- Strategy (MSTR) launched its first non-U.S. perpetual preferred, Stream (STRE), for the European Economic Area in November.
- The instrument carried a EUR100 ($115) stated value, a 10% annual dividend, and seniority over common equity.
- Demand pushed the sale to EUR80 ($92) per share, and the company raised about $715 million at that price.
- Market access and data issues have limited adoption, and the product was removed from the company’s dashboard.
- Khing Oei cited venue distribution, broker support, and sparse pricing history as key obstacles and recommended relisting on alternative venues.
Strategy (MSTR) introduced its first Europe-focused perpetual preferred, Stream (STRE), in November to reach investors across the European Economic Area. The share carried a stated value of EUR100 ($115), paid a 10% annual dividend, and ranked above common equity in the capital structure.
The issuance was pitched as a European analogue to Stretch (STRC), the company’s U.S. high-yield preferred. Market demand and conditions led the company to price the sale at EUR80 ($92) per share, a 20% discount to par, and it ultimately raised about $715 million.
Since the offering, STRE has seen limited traction and sparse public discussion from the firm. The product no longer appears on the company’s dashboard, and trading access remains narrow due to its listing on Luxembourg’s Euro MTF, a venue with limited retail distribution.
Interactive Brokers and many retail platforms do not list STRE, which restricts access for small investors. Khing Oei, founder and CEO of Treasury, pointed to weak distribution, a lack of transparent historical pricing, and unreliable market data as barriers to adoption. Public data sources show a $39 billion market capitalization for STRE alongside trading volume of just 1.3k on some platforms.
Oei recommended relisting the instrument on alternative venues with deeper market making and broader retail reach, citing Dutch trading infrastructure as an example. It remains unclear whether the company will expand further in Europe or continue to focus on the U.S., where it already offers four perpetual preferred share products under its existing structure.
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