In brief
- 21shares launched the Strategy Yield ETN (STRC) on the London Stock Exchange, providing U.K. investors access to Strategy’s preferred shares.
- The ETN offers an 11.50% yield paid monthly in cash with tax deferral benefits.
- Strategy holds about $67 billion worth of Bitcoin and has seen surging demand for its STRC shares this year.
Crypto asset manager 21Shares launched the Strategy Yield ETN (STRC) on the London Stock Exchange on Wednesday, marking its first U.K. product offering exposure to Strategy‘s Bitcoin-backed preferred shares.
STRC provides exchange-traded access to Stretch, a variable rate Series A perpetual preferred stock issued by top Bitcoin treasury firm, Strategy Inc. The preferred shares offer investors yield exposure backed by the software company’s massive Bitcoin holdings.
The ETN currently delivers an 11.50% annual yield paid monthly in cash with tax-deferred status, according to the announcement. The distribution rate undergoes monthly review to support price stability and includes a floor tied to short-term interest rates.
21Shares charges no management fee on the ETN, creating a fee-free structure for U.K. investors seeking exposure to Strategy’s Bitcoin-backed securities.
“The listing of the 21shares Strategy Yield ETN on the London Stock Exchange is a definitive moment for the U.K. market,” said 21 Shares President Duncan Moir, in a statement. “We are introducing an easy-to-access investment product that combines high income potential with a familiar exchange traded structure. By bringing this strategy to the LSE, we are giving U.K. investors an innovative tool to generate income that simply was not accessible in an ETN wrapper before.”
Strategy, the Tysons, Virginia-based business intelligence software company turned Bitcoin accumulator, has emerged as the world’s largest corporate $BTC holder. The firm currently holds 818,334 $BTC valued at nearly $67 billion.
While the firm originally used issuance of its common MSTR shares to fuel Bitcoin buys, the company has recently seen growing interest in its STRC shares, which have allowed Strategy to raise $5.58 billion so far in 2026 to purchase $BTC. The 21Shares product allows U.K. traders to gain the same level of yield from the underlying Strategy preferred shares.
“STRC is an innovation in the capital markets that provides the upside of a Bitcoin-backed security, with the stability of a traditional credit product,” said Strategy President and CEO Phong Le, in a statement. “Through 21Shares’ exchange-traded product, we’re expanding access for U.K. investors to a new capital model—one that didn’t exist five years ago, and one we believe will help shape the next 50 [years].”
On Tuesday, Strategy revealed a $14.5 billion first quarter loss due to the declining value of its Bitcoin holdings, outpacing a $14.4 billion loss in Q4 2025. However, the company continues amassing $BTC and has seen its share price surge in recent weeks as Bitcoin itself rebounds.
MSTR was recently trading at $183.45, per Yahoo Finance, up nearly 44% over the last month. Bitcoin itself has climbed about 18% in the last month to a recent price of $81,750, rising after a dip to nearly $60,000 earlier this year. Bitcoin remains about 35% off its high mark above $126,000 set last October.
