The cryptocurrency treasury company Strategy has submitted an application for a Euro-denominated perpetual stock initial public offering (IPO), which is part of its ongoing strategy to accumulate BTC.
Strategy announced on Monday that it plans to issue 3.5 million shares of the stock under the ticker symbol STRE, with the net proceeds from the sale to be used for purchasing Bitcoin (BTC) and general business purposes.
The stock is offered at a specified amount of 100 euros ($115) with a 10% annual cumulative dividend, payable quarterly starting December 31.
Strategy stated that STRE shares are only available to "qualified investors" in the EU and the UK, and these shares will not be "offered, sold, or otherwise made available" to any retail investors in these regions.
Strategy is offering $STRE (“Stream”), our first ever Euro-Denominated Perpetual Preferred Stock, to European and global institutional investors. $MSTR pic.twitter.com/tCectc2uA2
The company's business model was implemented by founder Michael Saylor in mid-2020, allowing it to issue stock and raise funds to purchase BTC, which has helped it accumulate the most BTC among publicly traded companies.
Strategy currently holds 641,205 BTC, acquired at a price of $47.49 billion, having announced earlier on Monday that it purchased 397 BTC to kick off November.
Strategy's model has spawned an entire industry of imitators, which have raised billions of dollars in investor funds to accumulate BTC and other cryptocurrencies, including Ethereum (ETH).
Saylor stated on Thursday that Strategy is unlikely to change its model, telling investors on a conference call, "The focus is on selling digital credit, improving the balance sheet, purchasing BTC, and conveying this to credit and equity investors."
Some analysts are concerned that the cryptocurrency treasury business model may collapse due to the large number of entrants, and such companies may have to acquire competitors to remain competitive.
Saylor told investors that Strategy is unlikely to do so, as the company has no plans for mergers and acquisitions, "even if it may seem value-accretive."
Strategy stated that Barclays, Morgan Stanley, Moelis, and TD Securities are part of the book managers for its latest stock issuance.
Related: Michael Saylor's Strategy kicks off November with a $45 million Bitcoin (BTC) purchase
Original article: “Strategy submits Euro stock IPO application to fund more Bitcoin (BTC) purchases”
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