Michael Saylor’s bitcoin-focused company, Strategy Inc., is once again turning to capital markets to expand its already massive digital asset holdings. The firm has filed for an initial public offering (IPO) of euro-denominated perpetual stock to raise fresh funds for additional Bitcoin purchases. The move reinforces Strategy’s long-standing position as the world’s largest corporate Bitcoin holder and signals continued institutional confidence in the cryptocurrency amid market volatility.
According to the company’s filing, Strategy plans to issue 3.5 million shares of the new perpetual stock, trading under the ticker STRE. Each share carries a stated value of €100 ($115) and provides investors with a 10% annual cumulative dividend, paid quarterly beginning December 31, 2025.
The offering is designed exclusively for qualified investors within the European Union and the United Kingdom. Strategy clarified that the shares will not be “offered, sold, or otherwise made available” to any retail investor in those jurisdictions.
The company intends to use the net proceeds from the IPO to purchase more Bitcoin and for general corporate purposes. This aligns with the firm’s ongoing treasury model, which centers on converting capital raised from equity and debt markets into Bitcoin reserves.
Since Michael Saylor introduced Strategy’s Bitcoin-focused business model in mid-2020, the company has continually leveraged the financial system to expand its holdings. Through a series of equity and debt offerings, the firm has transformed from a traditional business intelligence company into a Bitcoin treasury powerhouse.
As of early November 2025, Strategy holds 641,205 BTC, purchased at an average price of $74,057 per coin. The total cost of this accumulation stands at approximately $47.49 billion, making Strategy the largest public Bitcoin holder globally.
Just a day before the IPO filing, Saylor revealed that the company had purchased an additional 397 BTC for roughly $45.6 million, signaling the firm’s unwavering commitment to its Bitcoin strategy.
The euro-denominated IPO reflects growing demand for Bitcoin-related investment products within Europe’s institutional sector. It also highlights Saylor’s efforts to diversify Strategy’s funding sources beyond U.S. markets.
By offering euro-based shares, Strategy is appealing to European investors seeking exposure to Bitcoin’s upside without directly holding the cryptocurrency. The 10% dividend structure further enhances the offering’s appeal by providing a predictable income stream tied to a Bitcoin-centric investment thesis.
Despite recent volatility, Bitcoin has maintained strong institutional interest, trading around $103,715 at the time of the filing. Analysts view Strategy’s continued accumulation as a signal of long-term bullish sentiment, particularly among corporations positioning themselves for the next phase of crypto adoption.
Strategy’s unique treasury approach has inspired a wave of copycat firms seeking to replicate its success. Several publicly traded companies and investment funds have launched similar models, raising billions of dollars to accumulate Bitcoin and other digital assets such as Ether (ETH).
However, this growing competition has also raised concerns among analysts who fear oversaturation in the crypto treasury space. Some warn that as more firms enter the market, consolidation may become inevitable to maintain efficiency and profitability.
Still, Saylor has made it clear that Strategy has no plans for mergers or acquisitions, even if potential deals appear financially beneficial. “The focus is to sell digital credit, improve the balance sheet, buy Bitcoin, and communicate that to the credit and equity investors,” Saylor told shareholders during a recent call.
Under Saylor’s leadership, Strategy continues to pioneer the integration of Bitcoin into corporate finance. Beyond simply holding BTC, the firm has built a digital credit platform that uses Bitcoin as collateral to issue yield-bearing financial instruments for institutional investors.
This approach has allowed Strategy to generate returns while maintaining exposure to Bitcoin’s appreciation. The latest euro-denominated IPO extends this strategy by allowing the company to raise capital from new markets and reinforce its liquidity position.
Saylor has consistently argued that Bitcoin represents “digital property” — a superior store of value compared to traditional assets. He views Bitcoin accumulation as both a hedge against inflation and a long-term productivity asset, positioning Strategy as a trailblazer in the digital financial era.
Strategy’s latest share offering has drawn participation from several major financial institutions. Barclays, Morgan Stanley, Moelis & Co., and TD Securities are serving as book-running managers, ensuring strong institutional placement and oversight for the IPO.
Their involvement underscores growing Wall Street confidence in Strategy’s Bitcoin-based treasury approach, which many analysts now regard as a blueprint for corporate digital asset management.
While some market observers question the sustainability of Strategy’s aggressive Bitcoin buying, others see it as a calculated long-term play that aligns with the growing institutionalization of crypto.
As global liquidity tightens and central banks navigate economic uncertainty, Bitcoin’s scarcity-driven value proposition could make Strategy’s approach even more attractive to investors.
With the euro IPO, Michael Saylor and Strategy are once again proving that they’re not just participating in Bitcoin’s rise—they’re shaping the future of institutional crypto finance.
Mike T, an accomplished crypto journalist, has been captivating audiences with her in-depth analysis and insightful reporting on the ever-evolving blockchain and cryptocurrency landscape. With a keen eye for market trends and a talent for breaking down complex concepts, Mike's work has become essential reading for both crypto enthusiasts and newcomers alike. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9
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