Strategy PP Variable xStock
STRCXOverview
STRCX price
$98.7999
STRCX price
$98.7999
Growth of $10,000 over 1 month
Growth of $10,000 over all history
$10,629.21
+$629.21$9,539.69
-$460.31As of August 4, 2026
1 mo
Since inception
STRCX
+6.29%
-2.03%
Benchmark
3M T-BILL
+0.32%
+0.31%
1 mo
Since inception
STRCX
+6.29%
-4.60%
Benchmark
3M T-BILL
+0.32%
+0.70%
Pool-wide metrics
Structure & quality
Material omission: the disclosed dividend rate is absent. Evidence gives the initial rate of 9.00% (3aec291e), the current rate of 11.50% (2ceef9fc), a SOFR-based rate floor and 25bp reduction cap (b28f24d5, 6dadca48), and a daily-adjusting liquidation preference floored at $100 (8187c9cc, 0d8c3663). Credit/rate profile is understated by only saying the rate 'adjusts monthly.'
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
“The STRC Stock has an initial liquidation preference of $100 per share. The liquidation preference is subject to adjustment in the manner described in this STRC Stock Annex. However, the liquidation preference will not be adjusted to an amount that is less than $100 per share.”
“Regular dividends, if any, on the STRC Stock will accumulate on the stated amount thereof, which is $100 per share of STRC Stock, and will be payable when, as and if declared by our “board of directors” (as defined in this STRC Stock Annex), out of funds legally available for their payment, monthly in arrears on the last calendar day of each calendar month.”
“The regular dividend rate was initially set at 9.00% per annum with respect to the regular dividend period beginning on July 29, 2025. However, we have the right, in our sole and absolute discretion, to adjust the regular dividend rate applicable to subsequent regular dividend periods in the manner described in this STRC Stock Annex and we have adjusted the regular dividend rate on a monthly basis through the date of this STRC Stock Annex.”
Verifier note: panel 2/4 confirmed (sourceDomains=1, disputed) | trimmed uncited claims (0) and re-confirmed | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch | kimi-family: confirmed — The 424B5 STRC Stock Annex directly supports each material element: (1) perpetual preferred stock — 'Variable Rate Series A Perpetual Stretch Preferred Stock' confirmed in both the 8-K registration ta | gpt-family: confirmed — The assigned SEC filings establish that STRC is Variable Rate Series A Perpetual Stretch Preferred Stock, has an initial liquidation preference of $100 per share that cannot be adjusted below $100, an
Strategy classifies preferred securities including STRC as Digital Credit.
“Strategy Inc (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE) is the world's first and largest Bitcoin Treasury Company.”
“By using proceeds from equity and debt financings, as well as cash flows from our operations, we strategically accumulate Bitcoin and advocate for its role as digital capital. Our treasury strategy is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments.”
“In addition, we provide industry-leading AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere.”
“Strategy has the flexibility to fund strategic transactions using cash, Digital Equity, Digital Credit, or Digital Capital, giving us multiple levers to optimize our balance sheet and respond to market conditions.”
Verifier note: panel 2/3 confirmed (sourceDomains=1) | gpt-family: confirmed — The SEC-filed exhibits establish each material element: Strategy identifies itself as a Bitcoin Treasury Company; states that it accumulates bitcoin using equity and debt financing proceeds and operat | anthropic-family: unsupported — evidence class mismatch: The factual content of the claim (Bitcoin Treasury Company, accumulation via equity/debt financing proceeds and operating cash flows, AI-powered enterprise analytics software, | kimi-family: confirmed — Every material claim is supported by the union of the archived regulator sources. 'World's first and largest Bitcoin Treasury Company' appears verbatim in both exhibits. 'By using proceeds from equity
Backers, auditor, and launch date.
“The issuance and sale of the STRC Stock is scheduled to settle on July 29, 2025, subject to customary closing conditions.”
Strategy subsequently appointed those firms and additional institutions as STRC sales agents.
“Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Company, has issued a legal opinion relating to the Shares.”
“Morgan Stanley, Barclays, Moelis & Company and TD Securities are acting as joint book-running managers for the offering. The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods and Maxim Group LLC are acting as co-managers for the offering.”
Independent layers of protection — the legal wrapper, the asset custodian, and third-party validators.
Protects holders if the issuer fails.
“our expectations regarding the tax-deferred return of capital treatment of distributions on our preferred stock”
Verifier note: panel 2/3 confirmed (sourceDomains=1) | gpt-family: unsupported — goal-fit: The cited regulator filing states only Strategy’s forward-looking expectation that preferred-stock distributions will receive tax-deferred return-of-capital treatment. It does not answer the | anthropic-family: confirmed — The SEC filing (regulator-class evidence, matching the required class) contains the exact quoted language: 'our expectations regarding the tax-deferred return of capital treatment of distributions on | kimi-family: confirmed — The cited SEC exhibit states verbatim the Company's 'expectations regarding the tax-deferred return of capital treatment of distributions on our preferred stock,' directly supporting the claim's prima
Add the fundamental-change repurchase right to the walkthrough.
