21Shares lists STRC ETP on Euronext, offers BTC‑backed 11.25% yield to European investors
21Shares has launched the Strategy Yield ETP (ticker: STRC NA) on Euronext Amsterdam, giving European institutional and retail investors regulated access to MicroStrategy’s Variable Rate Series A Perpetual “Stretch” Preferred Stock. The preferred stock is backed by MicroStrategy’s Bitcoin treasury — roughly 717,722 BTC (about $47 billion) — and the ETP offers a variable dividend set at an annualized 11.25%. The ETP is structured to allow exposure via standard brokerage accounts, removing the need to buy the preferred shares directly. 21Shares positions STRC as its first equity‑linked product, expanding beyond crypto‑only ETPs; the firm manages about $5.3 billion across 60 ETPs on 13 exchanges. The launch follows other recent product moves from 21Shares, including a US spot SUI ETF (TSUI) listing. Primary keywords: 21Shares, STRC ETP, Bitcoin‑backed yield, MicroStrategy, Euronext. Secondary/semantic keywords: BTC treasury, preferred stock, dividend yield, equity‑linked ETP, regulated access.
Bullish
This listing is bullish because it broadens institutional and retail access to Bitcoin‑linked yield products in regulated markets. By packaging MicroStrategy’s BTC‑backed preferred stock into an ETP tradable via standard brokerages, 21Shares lowers barriers for yield‑seeking investors to gain exposure to Bitcoin economics without holding spot BTC. The advertised 11.25% annualized dividend is likely to attract demand from income-focused funds and retail buyers, potentially increasing capital flows into BTC‑linked instruments and positive sentiment toward Bitcoin and related equities (e.g., MicroStrategy). Historical parallels: launches of regulated Bitcoin products (spot ETFs, ETPs) have coincided with inflows and price support for BTC and improved market sentiment. Short term: expect increased buying interest in BTC‑linked products and MicroStrategy shares as traders position for yield and arbitrage; volatility could rise during initial listing as flows settle. Long term: wider regulated access to structured, BTC‑backed securities may sustain institutional demand for Bitcoin exposure, supporting upside for BTC and ecosystem assets, though counter‑risks include changes in dividend policy, regulatory shifts, or profit taking that could dampen effect.