TLDR
- 21Shares has listed the Strategy Yield ETN on the London Stock Exchange to expand access for UK investors.
- The ETN provides exposure to Strategy’s Class A perpetual preferred stock known as STRC stock.
- The product offers an annual yield of 11.50% and pays distributions monthly in cash.
- 21Shares does not apply any management fees to the Strategy Yield ETN.
- The strategy holds 818,334 Bitcoin worth approximately $67 billion based on recent figures.
21Shares has listed the ETN Return Strategy London Stock Exchangegiving UK investors exposure to Strategy’s preferred stocks. The exchange-traded note tracks Strategy’s Series A perpetual preferred stock and offers an annual yield of 11.50% paid monthly in cash. The product represents 21Shares’ first UK instrument directly linked to Strategy’s bitcoin-backed securities.
STRC shares offer the yield associated with Bitcoin Holdings
21 shares organizer The ETN provides exchange-traded access to the strategy’s Series A variable-rate perpetual preferred shares. The underlying STRC shares provide return exposure backed by the strategy’s significant Bitcoin holdings. The ETN currently offers an annual yield of 11.50%, and distributions are paid monthly in cash.
The company reviews the distribution rate every month to support price stability and compatibility with market conditions. The structure includes a floor tied to short-term interest rates to protect return levels. 21Shares does not charge any management fees for ETNs, creating a fee-free structure for UK investors.
21 shares President Duncan Muir described the launch as a milestone for the local market.
He said, “We offer an accessible investment product that combines high income potential with a familiar stock exchange trading structure.” He added that the product gives UK investors access to a strategy not previously available in the ETN format.
Chief Strategy Officer and CEO Fung Le also addressed the launch in a statement. “The STRC is a capital markets innovation that provides the upside of bitcoin-backed securities, with the stability of a traditional credit product,” he said. He added that the partnership expands UK investors’ access to the strategy’s capital model.
The strategy expands the Bitcoin treasury and adjusts the policy
Strategy, based in Tysons, Virginia, owns 818,334 bitcoins worth approximately $67 billion. The company represents about 3.9% of the total supply of Bitcoin based on current numbers. The strategy previously relied on issuing common MSTR shares to fund its Bitcoin purchases.
However, the company has raised $5.58 billion in 2026 through its shares in STRC to buy more Bitcoin. This shift reflects increasing investor interest in preferred stock structures. The new ETN gives UK traders access to similar exposure to returns through a listed instrument.
On Tuesday, Strategy reviewed its long-standing policy on Bitcoin and revised its “never sell” stance. The company told investors that it will sell Bitcoin when it is “beneficial to the company.” The strategy reported a net loss of $12.54 billion for the first quarter of 2026.
The loss included $14.5 billion associated with the decline in the value of Bitcoin during this period. In comparison, the company posted a loss of $14.4 billion in the fourth quarter of 2025. Despite the losses, the strategy continued to accumulate Bitcoin and expand its treasury position.
MSTR recently traded at $183.45, according to Yahoo Finance data. The stock is up nearly 44% over the past month. Bitcoin traded near $81,750 after rising about 18% in the same period.
