21Shares lists the “Strategy Yield” ETN in London: 11.50% yield, indirect exposure to Strategy Inc.’s bitcoin treasury.

The product is denominated in pounds sterling and has no management fees (TER 0.0%).

What is the STRC ETN

The ETN tracks the “Stretch” perpetual preferred stock (STRC) of Strategy Inc., the software company known for holding the world’s largest corporate bitcoin reserve. Through the ETN, investors gain indirect exposure to a security that distributes a variable coupon flow linked to Strategy’s bitcoin reserve policy.

The ETN is a senior debt instrument under Swiss law, fully collateralised by Strategy’s preferred shares or other equivalent assets. The primary listing is on Euronext Amsterdam; London is the secondary trading venue.

Distribution mechanism and price stability

Distributions paid by Strategy Inc., net of deductions provided for in the Final Terms, are reinvested in the ETN’s collateral, increasing its Net Asset Value through a compounding effect. According to the product documentation, distributions are currently treated as returns of capital and are not subject to US withholding tax.

The distribution rate is reviewed monthly and includes a floor linked to short-term interest rates, with the aim of keeping the ETN’s price close to its nominal value of USD 100. Historically, preferred shares tend to be less volatile than ordinary shares or cryptocurrencies, but they may still move during periods of stress due to credit, liquidity or market sentiment factors.

Sustainability and coverage

Strategy has built up reserves in both bitcoin and US dollars. According to data provided by the issuer, the coverage for distributions exceeds 50 years. As at 30 April 2026, Strategy held 815,061 bitcoins, equivalent to 3.88% of the maximum supply of 21 million.

Duncan Moir, Chairman of 21Shares: “The listing of the 21shares Strategy Yield ETN on the London Stock Exchange is a defining moment for the UK market. 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 UK investors an innovative tool to generate income that simply was not accessible in an ETN wrapper before.”

Phong Le, Chairman and CEO of Strategy: “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. It currently offers an 11.50% yield, paid monthly in cash, tax-deferred. Through 21shares’ exchange-traded product, we’re expanding access for UK investors to a new capital model – one that didn’t exist five years ago and one we believe will help shape the next fifty.”

An offering that expands 21Shares’ range in the UK

The STRC ETN is the first 21Shares product listed in London to provide access to a Strategy senior security, expanding the issuer’s UK range beyond simply tracking digital tokens.

The launch follows the listing on Euronext Amsterdam and consolidates 21Shares’ presence in the UK market, where the company held, as at 30 April 2026, a 42% share of the average daily trading volumes of cryptocurrency ETNs traded on the LSE, amounting to £7.3 million.

Regulatory context and risks

The listing follows the Financial Conduct Authority’s lifting of the ban on the retail sale of crypto ETNs in October 2025. The ETN is classified as a complex, high-risk product; it is not covered by the Financial Services Compensation Scheme or the Financial Ombudsman Service.

Key product information

Issuer: 21Shares AG

Ticker: STRC

ISIN: CH1528107811

Market: London Stock Exchange (currency GBP, fee 0.0%)

Underlying: Strategy Inc. Variable Rate Series A Perpetual Stretch Preferred Stock (STRC)

Guarantor: Law Debenture Trust Corporation p.l.c.

Custodian: Bank Frick (for segregated collateral)

Target investor: retail investors able to withstand the total loss of capital, with specific knowledge of similar products and an investment horizon consistent with the recommended holding period.