The London Stock Exchange saw the introduction of a new product by crypto asset manager 21Shares: the Strategy Yield ETN (STRC), launched this Wednesday. It marks their inaugural offering in the U.K., providing exposure to Strategy’s Bitcoin-backed preferred shares.
This ETN offers investors exchange-traded access to Stretch, which is a variable rate Series A perpetual preferred stock issued by Strategy Inc., a leading Bitcoin treasury firm. The product allows for yield exposure based on Strategy’s substantial Bitcoin reserves.
Currently, STRC delivers an 11.50% annual yield, distributed monthly in cash and with tax-deferred status, as detailed in the announcement. Monthly reviews are conducted to maintain price stability, including a floor linked to short-term interest rates.
U.K. investors benefit from a fee-free structure on the ETN, as no management fees are charged by 21Shares. Duncan Moir, President of 21 Shares, described this launch as “a defining moment for the U.K. market,” highlighting it as an accessible investment product that marries high income potential with an exchange-traded format.
Strategy Inc., based in Tysons, Virginia, is now recognized as the world’s largest corporate BTC holder, with a portfolio of 818,334 BTC valued at approximately $67 billion. Originally financing Bitcoin purchases through its common MSTR shares, Strategy has seen increasing interest in STRC shares, raising $5.58 billion so far this year to acquire more Bitcoin.
Phong Le, President and CEO of Strategy, emphasized that “STRC represents a capital market innovation combining the benefits of a Bitcoin-backed security with traditional credit stability.” The 21Shares product aims to broaden U.K. investors’ access to a novel capital model not available five years ago, which is expected to influence future market dynamics.
Despite a reported $14.5 billion loss in the first quarter due to declining BTC values—surpassing a $14.4 billion Q4 2025 loss—Strategy continues its aggressive Bitcoin accumulation strategy. As Bitcoin recovers from earlier lows, the company’s shares have experienced significant growth.
According to Yahoo Finance, MSTR shares were recently trading at $183.45, reflecting nearly a 44% increase over the past month. Meanwhile, Bitcoin has risen about 18%, reaching approximately $81,750 after falling to near $60,000 earlier in the year, though it remains roughly 35% below its peak of over $126,000 from last October.