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
“Account Segregation Bankruptcy Remote”
“Senior to STRD, STRK, and MSTR common stock, junior to debt (including convertible notes) and STRF”
“has only a preferred claim on residualassets”
“Ownership of the Company’s securities, including its class A common stock and preferred stock, does not represent an ownership interest in, or a redemption right with respect to, the bitcoin the Company holds.”
Verifier note: panel 2/4 confirmed (sourceDomains=2, disputed) | trimmed uncited claims (4) and re-confirmed | gpt-family: unsupported — evidence class mismatch | anthropic-family: confirmed — goal-fit: the claim directly answers the SLOT QUESTION (issuer failure — control of assets, holders' claim, seniority ordering). Every material claim is supported by the union of fetched sources: (1) | kimi-family: unsupported — evidence class mismatch. The claims about STRC's ranking (junior to debt and STRF, senior to STRD, STRK, and common) and the absence of any direct claim on Strategy's bitcoin are supported by the SEC | gpt-family: confirmed — Assigned SEC evidence establishes each material point: STRC ranks junior to debt, including convertible notes, and STRF, while ranking senior to STRD, STRK, and common stock; it is not collateralized
“Registration No. 333-284510”
“As Filed Pursuant to Rule 424(b)(5) Registration No. 333-284510”
“Distribution • SEC Registered”
“Regulatory Bridge – The product is structured to be compliant with EU regulations, aiming to merge traditional finance with decentralized ecosystems.”
“compliant with EU regulations, accessible to non-US users”
Verifier note: panel 1/3 confirmed (sourceDomains=2) | trimmed uncited claims (4) and re-confirmed | gpt-family: unsupported — The SEC filings support that Strategy’s STRC shares are registered on Form S-3 under Registration No. 333-284510 and offered pursuant to Rule 424(b)(5). However, the regulator evidence does not establ | anthropic-family: unsupported — The SEC-registration portion is solid and answers the slot: the FWP (filed under Rule 433) shows 'Registration No. 333-284510', a Form S-3 registration, and the 424B5 shows 'As Filed Pursuant to Rule | gpt-family: confirmed — SEC filings establish that Strategy’s STRC shares are offered under Registration No. 333-284510. The July 21, 2025 filing expressly identifies a Form S-3 registration statement and describes STRC dist
Third-party checks on the operation.
Strategy may abandon its objective of maintaining STRC near $100. Strategy may redeem STRC at $101 plus unpaid dividends.
Add the cleanup and tax-event redemption rights.
“Our current intention, which is subject to change in our sole and absolute discretion, is to adjust the regular dividend rate in such a manner as we believe will maintain STRC Stock’s trading price at or close to its stated amount of $100 per share.”
“Strategy will not be permitted to reduce the monthly regular dividend rate per annum that will apply to any regular dividend period (i) by more than the following amount from the monthly regular dividend rate per annum applicable to the prior regular dividend period: the sum of (1) 25 basis points; and (2) the excess, if any, of (x) the one-month term SOFR rate on the first business day of such prior regular dividend period, over (y) the minimum of the one-month term SOFR rates that occur on the business days during the period from, and including, the first business day of such prior regular dividend period to, and including, the last business day of such prior regular dividend period; or (ii) to a rate per annum that is less than the one-month term SOFR rate in effect on the business day before Strategy provides notice of the next monthly regular dividend rate per annum.”
“Auditor Grant Thornton (Cayman)”
Strategy may redeem STRC at $101 plus unpaid dividends. Strategy may change its stated $99-to-$101 issuance policy unilaterally.
Issuer failure
Strategy may become unprofitable or unable to service substantial debt, impairing its capacity to meet STRC obligations
“we may not be able to remain profitable in future periods;”
“the level and terms of the Company’s substantial indebtedness and its ability to service such debt”
Verifier note: panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — SEC-filed issuer disclosures establish each material element: Strategy may not remain profitable; its substantial indebtedness may become unserviceable and lead to default, bankruptcy, or liquidation; | anthropic: confirmed — The claim addresses the slot question about issuer failure/inability to meet obligations. Both material components are supported by the fetched issuer SEC filings: the 424b5 prospectus lists 'we may n
Regulatory
Regulatory actions can trigger pauses, lawful seizures, or future blocklists
persons are excluded from disclosed availability.
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
“This is often a regulatory requirement in order to seize assets based on a lawful court order.”
“Default Account State – While currently set to have all token accounts start in an "initialized" state, adding this extension allows Backed to optionally support sRFC-37, enabling efficient blocklist management, in the future, as adoption increases.”
“Live since June 30, 2025 with 60+ tokenized stocks from some of the U.S.’s largest companies and ETFs (e.g., Apple, Nvidia, S&P 500) available for non-U.S. persons to buy/hold like any SPL token.”
Depeg / liquidity
Issuer stabilization remains discretionary
disputed
“the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin”
“Our current intention, which is subject to change in our sole and absolute discretion, is to adjust the regular dividend rate in such a manner as we believe will maintain STRC Stock’s trading price at or close to its stated amount of $100 per share.”
“our current intention (which is subject to change in our sole and absolute discretion) is to issue any such shares of STRC Stock at a price per share not less than $99 or more than $101.”
