Group 1 - Strategy acquired 17,994 bitcoin at an average price of $70,946 per coin, increasing total holdings to 738,731 bitcoin as of Sunday [1] - The $1.28 billion purchase was funded through an at-the-market offering of MSTR common stock and STRC preferred stock, selling 6,327,541 shares of MSTR for $899.5 million and 3,776,205 shares of STRC for $377.1 million [1] - Prior to the recent acquisition, Strategy raised the regular dividend rate for its Variable Rate Series A Perpetual Stretch Preferred Stock from 11.25% to 11.50% [2] Group 2 - During the week of February 23, Strategy acquired 3,015 bitcoin for $204.1 million at an average cost of $67,700 per coin, utilizing $237.1 million from at-the-market sales of MSTR and preferred stock [3] - Strategy began accumulating bitcoin in August 2020, with an overall average purchase price of $75,862 per coin [3]

Acquisition and Financial Performance - Strategy acquired 3,015 Bitcoin for $204.1 million during the week of February 23 at an average cost of $67,700 per coin [1] - As of Sunday, Strategy holds 720,737 Bitcoin worth approximately $49.5 billion, purchased at an average price of $75,985 per coin [3] - In 2025, Strategy has purchased 48,237 BTC for $4.33 billion at an average cost of $81,860 per coin [3] Stock Offerings - The company funded the Bitcoin purchase through at-the-market stock offerings that generated $237.1 million in net proceeds [1] - These offerings included 1.73 million shares of MSTR for $229.9 million in net proceeds and 71,590 shares of its STRC preferred stock for $7.1 million in net proceeds [2] Dividend Announcements - Strategy increased the regular dividend rate for its Variable Rate Series A Perpetual Stretch Preferred Stock from 11.25% to 11.50%, effective for monthly periods commencing on or after Sunday [4] - The board declared cash dividends across multiple preferred stock lines, payable on March 31, including $2.50 per share for STRF, $0.958 for STRC, €2.50 for STRE, $2.00 for STRK, and $2.50 for STRD [4]

Core Viewpoint - 21Shares AG has launched the 21shares Strategy Yield ETP, providing exposure to a bitcoin-backed digital yield instrument, marking its first equity-linked product [1][2]. Company Overview - 21Shares AG is a leading issuer of cryptocurrency exchange-traded products (ETPs) and aims to bridge traditional finance with decentralized finance [8][9]. - The company has a track record of creating crypto ETPs since 2018 and is backed by a specialized research team and proprietary technology [9]. Product Details - The 21shares Strategy Yield ETP (Ticker: STRC) will be listed on Euronext Amsterdam and is set to begin trading on February 26, 2026 [1][2]. - STRC offers exposure to a preferred security issued by Strategy Inc., a software company and the largest corporate holder of bitcoin, holding over 700,000 bitcoin, which is about 3% of the total bitcoin supply [2][5]. - The underlying asset, STRC, is a Variable Rate Series A Perpetual Stretch Preferred Stock that provides yield-enhanced exposure linked to Strategy's bitcoin-centric reserve policy [3][4]. Yield and Income Potential - The ETP offers a high income stream with a current yield of 11.25%, paid monthly in cash and tax-deferred [7]. - Distributions have been consistently paid since issuance, with a reserve coverage of over 50 years [4]. Market Positioning - STRC is designed to trade close to its USD 100 par value, with regular distribution adjustments to support price stability [6]. - Preferred securities like STRC have historically shown lower volatility compared to common equity or cryptocurrencies, providing a more stable investment option [6]. Strategic Goals - The launch of STRC reflects 21Shares' commitment to innovation and aims to provide both institutional and retail investors with an efficient way to add yield to their portfolios [7]. - The product is positioned to expand access for European investors to a new capital model that integrates traditional and digital asset investment [7].

Core Insights - The company acquired 10,624 bitcoin for approximately $962.7 million in cash, increasing total bitcoin holdings to 660,624 with an average purchase price of about $74,696 per bitcoin [1] Group 1: Bitcoin Acquisition - The average price paid for the newly acquired bitcoin was $90,615, funded through the sale of Class A common stock and Series A Perpetual Stride Preferred Stock [2] - The total net proceeds from equity sales during the reported period amounted to $963.0 million [2] - 96% of the capital raised came from the sale of common stock, generating $928.1 million in net proceeds from 5,127,684 shares sold [3] Group 2: Equity Offering Capacity - The company has approximately $13.45 billion available for issuance and sale under its Class A Common Stock program for future acquisitions or corporate purposes [4] - The company also has $20.34 billion available under its 8.00% Series A Perpetual Strike Preferred Stock program, along with additional amounts for other preferred stock lines [5] Group 3: Stock Performance - Shares of the company closed at $178.99, reflecting a decline of 25.07% month-to-date and 40.34% year-to-date [6] - At the time of disclosure, the company traded at a premium to its net asset value, with a multiple of 1.13x mNAV [6]