Europe Gets Strategy Yield Wrapper as 21Shares Lists STRC ETP

European investors are getting a new route to crypto-linked yields through a regulated vehicle that ties traditional finance to a Bitcoin treasury. 21Shares has unveiled STRC NA, an investment product that provides exposure to Strategy’s preferred stock as a gateway to the economics of Strategy’s Bitcoin reserves. The plan is to list this ETP on Euronext Amsterdam this Thursday, offering access to a dividend that is backed by Strategy’s Bitcoin treasury and designed to be accessible via standard brokerage accounts. Strategy’s Bitcoin inventory remains sizable, reflecting what the issuer terms the world’s largest public holding of the digital asset. This move marks a notable expansion in the ETP issuer’s lineup, signaling growing institutional appeal for yield-bearing, crypto-linked Securities in Europe.

Key takeaways

• 21Shares is launching the STRC NA ETP on Euronext Amsterdam, providing European investors with a regulated conduit to Strategy’s crypto-linked equity.
• The ETP’s dividend is variable, targeting an annualized rate of about 11.25% and is backed by Strategy’s Bitcoin treasury.
• Strategy’s treasury reportedly holds 717,722 BTC, valued at roughly $47 billion at current prices, anchoring the ETP’s cash-flow potential.
• STRC NA represents 21Shares’ first equity-linked product, expanding beyond its crypto-only ETP lineup and moving into crypto-backed corporate securities.
• Alongside STRC NA, 21Shares has recently launched the Spot SUI ETF (TSUI) in the United States, listing on Nasdaq and broadening the firm’s regulated crypto-access options.

Tickers mentioned: $BTC, TSUI

Market context: The launch comes as institutional and retail demand for regulated crypto exposure persists, with ETF-inspired products continuing to attract inflows and new listings across Europe and the US, even as market liquidity and macro conditions influence risk sentiment.

Market context: The broader market backdrop includes ongoing interest in BTC-backed securities and a growing appetite for yield within crypto products as traditional funds seek stable, income-oriented vehicles.

What to watch next

• STRC NA starts trading on Euronext Amsterdam on the announced Thursday date; monitor liquidity and bid-ask spreads as the market digests the structure.
• Tracking the dividend payout performance of STRC NA and whether the 11.25% annualized target remains achievable as Strategy adjusts its Bitcoin holdings.
• Flows and pricing on TSUI after its Nasdaq debut, to gauge investor uptake for equity-linked crypto exposure in the US.
• Any regulatory clarifications from European or US authorities regarding equity-linked crypto instruments and the treatment of crypto-backed income strategies.

Sources & verification

• GlobeNewswire release announcing the STRC ETP offering and its structure: 21Shares Announces Launch of Strategy Yield ETP STRC Offering Investors Access to the Intersection of Crypto and Traditional Finance.
• 21Shares official site detailing its corpus of ETPs and global listing footprint.
• 21Shares press coverage on the US listing of the Spot SUI ETF (TSUI) on Nasdaq.
• Related industry coverage of Bitcoin ETF inflows and related crypto ETP activity to provide market context.

Why it matters

The STRC NA product represents an explicit effort to bridge two worlds: the regulated, income-focused world of traditional finance and the high-conviction, long-duration narrative around Bitcoin. By linking a preferred stock—STRC—to the Bitcoin treasury, 21Shares is offering an instrument that aims to deliver a steady cash flow through a familiar exchange-traded structure. For European investors, the draw is straightforward access via standard brokerage accounts, eliminating the friction of direct holdings in crypto assets or bespoke private collateral arrangements.

The instrument’s design reflects a wider industry trend: asset managers are increasingly seeking regulated, yield-bearing vehicles tied to crypto ecosystems. In this case, the underlying “cash-flow bridge” is built on a security whose dividends are sourced from Strategy’s Bitcoin holdings, spotlighting a model where crypto revenue streams can be packaged into equity-linked securities. If investors accept the premise, STRC NA could become a template for similar structures that blend digital-asset exposure with predictable distributions, a concept that has been touted by industry participants as a pathway to broader institutional participation.

