[DigitalToday reporter Yoonseo Lee] Asset manager 21Shares has listed the Strategy-linked STRC ETN on the London Stock Exchange (LSE). That allows UK investors to invest on a local exchange in an exchange-traded note based on Strategy’s perpetual preferred shares.

On May 6 (local time), blockchain media outlet The Block Crypto reported the listing is the first case in which UK investors can access Strategy’s perpetual preferred shares through a locally listed product format.

The newly listed “21Shares Strategy Yield ETN” tracks Strategy’s floating-rate Series A perpetual preferred shares, “Stretch,” issued by Strategy. The preferred shares are linked to Strategy’s bitcoin-focused treasury policy. As of May 6, Strategy holds 818,334 BTC on its balance sheet, equivalent to 3.88 percent of bitcoin’s total supply of 21 million.

Strategy has used STRC and other perpetual preferred share at-the-market sale programs to raise funds for aggressive bitcoin purchases. 21Shares said the product is structured to bridge the upside potential of digital assets and the stability of traditional credit products. It said distributions have been paid steadily since the underlying preferred shares were issued, and investors can access a yield-seeking product through a regular brokerage account without the technical procedures required to hold bitcoin directly.

Duncan Moir (던컨 모이어), president of 21Shares, called the listing a defining moment for the UK market. He said the LSE listing offers an accessible investment product that combines high return potential with a familiar listed-product structure. He added it provides UK investors with an income-generation tool that had not been accessible in the form of existing exchange-traded notes (ETNs).

Strategy also stressed profitability. Phong Le (퐁 레), Strategy’s chief executive officer, said STRC currently offers an 11.50 percent yield and is paid monthly in cash. He said the ETN structure broadens access to a new capital model that has developed over recent years.

Still, the funding structure around STRC is also linked to Strategy’s bitcoin management strategy. Michael Saylor (마이클 세일러), chairman of Strategy, mentioned on a first-quarter earnings conference call the possibility of selling bitcoin in the future to pay STRC dividends. He said the company could sell some holdings to “preempt” the market and to signal it can meet obligations with its reserves. The remarks depart from his long-held stance of “never sell.”

The change came after Strategy posted a net loss of $12.5 billion in the first quarter. Most of the loss came from a $14.5 billion fair value adjustment tied to bitcoin price fluctuations.

The listing also aligns with 21Shares’ European expansion strategy. 21Shares, an affiliate of FalconX, is one of the major global providers of crypto exchange-traded products (ETPs). The company previously listed the same product on Euronext Amsterdam and is moving to strengthen its position in the European market with the London listing.

Performance in the UK market is also already growing. 21Shares said it secured more than 40 percent share of the LSE’s crypto ETN market after the UK Financial Supervisory Authority (FSA) lifted its ban on crypto ETNs for retail investors in October 2025. As of April 30, 2026, average daily trading value was 7.3 million pounds (about 14.4 billion won).

It is also expanding its product lineup. In January, 21Shares launched a JitoSol-based Solana staking ETP on Euronext Amsterdam and Paris, and it also listed a bitcoin-gold combined ETP on the LSE under the ticker “BOLD”. Along with regulatory changes, access for UK retail investors to 21Shares products through brokerage and tax-advantaged accounts is also expanding.

London calling! STRC is now available in the UK. The 21shares Strategy Yield ETN (STRC) is now crosslisted on the @LSEplc, one of the largest exchanges in Europe. What does this offer investors? An exchange-traded product providing exposure to Stretch, a perpetual preferred… pic.twitter.com/8f6sLoQLAw