Strategy (MSTR) introduced its first non-U.S. perpetual preferred product, Stream (STRE), in November, aiming to tap demand across the European Economic Area (EEA). However, it didn't pan out the way Michael Saylor's firm intended. The preferred share was issued with a stated value of EUR100 ($115) per share, pays a 10% annual dividend, and sits above common equity in the capital structure. STRE was positioned as a European analogue to Stretch (STRC), the company’s high-yield money-market-style preferred ...

Core Insights - Strategy (MSTR) has launched a new euro-denominated perpetual preferred security named Stream (STRE) shortly after reporting Q3 earnings and indicating plans for an international perpetual preferred stock [1] Group 1: Security Details - STRE will be issued at 100 euros ($115) per share with a 10% annual dividend payable quarterly in cash, targeting professional and institutional investors in the European Economic Area (EEA) [2] - If dividends are unpaid, they will compound quarterly, with the rate increasing by 100 basis points per period up to a maximum of 18% [3] - STRE ranks senior to STRK, STRD, and MSTR common stock but junior to STRF, STRC, and debt, and is non-callable except under adverse tax circumstances or if less than 25% of shares remain outstanding [4] Group 2: Financial Implications - Proceeds from the issuance will support bitcoin (BTC) acquisitions and general corporate purposes, and the security carries no voting rights [5]