Strategy Inc., the Tysons Corner, Virginia-based company that has become synonymous with its massive corporate Bitcoin bet, is taking its ambitious capital-raising mission to Europe for the first time. The firm announced it expects to generate approximately $715 million (€620 million) from a new, euro-denominated preferred stock.
In a move that demonstrates its unshakeable conviction, the company confirmed the proceeds will be used for general corporate expenses, including the acquisition of yet more Bitcoin. This aggressive capital raise comes at a moment of extreme pressure for the company, as its common stock (MSTR) has tumbled to 52-week lows, falling alongside a volatile Bitcoin price.
A New Name for a Singular Focus
The “Strategy” name is not a typo. In a move that cemented its singular corporate vision, the company officially changed its name from MicroStrategy Incorporated to Strategy Inc. in August 2025. The rebrand, led by co-founder and Executive Chairman Michael Saylor, was seen by market analysts as the final step in its evolution from a business intelligence software company to, as it calls itself, the world’s first “Bitcoin Treasury Company.” This latest European offering is the first major capital raise under the new, simplified banner.
The STRE Play: Tapping a New Market
The new financial instrument, dubbed “Perpetual Stream Preferred Stock” (ticker: STRE), is the fifth preferred stock the company has introduced this year, but it’s the first designed specifically for international issuers and listing on the Euro MTF Luxembourg exchange.
Unlike common stock, which represents a simple slice of ownership, this preferred stock acts more like a hybrid between a stock and a bond. It is designed to pay a regular, fixed 10% dividend in cash to its European investors, providing a steady yield. For Strategy Inc., it provides a fresh pool of capital to draw from without directly diluting its common shareholders.
An Attractive Pitch to Investors
The structure of the STRE offering is designed to be attractive. While the preferred shares have a “par” or stated value of €100 ($116) each, they are being sold to investors at a discounted price of €80 ($93).
The benefit for investors is that the 10% cash dividend is calculated based on the full €100 stated amount. This means investors who buy in at the €80 price are receiving an effective cash yield of 12.5% on their investment, a high-yield offering in today’s market, backed by a company with billions in digital assets.
Why Not Just Sell Common Stock?
The pivot to preferred shares in Europe is a calculated move driven by market realities. For most of its history, Strategy’s common stock (MSTR) traded at a significant “premium” to the value of the Bitcoin it held on its books. Investors were willing to pay more for the stock than the underlying assets.
That premium has all but vanished. This past week, MSTR shares have fallen 14%, hitting a new 52-week low of around $221 and bringing the company’s market cap to $66 billion. This is only slightly above the $64.6 billion value of its Bitcoin holdings. When a stock’s premium disappears, raising money by selling new common shares becomes a less effective and more costly option.
The ‘Never Sell’ Philosophy Continues
This $715 million raise is the latest proof of Michael Saylor’s unwavering philosophy: never sell the Bitcoin. While other crypto-exposed firms have been forced to sell assets to cover debts, Saylor’s “strategy” has always been to borrow against the holdings to fund operations and buy more.
As of this week, the company’s hoard stands at a staggering 641,205 Bitcoin. With this new European war chest, Strategy Inc. is sending a clear message to the world that despite market volatility and a slumping stock price, its core mission has not changed: acquire more Bitcoin.
