21Shares AG has launched the Strategy Yield ETP (ticker STRC NA) on Euronext Amsterdam, with trading beginning on February 26 2026. The vehicle tracks Strategy Inc.’s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), which offers a variable annual yield of 11.25 % and pays dividends monthly, adjusted each month based on a 5‑day volume‑weighted average price. The preferred shares trade near their $100 par value, a design feature that helps keep the price stable while delivering a high income stream.
STRC is a perpetual preferred stock that is backed by Strategy Inc.’s Bitcoin holdings, which total roughly 700,000 BTC. The dividend rate is set each month and then adjusted to the 5‑day VWAP, ensuring that the payout reflects recent market activity. Because the preferred shares are structured as a credit instrument, investors receive a regular income stream without direct exposure to Bitcoin price swings, while still benefiting from the underlying Bitcoin reserve that supports the preferred stock’s value.
For 21Shares, the launch marks its first equity‑linked ETP and expands its product suite beyond direct cryptocurrency exposure. By listing on a regulated European exchange, the firm provides institutional and retail investors with a familiar, exchange‑traded structure that offers high yield and a degree of credit protection. The product is positioned as a structured credit vehicle that bridges traditional finance and the digital asset ecosystem, potentially broadening the investor base for Strategy’s Bitcoin‑backed securities.
Strategy Inc. is the world’s largest corporate holder of Bitcoin, and the issuance of STRC is part of its strategy to monetize its Bitcoin treasury without diluting common shareholders. The preferred stock’s high yield and the backing of a substantial Bitcoin reserve give investors a way to gain indirect exposure to Bitcoin’s performance while receiving a stable income stream. The ETP’s availability in Europe enhances accessibility for investors who prefer regulated, exchange‑traded products over direct Bitcoin ownership.
"Stretch is a capital‑markets innovation that combines the potential of Bitcoin‑based securities with the stability of traditional credit products. I’m confident this model, which didn’t exist five years ago, will shape the next 50 years," said Phong Le, President and CEO of Strategy. "Through the Stretch ETP, we will expand our expertise into equity‑type investment products tied to the Bitcoin ecosystem," added Duncan Moir, Chairman of 21Shares. "By combining high income potential with a familiar exchange‑traded structure, STRC offers both institutional and retail investors an efficient and accessible way to add yield to their portfolios."
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