Stream (STRE) is Strategy's first euro-denominated issuance and the only one in the series that does not trade on Nasdaq: it settled on 13 November 2025 on the Official List and the Euro MTF market of the Luxembourg Stock Exchange. The deal was 7,750,000 shares at €80 — a 20% discount to the €100 stated amount — for roughly €620.0 million gross (about $715.1 million). The dividend is 10% per year on the €100 stated amount, paid on 31 March, 30 June, 30 September and 31 December, with the first payment on 31 December 2025. It is cumulative and it also compounds: if Strategy stops paying, the arrears begin accruing at 11% and step up by one percentage point for each unpaid quarter, capped at 18%. There is no call date: Strategy may only redeem it in full if fewer than 25% of the originally issued shares remain outstanding, or upon certain tax events, always at the liquidation preference plus accrued dividends; holders, in turn, can require repurchase upon a fundamental change. The practical caveat matters as much as the terms: living on the Euro MTF with no retail distribution, liquidity is minimal and the price is barely visible from a conventional European broker.
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Base price: $115.34 · par value (estimated)Indicative calculation. Dividends depend on the issuer declaring them each period, are not guaranteed and exclude tax withholdings and broker fees. The share count rounds down and assumes a market purchase at the price shown.
Dividend History
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Instrument Terms
Capital Structure
Senior to the common stock (MSTR). Junior to any debt. No mandatory maturity and no redemption date. The liquidation preference is the €100 stated amount per share plus accumulated unpaid dividends.
Bitcoin Exposure
Indirect exposure, denominated in euros: the coupon is fixed in euros, but the issuer's creditworthiness rests on Strategy's Bitcoin balance sheet. A euro investor also takes on implicit currency risk, because the assets backing the payment sit in dollars and in BTC.
Specific Risks
5 factors identifiedIssuer credit risk
Strategy's preferreds are not collateralized by the company's Bitcoin reserves. They are an unsecured obligation: in a bankruptcy scenario, senior bondholders are paid first and preferred holders only recover from residual assets afterwards. The backing is credit-based, not a BTC collateral pledge. A severe and prolonged drop in the Bitcoin price could compromise the issuer's ability to service the dividends.
Cumulative, but not guaranteed
If the issuer skips a dividend, the amount accrues and must be paid before any distribution to common shareholders. The protection is real but has a limit: accrued dividends are only collected if the company survives. While unpaid, they earn no interest and are not adjusted for inflation.
Call risk (early redemption)
At any time from the call date, the issuer may redeem the issuance at par value ($115.34 per share). If market rates are lower than the current yield by then, it will likely do so: the investor gets the principal back and must reinvest it at worse yields. This scenario is especially relevant for instruments trading at a premium to par.
Interest rate sensitivity
Like any perpetual fixed income instrument, the secondary price moves inversely to rates. A significant rise in interest rates can cause sharp price declines even if the issuer keeps paying dividends on time. The effect grows with effective duration, and perpetuals are the most sensitive.
Stacked dividend obligations of the issuer
Strategy has issued 5 distinct fixed income instruments (STRK, STRF, STRC, STRD, STRE) coexisting in the same capital structure. Each new issuance adds dividend obligations on the same underlying Bitcoin balance sheet. In a prolonged BTC bear market, the issuer's cash flow to service all dividends simultaneously could compress and force prioritization decisions across issuances.
This risk analysis is for information purposes only and does not constitute financial advice. The official prospectuses (SEC) contain the full risk factor disclosure and should be reviewed before investing.
Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.