Crypto asset firm Strategy has filed for an initial public offering of euro-denominated perpetual shares as part of its ongoing strategy to accumulate Bitcoin.
Strategy announced on Monday that it would offer 3.5 million shares of its stock under the ticker STRE, with the net proceeds from the sale to be used to purchase Bitcoin (BTC) and for general corporate purposes.
The stock offers a cumulative annual dividend of 10% on the stated amount of €100 ($115), paid quarterly from December 31st.
Strategy said the STRE shares are only available to “accredited investors” in the EU and UK, and the shares will not be “offered, sold or otherwise made available to any retail investors” in these regions.
Strategy offers $STRE (“Stream”), the company’s first euro-denominated perpetual preferred stock, to institutional investors in Europe and around the world. $MSTR pic.twitter.com/tCectc2uA2
— Michael Saylor (@saylor) November 3, 2025
The company’s business model, introduced by founder Michael Saylor in mid-2020, allows it to issue stock to raise funds to buy Bitcoin, allowing it to amass the largest amount of Bitcoin of any publicly traded company.
Strategy currently holds 641,205 BTC, acquired for $47.49 billion, after announcing on Monday that it had purchased 397 Bitcoin to start November.
Strategy’s model has sparked an entire copycat sector that has amassed billions of dollars in investor funds to stockpile Bitcoin and other cryptocurrencies, including Ether (ETH).
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Saylor said Thursday that Strategy is unlikely to change its model, telling investors on a conference call that “the focus is to sell digital credit, improve the balance sheet, buy Bitcoin and communicate that to credit investors and equity investors.”
Some analysts worry that the crypto treasury business model could be disrupted by the number of entrants, forcing such companies to acquire rivals to stay competitive.
Mr. Thaler told investors that Strategy was unlikely to do so and that the company had no plans to pursue mergers and acquisitions “even though there is potential for growth.”
Barclays, Morgan Stanley, Moelis and TD Securities are among the bookkeepers for the latest stock offering, Strategy said.
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