Glossary · S
Stream (STRE)
Stream is Strategy's name for STRE, its 10.00% Series A Perpetual Stream Preferred Stock: a euro-denominated, fixed-rate, cumulative preferred listed in Luxembourg, ranking third among Strategy's preferred series.
Revised 22 October 2026 · The issuer's own metric, coined by Strategy Inc. · Suggest a correction
"Stream" is Strategy's nickname for STRE, its 10.00% Series A Perpetual Stream Preferred Stock. It is Strategy's only euro-denominated series. It is listed on the Luxembourg Stock Exchange (Euro MTF), not on Nasdaq.
Key facts (as of 22 October 2026)
- Issued: 13 November 2025. The offering sold 7,750,000 shares at €80, raising €620m gross (certificate of designations, 8-K filed 13 November 2025; 424B5, 7 November 2025).
- Rate: fixed 10.00% a year on a €100 stated amount, paid in cash quarterly. The record date is the 15th at 5 p.m. London time. The latest payment was €2.50 on 30 September 2026 (8-K, 31 August 2026).
- Cumulative: unpaid amounts compound quarterly at 10% plus 100bp, stepping up 100bp per period to a maximum of 18%.
- Rank: third of five. It sits behind STRF and STRC and ahead of STRK and STRD.
- Redemption: clean-up and tax redemptions only.
- Outstanding: 7,750,000 shares (€775m stated amount; aggregate liquidation preference about $884m) at 30 June 2026 (10-Q).
Currency
Dividends and the stated amount are in euros. A sterling or dollar holder's return therefore also depends on exchange rates. Strategy converts STRE's notional to dollars at prevailing rates for its own credit metrics.
Not part of the daily-dividend proposal
Strategy's proposal to move to daily record dates covers STRF, STRC, STRK and STRD, but not STRE (8-K, 25 September 2026). STRE stays on its quarterly schedule.
The first trading date on the Euro MTF has not been verified by 21DC.
What to check in the filing
- The listing venue and settlement arrangements for non-US holders
- The compounding step-up terms