With the introduction of the Strategy Yield ETP (ticker: STRC NA), 21Shares has introduced a new style of accessing cryptocurrencies in Europe. The new ETP (Exchange Traded Product) will be traded on Euronext Amsterdam, as of February 26, 2026, and it provides an opportunity for investors to gain exposure to a high-yield preferred stock that has been issued by Strategy, Inc., formerly known as Microstrategy; which continues to be the world's largest publicly tracked corporate holder of Bitcoin. This is the first equity-linked ETP that has been created by 21Shares, moving away from providing exposure solely to cryptocurrencies through direct tracking of price movements, towards providing yield-based exposure relative to the crypto treasury held by Strategy. <img src="https://jid.rerrkvifj.com/media/customer/creatorSystem/f9f4c62a-494f-4c5c-b324-a40d083108b2.jpeg">Source: 21SHARES<h2>What the STRC ETP Actually Offers</h2>The underlying asset of the Variable Rate Series A Perpetual "Stretch" Preferred Stock (the ticker is STRC for this security) is a perpetual preferred security launched in mid-2025 that pays monthly cash distributions at an annualized variable rate of 11.25%, which is designed to drive trading activity close to par value ($100), and result in lower volatility compared to common stock or direct ownership of Bitcoin.<h3>The key features of STRC are below:</h3> Dividend Structure — the rate is based on a monthly assessment of the variable market conditions and a fixed interest floor based on short-term interest rates set out in some frameworks, to allow for steady income. Seniority — preferred shares have a superior claim to common stock within the capital structure of Strategy, therefore providing preferred stockholders with a more defensive position in relation to the company's assets. Accessibility — European institutional and retail investors can invest in STRC via the ETP, and will not have to deal with the complexities associated with trading US preferred stock, trading on OTC markets, or custody issues. STRC trades in USD and has no management fee (as represented) and seeks to provide tax-deferred high income that is backed by Strategy's Bitcoin-based strategy.<h2>Backed by Strategy’s Massive Bitcoin Treasury</h2>As of the end of February 2026, Strategy's treasury consists of 717,722 BTC that were acquired at an average price of approximately $76,020 per coin for an aggregate cost basis of about $54.56 billion. As of recently, Bitcoin is trading near $69,000; thus, the value of the treasury is currently valued to be between $49 billion to $50 billion (with all unrealized losses based on recent reports). The treasury is the basis for the yield sustainability of the preferred stock, and since Strategy has maintained a solid cash buffer (reported at $2.25 billion at the beginning of the month) in USD to cover dividends, they should be able to meet dividend payments for many years — even in stressed circumstances. Start-up Stretch is positioned as a "cash-flow bridge" to connect traditional finance with its existing Bitcoin holdings to allow for income-producing investment opportunities for investors during challenging market conditions. <h2>Why This Matters for European Investors</h2><img src="https://jid.rerrkvifj.com/media/customer/creatorSystem/376883e8-dfa0-42c0-a82e-f30a21d2dff7.jpeg">Source: AuthorFor years Europe’s regulatory landscape has promoted ETPs for physically-backed crypto, but this new form of instrument is expanding further than just traditional forms into hybrid yield instruments as well. Recently, as Bitcoin traded around $69032, this product stood out for offering an 11.25% variable yield—a particularly competitive rate compared to current rates available for fixed-income investments, especially to those looking for crypto returns without necessarily being exposed to the total volatility of the cryptocurrency market. The launch follows a growing recognition among investors of tokenized or structured RWAs (real-world assets) and bitcoin-based corporate finance strategies. With billions in AUM under management across multiple products, 21Shares has created an exciting opportunity with STRC NA for investors to earn “digital yield” via a familiar exchange traded product. Though the shares issued by STRC NA are not backed directly by bitcoin (as in secured by specific collateral assets), the corporation’s shares are nonetheless supported by the financial strength of its treasury. As such, STRC NA represents one of the first regulated yield vehicles available in Europe that has been collaterized by btc.<h2>Broader Context and Outlook</h2>This debut follows Strategy's continuing acquisition of Bitcoin—STRC's last purchase was recently made—and recent preferred stock growth to provide funds for more purchases. STRC NA provides a structured entry point to the crypto ecosystem for European portfolios, which may attract yield-seeking investors from the crypto community and those who invest in conventional fixed income. As with any product of this nature, it is important for investors to read and understand that there are variable rates that may decrease, dividends are not guaranteed, and preferred securities remain subject to value-based declines in pressured markets.<h2>References </h2>21Shares launched Strategy Yield ETP (STRC NA) on Feb 25, 2026, offering 11.25% variable yield via Strategy Inc.’s Bitcoin-backed preferred stock. <a href="https://www.globenewswire.com/news-release/2026/02/25/3244297/0/en/21shares-Announces-Launch-of-Strategy-Yield-ETP-STRC-Offering-Investors-Access-to-the-Intersection-of-Crypto-and-Traditional-Finance.html" rel="noopener noreferrer" target="_blank">GlobeNewswire</a> STRC NA factsheet: 0.00% fee, ISIN CH1528107811, physical replication, exposure to Strategy’s Bitcoin-treasury preferred stock. <a href="https://cdn.21shares.com/uploads/current-documents/factsheets/all/Factsheet_STRC.pdf" rel="noopener noreferrer" target="_blank">21Shares Factsheet</a> Strategy holds 717,722 BTC (avg. $76,020/coin), supporting STRC dividend sustainability. <a href="https://www.strategy.com/purchases" rel="noopener noreferrer" target="_blank">Strategy Bitcoin Purchases</a> STRC one-pager: &gt;50-year distribution coverage, monthly variable rate with floor, lower volatility than direct crypto. <a href="https://cdn.21shares.com/uploads/product_documents/OnePager/STRC_Onepager_EN.pdf" rel="noopener noreferrer" target="_blank">21Shares One-Pager</a> Strategy’s STRC preferred stock: 11.25% variable dividend (Feb 2026), monthly payouts, trades near $100 par. <a href="https://www.strategy.com/stretch" rel="noopener noreferrer" target="_blank">Strategy STRC Info</a>

21Shares’ Strategy Yield ETP (STRC NA) launches Feb 26, 2026, giving EU investors access to Strategy Inc.’s Bitcoin-backed preferred stock with 11.25% variable yield & lower volatility. 

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