Overview
- Strategy plans an IPO of 3.5 million Series A Perpetual Stream Preferred shares (ticker STRE) denominated in euros with a €100 stated amount and a 10% annual cumulative dividend starting December 31, 2025.
- Net proceeds are earmarked for additional bitcoin purchases and corporate needs, with any unpaid dividends accruing interest that compounds quarterly at increasing rates up to 18% until paid.
- The security is limited to qualified investors in the EU and UK and is expected to be underwritten by Barclays, Morgan Stanley, Moelis, TD Securities and other banks, subject to market conditions.
- A separate SEC filing confirmed Strategy bought 397 BTC for approximately $45.6 million at an average price of $114,771 between Oct. 27 and Nov. 2, bringing its holdings to 641,205 BTC acquired for about $47.49 billion at an average cost of $74,057.
- The latest purchase was funded by roughly $69.5 million raised through at-the-market equity programs, including about $54.4 million from MSTR common stock and $8.4 million, $4.4 million and $2.3 million from STRF, STRK and STRD, as MSTR traded lower on dilution and mNAV concerns.