21Shares has listed its Strategy Yield ETN (STRC) on the London Stock Exchange, marking the first time UK investors can access Strategy Inc.’s perpetual preferred equity through a local exchange-traded wrapper.

The STRC vehicle tracks "Stretch," a Variable Rate Series A Perpetual Preferred Stock issued by Strategy Inc. and linked to its bitcoin-focused reserve policy, the asset manager said in a statement on Wednesday. 

Strategy is the world's largest corporate bitcoin holder, with 818,334 BTC, or 3.88% of the total 21 million supply, on its balance sheet as of Wednesday. The company has utilized STRC alongside other perpetual preferred stock at-the-market programs to fund its aggressive acquisition strategy. 

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21Shares framed the STRC ETN as a bridge between digital asset upside and traditional credit stability, noting that distributions have been paid consistently since the underlying stock's issuance. For investors, the STRC structure allows for high-income potential within a standard brokerage account, bypassing the technical requirements of direct bitcoin ownership, the asset manager added. 

"The listing of the 21Shares Strategy Yield ETN on the London Stock Exchange is a definitive moment for the UK market," 21Shares President Duncan Moir said in the statement. "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."

Strategy CEO Phong Le said STRC currently offers an 11.50% yield, paid monthly in cash. He added that the ETN structure extends access to what he described as a new capital model that has developed over the past several years.

The LSE launch follows comments from Strategy Chairman Michael Saylor, who noted during a first-quarter earnings call that the firm "will probably" sell bitcoin in the future to cover STRC dividends. Saylor stated the company might sell some holdings "just to inoculate the market" and signal that the company can fund obligations through its reserves.

The remarks marked a departure from Saylor’s long-held "never sell" conviction, coming as the company reported a net loss of $12.5 billion for the first quarter. The loss was primarily driven by $14.5 billion in mark-to-market adjustments tied to bitcoin’s price volatility.

21Shares accelerates European expansion

21Shares is a subsidiary of digital asset prime broker FalconX and operates as one of the largest cryptocurrency ETP providers globally. The company said the launch of the Strategy-linked ETN on the LSE follows its previous listing on Euronext Amsterdam, as it seeks to consolidate its position in the European market.

21Shares noted that its products have captured more than 40% of the London Stock Exchange crypto ETN market share since the FCA lifted its retail ban in October 2025, with average daily trading volumes of £7.3 million ($9.9 million) as of Apr. 30, 2026.

The firm’s expansion into STRC follows a series of European product launches. In January, it introduced a Solana staking ETP based on JitoSOL on Euronext Amsterdam and Paris, and a bitcoin and gold combination ETP on the London Stock Exchange under the ticker BOLD.

At the same time, UK retail access to 21shares products has also expanded following regulatory changes that reopened crypto ETN access through brokerage accounts and tax wrappers.