Beyond STRC NA, 21Shares’ expansion into equity-linked ETPs signals the firm’s broader ambition to diversify beyond crypto-only listings. The company has repeatedly emphasized its mission to provide straightforward access to digital assets while progressively introducing regulated, diversified products. The US launch of the Spot SUI ETF (TSUI) further anchors this strategy, signaling continued regulatory-driven growth in the crypto-asset space and a willingness to experiment with new product types that can sit comfortably within traditional investment portfolios. These moves occur in a market where institutional appetite for crypto exposure remains largely shaped by macro risk sentiment, the evolution of crypto regulation, and ongoing ETF-related developments.

In this environment, STRC NA’s performance will likely be interpreted not only through the lens of Bitcoin’s price movements but also through the health of Strategy’s treasury management and the stability of the yield mechanism. The 11.25% annualized rate, while attractive compared with many fixed-income alternatives, will require careful monitoring of dividend coverage, liquidity in the STRC instrument, and the ability of Strategy to sustain edge-case cash flows across varying BTC price regimes. Investors will be watching how the ETP responds to Bitcoin’s volatility and how the framework handles any changes in Strategy’s treasury composition or in the legal treatment of the preferred stock exposure.

What to watch next

• Update on STRC NA’s initial trading day on Euronext Amsterdam and subsequent daily liquidity.
• Quarterly disclosures from Strategy regarding changes to its Bitcoin treasury and dividend coverage on STRC (EXCHANGE: STRC).
• Performance data for TSUI on Nasdaq after its US debut and any related retail investor uptake.

Sources & verification

• GlobeNewswire: 21Shares Announces Launch of Strategy Yield ETP STRC Offering Investors Access to the Intersection of Crypto and Traditional Finance (STRC release).
• 21Shares official site: overview of assets under management and product lineup.
• GlobeNewswire: 21Shares Launches Spot SUI ETF TSUI in the United States (TSUI listing on Nasdaq).
• Industry coverage: Bitcoin ETF inflows and related crypto ETP activity for market context.

Market reaction and key details

21Shares’ STRC NA ETP marks a notable evolution in Europe’s crypto investment landscape by formalizing a BTC-backed income structure within a traditional equity framework. The product is designed to be accessible to both institutions and retail investors, leveraging familiar exchange-traded mechanics to deliver yield linked to Strategy’s Bitcoin treasury. The firm positions STRC as a bridge between crypto and conventional finance, one that could influence how other managers structure crypto-linked income products in regulated markets. As with any crypto-linked instrument, prospective buyers should assess the yield in the context of underlying Bitcoin reserves, dividend coverage, liquidity, and regulatory clarity surrounding crypto-backed securities.

What is STRC?

STRC refers to Strategy’s preferred stock, a Variable Rate Series A Perpetual “Stretch” Preferred Stock, which underpins the STRC ETP. The ETP’s goal is to provide a credible, yield-generating vehicle that captures the economics of Strategy’s Bitcoin holdings, offering a “cash-flow bridge” between crypto assets and traditional equity markets. By packaging this exposure in an exchange-traded product, investors can access yield through conventional brokerage accounts, aligning crypto-driven income with familiar investment workflows.

How the STRC ETP works

The STRC NA product is structured to deliver a dividend backed by Strategy’s Bitcoin treasury, with a target of an 11.25% annualized rate. The ETP is designed to be held in a typical brokerage account rather than requiring bespoke custody arrangements for direct crypto ownership. This approach broadens access to a crypto-backed yield instrument through a regulated, transparent format that aligns with institutional risk frameworks while still offering crypto ecosystem exposure. The product’s “cash-flow bridge” concept rests on the idea that the underlying equity (the preferred stock) provides a predictable stream, which is then linked to the performance and income derived from the Bitcoin reserves.

What 21Shares has been doing lately

21Shares has continued expanding its regulated product suite, with the recent US listing of the Spot SUI ETF (TSUI) on Nasdaq representing a strategic push into equity-linked crypto exposure. The company has historically built its business around crypto ETPs and continues to broaden its reach with equity-linked offerings. As of the latest disclosures, the firm manages roughly $5.3 billion across 60 ETPs on 13 exchanges, underscoring the scale of its European and global footprint as demand for regulated, crypto-linked investment products grows.