Verifier note: panel 2/3 confirmed (sourceDomains=1, disputed) | trimmed uncited claims (1) and re-confirmed | gpt: unsupported — The filings establish that STRC can trade away from its $100 stated amount—including a reported $94.50 price—and that Strategy’s dividend-rate and issuance-price stabilization intentions are discretio | anthropic: confirmed — Goal-fit: the claim directly answers the slot question (mechanisms that push secondary price away from peg/stated amount). Material claims all verified against the union of sources. (1) 'STRC can trad | gpt: confirmed — The SEC-filed STRC prospectus expressly states that dividend-rate adjustments intended to keep STRC near $100, and issuance within $99–$101, are current intentions subject to change in the issuer’s so
Exit risk
Partial STRC calls must leave $250 million outstanding and uncalled
“However, we may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of the time we provide the related redemption notice.”
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
Verifier note: panel 1/3 confirmed (sourceDomains=2) | trimmed uncited claims (2) and re-confirmed | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch — The partial-call floor ("at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption") is squarely supported by the SEC 424B5 p | gpt: confirmed — The SEC-filed STRC prospectus expressly provides that Strategy may redeem less than all outstanding STRC only if at least $250.0 million aggregate stated amount remains outstanding and not called for
“fluctuations in the market price of bitcoin and any associated unrealized gains or losses on digital assets that the Company may record in its financial statements as a result of a change in the market price of bitcoin from the value at which the Company’s bitcoins are carried on its balance sheet”
“sales of Digital Equity (MSTR) and Digital Credit (STRC) under Strategy's at-the-market offering programs”
Drop the missing evidence id.
Strategy may abandon its objective of maintaining STRC near $100. Strategy may redeem STRC at $101 plus unpaid dividends.
Add the cleanup and tax-event redemption rights.
“Our current intention, which is subject to change in our sole and absolute discretion, is to adjust the regular dividend rate in such a manner as we believe will maintain STRC Stock’s trading price at or close to its stated amount of $100 per share.”
“Strategy will not be permitted to reduce the monthly regular dividend rate per annum that will apply to any regular dividend period (i) by more than the following amount from the monthly regular dividend rate per annum applicable to the prior regular dividend period: the sum of (1) 25 basis points; and (2) the excess, if any, of (x) the one-month term SOFR rate on the first business day of such prior regular dividend period, over (y) the minimum of the one-month term SOFR rates that occur on the business days during the period from, and including, the first business day of such prior regular dividend period to, and including, the last business day of such prior regular dividend period; or (ii) to a rate per annum that is less than the one-month term SOFR rate in effect on the business day before Strategy provides notice of the next monthly regular dividend rate per annum.”
“or (ii) to a rate per annum that is less than the monthly SOFR per annum in effect on the business day before we provide notice of the next monthly regular dividend rate per annum.”
Strategy may redeem STRC at $101 plus unpaid dividends. Strategy may change its stated $99-to-$101 issuance policy unilaterally.
“Our current intention, which is subject to change in our sole and absolute discretion, is to adjust the regular dividend rate in such a manner as we believe will maintain STRC Stock’s trading price at or close to its stated amount of $100 per share.”
“Our right to unilaterally reduce the regular dividend rate could cause the STRC Stock to accumulate dividends at rates that are below those of otherwise comparable instruments, could cause the trading price or value of the STRC Stock to decrease, and could otherwise significantly harm investors.”
“Strategy will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full.”
“We have the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
issuer entity — searched, not found: The corpus identifies Strategy Inc as STRC’s issuer but does not identify STRCX’s token-issuing entity or vehicle.
launch date — searched, not found: The corpus establishes STRC’s scheduled July 29, 2025 settlement, but provides no anchored STRCX launch date.
backers investors — searched, not found: The corpus names no equity investors or backers of the STRCX token issuer.
issuer incidents — searched, not found: The corpus contains no regulator, audit, issuer, blog, or official social-channel evidence establishing STRCX incidents or their absence.
regulatory regime — searched, not found: The evidence describes EU compliance but identifies no offering exemption, license, or governing regulatory framework for STRCx.
holder rights on failure — searched, not found: The evidence does not explain who controls segregated assets after issuer failure or how STRCx holders enforce claims.
tax treatment — searched, not found: The evidence does not disclose STRCx holder tax treatment.
attestations — searched, not found: No reserve attestation provider or publication location is evidenced.
attestation frequency — searched, not found: No independent reserve-attestation frequency or latest attestation date is evidenced.
upgradeability — searched, not found: No evidence identifies contract upgradeability, upgrade authority, multisignature threshold, or timelock.
settlement time — searched, not found: The corpus states instant secondary-trade settlement but does not disclose standard direct STRCx redemption settlement.
disputed
“the other factors discussed in the “Risk Factors” section of Strategy’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 5, 2025”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: contradicted — goal-fit: The cited SEC URL is an Exhibit 99.1 press release, not Strategy’s Form 10-Q or its Risk Factors section. It merely references a separate Form 10-Q filed May 5, 2025, so it does not establis | anthropic: unsupported — The fetched content at the cited URL is a press release (Exhibit 99.1, d65643dex991.htm) about the STRC Stock offering. It contains the quoted forward-looking-statements language, which merely REFEREN
“xStocks brings U.S. stocks and ETFs onchain as tokens on Solana. Each token is backed 1:1 by a real share held with a regulated custodian.”
“Chainlink runs dedicated data feeds to provide prices and corporate actions like dividends and splits.”
