21Shares has officially launched the 21Shares Strategy Yield ETP (Ticker: STRC NA) on Euronext Amsterdam as of February 26, 2026.
The product represents a strategic expansion for the firm, as it is the first 21Shares ETP linked to an equity-related instrument rather than directly tracking a cryptocurrency token.
What the Product Tracks
The ETP tracks “Stretch” (STRC), a Variable Rate Series A Perpetual Preferred Stock issued by Strategy Inc., widely known as the largest corporate holder of Bitcoin.
Instead of holding Bitcoin directly, the product provides exposure through a preferred equity instrument backed by Strategy’s substantial BTC treasury.
JUST IN: Leading crypto ETP provider 21Shares has officially launched the 21Shares Strategy Yield ETP, which began trading on Euronext Amsterdam under the ticker (STRC NA) today, giving European investors regulated, exchange-traded access to Strategy's perpetual preferred stock… pic.twitter.com/uF3TRhFdUJ
— BitcoinTreasuries.NET (@BTCtreasuries) February 26, 2026
As of late February 2026, Strategy holds over 717,722 BTC, valued at approximately $47 billion.
Yield Structure and Fees
The STRC ETP offers an annualized variable dividend of roughly 11.25%, with distributions paid monthly in cash.
According to product details, the dividend is supported by Strategy’s Bitcoin-backed balance sheet, and the company has reportedly established reserves intended to sustain distributions for decades.
The ETP has launched with a 0.00% management fee, meaning no Total Expense Ratio (TER) is currently applied.
How It Works
The underlying “Stretch” preferred stock is designed to trade close to a $100 par value. Its dividend rate adjusts monthly to help reduce the volatility typically associated with direct Bitcoin exposure.
By wrapping the preferred shares into an exchange-traded product format, 21Shares allows European institutional and retail investors to access the structure through standard brokerage accounts. This removes the operational complexity of purchasing and managing preferred stock directly.
Because STRC is a preferred security, it ranks senior to common equity in Strategy’s capital structure. This provides investors with a position that sits above common shareholders while still maintaining indirect exposure to the company’s Bitcoin holdings.
Why It Matters
The launch reflects a broader shift in crypto-linked financial products. Instead of offering only spot Bitcoin exposure, asset managers are increasingly developing yield-generating, structured products that bridge traditional fixed-income characteristics with digital asset exposure.
STRC NA positions itself as a hybrid between income-focused instruments and Bitcoin-backed growth exposure, potentially appealing to investors seeking yield without holding BTC directly.
