Strategy Introduces a Euro-Denominated Preferred Stock Stream, Following Q3 Earnings

Less than a week after hinting at an international perpetual preferred listing, Strategy unveils its 10% euro-based Stream issue targeting institutional investors.

Nov 4, 2025, 9:37 a.m.

Less than a week after Strategy (MSTR) reported Q3 earnings and hinted at launching an international perpetual preferred stock, the company has brought Stream (STRE) to market, a euro-denominated perpetual preferred security, the company said on Monday.

STRE will be issued at 100 euros ($115) per share with a 10% annual dividend payable quarterly in cash, STRE targets professional and institutional investors in the European Economic Area (EEA) and will list on Euro MTF Luxembourg, clearing through Euroclear and Clearstream.

If dividends are unpaid, they compound quarterly, with the rate increasing by 100 basis points per period up to a maximum of 18%. Should Strategy fail to declare a dividend, it must issue a Deferral Notice and use commercially reasonable efforts over 60 days to raise funds through sales of junior securities like STRK or STRD to cover deferred payments.

STRE ranks senior to STRK, STRD and MSTR common stock but junior to STRF, STRC and debt. It is non-callable except under adverse tax circumstances or if less than 25% of shares remain outstanding, and investors may require repurchase following a "fundamental change." The liquidation preference adjusts daily to the greater of the 100 euros stated amount, the prior day’s market price, or the 10-day average, linking its value to trading performance.

Proceeds will support bitcoin BTC$103,900.89 acquisitions and general corporate purposes, in addition to no voting rights.

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