“Permanent Delegate – Assigns an authority designated by the token issuer (in this case, Backed) with ongoing rights to transfer or burn tokens from any address without requiring user-level permissions.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — The slot question is about concentration in the underlying, venues, or dependencies, and the claim does address that (single share, single custodian, Chainlink, Backed authorities), so it is goal-fit.
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
“Transfer Hook – Enables custom logic on every token transfer. This can be used instead of sRFC-37 to support blocklists as required for regulatory compliance. Currently initialized, but disabled.”
“Default Account State – While currently set to have all token accounts start in an "initialized" state, adding this extension allows Backed to optionally support sRFC-37, enabling efficient blocklist management, in the future, as adoption increases.”
Verifier note: lost head-to-head to incumbent 67fc3c38-0c43-4d6c-b50e-f4bbe769910a: The incumbent more directly covers the slot by addressing restricted investors—specifically excluding U.S. persons—as well as regulatory pauses, lawful court-ordered seizures, and future blocklists. Its own evidence supports each point, while the new claim omits investor restrictions and registration status.
disputed
“Chainlink runs dedicated data feeds to provide prices and corporate actions like dividends and splits.”
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
“Permanent Delegate – Assigns an authority designated by the token issuer (in this case, Backed) with ongoing rights to transfer or burn tokens from any address without requiring user-level permissions.”
“Scaled UI Amount Config – Allows the issuer to provide a multiplier that is used to represent onchain corporate actions like stock dividends, splits, and reverse splits. When an issuer updates this multiplier, all wallets holding the token automatically have their balance cosmetically adjusted.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch. The claim's mechanisms (Chainlink price/corporate-action feeds = oracles; issuer pause via Pausable Config; issuer transfer/burn via Permanent Delegate; corporate actions via
disputed
“xStocks brings U.S. stocks and ETFs onchain as tokens on Solana. Each token is backed 1:1 by a real share held with a regulated custodian.”
“Backed purchases actual shares of companies like Tesla or Apple through traditional brokers and deposits them with a regulated custodian.”
“For every real share held in custody, Backed mints exactly one SPL token on Solana. So 1 Tesla share equals 1 TSLAx token. This keeps the supply tied to real holdings maintaining a strict 1:1 backing ratio.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — The fetched source (solana.com/uk case study) supports the GENERAL xStocks mechanism the claim relies on — that each xStock is backed 1:1 by a real share held with a regulated custodian, and that Back
disputed
“the level and terms of the Company’s substantial indebtedness and its ability to service such debt”
“If any of the Company’s convertible notes mature or are redeemed without being converted into common stock, or if the Company elects to redeem or repurchase its non-convertible instruments, the Company may be required to sell shares of its class A common stock or bitcoin to generate sufficient cash proceeds to satisfy those obligations”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The SEC filing supports that Strategy has substantial indebtedness and may need to sell bitcoin or class A common stock to satisfy certain matured, redeemed, or repurchased obligations. Howe | anthropic: confirmed — Both claimed quotes are present verbatim in the archived SEC exhibit (edgar/data/1050446/...mstr-ex99_1.htm), a required evidence class (regulator). The forward-looking statements list explicitly cite
“Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales.”
“The Company’s ability to maintain any given level of BPS, or achieve positive BTC Yield, BTC Gain, or BTC $ Gain may depend on a variety of factors, including factors outside of its control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms.”
“If any of the Company’s convertible notes mature or are redeemed without being converted into common stock, or if the Company elects to redeem or repurchase its non-convertible instruments, the Company may be required to sell shares of its class A common stock or bitcoin to generate sufficient cash proceeds to satisfy those obligations”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — The sources establish that bitcoin produces no cash return, cash from bitcoin requires sales, favorable financing may become unavailable, and Strategy may sell bitcoin or common stock for certain debt | anthropic: confirmed — The claim's mechanism is directly supported by the union of the fetched issuer disclosures (both SEC-hosted, assigned as the required 'regulator' class). The 424b5 STRC Stock Annex states verbatim: 'B
“However, we may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of the time we provide the related redemption notice.”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: confirmed — The assigned SEC-filed prospectus annex expressly states that Strategy may redeem less than all outstanding STRC only if at least $250.0 million aggregate stated amount remains outstanding and is not | anthropic: unsupported — evidence class mismatch
disputed
“There is no minimum amount and no management fees.”
“Each xStock can be divided onchain. So that gives the flexibility of fractional ownership, which otherwise would have been prohibitive.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source says users can start with a small amount and that there is “no minimum amount” in the context of buying or holding fractional xStocks. It does not state that the issuer processes | anthropic: unsupported — goal-fit: The slot question asks for the smallest direct REDEMPTION the issuer processes (redeeming tokens for the underlying share). The cited quote 'There is no minimum amount and no management fees
disputed
“You can use decentralized exchanges or aggregators like Raydium , Kamino or Jupiter to buy AAPLx or SPYx, or any other xStocks.”
