Strategy’s European Preferred Share Struggles to Gain Traction
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). Designed as a European equivalent of Stretch (STRC)—the company’s high-yield, money-market-style preferred—STRE carried a €100 ($115) stated value, offered a 10% annual dividend, and ranked above common equity in the capital structure.
Despite these features, investor uptake has been limited. Strategy raised $715 million by pricing the instrument at a 20% discount to €80 per share, reflecting weak demand and challenging market conditions. The company has provided minimal public updates on STRE, and the product has since been removed from its dashboard.
Structural Barriers
Khing Oei, CEO of Dutch bitcoin treasury firm Treasury, points to several factors constraining adoption. Access is a major issue: STRE trades on Luxembourg’s Euro MTF, which lacks broad distribution, and major brokers like Interactive Brokers do not support it. Retail investors therefore have few avenues to trade the product.
Transparency is another hurdle. Limited historical pricing and liquidity data make it difficult to assess performance. TradingView lists STRE with a $39 billion market capitalization but shows trading volume of just 1,300 shares.
Looking Forward
Oei suggests relisting STRE on alternative European venues could improve accessibility, market making, and retail participation. Whether Strategy will double down on Europe or continue focusing on the U.S.—where it offers four perpetual preferred shares—remains an open question.
