TechFlow News, January 24: According to CoinDesk, Strategy launched its first non-U.S. perpetual preferred stock—Stream (STRE)—in Europe last November, aiming to replicate its high-yield preferred stock model in the U.S. market. The product has a face value of €100 and offers an annualized dividend of 10%. However, it was ultimately issued at a 20% discount—€80 per share—raising approximately $715 million. Market response remained weak following its listing.
Analysts attribute STRE’s failure to several structural factors. First, STRE is listed on the Luxembourg Euro MTF, but major brokerage platforms—including Interactive Brokers—and many retail-facing platforms do not support trading in this instrument, severely limiting accessibility for both retail and institutional investors. Second, the product lacks transparent historical pricing and reliable market data. Strategy has yet to release further information regarding STRE’s next steps. Market participants are closely watching whether the firm will continue investing in and expanding its presence in Europe—or instead maintain its focus on the U.S. market, where it has already launched four perpetual preferred stock products.