“Live since June 30, 2025 with 60+ tokenized stocks from some of the U.S.’s largest companies and ETFs (e.g., Apple, Nvidia, S&P 500) available for non-U.S. persons to buy/hold like any SPL token.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — The only fetched content is solana.com/uk/news/case-study-xstocks — a Solana Foundation promotional/case-study article. The required evidence classes for this redemption-path slot are legal-terms, iss | gpt: unsupported — evidence class mismatch
disputed
“On a centralized exchange like Kraken or Bybit , xStocks appear like any crypto asset. You can buy xStocks and then withdraw to a self-custodial wallet to completely control the assets.”
“Live since June 30, 2025 with 60+ tokenized stocks from some of the U.S.’s largest companies and ETFs (e.g., Apple, Nvidia, S&P 500) available for non-U.S. persons to buy/hold like any SPL token.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch — the sole supporting source for this claim is the Solana Foundation 'case study' article (solana.com/news), which is promotional media/aggregator content, not one of the requi | gpt: unsupported — goal-fit: The cited Solana Foundation article describes purchasing xStocks on centralized exchanges and withdrawing them to self-custody, not redeeming xStocks through a centralized exchange. It provi
“holders of STRC Stock will have the right (which we refer to as the “fundamental change repurchase right”) to require us to repurchase some or all of their shares of STRC Stock at a cash repurchase price equal to the stated amount of the STRC Stock to be repurchased, plus accumulated and unpaid regular dividends, if any, to, and including the fundamental change repurchase date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source confirms a holder-initiated cash repurchase after a fundamental change at stated amount plus accumulated unpaid regular dividends, but the claim does not provide the required sett | anthropic: confirmed — The archived SEC prospectus supplement (a MicroStrategy/Strategy issuer document, satisfying the required issuer-docs evidence class) contains verbatim the claimed quote establishing the fundamental c
disputed
“The redemption price for any STRC Stock to be redeemed pursuant to a clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: Although the issuer document supports redemption at liquidation preference plus accumulated unpaid regular dividends, the claim does not fully describe the tax-redemption path. It omits that | anthropic: confirmed — The archived SEC filing (EX-99.1, an issuer/regulator document — a required evidence class) states verbatim that the tax redemption price is 'a cash amount equal to the liquidation preference... plus
“We also have the right, at our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering of STRC Stock and in any future offering taken together”
“The redemption price for any STRC Stock to be redeemed pursuant to a clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The clean-up redemption statement is accurate, but it does not fully answer the slot question. It omits other disclosed exit paths, including ordinary optional redemption, tax redemption, an | anthropic: confirmed — Both cited sources directly support the clean-up redemption path. The 424B5 (regulator/issuer prospectus supplement) states Strategy has 'the right, at our election, to redeem all, and not less than a
“Callable at 101% of Stated Amount in whole or in part at any time after STRC is listed on NASDAQ, plus any accumulated and unpaid dividends.”
“Our STRC Stock is listed on The Nasdaq Global Select Market under the trading symbol “STRC.””
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources establish an issuer-call path at $101 per share (or a higher amount chosen by Strategy) plus accumulated and unpaid regular dividends. However, the claim omits required path deta | anthropic: confirmed — The FWP term sheet states STRC is 'Callable at 101% of Stated Amount in whole or in part at any time after STRC is listed on NASDAQ, plus any accumulated and unpaid dividends.' With a $100 stated amou
Strategy's liabilities and debt rank ahead of preferred stock. Preferred stock ranks ahead of common equity.
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
“composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
“the KPIs do not take into account that the Company's assets, including its bitcoin, are subject to (i) all of the Company's existing and future liabilities, including its debt, and (ii) the preferential rights of the Company's preferred stockholders to dividends and the Company's assets in a liquidation, and that all such claims rank”
“therefore holders of such excluded instruments may have claims on the Company’s assets (including bitcoin) senior to those of holders of common stock in the event of the Company’s liquidation, and as a result the additional bitcoin acquired using proceeds from the sale of such instruments may not accrete to common stockholders”
Verifier note: panel 0/2 confirmed (sourceDomains=3) | gpt: unsupported — The sources identify Alpaca Securities as custodian and state generally that xStocks provide a legal claim to the stock's value. The SEC source establishes that Strategy's liabilities, debt, and prefe | gpt: unsupported — goal-fit: The sources identify Alpaca Securities as custodian, generally describe xStocks as providing a legal claim to the underlying stock’s value, and confirm that Strategy preferred stock ranks ah
Add offering suspension/termination (bd847006) to the value; keep redemption here rather than duplicating it under admin_powers.
“We have the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
“We also have the right, at our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering of STRC Stock and in any future offering taken together, at a cash redemption price per share of STRC Stock to be redeemed equal to the liquidation preference per share of STRC Stock as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited terms support issuer-elected redemption under ordinary, cleanup, and tax-event provisions, but redemption is not a change to fees, limits, or eligibility and therefore does not ans | anthropic: confirmed — All three redemption provisions are stated verbatim in the source and each is exercisable unilaterally 'at our election' with no holder-consent requirement. Ordinary redemption: 'We have the right, at
Redemption call rights belong under unilateral_changes (issuer action without holder consent); admin_powers is unsupported and should be an unknown.
