Strategy Inc., one of the top Bitcoin treasury firms, has filed for an initial public offering (IPO) for a new class of shares. The company is offering 3.5 million shares of its 10.00% Series A Perpetual Preferred Stock, which will be denominated in euros and listed under the ticker symbol STRE. The capital raised from this offering will be targeted to increase the company's Bitcoin holdings and to support general corporate operations.
Also, each share will be priced at EUR 100 (approximately $115), offering a 10% cumulative dividend per annum. Dividends will be issued quarterly, starting on December 31, 2025. This move is part of the larger plan for Strategy to utilize the capital markets to finance its Bitcoin purchases, which has been at the heart of the company's investment strategy since it pivoted in mid-2020.
In addition, the STRE shares will be offered only to qualified institutional investors based within the European Union and the United Kingdom. The company has very clearly stated that the shares will not be made available to retail investors in these regions, reinforcing the company's strategy to focus on institutional capital. Strategy aims to maintain a focused investor base consistent with its long-term objectives by limiting the offering to qualified investors.
This preference for institutional investors aligns with Strategy's previous decisions, which have been guided by capital markets in driving its Bitcoin acquisitions. The preferred shares come with a 10% annual dividend, which is a relatively attractive return for institutional investors, furthering the company's goal of building up its Bitcoin treasury without issuing common stock.
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Strategy remains a strong driving force for Bitcoin as part of its business model. The company is one of the largest publicly traded companies holding Bitcoin, with more than 641,000 BTC and a value of about 67.7 billion as of November 2025. The recent acquisition of 397 Bitcoin is yet another example of the company's dedication to expanding its holdings.
The founder, Michael Saylor, reiterated the company's Bitcoin accumulation strategy during a recent investor call, stating that the primary goal is to strengthen the balance sheet with digital assets and purchase more Bitcoin. Despite the increasing competition in the crypto treasury industry, Strategy has no plans to merge or acquire other treasury models, indicating a commitment to an independent and long-term approach to Bitcoin investment.