Michael Saylor Turns to Europe for High-Stakes Bitcoin Bet (1)

Michael Saylor’s Strategy Inc. has headed to Europe for its latest Bitcoin fundraising effort, offering an extremely rare euro-denominated perpetual preferred stock sale at a deep discount.

The company, which has been raising funds via US preferred stock to buy the cryptocurrency, is set to sell a €700 million ($807 million) perpetual issue, nicknamed Stream, that pays a dividend of 10%. The deal size was doubled from an original €350 million, with pricing of 80 cents on the euro at the bottom end of initial price thoughts, according to two people familiar with the matter.

The offering comes ...