Key Takeaways:
- Strategy has filed an IPO for a EUR-denominated version of its STRE perpetual preferred stock. The company aims to sell 3.5 million STRE shares to institutional investors in the EU and UK and use the proceeds to acquire more bitcoin.
- STRE offers a 10% annual cumulative dividend on its €100 stated amount, paid in cash at the end of each quarter, starting December 31, 2025. Unpaid dividends will compound quarterly, with the rate increasing 100 bps from 11% to a maximum of 18% every fiscal quarter.
- Strategy purchased 397 BTC for $45.6 million on Monday, at an average price of $114,771 per coin. The latest addition brings its bitcoin stockpile to a total of 641,205 BTC, worth $66.61 billion at the current market rate of $103,899 per coin.
- CryptoQuant warned that the slowdown in Strategy’s accumulation rate and U.S. spot Bitcoin ETF inflows in Q3 2025 is piling pressure on BTC’s price recovery, as it struggles to reclaim yearly highs amid macroeconomic uncertainties.
Bitcoin treasury company Strategy (Nasdaq: MSTR) has filed for an initial public offering (IPO) of its euro-denominated perpetual preferred stock, STRE, to support its corporate strategy of accumulating more BTC for its coffers.
In a Monday press release, the company said it plans to offer 3.5 million shares of its “10.00% Series A Perpetual Stream Preferred Stock” (STRE), and use the net proceeds for general corporate purposes, including bitcoin purchases.
Strategy’s EUR-Denominated, Bitcoin-Backed STRE Preferred Stock Promises 10% Annual Cumulative Dividend
STRE provides a 10% annual cumulative dividend on the €100 ($115) stated amount, which will be paid in cash quarterly after declaration by the board of directors, starting December 31, 2025. Unpaid dividends compound quarterly, initially at 11%, and rising by 100 basis points every three months to a maximum of 18%.
Strategy also clarified that the stock is only for “qualified investors” in the European Union (EU) and the United Kingdom (UK), and won’t be “offered, sold, or otherwise made available to any retail investor” in those regions.
Barclays, Morgan Stanley, and TD Securities will serve as book-running managers for the stock offering.
Strategy’s business model involves issuing shares and raising capital to purchase Bitcoin for its treasury. This strategy was first implemented in August 2020 by the company’s chairman and former CEO, Michael Saylor, using $250 million of its balance sheet cash to acquire the “digital gold”, marking the first time a publicly traded company adopted the alpha cryptocurrency as a treasury reserve asset.
It also kick-started an aggressive Bitcoin accumulation plan that has positioned Strategy as the largest corporate holder of the digital asset. The company currently holds 641,205 BTC, valued at $66.61 billion at press time, for a total cost basis of $47.49 billion and an average price of $74,032 per bitcoin.
Analysts Warn Strategy’s Bitcoin Accumulation Slowdown in Q3 2025 is Weighing on Apex Crypto’s Price Recovery
Strategy also made its first bitcoin purchase of November on Monday, adding 397 BTC, worth about $45.6 million, to its ever-growing stockpile. According to a Monday filing with the U.S. Securities and Exchange Commission (SEC), the bitcoins were acquired at an average price of $114,771 per coin.
Last week, the company purchased 390 BTC for $43.3 million to bring its total for October 2025 to 778 BTC ($80.86 million). This was Strategy’s smallest monthly accumulation in recent years. For comparison, in September, the firm acquired 3,526 BTC ($365.78 million), more than 78% of last month’s total. Strategy has earned a yield of 26.1% year-to-date on its bitcoin holdings.
The software developer-turned-crypto treasury firm has been funding its recent acquisitions through at-the-market (ATM) sales of its Class A common stock, MSTR, and perpetual preferred stocks, including Strike (STRK), Strife (STRF), and Stride (STRD).
While Strategy’s bitcoin purchases are moving at a slower pace in the third quarter compared to the first two quarters of the year, analysts at Mizuho, TD Cowen, and Benchmark issued a positive outlook, saying that the deceleration is more cyclical rather than structural, and the company’s business model remains sustainable.
However, analysts CryptoQuant warned that the slowdown could weigh on bitcoin’s price recovery, as Strategy and U.S. spot Bitcoin exchange-traded funds (ETFs) have been the primary demand drivers throughout 2025. The analytics platform predicts that Bitcoin won’t be able to recover to its previous highs until these entities restart large-scale accumulations.
Strategy (MSTR) closed the Monday trading session at $264.67 – down 1.8%. The stock’s price has fallen 24.73% MoM and 11.78% YTD. Meanwhile, Bitcoin (BTC) is trading at $103,899, dropping 3.12% in 24 hours.