“We have the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
“We also have the right, at our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering of STRC Stock and in any future offering taken together, at a cash redemption price per share of STRC Stock to be redeemed equal to the liquidation preference per share of STRC Stock as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The SEC filing supports issuer redemption rights, but the claim does not answer who holds pause, freeze, blacklist, or upgrade powers over the token or backing, nor what multisig, timelock, | anthropic: unsupported — goal-fit: The slot question asks who holds pause/freeze/blacklist/upgrade powers over the token and its backing, and what process (multisig, timelock, committee) gates them. The claim instead describe
“Auditor Grant Thornton (Cayman)”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source identifies Grant Thornton (Cayman) as auditor but provides neither the audit scope nor date required by the slot question, including whether it covers fund audits, smart-contract | anthropic: unsupported — goal-fit: The slot question requires audits_<firm> = scope + date (fund audits AND smart-contract audits). The source lists only 'Auditor: Grant Thornton (Cayman)' with no audit scope and no date. The
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
“Account Segregation Bankruptcy Remote”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch
Reframe to state the restriction that follows from the evidence (non-U.S. access implies U.S. exclusion); note whitelist/freeze mechanics are unevidenced.
“compliant with EU regulations, accessible to non-US users”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The aggregator states that xStocks are “compliant with EU regulations” and “accessible to non-US users,” but those broad assertions do not answer whether STRCx transfers are whitelist-only o | anthropic: unsupported — evidence class mismatch
Present as domicile/issuer identity only, and flag the wrapper type as not evidenced.
“Domicile Jersey, Channel Islands”
“Dispute Resolution Country Jersey, Channel Islands”
“STRATEGY INC”
“Shares of our Variable Rate Series A Perpetual Stretch Preferred Stock, which we refer to as the “STRC Stock,” having an aggregate offering price of up to $21,000,000,000.”
“28,011,111 authorized shares of a series of stock of the Company titled the “Variable Rate Series A Perpetual Stretch Preferred Stock””
Verifier note: panel 0/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources do not identify the legal wrapper protecting STRCx holders—such as an LP, trust, SPV, or foundation—or establish its jurisdiction. RWA.xyz lists a Jersey domicile but does not na | anthropic: unsupported — evidence class mismatch
“STRATEGY INC (Exact name of registrant as specified in its charter)”
“Delaware”
“Strategy Inc (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE)”
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — goal-fit: The issuer_entity claim is blank and therefore does not identify the exact issuing entity and vehicle. The SEC filing identifies Strategy Inc as a Delaware registrant, but no claimed value w
The corpus identifies no founder departure or dated role change.
“said Michael Saylor, Founder and Executive Chairman of Strategy.”
“said Phong Le, President and Chief Executive Officer of Strategy.”
“said Andrew Kang, Chief Financial Officer of Strategy.”
“Shirish Jajodia Corporate Treasurer ir@strategy.com”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch
The corpus names no STRCX custodian, administrator, auditor, or bank.
“Morgan Stanley, Barclays, Moelis & Company and TD Securities are acting as joint book-running managers for the offering. The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods and Maxim Group LLC are acting as co-managers for the offering.”
“Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Company, has issued a legal opinion relating to the Shares.”
“We have entered into an Omnibus Sales Agreement with TD Securities (USA) LLC, The Benchmark Company, LLC, StoneX Financial Inc., A.G.P./Alliance Global Partners, Barclays Capital Inc., BTIG, LLC, Canaccord Genuity LLC, Cantor Fitzgerald & Co., Clear Street LLC, Compass Point Research & Trading, LLC, H.C. Wainwright & Co., LLC, Keefe, Bruyette & Woods, Inc., Maxim Group LLC, Mizuho Securities USA LLC, Moelis & Company LLC, Morgan Stanley & Co. LLC, Santander US Capital Markets LLC, SG Americas Securities, LLC and TCBI Securities, Inc., doing business as Texas Capital Securities (collectively, the “Agents”), dated November 4, 2025”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited offering managers and issuer’s securities counsel are not custodians, administrators, auditors, or banks serving the product. The sources also do not establish the corpus-wide abse | anthropic: unsupported — goal-fit: The SLOT QUESTION asks for named custodians, administrators, auditors, and banks serving the STRC product. The claim's affirmative content lists offering underwriters (Morgan Stanley, Barcla
The corpus does not identify Strategy as STRCX’s token issuer.
Drop the fabricated evidence id and remove the enterprise-analytics-software sentence, or mark it as not established by the corpus.
“By using proceeds from equity and debt financings, as well as cash flows from our operations, we strategically accumulate Bitcoin and advocate for its role as digital capital. Our treasury strategy is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments.”
“Strategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital.”
“In addition, we provide industry-leading AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere.”
“Strategy Inc (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE)”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support Strategy’s issuance of STRC preferred stock, use of financing proceeds for bitcoin purchases and working capital, and AI-powered enterprise-analytics business. However, t | anthropic: confirmed — Every material claim maps to the fetched sources. (1) 'Strategy issues STRC and other securities to finance Bitcoin accumulation and working capital' is supported by the d65643dex991 press release: ST
“Strategy PP Variable tokenized stock (xStock) price STRCX”
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
Verifier note: panel 0/3 confirmed (sourceDomains=2) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — goal-fit: the claimed value is empty and does not disclose one holding as holding_<name> = weight/description with an as-of date. The sources identify STRCX and describe its purported 1:1 backing by S
The corpus discloses no STRCX issuer spread or fee allocation.
