The crypto treasury firm moves ahead with a €608.8 million preferred stock sale to expand Bitcoin holdings amid credit downgrades and revenue declines.
Strategy, a major corporate Bitcoin treasury company, is pressing forward with its plan to expand BTC reserves despite a turbulent market and declining revenues. The firm announced the pricing of its Series A Perpetual Stream Preferred Stock (STRE), a euro-denominated issuance designed to fund further Bitcoin accumulation and strengthen its balance sheet.
New STRE Offering Targets Over €600 Million in Funding
According to the company’s statement, the new STRE shares will be priced at €80 ($92.50) per share, aiming to raise approximately €608.8 million in net proceeds. The funds will be allocated primarily toward purchasing additional Bitcoin and other general corporate purposes.
The offering is set to settle on November 13 and will not be available to retail investors in the European Union or the United Kingdom, reflecting a strategic focus on institutional capital.
The STRE stock will be senior to Strategy’s Perpetual Strike (STRK), Perpetual Stride (STRD), and common stock, but subordinate to its Perpetual Strife (STRF), Variable Rate Perpetual Stretch (STRC), and existing debt obligations.
The new offering comes as Strategy’s Q3 revenue fell to $2.8 billion, down sharply from $10 billion in Q2. Its stock has also been in a steady downtrend since July, reflecting the broader crypto market slowdown and reduced investor confidence in Bitcoin-linked treasury firms.
In October, S&P Global Ratings assigned Strategy a B- credit rating, placing it in the “non-investment grade” category. The agency cited “high concentration risk” due to the firm’s heavy Bitcoin exposure and limited diversification across business lines.
“Strategy’s reliance on Bitcoin as its primary treasury asset increases volatility and reduces financial flexibility,” S&P analysts noted.
Strategy’s stock has declined alongside other crypto treasury companies. : TradingView
Analysts See Low Risk of Forced Liquidation
Despite the rating downgrade, several market observers believe Strategy remains stable. Bitcoin analyst Willy Woo said the company’s staggered debt maturities and structured financing approach make forced liquidation unlikely, even during prolonged bear markets.
“Strategy is built to endure downturns,” Woo explained. “Their debt schedule is spread out, and as long as Bitcoin remains liquid, they’re not at risk of collapse.”
While credit concerns and shrinking revenues cast a shadow over its operations, Strategy’s continued investment in Bitcoin underscores its unwavering conviction in digital assets as part of its long-term financial strategy. By launching the STRE preferred shares, the company aims to strengthen its Bitcoin reserves — signaling that, even in a cooling market, corporate faith in BTC as a store of value remains firm.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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