Saylor and Strategy aim to initiate global Bitcoin purchasing.

After years of consistent purchasing, Strategy Inc., the digital-asset treasury firm headed by Michael Saylor, has subtly reduced its rate of Bitcoin acquisition.

Recent company filings indicate that its BTC purchases have decreased to just a few hundred coins, marking a significant deceleration for the largest corporate holder of the leading cryptocurrency.

During the third-quarter earnings call, Saylor noted that this slowdown is a result of the firm being at an “inflection point.”

He stated:

“Our multiple-to-net asset value, MNAV, has been trending down and has been trending down over time as the Bitcoin asset class matures, as the volatility decreases.”

Nonetheless, this pause may be short-lived, as the firm’s new financing avenues are now being activated.

This includes a 10% euro-denominated perpetual preferred stock listed in Luxembourg and a variable-rate US issue that has recently regained its $100 par value.

Collectively, these products could reopen the capital flow into Strategy’s Bitcoin reserves and assess whether yield-seeking investors will once again support Saylor’s $70 billion bet on digital scarcity.

Strategy expands internationally with STRE

Strategy’s most recent quarter highlighted both the pause and the potential. The firm reported $2.8 billion in net income, primarily from unrealized gains on its Bitcoin holdings, but added only a limited number of coins.

Industry analysts attributed the slowdown to diminished demand for the company’s common stock and its four listed preferred share offerings, which have historically been its main funding sources.

Bitcoin analyst James Check remarked:

“The company is struggling to keep them above face value, and daily trade volume is so light, nobody can put any size on. The demand is tepid.”

However, this situation may be shifting as the firm broadens its international reach.

On Nov. 3, Strategy launched the Series A Perpetual Stream Preferred (STRE), a euro-denominated security that offers a 10% annual dividend, paid quarterly in cash.

The dividend is cumulative and increases by 100 basis points for each missed period, up to a maximum of 18%. The firm indicated that the proceeds from this fundraising will be allocated for “general corporate purposes, including Bitcoin acquisition.”

Significantly, the economic environment is conducive to experimentation.

According to BNY Mellon, euro-denominated corporate bond spreads remain tight by historical measures even after the European Central Bank’s tightening cycle. The region has experienced the second-highest investment-grade inflows in six years, pushing the total market size beyond €3.2 trillion across more than 3,700 issuers.

With BBB yields near 3.5% and single-Bs around 6.5% (FTSE Russell), STRE’s 10% coupon is particularly notable. Bitcoin analyst Adam Livingston stated:

“Even before tax, STRE doubles high-yield and triples investment-grade coupons. After US tax-equivalent conversion, the yield explodes to 15.9 percent thanks to its ROC treatment!”

STRE’s Yield Comparison (Source: Strategy)

STRC reaches par to reopen the US tap

Meanwhile, the European listing follows developments domestically that could also reignite an additional funding source for the firm.

During Strategy’s third-quarter earnings call, the firm announced that it would increase the coupon on its US-listed Variable-Rate Series A Perpetual Stretch Preferred (STRC) by 25 basis points to 10.5% in November.

This adjustment aims to stabilize market pricing and keep the preferred near its $100 target.

Following the announcement, STRC achieved the $100 par for the first time since its launch in July.

Strategy’s investor Mark Harvey noted that this development would enable the company to issue new shares and direct that liquidity into BTC.

He stated:

“The TAM for $STRC is $33 trillion. That’s $33 trillion of yield-chasing capital, which is attracted to STRC like a magnet because it offers a higher yield (10.5%). Since Strategy aims to maintain the $100 target for STRC, it will follow its guidance and begin issuing new shares through the ATM to buy Bitcoin. Put simply, STRC above $100 means it will start funneling that $33T into BTC; a powerful catalyst for Bitcoin.”

Financial analyst Rajat Soni echoed this sentiment, stating:

“$100 STRC means Strategy can start ATMing shares to buy Bitcoin… A brand new source of funding unlocked.”

Indeed, Saylor explained that “as the credit investors start to understand the appeal of digital credit, they’re going to want to buy more, and we’re going to sell more and issue more credit.”

He added:

“As the equity investors start to appreciate the uniqueness of the Bitcoin treasury model, and especially the uniqueness of our company and our ability to issue digital credit worldwide at scale, we think that that’s going to drive an appreciation of the equity.”

What does this imply for Bitcoin?

At its peak, Strategy Inc. was the most aggressive corporate buyer of Bitcoin.

Data from Bitwise indicates the firm added over 40,000 BTC in the third quarter, significantly outpacing every other public holder. Analysts assert that these purchases have consistently bolstered market sentiment and, at times, the asset’s spot price.

According to CryptoQuant analyst JA Maarturn, Strategy’s stock remains “highly correlated with Bitcoin’s price,” reflecting how the company’s trading often mirrors that of the cryptocurrency itself.

MSTR and Bitcoin Price Correlation (Source: CryptoQuant)

This connection could strengthen once more as the revival of STRC and the introduction of STRE create a two-continent funding loop capable of reigniting corporate Bitcoin accumulation.

Beyond Strategy’s balance sheet, the dual preferreds enhance Bitcoin’s financial integration with the traditional ecosystem. Each share sold channels conventional yield-seeking capital into exposure to Bitcoin’s balance-sheet value, effectively transforming investor appetite for income into indirect demand for the asset.

Peter Duan, a Bitcoin analyst, also highlighted that the products would introduce a significant “liquidity” factor to the market.

According to him:

“One HIGHLY under-appreciated part of MSTR’s preferreds is the fact that they have tremendous liquidity that is backed by the most pristine asset in the world – Bitcoin. For reference, the average USD listed preferreds only has $1.1M in daily liquidity while the average Euro listed preferreds only has $1.0M in daily liquidity. Said another way, Strategy’s preferreds range from 12X-70X more liquid.”

Strategy’s Preferred Shares Liquidity (Source: Duan)

This depth is significant because a greater turnover reduces funding friction and accelerates the flow of capital between investor demand and Bitcoin acquisition.

Thus, if STRC maintains its par value and STRE gains traction in Europe, each new tranche could serve as a direct liquidity conduit from traditional markets into the crypto economy.

Moreover, Saylor’s model also redefines Bitcoin’s macro role as not merely a speculative reserve but a collateral base for yield engineering.

This establishes a clear feedback loop, illustrating that robust preferred markets enable new issuance, which finances Bitcoin purchases; these acquisitions, in turn, reinforce balance-sheet value and market perception of scarcity.

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