“the Company is required to pay dividends with respect to its perpetual preferred stock in perpetuity. The Company could pay these dividends with cash or, in the case of STRK Stock, by issuing shares of class A common stock.”
“Declared regular dividends on the STRC Stock will be payable solely in cash.”
“On December 1, 2025, Strategy announced that it established a US dollar reserve (the "USD Reserve"), a management-designated portion of Strategy’s liquidity intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness.”
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — goal-fit: The sources establish that STRC pays cumulative dividends solely in cash and that Strategy designated a liquidity reserve to support preferred dividends. However, they do not identify the ec
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
“has only a preferred claim on residualassets”
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — The sources support that STRC is Strategy Inc.’s Variable Rate Series A Perpetual Stretch Preferred Stock and that it is uncollateralized, with only a preferred claim on Strategy’s residual assets. Ho | anthropic: unsupported — The quoted fragments are individually supported: the 8-K confirms 'Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share' (STRC), and the FWP confirms STRC 'has only a p | gpt: unsupported — goal-fit: The sources support that STRC is Strategy Inc.’s Variable Rate Series A Perpetual Stretch Preferred Stock, is not collateralized by Strategy’s bitcoin holdings, and has only a preferred clai
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
“Issued an additional $2.0 billion notional of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and $84 million of Class A common stock (MSTR), and used these proceeds to purchase 24,869 bitcoin”
Verifier note: panel 0/3 confirmed (sourceDomains=2) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — goal-fit: The sources support that STRC is Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock and that STRCX is purportedly backed 1:1 by an equivalent share in custody. However, the
Support the STRCX holder claim with the xStock 'legal claim to the value of the stock' evidence (4362547a, f6f7614d) and cite e229194c only for the underlying STRC claim in the underlying section.
“provide a legal claim to the value of the stock”
“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
“has only a preferred claim on residualassets”
Verifier note: panel 1/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — The slot asks what the holder legally owns; the claim answers it as a legal claim to STRC's value rather than direct ownership of the underlying share — a proper goal-fit answer. The two legal-terms s | gpt: unsupported — goal-fit: no holder_claim value is stated. CoinMarketCap only says the token offers a generic “legal claim to [the stock’s] value,” without identifying what the token holder legally owns or whether th
“STRCX is a tokenized version of a traditional financial instrument, designed to provide blockchain-native access to real-world stocks and ETFs.”
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
“Issued an additional $2.0 billion notional of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and $84 million of Class A common stock (MSTR), and used these proceeds to purchase 24,869 bitcoin”
Verifier note: panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch
Smart contracts issue and manage the token on-chain. Holders gain STRC value exposure and may use STRCX in compatible DeFi applications. Holders exit by selling through available exchange liquidity; the corpus does not establish direct issuer redemption.
“DeFi-Compatible Access – It enables global, non-U.S. users to access over 120 U.S. stocks and ETFs through crypto exchanges and DeFi protocols.”
“The tokenization process uses smart contracts for issuance and management on-chain.”
“This technical foundation makes the tokens composable , meaning they can be integrated into decentralized finance (DeFi) applications for lending, borrowing, or earning yield, just like any other cryptocurrency.”
“The core offering is access to a vast suite of tokenized assets, from major tech stocks (e.g., $NVDAx) to popular ETFs (e.g., $SPYx). These tokens can be traded on both centralized and decentralized exchanges, providing liquidity and 24/7 market access.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch: The claim answers the slot question (acquisition via exchanges, on-chain issuance/management via smart contracts, DeFi usability, exit via exchange liquidity, no direct issuer
Holders receive a legal claim to the stock’s value, not disclosed direct ownership of the reserve share.
“Strategy PP Variable tokenized stock (xStock) price STRCX”
“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
“provide a legal claim to the value of the stock”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch. The target slot ts:description/what_it_is requires evidence of class issuer-docs or legal-terms. The only fetched/archived content backing the material claims (backed 1:1, leg
“For every real share held in custody, Backed mints exactly one SPL token on Solana. So 1 Tesla share equals 1 TSLAx token. This keeps the supply tied to real holdings maintaining a strict 1:1 backing ratio.”
“Chainlink runs dedicated data feeds to provide prices and corporate actions like dividends and splits.”
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt-family: unsupported — The source confirms 1:1 backing, issuer-controlled pausing of all token interactions, and Chainlink price/corporate-action feeds. It does not establish the claimed causal conclusion that transfer paus | anthropic-family: unsupported — The fetched source (Solana Foundation case study) is about xStocks equity tokens (TSLAx, AAPLx, etc.) and supports the generic building blocks the claim invokes: strict 1:1 backing, Chainlink dedicate | kimi-family: unsupported — The archived source confirms the component parts — strict 1:1 backing, Chainlink data feeds, and a Pausable Config — but never states the claim's causal mechanism: it nowhere says transfer pauses or f
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt-family: unsupported — goal-fit: The cited passage supports an issuer-controlled pause of all xStock token interactions during emergencies, regulatory requirements, or security incidents, but it does not address redemption | anthropic-family: unsupported — evidence class mismatch: The sole fetched/cited source is a Solana Foundation news case study (solana.com/uk/news/case-study-xstocks), a third-party media/marketing article. The claim's wording is fai | kimi-family: unsupported — goal-fit: The claim is verbatim-supported by the archived source (Pausable Config lets the issuer pause all token interactions for emergencies, regulatory requirements, or security incidents), but it
Reframe to issuer failure/what-survives; the custody-of-backing evidence answers the survivorship half.
