? The company continues its course toward strengthening cryptocurrency investments and consolidating its status as a leading corporate Bitcoin holder, launching a new euro-dollar issue of preferred shares with a 10% yield.
American company Strategy Inc (Nasdaq: STRF / STRC / STRK / STRD / MSTR), best known for its massive Bitcoin holdings, announced plans to issue 3.5 million perpetual Series A preferred shares with an annual yield of 10%.
The placement, aimed primarily at institutional investors, is being conducted in a euro-dollar format and will depend on market conditions and regulatory environment.
This announcement came less than a week after the company revealed its plans to launch an international perpetual listing — something analysts see as part of a strategy to diversify funding sources and strengthen its position in global capital markets.
Terms of issuance and yield structure
According to the official press release, STRE preferred shares will pay cumulative dividends at an annual rate of 10% of the nominal value of €100 per share. Payments will be made quarterly, starting December 31, 2025, subject to approval by the company’s board of directors.
A key feature of the issue is the compound dividend mechanism: if regular payments are delayed, unpaid amounts will begin to accrue additional interest — initially 11% per year, increasing by 1 percentage point (100 bps) annually up to a maximum of 18% per year.
Additionally, the liquidation value of STRE shares will be €100, with an adjustment mechanism based on post-offering market quotations to ensure investor flexibility under changing yields.
The company also reserves the right to redeem the shares early if the volume in circulation falls below 25% of the initial issuance or if certain tax-related events affect the payout structure.
Underwriters and regulatory framework
Joint bookrunners for the offering include major global investment banks:
Barclays Bank PLC, Morgan Stanley & Co. International plc, Moelis & Company LLC, SG Americas Securities, LLC, TD Securities (USA) LLC, Canaccord Genuity Limited, and StoneX Financial Inc.
The offering is conducted under a valid registration statement filed with the U.S. Securities and Exchange Commission (SEC), ensuring compliance with U.S. disclosure and transparency standards.
Proceeds to go toward Bitcoin and capital expansion
Strategy Inc clarified that net proceeds from the offering will be used for general corporate purposes, including further Bitcoin purchases and strengthening working capital.
This aligns fully with the company’s strategic goal of converting part of its liquid assets into digital reserves.
Financial performance and market position
As of Q3 2025, Strategy Inc reported $2.8 billion in net profit and $3.9 billion in unrealized Bitcoin gains.
The company reaffirmed its positive outlook for 2025, emphasizing that Bitcoin’s price appreciation remains a key driver of its financial success.
Under its previous At-the-Market (ATM) Offering program, Strategy sold 76,017 perpetual Series A preferred shares, raising $8.4 million.
Analysts view the new issue as a logical continuation — focused on expanding long-term capital access and stabilizing yield structure.
Analyst reactions and investor perception
Analysts’ opinions remain mixed, though mostly positive:
- Canaccord Genuity raised its target price for MicroStrategy (MSTR) to $474, noting strong institutional interest in the company’s Bitcoin-yield strategy.
- H.C. Wainwright maintained a “Buy” rating with a $475 target, citing business model resilience.
- Cantor Fitzgerald lowered its target to $560 from $697, citing reduced adjusted net asset value.
- Benchmark maintained a “Buy” rating with a $705 target, highlighting “impressive operational performance.”
This divergence reflects differing views on the company’s growth pace and its dependence on Bitcoin price fluctuations.
? Context: The move toward tokenizing corporate capital
The financial community views Strategy Inc’s initiative as part of a broader trend toward tokenization and hybridization of corporate capital — where traditional instruments (preferred shares, bonds) merge with crypto assets.
Such models could bridge traditional financial markets and digital assets, offering new forms of yield and reduced volatility.
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