21Shares launched the Strategy Yield ETN (STRC) on the London Stock Exchange, providing U.K. investors exchange-traded access to Strategy Inc.’s Bitcoin-backed Series A perpetual preferred shares. The ETN has an 11.50% annual cash distribution (paid monthly, tax-deferred), a monthly-reviewed rate with a floor tied to short-term interest rates, and charges no management fee. Strategy holds ~818,334 BTC (~$67B) and has raised $5.58B so far in 2026 by issuing STRC to buy more Bitcoin; the firm reported a $14.5B Q1 loss tied to Bitcoin valuation declines. The article notes recent rebounds in MicroStrategy (MSTR +~44% last month) and Bitcoin (+~18% last month to about $81,750).

Listing provides new, yield-bearing access to Strategy’s Bitcoin-backed preferred shares (concrete distribution terms: 11.50% annual, monthly cash, tax-deferred, reviewed monthly, floor tied to short-term rates) and no management fee, which is positive for demand; offset by Strategy’s reported $14.5B Q1 loss from Bitcoin valuation declines, indicating material downside risk despite recent BTC and MSTR rebounds. All points are drawn from the summary.