21Shares AG launches its first equity-linked ETP, with MicroStrategy (Strategy) priority securities as the underlying asset

Crypto ETP issuer 21Shares AG, headquartered in Zurich, has launched its Strategy Yield ETP (ticker: 21ST), which has been listed on Xetra and four other European exchanges. According to a 21Shares announcement, this is the company’s first ETP providing exposure to equity-related instrument structures, with the underlying asset being priority securities issued by MicroStrategy (Strategy).

Strategy Yield ETP exchange listing list

According to a 21Shares announcement, the Strategy Yield ETP (ticker: 21ST) is currently traded on the following five European exchanges:

· Xetra (Germany, Europe’s largest ETF trading venue)

· Pan-European Trading Venue Paris (Euronext Paris)

· Pan-European Trading Venue Amsterdam (Euronext Amsterdam)

· London Stock Exchange (London Stock Exchange)

· SIX Swiss Exchange (SIX Swiss Exchange)

21Shares previously launched a related Strategy Yield ETP product on Euronext Amsterdam in February 2026 (ticker: STRC); this multi-exchange listing of 21ST further expands the availability of MicroStrategy-related bitcoin ETPs in the European market.

Underlying asset structure, yield mechanism, and 21Shares statement

According to a 21Shares announcement, the Strategy Yield ETP provides investors with yield linked to a bitcoin-centered reserve policy by holding priority securities issued by Strategy Inc. Key points of the yield mechanism disclosed in the announcement include: the yield comes from variable dividends on Strategy Inc.’s priority securities since issuance; the dividend coverage period for bitcoin and U.S. dollar reserves is over 50 years; the dividend rate is reviewed once per month, and there is also a minimum dividend rate linked to short-term interest rates to ensure that the yield aligns with market conditions.

In the announcement, 21Shares CEO Duncan Moir said: “Since our inception, we have been focused on providing convenient digital asset investment channels. With this product, we extend this expertise into the equity-linked investment area related to the bitcoin ecosystem.” Moir also said the product “combines high potential upside with a familiar exchange-traded structure,” targeting both institutional and retail investors.

Frequently Asked Questions

On which European exchanges is the 21Shares Strategy Yield ETP (21ST) currently traded?

According to a 21Shares announcement, the Strategy Yield ETP (ticker: 21ST) is currently listed on five major exchanges: Xetra, Pan-European Trading Venue Paris, Pan-European Trading Venue Amsterdam, the London Stock Exchange, and SIX Swiss Exchange.

What is the underlying asset of the 21Shares Strategy Yield ETP?

According to a 21Shares announcement, this ETP uses priority securities issued by Strategy Inc. as its underlying asset; Strategy Inc. has a corporate reserves structure primarily centered around bitcoin, and the yield comes from variable dividends on Strategy Inc.’s priority securities, with a coverage period of more than 50 years.

What is the significance of this ETP to 21Shares’ existing product lineup?

According to a 21Shares announcement, the Strategy Yield ETP is the company’s first ETP providing exposure to equity-related instrument structures. Previously, 21Shares’ ETP products mainly focused on direct token exposure; this launch extends the business into bitcoin-ecosystem-related investment products linked to equities.