21Shares has launched a new yield focused exchange traded product on Euronext Amsterdam, offering investors regulated access to Strategy’s Bitcoin backed preferred stock.
Key Takeaways
- 21Shares launched the STRC ETP on Euronext Amsterdam with a total expense ratio of 0%.
- The product offers exposure to Strategy’s Variable Rate Series A Perpetual Preferred Stock with an 11.25% annual dividend, paid monthly.
- Strategy holds 717,722 Bitcoin valued at about 47 billion dollars, making it the largest corporate Bitcoin treasury.
- The launch marks 21Shares’ first equity linked ETP, expanding beyond crypto native products.
What Happened?
Zurich based 21Shares AG has introduced the 21Shares Strategy Yield ETP under the ticker STRC on Euronext Amsterdam. The product provides exchange traded access to Strategy’s preferred stock, allowing both institutional and retail investors to gain yield exposure without directly purchasing the underlying US listed shares.
The ETP is linked to Strategy’s Variable Rate Series A Perpetual Preferred Stock, formally designated as STRC, which currently offers an annualized dividend rate of 11.25 percent paid monthly in cash.
🎉 The 21shares Strategy Yield ETP (STRC) has launched!
— 21shares (@21shares) February 26, 2026
What does this offer investors? An exchange-traded product providing exposure to bitcoin-backed digital credit with high yield income (“Stretch”), issued by Strategy Inc., the world’s largest corporate holder of bitcoin.… pic.twitter.com/Um7LZiXeRv
21Shares Expands Beyond Token Exposure
With this launch, 21Shares is moving beyond direct cryptocurrency products and into equity linked structures tied to the Bitcoin ecosystem. The firm described the new ETP as a bridge between traditional capital markets and Strategy’s Bitcoin backed balance sheet.
Duncan Moir, president at 21Shares, said:
Moir also noted that STRC represents the company’s first equity linked ETP, broadening its product suite beyond crypto native exchange traded instruments.
Inside the Strategy Preferred Stock Structure
The underlying security, sometimes referred to as Stretch and trading under the same STRC ticker, is structured as a perpetual preferred stock designed to trade close to its 100 dollar par value.
Since August 2025, its variable dividend rate has ranged between 9 percent and 11.25 percent. The distribution rate is reviewed monthly and includes a floor linked to short term interest rates. This mechanism helps align the yield with prevailing market conditions.
Strategy has built a Bitcoin and US dollar reserve designed to support distributions for more than 50 years, according to the company. The preferred shares form part of Strategy’s broader capital strategy around its Bitcoin holdings.
As of early 2026, Strategy holds 717,722 Bitcoin valued at approximately 47 billion dollars. That represents roughly 3 percent of the total Bitcoin supply, making it the world’s largest corporate Bitcoin treasury.
Competitive Landscape and Market Context
The launch comes as asset managers accelerate the rollout of regulated products connected to crypto markets. Unlike traditional spot crypto ETPs, STRC offers a yield bearing structure tied to a corporate security rather than direct token exposure.
Other issuers have explored similar themes. Leverage Shares and YieldMax launched option income ETPs linked to Strategy shares during a strong rally fueled by rising Bitcoin prices. However, recent declines in Bitcoin have pressured leveraged products. Leverage Shares is reportedly considering a reverse stock split for its triple leveraged MicroStrategy focused ETP.
21Shares itself continues to expand globally. Founded in 2018, the firm manages around 5.3 billion dollars across 60 ETPs listed on 13 exchanges. It recently listed the 21Shares Spot SUI ETF under the ticker TSUI on Nasdaq, reflecting its push into both US and European markets. The company was acquired by digital asset prime brokerage FalconX in October last year for an undisclosed amount.
CoinLaw’s Takeaway
In my view, this launch is a smart move by 21Shares. Instead of offering another plain Bitcoin product, it is tapping into the income demand that many investors still have. I have seen that yield products often attract a different type of investor who wants cash flow, not just price appreciation.
By packaging Strategy’s preferred stock into a regulated European ETP with a 0 percent expense ratio, 21Shares is lowering the access barrier. The real question, in my experience, is how sustainable the yield remains if Bitcoin volatility continues. Still, this product clearly shows how traditional finance and crypto are blending in new ways.
