STRC
Overview
The 21shares Strategy Yield ETP (STRC) provides exchange-traded access to Stretch, the Variable Rate Series A Perpetual Stretch Preferred Stock, issued by Strategy Inc. The ETP structure removes the operational complexity of trading preferred shares, offering investors a simple and efficient way to access yield-enhanced exposure. The distributions paid by Strategy Inc. after accounting for other deductions as per Final Terms are reinvested into the collateral of the ETP, increasing its Net Asset Value, effectively compounding over time. Currently, the distributions are treated as return of capital and are therefore not in scope for US withholding tax purposes*.
Why invest
Distribution sustainability and funding
Stretch offers a high income stream, generated through variable distributions that have been paid consistently since issuance. Strategy has established both bitcoin and USD reserves with distributions coverage of exceeding 50 years.¹ The distribution rate is reviewed monthly and includes a floor linked to short-term interest rates, helping to keep the yield aligned with prevailing market conditions.
Targeting price stability and behaviour in stress
STRC is designed to trade near its USD 100 par value, with regular dividend adjustments intended to support price stability. Historically, preferred shares tend to be less volatile than common equity or cryptocurrencies but can still move in stressed markets. STRC may behave differently from Bitcoin or Strategy common stock, but is not immune to credit, liquidity, or market sentiment.
Backed by the leading Bitcoin treasury company
The issuer of the underlying instrument for Stretch is Strategy Inc., the leading software development company with Bitcoin treasury strategy. As of late 2025, Strategy holds over 700,000 Bitcoin, representing approximately 3% of the total Bitcoin supply.
*This classification for US withholding tax purposes may be subject to change in the future and the Issuer may withhold taxes in line with the Final Terms of the Product. Investors are advised to check the tax implications of their home jurisdictions with a tax advisor.
Footnotes:
Underlying Assets
Performance
Historical Data
Key Information
Service Providers
Tickers
How to invest
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Underlying Assets
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