Strategy Inc. announced an initial public offering of 7.75 million preferred shares. Settlement is scheduled for November 13, 2025.
Strategy Inc (STRF/STRC/STRK/STRD/MSTR) priced an initial public offering of 7.75 million shares of preferred stock at €80.00 per share, the company announced. The offering is scheduled to settle on November 13, 2025.
The company expects to receive gross proceeds of approximately €620.0 million ($715.1 million) and net proceeds of approximately €608.8 million ($702.2 million) after deducting underwriting fees and expenses. The currency conversion is based on an exchange rate of €1.00/$1.1534 as of November 6, 2025.
Strategy plans to use the net proceeds for general corporate purposes, including bitcoin acquisition and working capital.
The 10.00% Series A Perpetual Stream Preferred Stock will pay cumulative dividends at an annual rate of 10.00% on a stated amount of €100 per share. Dividends will be payable quarterly when declared by the board of directors, beginning December 31, 2025. If dividends are not paid on schedule, additional compounded dividends will accumulate at increasing rates, starting at 11% annually and rising by 100 basis points per period up to a maximum of 18% annually.
The company retains redemption rights under specific conditions, including when outstanding shares fall below 25% of the original issuance or upon certain tax events. Shareholders have repurchase rights if a "fundamental change" occurs under the certificate of designations.
The liquidation preference begins at €100 per share and will be adjusted daily based on trading activity and price performance over specified periods.
Barclays Bank PLC, Morgan Stanley & Co. International plc, Moelis & Company LLC, SG Americas Securities, LLC, TD Securities (USA) LLC, Canaccord Genuity LLC and StoneX Financial Inc. serve as joint book-running managers.