MSTR News: Michael Saylor’s European expansion hits a snag as his new ‘Stream’ shares fail to gain traction

Strategy (MSTR), led by Michael Saylor, launched its first non-U.S. perpetual preferred product, Stream (STRE), in November to target the European Economic Area (EEA) with a 10% annual dividend. Despite raising $715 million, the instrument struggled to gain traction after pricing at a 20% discount to its EUR100 stated value. Khing Oei, CEO of Treasury, attributes the failure to structural issues, primarily STRE's difficult access via the Luxembourg Euro MTF, which is not supported by major retail platforms like Interactive Brokers. Furthermore, there is a lack of transparent historical pricing and reliable market data, hindering investor assessment of liquidity. Oei suggests relisting STRE on alternative venues, like Dutch infrastructure, for better distribution and accessibility, leaving it uncertain if Strategy will focus on Europe or its established U.S. market.

(Source：CoinDesk)