Strategy Inc., the largest corporate holder of Bitcoin, has announced the pricing of its new Series A Perpetual Stream Preferred Stock (STRE) to further expand its Bitcoin holdings. The company revealed on Friday, November 7, 2025, that it would offer 7.75 million shares of the STRE stock at a price of €80 per share. The issuance and sale of the STRE stock is expected to close on November 13, 2025, subject to customary closing conditions.
This move aligns with Strategy's established pattern of utilizing financial instruments to capitalize on investor interest in Bitcoin. The company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of more Bitcoin and for working capital.
The STRE stock will accumulate cumulative dividends at a rate of 10% per annum on the stated amount of €100 per share. These dividends will be payable quarterly in cash, beginning on December 31, 2025, as and when declared by Strategy's board of directors. However, if Strategy fails to declare a regular dividend, it will constitute a notice of deferral, and the unpaid dividends will compound quarterly. The dividend rate could increase by 100 basis points per annum for each subsequent regular dividend period, up to a maximum rate of 18% per year.
The offering is targeted towards qualified investors in the Euro area and will not be extended to retail buyers in the Euro Area and the UK.
The company anticipates gross proceeds of approximately €620 million (or $715 million) from the offering. After deducting underwriting discounts, commissions, and estimated offering expenses, Strategy estimates net proceeds of approximately €608.8 million (or $702.2 million). The USD values are based on the Euro to U.S. dollar exchange rate of €1.00/$1.1534 as of November 6, 2025.
This offering was upsized from an initial target of €350 million due to strong investor demand. Joint book-running managers for the offering include Barclays, Morgan Stanley International plc, Moelis & Company, SG Americas Securities, TD Securities (USA), Canaccord Genuity, and StoneX Financial.
As of November 3, 2025, Strategy held 641,205 BTC, acquired for approximately $47.5 billion at an average price of $74,057 per bitcoin. The company recently purchased an additional 397 BTC for about $45.6 million at an average price of $114,771 per coin. At current prices, Strategy's Bitcoin holdings are worth approximately $64.7 billion.
Strategy's common stock, MSTR, traded near its 52-week low at $237 as BTC showed weakness. Despite this, Strategy continues to pursue its Bitcoin accumulation strategy through various financing methods.
Strategy's approach contrasts with other major players in the Bitcoin industry, such as Marathon, which focuses on mining operations. While both companies have amassed significant Bitcoin holdings, Strategy relies on debt and equity financing, while Marathon diversifies into AI and energy infrastructure.
