Strategy Inc. Raises $715M in Euro-Denominated Stock Offering to Expand Bitcoin Treasury

Strategy Inc., the world’s first and largest Bitcoin treasury company, has successfully completed its initial public offering of Series A Perpetual Stream Preferred Stock (STRE Stock), raising approximately $715 million (€620 million). The company plans to use the proceeds to acquire additional Bitcoin and strengthen its working capital, reinforcing its leadership in corporate Bitcoin accumulation.

Announced on November 6, 2025, the offering includes 7.75 million shares priced at €80 each, with settlement expected on November 13, pending standard closing conditions. After underwriting and offering expenses, Strategy expects net proceeds of around €608.8 million ($702.2 million), based on an exchange rate of €1.00 to $1.1534. The offering was upsized from an earlier target of $405 million following strong institutional investor demand, as confirmed by CEO Michael Saylor.

The joint book-running managers include Barclays, Morgan Stanley International plc, Moelis & Company, SG Americas Securities, TD Securities (USA), Canaccord Genuity, and StoneX Financial. Each STRE share offers a 10% annual dividend, payable quarterly from December 31, 2025. Missed payments will accrue quarterly at compounding rates, starting at 11% and increasing by 1% per quarter to a maximum of 18% annually, until all owed dividends are fulfilled.

In the event of deferred dividends, Strategy intends to liquidate portions of its STRK, STRD, and MSTR Class A stock to cover payments.

On the same day, the company announced the purchase of 397 Bitcoin worth $45.6 million, bringing its total holdings to 641,205 BTC, valued at $64.2 billion. Despite Bitcoin’s recent dip to $100K, Strategy maintains an impressive 26.1% year-to-date yield, surpassing NVIDIA in the top U.S. corporate treasury rankings. The company remains the only one in the top 10 holding Bitcoin as its primary reserve asset.