21Shares Expands UK Presence with Listing of STRC ETN

Asset manager 21Shares has expanded its presence in the UK market by listing the Strategy-linked STRC ETN on the London Stock Exchange (LSE). The new listing enables UK investors to invest in an exchange-traded note based on Strategy's perpetual preferred shares, known as 'Stretch,' which 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. The STRC ETN tracks Strategy's floating-rate Series A perpetual preferred shares and offers a yield-seeking product through a regular brokerage account without the technical procedures required to hold bitcoin directly.

21Shares President Duncan Moir stated that the listing is a defining moment for the UK market, providing an accessible investment product that combines high return potential with a familiar listed-product structure. The LSE listing also broadens access to Strategy's perpetual preferred shares for UK investors, who can now invest in the STRC ETN through a regular brokerage account.

The funding structure around STRC is linked to Strategy's bitcoin management strategy. Michael Saylor, chairman of Strategy, mentioned on a first-quarter earnings conference call that Strategy could sell some holdings to 'preempt' the market and signal it can meet obligations with its reserves.