company debt. It’s a clean signal of where Strategy sees its cost of capital today and which investors it wants: euro balance sheets seeking BTC‑linked exposure with cash income.

The move extends a preferred‑funding pivot already underway. Historically, Strategy leaned on common issuance to grow its BTC treasury. As the stock’s premium to its Bitcoin pile narrowed, that lever lost torque. Preferred shares became the tool of choice—consistent with March’s STRF, which also carries a 10% payout. Unlike prior preferreds that recently appeared for retail on Robinhood, STRE won’t go the U.S. brokerage route; it’s built for the Euro MTF, an exchange that caters to international issuers.

The balance sheet context matters. As of Monday, Strategy held 641,205 Bitcoin—about $64.6 billion at current prices. The equity traded Friday at $230, off 3% on the day and down 14% on the week even as Bitcoin flirted with $100,000. Market cap sat near $66 billion, a slight premium to the BTC stash; a year ago, after Donald Trump’s presidential win, the shares changed hands at nearly triple the value of those holdings. That compression is not unique. Premiums across Bitcoin treasury names have tightened, and one notable outlier—French semiconductor firm Sequans—recently sold BTC to reduce debt.

Against that backdrop, STRE looks like a calculated bridge: import European demand, pay in euros, and keep stacking without tapping common at thinner premiums. There’s a trade here. A 10% fixed dividend in a volatile crypto cycle creates a contractual cash drain. If operating cash flows and opportunistic sales of preferred/common do not comfortably cover payouts, the company may need to time issuance windows more carefully—or absorb higher costs if markets turn. The decision to price at €80 acknowledges that reality by granting investors compensation upfront, while preserving management’s ability to buy more Bitcoin if they believe upside outweighs that carry.

Behaviorally, European investors get something many have asked for: a euro unit with BTC‑beta and cash yield, listed on a familiar venue. Institutionally, the seniority ladder and the 10% rate are straightforward to model. Ethically, the structure is transparent about risk: STRE is junior to STRF and the debt stack, and dividends rest on corporate solvency, not the protocol. Technologically, nothing changes about the underlying asset—Bitcoin remains the hard collateral narrative that Strategy has leaned into for years.

The firm continues to add. Earlier this week it disclosed a $45.6 million Bitcoin purchase funded by $69.5 million raised via a mix of preferred and common stock. Recent raises have exceeded near‑term BTC spending as dividend clocks approach, suggesting a deliberate buffer. Markets seem to believe the company will keep its no‑sell stance: on prediction platform Myriad, traders assigned a 95% chance Friday that Strategy won’t sell any Bitcoin before year‑end, up from 94% a month ago.

“Never sell, borrow if you must” has long been the playbook. STRE is that playbook in euro form—higher fixed obligations in exchange for a deeper, diversified investor base and continued leverage to Bitcoin’s trajectory.