Strategy (MSTR) Stock: Company Files Euro Share Offering to Buy More Bitcoin

TLDR

• Strategy filed for an IPO of 3.5 million euro-denominated perpetual preferred shares (STRE) to fund more Bitcoin purchases and general business operations.
• The STRE stock offers a 10% annual cumulative dividend on €100 stated amount, paid quarterly starting December 31, 2025, only available to qualified investors in EU and UK.
• Strategy currently holds 641,205 BTC acquired for $47.49 billion, after purchasing 397 BTC on Monday for approximately $45.6 million at an average price of $114,771 per bitcoin.
• Michael Saylor stated the company’s focus remains selling digital credit and buying Bitcoin, with no plans for mergers and acquisitions despite competitive pressures.
• Strategy’s MSTR stock closed down 1.8% at $264.67 on Monday, falling 24.73% over the past month and 11.78% year-to-date.

Strategy filed Monday for an initial public offering of euro-denominated shares. The company plans to offer 3.5 million shares under the ticker STRE.

The proceeds will fund Bitcoin purchases and general business operations. This marks another chapter in founder Michael Saylor’s aggressive Bitcoin accumulation strategy that started in mid-2020.

The STRE stock carries a 10% annual cumulative dividend on the stated amount of 100 euros. Dividends will be paid quarterly in cash starting December 31, 2025.

MicroStrategy Incorporated, MSTR

The offering targets qualified investors only. Strategy said the shares will be available to qualified investors in the EU and UK but not to retail investors in those regions.

Unpaid dividends will compound quarterly at 11% initially. The compounding rate increases by 100 basis points per period to a maximum of 18%.

Barclays, Morgan Stanley, Moelis and TD Securities will serve as book-running managers. The offering remains subject to market conditions.

Current Bitcoin Holdings

Strategy now holds 641,205 BTC after purchasing 397 Bitcoin on Monday. The company paid roughly $45.6 million for the recent purchase at an average price of $114,771 per bitcoin.

The total Bitcoin holdings were acquired for $47.49 billion. This makes Strategy the largest Bitcoin holder among publicly traded companies.

The company funded recent purchases through at-the-market sales. These sales included shares of Class A common stock MSTR and several perpetual preferred stocks including Strike (STRK), Strife (STRF), and Stride (STRD).

Bitcoin acquisition activity slowed in the third quarter compared to earlier in the year. Analysts described this slowdown as cyclical rather than structural.

Business Model and Future Plans

Saylor told investors Thursday that Strategy will stick to its current model. The focus remains selling digital credit, improving the balance sheet, and buying Bitcoin.

The company has no plans for mergers and acquisitions. Saylor stated this position holds even if such moves might appear accretive.

Strategy’s approach has spawned a wave of imitators. Several companies have raised billions to stockpile Bitcoin and other cryptocurrencies including Ether.

Some analysts worry the digital asset treasury model faces risks. Concerns center on market saturation and whether companies might need to consolidate to remain competitive.

Market experts at Mizuho, TD Cowen and Benchmark recently issued positive 2026 outlooks. They believe Strategy’s Bitcoin acquisition model remains sustainable.

The company’s stock traded down 1.8% at $264.67 on Monday. MSTR has fallen 24.73% over the past month and dropped 11.78% year-to-date while Bitcoin trades at $106,865, down 2.57%.

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