Michael Saylor and team at Strategy (MSTR) have officially expanded across the pond as they seek to tap new funding markets in their quest to acquire even more bitcoin .
The largest publicly traded company holding bitcoin, Strategy 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, expected to close on Nov. 13, will generate approximately €620 million ($715 million) in gross proceeds, per a Friday press release, with which the company will mostly acquire additional bitcoin.
The STRE Stock carries a 10% annual dividend on its €100 stated value, payable quarterly beginning Dec. 31, when declared by the board. Unpaid dividends will accrue interest at an initial rate of 11%, rising by 1% per quarter up to 18% until paid.
Strategy is already the holder of 641,205 bitcoin worth roughly $64.1 billion at BTC’s current price of about $100,000. In addition to recent declines in the price of bitcoin, the premium at which investors are pricing Strategy’s common stock to the value of its bitcoin has been rapidly contracting.
This crimps the company’s ability to raise money via common stock sales, making these preferred issuances a favored avenue should the company want to continue to accumulate BTC.
MSTR shares are lower by another 5.3% premarket to just $225, now down by about 50% since peaking for 2025 less than four months ago.
