21shares lists STRC ETN on LSE with 11.5% yield

21shares listed the Strategy Yield ETN (ticker: STRC) on the London Stock Exchange on May 6, 2026. The ETN is denominated in British pounds, carried a 0.00% annual fee at launch and offers a variable 11.50% annual yield paid monthly in cash. The product provides exchange-traded exposure to the Variable Rate Series A Perpetual Stretch Preferred Stock issued by Strategy Inc.

The underlying Stretch preferred links distributions to Strategy Inc.’s reserve policy, which holds both bitcoin and U.S. dollars. Strategy reported 815,061 bitcoins as of April 30, 2026, about 3.88% of the total possible bitcoin supply. Strategy structured Stretch to trade close to a $100 par value and reviews the distribution rate monthly. The distribution framework includes a floor tied to short-term interest rates.

21shares notes that variable distributions on Stretch have been paid consistently since issuance and that Strategy’s reserves provide distribution coverage projected to last more than 50 years. The ETN is issued by 21Shares AG and can be held in standard brokerage accounts.

The listing follows a recent 21shares product launch on Euronext Amsterdam and expands the issuer’s UK offerings beyond token-based ETNs into equity-linked strategies. 21shares reports it leads the UK crypto ETN market with a 42% share of about £7.3 million in daily trading volumes across crypto ETNs on the LSE.

Duncan Moir, president of 21shares, called the listing ‘a definitive moment for the UK market’ and described STRC as ‘an easy to access investment product that combines high income potential with a familiar exchange traded structure.’ Phong Le, president and CEO of Strategy, described STRC as ‘an innovation in the capital markets that provides the upside of a bitcoin-backed security, with the stability of a traditional credit product’ and confirmed the instrument ‘currently offers 11.50 per cent yield, paid monthly in cash, tax deferred.’

Investors are reminded that the yield is variable and tied to the preferred security’s terms, including the monthly distribution review and the short-term interest rate floor.