Stream STRE Perpetual Preferred Stock IPO | Euro-Denominated | Bitcoin | Michael Saylor & Phong Le

Phong Le, President and CEO of Strategy, along with Executive Chairman Michael Saylor, introduce STREAM, a Euro-denominated perpetual preferred security, aimed at the European market. Priced at 100 Euro per share, STREAM offers a fixed 10% dividend and will be listed on the Euro MTF exchange in Luxembourg. Strategy, positioned as the first and largest Bitcoin treasury company, intends to use proceeds from digital equity and credit issuances like STREAM to purchase more Bitcoin, leveraging a tax-deferred model. The presentation highlights Strategy's successful track record, its capital structure, and the unique return of capital (ROC) dividend feature of its preferred securities, emphasizing the potential for tax-efficient fixed income generation. Michael Saylor draws a comparison between STREAM and STRIFE, emphasizing STREAM's attractiveness in terms of effective yield, duration, and tax benefits compared to other European market ETFs, credit indexes, and hybrid instruments, further explaining a credit model for assessing the risk and potential returns associated with Bitcoin-backed securities like STREAM.