Strategy's European perpetual preferred stock, STRE, has experienced a tepid market response since its launch last November. Issued at a discount with a face value of €100 and an annualized dividend of 10%, STRE raised approximately $715 million. However, its listing on the Luxembourg Euro MTF has faced challenges, including limited trading channels and a lack of transparent pricing. Analysts attribute the lackluster reception to difficulties in trading STRE on mainstream brokerages and retail platforms. The market is now closely watching Strategy's next moves, as it remains unclear whether the company will focus on expanding its European presence or continue prioritizing the US market.