Strategy’s European Preferred Share Faces Adoption Hurdles
Strategy (MSTR) launched its first non-U.S. perpetual preferred share, Stream (STRE), in November, aiming to attract investors across the European Economic Area (EEA). Modeled on Stretch (STRC)—the company’s high-yield, money-market-style preferred—STRE offered a €100 ($115) stated value, a 10% annual dividend, and priority over common equity.
Despite the product’s appeal, uptake has been limited. Strategy raised $715 million by pricing STRE at a 20% discount to €80 per share amid weak demand. Public updates have been minimal, and the share has been removed from the company’s dashboard.
Barriers to Adoption
Khing Oei, CEO of Dutch bitcoin treasury firm Treasury, points to structural obstacles. STRE trades on Luxembourg’s Euro MTF, which has limited distribution, and major brokers like Interactive Brokers do not support it. Limited historical pricing and liquidity data further hamper adoption, with TradingView showing a $39 billion market capitalization but only 1,300 shares traded.
Looking Ahead
Oei suggests relisting STRE on alternative European venues could improve accessibility, liquidity, and retail participation. Whether Strategy will pursue further European expansion or maintain its U.S.-focused approach—where it offers four perpetual preferred shares—remains unclear.
