Strategy Shifts Tactics with Euro IPO After S&P Setback and Slowing Bitcoin Buys

Michael Saylor continues his unwavering focus on Bitcoin as his company, Strategy, has filed for an initial public offering (IPO) of shares denominated in euros. The move marks a significant shift in direction for the company, designed to raise funds specifically for purchasing more Bitcoin while expanding into new capital markets.

Launched Monday, the IPO proposal involves issuing 3.5 million perpetual shares under the symbol STRE, each priced at 100 euros. The shares will be available exclusively to qualified investors across the EU and UK, offering a 10% annual cumulative dividend, paid quarterly starting December 31. Major global institutions including Barclays, Morgan Stanley, Moelis, and TD Securities are leading the offering.

This decision signals a strategic pivot for Strategy, as the firm deliberately turns its attention toward European institutional investors while excluding retail participation. The move suggests that Saylor aims to diversify Strategy’s funding sources beyond U.S. markets, where skepticism toward its Bitcoin-heavy balance sheet has grown in recent months.

By pricing the shares in euros, the company is not merely shifting currency—it’s recalibrating its investor outreach to align with Europe’s deeper appetite for digital-asset exposure within more traditional financial frameworks.

Michael Saylor remains steadfast in his approach. During a conference call last Thursday, he reaffirmed his vision, saying

“The goal is to sell digital credit, improve the balance sheet, buy bitcoin, and communicate this to credit and equity investors.”

He dismissed suggestions that Strategy might consider merging with competitors or altering its business model, insisting that the company’s long-term strategy remains unchanged—even if such moves might appear “potentially advantageous.”

Strategy Recalibrating Its Bitcoin Strategy Following S&P's Rejection?

Despite the confidence projected through the IPO, Strategy’s recent Bitcoin purchasing activity reveals a more cautious pace. At the start of November, the company added 397 BTC—worth roughly $45.6 million—bringing its total holdings to 641,205 BTC, valued at approximately $47.49 billion.

However, this addition conceals a striking slowdown: in October, Strategy purchased only 778 BTC, a 78% drop compared to 3,526 BTC in September. Earlier this year, the company had been acquiring over 20,000 BTC monthly, establishing itself as the world’s most aggressive institutional Bitcoin accumulator.

This abrupt cooling has unsettled the crypto community, which has long viewed Saylor’s purchases as a barometer of institutional confidence in Bitcoin. For many investors, the slowing pace signals a potential recalibration—or even hesitation—within Strategy’s broader playbook.

Some analysts interpret the pullback as a natural consolidation phase after months of heavy accumulation. Others, however, argue that it reflects a defensive posture amid weaker Bitcoin price action and mounting pressure following the company’s rejection by the S&P 500 in September.

The S&P 500’s decision not to include Strategy dealt a symbolic and strategic blow. The index committee reportedly raised concerns about the firm’s high concentration of Bitcoin holdings, which they saw as introducing outsized volatility into a benchmark meant to represent stable U.S. corporate performance.

The rejection not only dented market confidence but also raised fundamental questions about the viability of corporate Bitcoin treasury models as a mainstream investment thesis.

One analyst described how this rejection had diminished the value of crypto treasuries and we could already have reached the maximum of what Bitcoin could achieve

“JPMorgan called the move a ‘hard blow for crypto treasuries,’ suggesting that the indirect exposure model to Bitcoin may have ‘reached its limits.”

A Double-Edged Strategy

Against this backdrop, Strategy’s euro-denominated IPO looks like both an escape route and an experiment. By targeting European institutional investors, Saylor may be testing a region perceived as more open to financial innovation and digital asset integration.

The European Union’s recent regulatory frameworks, such as MiCA (Markets in Crypto-Assets Regulation), have offered a clearer path for crypto-related corporate activity than the patchwork of rules in the United States.

However, the exclusion of retail investors—those individual market participants who often drive enthusiasm and liquidity in emerging sectors—also signals a more conservative, institution-first approach. Strategy is betting that Europe’s large asset managers and hedge funds will see Bitcoin as a long-term store of value rather than a speculative play.

The euro IPO represents a high-stakes gamble. On one hand, Strategy is expanding its investor base and reinforcing its Bitcoin accumulation strategy. On the other, the growing number of companies mimicking this model could lead to market saturation and forced buybacks, as competitors scramble to maintain liquidity and credibility.

Saylor, characteristically, remains undeterred. He has categorically ruled out mergers or acquisitions, instead pledging to double down on the Bitcoin standard.

“There is no question of changing course."

Whether this conviction proves visionary or reckless remains to be seen. If the IPO finds strong demand among European institutions, Strategy could solidify its position as the undisputed leader of Bitcoin treasuries. But if the response falters, it may intensify scrutiny not only of Strategy’s long-term sustainability—but also of the broader narrative that corporations can thrive by betting their balance sheets on Bitcoin.

Ultimately, Saylor’s latest pivot is more than a funding maneuver—it’s a litmus test for global confidence in Bitcoin’s institutional future.