Why Michael Saylor's Stream preferred stock, promising dividends of approximately 1,500 euros in Europe, is not gaining traction

ImaginaryWhale · 2026-01-29T07:06:23+00:00

Michael Saylor's company launched the ambitious preferred stock project "Stream (STRE)" with a €1,500 fundraising goal, promising a 10% dividend. However, it has struggled to gain market support due to structural issues, limited exchange access, and a lack of transparent market data. The founder of the crypto asset firm Treasury suggests a relisting in the Netherlands could improve STRE's competitiveness. The future direction of Saylor's strategy remains uncertain as the company evaluates its European growth potential versus a focus on the U.S. market.

ImaginaryWhale

2026-01-29 07:06:23

Abstract generation in progress

A company led by Michael Saylor has set an ambitious priority stock project called “Stream (STRE)” with a fundraising target of 1,500 euros for Europe and considering issuing 1,500 euro face value bonds. The product promised a 10% annual dividend and was theoretically attractive to investors. However, the reality is different. Several months after issuance, STRE has not gained the expected support in the market and is quietly losing its presence.

Structural issues are hindering market penetration

Initially, STRE was positioned as the European version of the company’s U.S. preferred stock, Stretch (STRC). It was planned to be issued at a face value of EUR 100 (about $115) per share, but due to market conditions and demand, it was actually listed at EUR 80 per share, a 20% discount. As a result, approximately 715 million euros were raised, but subsequent market activity has been disappointing.

Khing Oei, founder and CEO of Treasury, a Dutch-based crypto asset management firm, attributes the lack of adoption of STRE to structural problems. Despite Europe being a sufficiently large investment market, access to STRE remains extremely limited, which is the fundamental issue.

Exchange access issues limit Stream adoption

STRE is listed on Euro MTF in Luxembourg. However, this exchange lacks user-friendly distribution channels, making retail investor participation difficult. Major global securities firm Interactive Brokers does not include STRE among its tradable products. Other major retail platforms also do not support this product.

Additionally, the lack of reliable market data and transparent pricing information is a significant obstacle to wider adoption. Visibility across platforms like TradingView is limited, making it difficult for investors to properly assess liquidity and performance. Currently, TradingView shows STRE’s market cap at $39 billion, but actual trading volume is only 1,300, indicating a clear discrepancy.

This opacity in data significantly damages potential investors’ trust and creates a vicious cycle that hampers further adoption.

Will re-listing in the Netherlands be a turning point?

Considering the current challenges faced by STRE, Oei strongly recommends re-listing on an alternative exchange. In particular, the Dutch financial and trading infrastructure could offer more robust distribution channels, deeper market making, narrower bid-ask spreads, and broader retail access. If these conditions are met, the competitiveness of the financial product with a dividend level equivalent to 1,500 euros could be greatly improved.

However, Michael Saylor’s strategic intentions remain unclear. He has previously been reluctant to expand preferred stocks into specific markets like Japan. Will he reconsider Europe as a new growth opportunity, or continue to focus primarily on the U.S. market? Currently, the strategy of a company offering four perpetual preferred stock products is under question.

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