Strategy Inc. launched a euro-denominated preferred stock offering after reporting solid third-quarter 2025 results. The move seeks to raise institutional capital to continue its Bitcoin purchases, aligning financing strategy with its digital asset treasury approach. The issuance terms and quarterly figures carry direct implications for corporate treasuries, derivatives traders and managers seeking corporate Bitcoin exposure.
The company announced an IPO of 3.5 million shares of its Series A Perpetual Preferred Stock “Stream” (STRE) at €100 per share. The preferred pays a 10% annual dividend, paid quarterly, with the first distribution set for Dec. 31, 2025, and is targeted at professional and institutional investors, according to the company note.
The instrument is perpetual, carries no voting rights and includes redemption clauses if less than 25% of the original shares remain outstanding or due to certain tax events, providing flexibility to the capital structure.
The decision follows an exceptional quarter: Strategy reported GAAP net income of $2.8 mil M in Q3 2025 and diluted EPS of $8.42–$8.43. Operating income reached $3.9 mil M, largely driven by $3.89 mil M in unrealized gains from revaluation of its Bitcoin holdings.
The company projects for 2025 operating income of $34 mil M and net income of $24 mil M, equivalent to $80 per share, according to its estimates.
Strategy´s new launch
The firm has historically relied on multiple instruments to finance its Bitcoin accumulation, including common stock issuances (~$17 mil M), convertible bonds (~$5 mil M) and preferreds (~$1.6 mil M of nominal value since October), according to disclosed data. Its Bitcoin holdings range between 600,000 and 641,000 units, acquired at an average cost between $60,324 and $69,979 per BTC.
The euro issuance opens access to European liquidity and diversifies the investor base, which may reduce the marginal cost of capital for new Bitcoin purchases.
For traders, a potential increase in corporate demand for BTC can keep upward pressure on volatility during accumulation periods. For treasuries, the instrument offers 10% annual financing with consistent cash flow, although dividend obligations could strain results if asset valuations fall. The perpetual nature and the redemption clause affect repurchase predictability.
The first operational milestone is the initial distribution on Dec. 31, 2025. Before that date, institutional investors will evaluate the preferred against other series and the concentration risk in Bitcoin.
