Michael Saylor and the team at Strategy (MSTR) have officially expanded across the pond as they look to tap new funding markets in their quest to acquire even more bitcoin .
Strategy, the largest publicly traded bitcoin company, priced its initial public offering of 7.75 million shares of 10% Series A Perpetual Stream Preferred Stock (STRE) at €80 per share.
The sale, which is expected to close on November 13, will generate approximately 620 million euros ($715 million) in gross proceeds, according to a Friday press release, with which the company will mostly acquire additional bitcoin.
The STRE share carries an annual dividend of 10% of its stated value of €100, payable quarterly from 31 December when declared by the Board of Directors. Unpaid dividends will accrue interest at an initial rate of 11%, increasing by 1% per quarter up to 18% until paid.
Strategy is already the holder of 641,205 bitcoin worth about $64.1 billion at BTC’s current price of about $100,000. In addition to the recent declines in the price of bitcoin, the premium that investors are pricing Strategy’s common stock to the value of its bitcoin has rapidly declined.
This shrinks the company’s ability to raise money via the sale of common stock, making these preferred issues a favored path if the company wants to continue accumulating BTC.
MSTR shares are down another 5.3% pre-market to just $225, now down about 50% since the 2025 peak less than four months ago.
