Michael Saylor’s Rare Euro Preferred Stock Sours on Bitcoin Rout

It’s taken less than two weeks for a rare euro-denominated preferred stock offering by Michael Saylor’s Bitcoin treasury company to fall below its already-discounted offer price.

Strategy Inc. sold €775 million ($898 million) preferred shares at 80 cents on the euro earlier this month. Now, with Bitcoin prices in freefall, the few traders offering prices on the stock are willing to sell at about 78 cents and buy a couple of cents lower, according to two people familiar with the matter, who asked not to be named as the prices were shared privately.