Crypto treasury firm Strategy has filed for an initial public offering (IPO) of a euro-denominated perpetual stock as part of its ongoing plan to expand its Bitcoin holdings.
In a statement on Monday, Strategy said it intends to issue 3.5 million shares of the new stock under the ticker STRE, with proceeds from the sale earmarked for Bitcoin purchases and general corporate purposes.
The STRE shares will offer investors a 10% annual cumulative dividend on a nominal value of €100 ($115), paid quarterly starting December 31.
Strategy also clarified that the offering is restricted to “qualified investors” in the EU and UK, and that the shares will not be offered or sold to retail investors in those jurisdictions.
The company’s business model—introduced by founder Michael Saylor in mid-2020—allows it to issue shares and raise capital to buy Bitcoin, a strategy that has helped it amass the largest Bitcoin holdings of any publicly traded company.
Strategy currently holds 641,205 BTC, acquired for a total of $47.49 billion, after announcing the purchase of an additional 397 Bitcoin to start November.
The firm’s approach has inspired a wave of crypto treasury imitators, many of which have raised billions of dollars to accumulate Bitcoin and other digital assets, including Ether.
Saylor said on Thursday that Strategy has no plans to change its playbook, telling investors, “Our focus is to sell digital credit, strengthen the balance sheet, buy Bitcoin, and communicate that clearly to both credit and equity investors.”
Some analysts have warned that the growing number of entrants could put pressure on the crypto treasury model, potentially forcing companies to consolidate or acquire rivals to maintain competitiveness.
However, Saylor dismissed that idea, saying Strategy has no plans for mergers or acquisitions, “even if they appear potentially accretive.”
The company also named Barclays, Morgan Stanley, Moelis, and TD Securities as book-running managers for its latest share offering.
