After years of relentless buying, Michael Saylor’s digital asset treasury firm Strategy has quietly slowed its accumulation of Bitcoin.
In recent weeks, the company’s BTC purchases have fallen to just a few hundred coins, according to company filings, marking a sharp slowdown for the company, which is the largest holder of the flagship cryptocurrency.
During the company’s third-quarter earnings call, Thaler said the economic slowdown was due to the company being at an “inflection point.”
According to him:
“MNAV, our multiple-to-net asset value, is trending downward and will continue to decline over time as the Bitcoin asset class matures and volatility decreases.”
But this lull could be temporary, as the company’s new funding route is now in motion.
This includes a 10% euro-denominated perpetual preferred stock listed in Luxembourg and a US floating rate issue that has just regained its $100 par value.
Together, these products could restart flows into Strategy’s Bitcoin reserves and test whether yield-seeking investors will once again fund Saylor’s $70 billion bet on digital scarcity.
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Strategy’s latest quarter highlighted both pauses and possibilities. The company reported a net profit of $2.8 billion, primarily from unrealized gains on its Bitcoin holdings, but only a small number of coins were added.
Industry analysts blamed the economic slowdown on a decline in demand for the company’s common stock and four publicly traded preferred shares, which have long been the company’s main source of funding.
Bitcoin analyst James Check said:
“The company is struggling to maintain prices above par, and daily trading volumes are so low that no one can size them up. Demand is lukewarm.”
However, as companies expand internationally, things can change.
On November 3, Strategy introduced Series A Perpetual Stream Preferred (STRE). This is a euro-denominated security with an annual dividend of 10%, paid quarterly in cash.
Dividends are cumulative and increase by 100 basis points for each period missed, up to a maximum of 18%. It added that proceeds from this financing will be used for “general corporate purposes, including the acquisition of Bitcoin.”
Notably, the economic context is encouraging experimentation.
Even after the European Central Bank’s tightening cycle, spreads on euro-denominated corporate bonds remain narrow by historical standards, according to BNY Mellon. The region has seen the second highest investment grade inflows in the last six years, with a total market size of more than €3.2 trillion across over 3,700 issuers.
STRE’s 10% coupon stands out, as BBB yields close to 3.5% and Single B yields around 6.5% (FTSE Russell). Bitcoin analyst Adam Livingston said:
“Even before taxes, STRE doubles high-yield coupons and triples investment-grade coupons. Yields after U.S. tax equivalents explode to 15.9 percent thanks to ROC treatment.”
STRC reaches par and resumes US tap
Meanwhile, the European listing is following developments domestically and could rekindle additional sources of capital for the company.
At Strategy’s third-quarter earnings conference, the company announced that it will raise the coupon of its U.S.-listed floating rate Series A Perpetual Stretch Preferred (STRC) by 25 basis points to 10.5% in November.
This adjustment is aimed at stabilizing the market price and keeping the preferred price near the $100 target.
Following this announcement, STRC reached a par value of $100 for the first time since its founding in July.
Mark Harvey, an investor at Strategy, noted that this development will allow the company to sell new shares and funnel that liquidity into BTC.
he said:
“The TAM of $STRC is $33 trillion. This is $33 trillion of yield-seeking capital that will be drawn to STRC like a magnet because it offers higher yields (10.5%). So, we will follow that guidance and start issuing new shares through ATMs to buy Bitcoin. Simply put, once STRC crosses $100, that means we will start funneling that $33 trillion into BTC. This is a powerful catalyst for Bitcoin. ”
Financial analyst Rajat Soni echoed this enthusiasm, saying:
“STRC $100 means Strategy can start ATM operations for stocks to buy Bitcoin…a whole new source of funding has been unlocked.”
In fact, Thaler explained, “Once credit investors begin to understand the appeal of digital credit, they will want to buy more credit, and we will sell more credit and issue more credit.”
He added:
“We believe that will lead to an increase in the value of our stock as equity investors begin to appreciate the uniqueness of the Bitcoin financial model, particularly our uniqueness and our ability to issue digital credit at scale around the world.”
What does this mean for Bitcoin?
At its peak, Strategy Inc. was the most active company buying Bitcoin.
According to Bitwise data, the company added over 40,000 BTC in Q3, far outpacing all other public holders. Analysts say such purchases have repeatedly supported market sentiment and, at times, supported the asset’s spot price.
According to CryptoQuant analyst JA Maarturn, Strategy’s stock price remains “highly correlated with the price of Bitcoin,” reflecting that the company’s trades often mirror trades in the cryptocurrency itself.
With the return of STRC and the arrival of STRE, that connection could once again be strengthened, as it creates a bicontinental funding loop that can reignite corporate Bitcoin accumulation.
Beyond the strategy’s balance sheet, Twin Preferences deepens the financial integration of Bitcoin with the traditional ecosystem. Each time a stock is sold, traditional yield-seeking capital is channeled into exposure to Bitcoin’s balance sheet value, effectively converting investors’ desire for income into indirect demand for the asset.
Bitcoin analyst Peter Duan also noted that these products will introduce an important “liquidity” element to the market.
According to him:
“One of the highly undervalued parts of the MSTR preferred stock is the fact that it has tremendous liquidity backed by the world’s most primordial asset, Bitcoin. The average euro-listed preferred stock has daily liquidity of only $1.1 million. In other words, the liquidity of the strategy’s preferred stocks ranges from 12x to 70x.
This depth is important because increased turnover reduces funding friction and accelerates the flow of funds between investor demand and Bitcoin acquisition.
Therefore, if STRC maintains par and STRE gains momentum in Europe, each new tranche could serve as a direct liquidity conduit from traditional markets to the crypto economy.
Furthermore, Thaler’s model recasts Bitcoin’s macroscopic role as a collateral base for yield engineering, rather than just a speculative reserve.
This provides a clear feedback loop and shows that a healthy preferred market enables new issuance and funds Bitcoin purchases. These purchases reinforce the market’s perception of balance sheet value and scarcity.