21Shares listed the STRC Bitcoin ETN on the London Stock Exchange, offering UK investors 11.5% yield tied to Strategy’s BTC reserves.
Bitcoin News
21Shares listed the Strategy Yield exchange-traded note (ETN) on the London Stock Exchange (LSE) on May 6, giving UK investors their first exchange-traded access to Strategy Inc.'s perpetual preferred stock. The product trades under the ticker STRC. 21Shares said the listing marks its first UK product offering exposure to Strategy's Bitcoin (BTC)-backed preferred shares.
The ETN tracks "Stretch," a Variable Rate Series A Perpetual Preferred Stock issued by Strategy Inc. and linked to the company's Bitcoin reserve policy. The structure allows UK investors to access Strategy's BTC-backed balance sheet through a standard brokerage account, without requiring direct Bitcoin ownership.
ETN Pays 11.5% Annual Yield With No Management Fee
The ETN currently delivers an 11.50% annual yield distributed monthly in cash. A floor tied to short-term interest rates is built into the distribution structure, and the rate undergoes monthly review to support price stability. 21Shares charges no management fee on the product.
Strategy holds 818,334 BTC, representing approximately 3.88% of Bitcoin's total 21 million supply. The company has raised $5.58 billion through its STRC preferred shares in 2026 to fund continued BTC purchases. It has shifted away from exclusive reliance on its common MSTR shares for capital raises as STRC demand has grown.
21Shares President Duncan Moir said the LSE listing gives UK investors access to an income-generating tool that was not previously available through an ETN structure in the UK. Strategy President and CEO Phong Le described STRC as combining Bitcoin-backed upside with the stability of a traditional credit product.
Strategy Chairman Signals Possible BTC Sales
The LSE listing followed remarks by Strategy Chairman Michael Saylor during a first-quarter earnings call in which Saylor said the firm "will probably" sell BTC in the future to cover STRC dividend obligations. He added that the company might sell some holdings "just to inoculate the market," signaling it can meet its financial commitments through its reserves. That marked a departure from his long-held position of never selling Bitcoin.
Related News: Michael Saylor Says Strategy May Sell BTC To Stabilize Market Confidence
Strategy reported a net loss of $12.5 billion for Q1 2026, driven by $14.5 billion in mark-to-market adjustments on its BTC holdings. Despite the loss, the company continues to accumulate Bitcoin and has seen its MSTR share price rise in recent weeks. 21Shares said its products now hold more than 40% of the LSE's crypto ETN market by trading volume since the UK Financial Conduct Authority (FCA) lifted its retail ban in October 2025, with average daily trading volumes of £7.3 million ($9.9 million) as of April 30, 2026.
The STRC launch follows January 2026 listings that included a Solana staking ETP on Euronext Amsterdam and Paris, and a Bitcoin-gold combination ETP on the LSE. 21Shares is a subsidiary of digital asset prime broker FalconX.
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