Strategy, the world's largest digital asset treasury company, has filed for an initial public offering of 3.5 million shares of its euro-denominated perpetual preferred stock (STRE) to support future bitcoin acquisitions.
Strategy said it plans to use the net proceeds to support general corporate purposes, including bitcoin acquisitions and working capital. The offering remains subject to market conditions, its press release said.
The STRE Stock carries a 10% annual cumulative dividend on the €100 stated amount, payable quarterly in cash starting Dec. 31, 2025, after declared payable by the board. Unpaid dividends compound quarterly, initially at 11%, rising by 100 basis points per period to a maximum of 18%.
Strategy 2026
Strategy, led by Michael Saylor, pioneered the use of company equity and debt offerings to finance cryptocurrency acquisitions, laying the foundation for what is now known as the digital asset treasury (DAT) model.
The firm started this strategy in August 2020 by using $250 million of its own balance sheet cash to buy bitcoin, marking the first move toward its aggressive accumulation plan.
Strategy made its recent acquisitions using proceeds from at-the-market sales of its Class A common stock, MSTR, perpetual Strike preferred stock, STRK, perpetual Strife preferred stock, STRF, and perpetual Stride preferred stock, STRD.
On Monday, Strategy announced that it has purchased 397 BTC for roughly $45.6 million at an average price of $114,771 per bitcoin, bringing its total holdings to 641,205 BTC.
While the company's bitcoin purchases slowed in the third quarter compared to the first two quarters of the year, analysts said this deceleration appears cyclical rather than structural. Market experts at Mizuho, TD Cowen and Benchmark recently issued positive 2026 outlooks, saying its bitcoin acquisition model remains largely sustainable.
Strategy's stock, traded under ticker MSTR, closed down 1.8% at $264.67 on Monday. It has fallen 24.73% over the past month and dropped 11.78% year-to-date. Bitcoin is down 2.57% to trade at $106,865, according to The Block's price dashboard.