Overview
- Strategy priced and upsized its Series A Perpetual Stream Preferred (STRE) to €620 million at €80 per share, with settlement expected on Nov. 13 and proceeds earmarked largely for additional bitcoin purchases.
- STRE carries a 10% annual cash dividend on a €100 stated amount, with unpaid dividends compounding and stepping up to as high as 18% until paid.
- The STRC preferred has reached par, re‑enabling the company’s at‑the‑market issuance program; an 8‑K shows $4.2 billion of capacity available for share sales.
- MSTR shares have fallen sharply this week, with reports of roughly 30% declines and further losses on Friday, compressing the market premium to the firm’s bitcoin net asset value.
- Analyst Willy Woo estimates about $1.01 billion comes due on Sept. 15, 2027 under holder put rights and says forced sales in the next bear market are unlikely given convertible flexibility, though cash burdens near $689 million annually and longer‑term partial‑sale risk remain.