Strategy perpetual preferred stock STRE European market discount fundraising has attracted attention, and the strategic direction is in doubt

According to CoinDesk, Strategy launched its first non-U.S. perpetual preferred stock, Stream (STRE), in Europe last November, attempting to replicate its high-yield preferred stock model in the U.S. market. The product has a face value of 100 euros and an annual dividend of 10%, but it was ultimately issued at a discount of 80 euros, raising approximately $715 million, with market response remaining sluggish after its listing.

Analysts believe there are several structural reasons for STRE's failure. First, STRE was listed on the Luxembourg Euro MTF, and large brokerage platforms, including Interactive Brokers, as well as many retail-oriented platforms, do not support trading, making it difficult for both retail and institutional investors to access the product. Secondly, the product lacks transparent historical pricing and reliable market data. Currently, Strategy has not released more information regarding the follow-up arrangements for STRE, and the market is watching whether it will continue to deepen and expand in Europe or maintain its focus on the U.S. market, where it has already launched four perpetual preferred stock products.