The delay of the European STRE launch by Strategy: when 10% returns are not enough

Strategy has decided to expand its range of financial instruments beyond the Atlantic, introducing STRE (Stream), the new perpetual preferred share denominated in euros. This product represented a strategic opportunity to capture the growing demand for high-yield investments in the European market. However, about three months after the official launch, STRE did not meet Michael Saylor’s company’s expectations, remaining largely unnoticed by European investors.

STRE as a bridge between markets: from expectations to reality

STRE was conceived as the European equivalent of Stretch (STRC), the high-yield preferred share already established in the United States. The share was issued with a nominal value of 100 euros (equivalent to about 115 dollars) per share and offers an annual dividend of 10%. Structurally, it ranks above common equity in the payment hierarchy, a feature that theoretically makes it attractive to income-oriented investors.

As of November 2025, Strategy has actually raised $715 million through STRE. However, the price was not set at the nominal value: the instrument was offered at a 20% discount compared to the €80 per share value, a significant concession reflecting the challenges faced in market reception and less favorable economic conditions than initially expected.

Structural issues: accessibility and transparency at the forefront

According to Khing Oei, founder and CEO of Treasury, a Dutch-based company specializing in bitcoin treasury management, the relative failure of STRE stems from much more concrete infrastructural problems than potential product weaknesses.

The first obstacle is practical: STRE is difficult to purchase. The share is listed on Luxembourg’s Euro MTF, a platform lacking user-friendly tools and widespread distribution. Interactive Brokers, one of the leading global intermediaries, does not offer STRE in its product catalog. The same limitation affects numerous other brokerage platforms aimed at retail savers, which do not allow trading in this instrument.

Secondly, there is the issue of visibility and transparency of market data. TradingView, one of the main sources of historical price and trading volume information for millions of investors, shows rather disappointing data: a recorded market capitalization of $39 billion (disputable figure) accompanied by extremely low daily trading volumes, around $1,300. This scarcity of reliable and easily accessible data constitutes a significant barrier to adoption by investors, who struggle to adequately assess the actual liquidity and performance of the share over time.

Prospects for STRE: new platforms as a solution

Faced with these problems, Oei suggests that STRE could benefit from listing on alternative markets, particularly in the Netherlands. The Dutch financial and trading ecosystem has characteristics that could prove more favorable for growth: a more structured distribution towards European investors, deeper market making that would ensure narrower bid-ask spreads, and above all, greater accessibility for retail savers through established local intermediaries.

What to expect: Strategy’s strategic dilemma

However, the direction Strategy will take remains uncertain. CEO Michael Saylor has previously expressed caution regarding geographic expansion, believing that the US market remains the main priority. Currently, Strategy has already launched four distinct perpetual preferred share products denominated in dollars, each with its own features and a solid investor base.

The strategic question is: will STRE receive a new boost and a structural reinvention to conquer the European market, or will it remain an underutilized international expansion experience? With bitcoin currently trading around $88,000 and a significant portion of invested wealth in bitcoin characterized by cost bases above this threshold, European investors might indeed be interested in predictable yield instruments like STRE, provided they become accessible and transparent. The next chapter of this story will depend on the choices Strategy makes in the coming months.