Strategy expects $24 billion full-year net income if Bitcoin reaches its internal target of $150,000.
Strategy Inc., the Bitcoin-focused business intelligence and capital management firm formerly known as MicroStrategy, announced the launch of Stream (STRE), a euro-denominated perpetual preferred stock offering designed for institutional investors across the European Economic Area (EEA).
The new instrument offers a 10% annual dividend, payable quarterly in cash beginning December 31, 2025, and will be listed on the Euro MTF in Luxembourg. Each share will be issued at €100, with the company confirming that proceeds will be used for general corporate purposes, including expanding its Bitcoin portfolio.
According to Strategy’s filing, STRE occupies a senior position relative to the firm’s STRK, STRD, and common (MSTR) shares, while remaining junior to other perpetual preferred classes STRF and STRC, and all corporate debt obligations. The structure continues Strategy’s approach of layering capital products while keeping equity exposure open to global investors seeking yield.
In its Q3 2025 earnings report, Strategy posted a net income of $2.8 billion and a diluted EPS of $8.42, surpassing market forecasts. The firm disclosed that as of October 26, it held 640,808 Bitcoin, valued at approximately $70.9 billion, generating an unrealized gain of $3.9 billion during the quarter.
Management attributed the performance to disciplined treasury management and continued BTC accumulation amid renewed institutional demand. With Bitcoin trading near $105,000, Strategy reiterated its bullish stance, projecting a full-year 2025 net income of $24 billion, assuming its internal price target of $150,000 per BTC materializes.
The launch of Stream (STRE) signals Strategy’s intent to deepen its European investor base by providing euro-denominated access to Bitcoin-backed yield products. By aligning with the Euro MTF Luxembourg, the company leverages one of Europe’s most liquid venues for structured and perpetual securities.
Institutional analysts see the offering as a strategic bridge between traditional finance and Bitcoin exposure, giving European funds a way to participate in Strategy’s Bitcoin-linked balance sheet without direct crypto custody.
As Strategy continues to scale its Bitcoin holdings and diversify its financing instruments, the firm appears to be positioning itself as both a corporate pioneer in digital-asset treasury management and a yield provider for institutional investors navigating the evolving crypto-capital markets.
