Strategy Launches Euro-Denominated Stream (STRE) Preferred Stock to Boost Bitcoin Holdings

Strategy (MSTR) has unveiled Stream (STRE), a new euro-denominated perpetual preferred security, just days after hinting at international expansion in its Q3 earnings call. The move highlights the company’s growing commitment to innovative capital strategies and continued investment in Bitcoin (BTC).

STRE will be issued at €100 ($115) per share, offering a 10% annual dividend payable quarterly in cash. Designed for professional and institutional investors across the European Economic Area (EEA), the security will trade on the Euro MTF in Luxembourg and clear through Euroclear and Clearstream.

In case dividends remain unpaid, they will compound quarterly, increasing by 100 basis points per period up to a maximum of 18%. If Strategy defers a dividend, it must issue a Deferral Notice and seek to raise funds within 60 days through sales of junior securities such as STRK or STRD to meet payment obligations.

Ranked senior to STRK, STRD, and common stock but junior to STRF, STRC, and debt, STRE carries a non-callable feature—except under adverse tax changes or if less than 25% of shares remain outstanding. Investors can demand repurchase in the event of a “fundamental change.” The liquidation preference will adjust daily to the greater of its stated amount, prior day’s market price, or the 10-day average, aligning its value with market performance.

Proceeds from STRE will fund Bitcoin acquisitions and general corporate purposes. Though STRE investors won’t have voting rights, the high-yield structure and dynamic pricing make it an appealing option for institutions seeking crypto-linked income exposure.