MSTR Stock Slides Toward Seven-Month Low After Strategy Sets €80 Preferred Stock Price

The company is offering 7.75 million shares of 10% Series A Perpetual Stream Preferred Stock at €80 each.

Shares of Strategy (MSTR) were on track to hit a seven-month low in pre-market trade on Friday after the company announced that its new euro-denominated preferred stock would be priced at €80 per share.

Strategy’s stock fell as much as 4.7% in morning trade amid weakness in the cryptocurrency market, with Bitcoin (BTC) testing the $100,000-mark. It was the top trending ticker on Stocktwits at the time of writing. Retail sentiment around the Bitcoin proxy on the platform remained in the ‘bullish’ zone over the past day, with chatter at ‘high’ levels.

Preferred Stock Offering Details

The offering includes 7.75 million shares of 10% Series A Perpetual Stream Preferred Stock (STRE). Based on the offering price, Strategy expects gross proceeds of approximately €620 million ($715 million) and net proceeds of roughly €608.8 million ($702 million) after underwriting discounts and estimated expenses.

The preferred shares carry a 10% annual cumulative dividend, payable quarterly in cash beginning December 31. Unpaid dividends accrue at a compounded quarterly rate, with the rate increasing under specific conditions to a maximum of 18% per year, according to the company.

Bitcoin’s price has fallen 2.6% in the last 24 hours – dipping below the $100,000 mark for the second time this week. On Stocktwits, retail sentiment around the apex cryptocurrency fell to ‘neutral’ from ‘bullish’ over the past day, even as chatter remained at ‘high’ levels.

(Exchange rate: €1 = $1.16)<

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