TL;DR
- Strategy doubled its initial target, raising $715 million through the issuance of its STRE preferred shares, which offer a 10% yield.
- The funds will be used for new bitcoin purchases and working capital as part of its layered financing strategy.
- Bitcoin accumulation slowed during the quarter, but the firm remains on track to meet its 30% yield target for 2025.
Strategy (MSTR) closed a new issuance of Series A perpetual preferred shares under the ticker STRE, raising $715 million—twice its original target. Each share carries a nominal value of €100 and was priced at €80, offering an annual yield of 10% that can rise to 18% if dividends are deferred.
The company stated that proceeds will be used for general corporate purposes, including future bitcoin acquisitions and strengthening working capital. The instrument’s structure is designed to provide financial flexibility during periods of tighter liquidity without diluting common shareholders. Dividend payments will begin on December 31, 2025.
Institutional Demand Persists
The issuance drew strong institutional demand: the original plan was to sell 3.5 million shares, but the figure was raised to 7.75 million. According to analysts, the success of the offering demonstrates that there is still significant appetite for high-yield instruments linked to the company’s bitcoin strategy.
Strategy Maintains Its Targets
STRE joins a series of preferred shares issued this year, including STRC, launched in July, which raised $4.2 billion to fund bitcoin purchases. Other series—such as STRF, STRK, and STRD—form part of the same capital framework designed to sustain bitcoin accumulation without directly affecting common shareholders.
During the third quarter, Strategy slowed its pace of accumulation, adding only 1,417 BTC compared to more than 9,000 in the previous quarter. Its total holdings now stand at 640,808 BTC, representing 3.1% of total supply, while its mNAV multiple fell to 1.2×, the lowest level since 2023.
Analysts see the slowdown as temporary and expect the company to resume accumulation once funding conditions improve. With bitcoin holding above $100,000 and MSTR shares trading near $235, Strategy remains committed to its 30% yield target for 2025
