MicroStrategy Launches 10% STRE Offering to Expand BTC Treasury

MicroStrategy Issues Euro-Denominated STRE Stock with 10% Annual Yield

MicroStrategy Inc. has declared intentions to issue 3.5 million shares of its 10% series A Perpetual Stream Preferred Stock ($STRE). 

It is the first Euro-denominated perpetual preferred stock by the company, which is expected to raise some $370 million to increase its Bitcoin holdings and fund its general corporate purposes.

STRE: A new Euro-denominated offering.

The STRE $106-per-share (EU100) issue is targeted at the European and global institutional investors with a fixed 10% annual dividend. 

The dividends of the preferred stock will be paid on a quarterly basis beginning on December 31, 2025, and are subject to the declaration by the board of directors of the company.

It is not like traditional bonds in that it is perpetual,l i.,e. It does not have a maturity date. The dividend rate is subject to a high yield of up to 18% per annum in case dividends are not paid. Thus, it is a good high-yield instrument in the environment of low rates in Europe.

Source: Saylors X

Use of Proceeds: Growing Bitcoin Treasury.

Strategy Inc. will use the proceeds to purchase additional Bitcoin and provide working capital. The relocation is in line with the long-term policy of the company to make Bitcoin its major treasury reserve asset.

Strategy, which owns 641,205 BTC worth approximately $71 billion, is the biggest corporate Bitcoin holder in the world as of November 2025. The new STRE issue will provide a Euro-based capital overlay to its current portfolio of U.S.-denominated instruments, such as $STRF, which have already raised more than $6 billion this year.

Attractive Yields and Market Appeal

The 10% fixed coupon makes the stock much more enticing compared to the other similar European high-yield hybrids, which are averaging at 6%. Based on the structure as a return-of-capital instrument, analysts estimate that the effective yield of U.S. investors may be 15.9% on a tax-equivalent basis.

This payoff, together with the Bitcoin-collateral exposure, makes STRE a one-of-a-kind fixed-income alternative to institutional investors who are interested in crypto-linked returns without the need to own Bitcoin.

Important Terms and Redemption Rights.

• Dividend Rate: 10% per annum, which is to be paid quarterly in euros.

• Par Value EUR 10000 per share ($106/share)

• Compounding: Dividends are unpaid and accumulated with an extra 100 basis points each quarter, to a maximum of 18%.

• Redemption: All outstanding STRE shares may be redeemed in case the aggregate amount is less than 25% of the original issue or in response to certain tax developments.

• Liquidation Preference: $106/share, which is adjusted daily depending on the market value.

Strategic Expansion in the Global Market

STRE offering with Barclays, Morgan Stanley, Moelis Company, SG Americas, TD Securities, Canaccord Genuity, and StoneX Financial as joint bookrunners expands Strategy into European capital markets.

Conclusion

This introduction reinforces the dual identity of the company as a pioneer in Bitcoin treasuries and provider of technology-based enterprise analytics, a combination of digital asset innovation and traditional financial instruments. For more information, readers can visit the official website of MicroStrategy. STRE Prospectus and FWD to the above prospectus are available for the users.