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
“Permanent Delegate – Assigns an authority designated by the token issuer (in this case, Backed) with ongoing rights to transfer or burn tokens from any address without requiring user-level permissions.”
Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt-family: unsupported — goal-fit: The cited Solana Foundation article supports the technical control claim: xStocks use a pausable configuration, and Backed is designated as permanent delegate with rights to transfer or burn | anthropic-family: unsupported — The generic mechanism is well supported: the archived Solana source verbatim describes the Pausable Config ('Lets the issuer pause all interactions with the token in case of emergencies, regulatory re | kimi-family: confirmed — goal-fit: the claim describes issuer-level control powers (pause, forced transfer, burn) that directly bear on what holders can lose if the issuer acts against them, so it fits the risk_issuer slot. T
“Strategy PP Variable tokenized stock (xStock) price STRCX”
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
“Issued an additional $2.0 billion notional of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and $84 million of Class A common stock (MSTR), and used these proceeds to purchase 24,869 bitcoin”
Verifier note: panel 0/3 confirmed (sourceDomains=2) | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch | gpt-family: unsupported — evidence class mismatch
The dividend rate changes monthly and remains unguaranteed.
This should be an unknown (or clearly scoped to the underlying only), not a confident candidate; the token-level mechanic is unsupported.
“Regular dividends, if any, on the STRC Stock will accumulate on the stated amount thereof, which is $100 per share of STRC Stock, and will be payable when, as and if declared by our “board of directors” (as defined in this STRC Stock Annex), out of funds legally available for their payment, monthly in arrears on the last calendar day of each calendar month.”
“Declared regular dividends on the STRC Stock will be payable solely in cash.”
“additional regular dividends, which we refer to as “compounded dividends,” will accumulate”
“compounded semi-monthly on each subsequent regular dividend payment date”
“360-day year”
ingest · ingest · weak
plan · plan · ok
synthesize · synthesize · ok
8 of 35 fields verified · 15 unverified · 11 not found
Run 2026-08-04T13:03:12.357Z · done · cost $0.00
Automated research, human-reviewed. Verify against source documents before credit decisions.
“We have entered into an Omnibus Sales Agreement with TD Securities (USA) LLC, The Benchmark Company, LLC, StoneX Financial Inc., A.G.P./Alliance Global Partners, Barclays Capital Inc., BTIG, LLC, Canaccord Genuity LLC, Cantor Fitzgerald & Co., Clear Street LLC, Compass Point Research & Trading, LLC, H.C. Wainwright & Co., LLC, Keefe, Bruyette & Woods, Inc., Maxim Group LLC, Mizuho Securities USA LLC, Moelis & Company LLC, Morgan Stanley & Co. LLC, Santander US Capital Markets LLC, SG Americas Securities, LLC and TCBI Securities, Inc., doing business as Texas Capital Securities (collectively, the “Agents”), dated November 4, 2025”
Andrew Kang serves as CFO. Shirish Jajodia serves as Corporate Treasurer.
Scope conflict: Saylor/Le/Kang/Jajodia are Strategy Inc. executives tied to STRC, not people publicly tied to the STRCX tokenization product. Same inconsistency as operating_history — Strategy is treated as the issuer here but the issuer is declared unknown elsewhere.
“said Michael Saylor, Founder and Executive Chairman of Strategy.”
“said Phong Le, President and Chief Executive Officer of Strategy.”
“said Andrew Kang, Chief Financial Officer of Strategy.”
“Shirish Jajodia Corporate Treasurer ir@strategy.com”
Either label this as underlying-issuer history or mark unknown for the STRCX issuer, consistently with issuer_entity/issuer_business.
“The issuance and sale of the STRC Stock is scheduled to settle on July 29, 2025, subject to customary closing conditions.”
“On December 1, 2025, Strategy announced that it established a US dollar reserve (the "USD Reserve"), a management-designated portion of Strategy’s liquidity intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness.”
“we may offer and sell shares of our STRC Stock having an aggregate offering price of up to $21,000,000,000 from time to time through one or more of the Agents”
“or (ii) to a rate per annum that is less than the monthly SOFR per annum in effect on the business day before we provide notice of the next monthly regular dividend rate per annum.”
“Strategy will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full.”
“We may be unsuccessful in achieving, or may abandon, our current intention of adjusting the regular dividend rate in such a manner as we believe (in our sole and absolute judgment) would be designed to cause the STRC Stock to trade at prices, or otherwise have a value, near its stated amount of $100 per share”
“We have the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
Verifier note: panel 2/3 confirmed (sourceDomains=1, disputed) | gpt-family: confirmed — The SEC-filed terms expressly permit Strategy, in its sole and absolute discretion and without holder consent, to adjust STRC’s monthly regular dividend rate for subsequent periods. Reductions are con | anthropic-family: unsupported — evidence class mismatch | kimi-family: confirmed — All four sub-claims are directly supported by the archived regulator-tier evidence. Sole-discretion rate adjustment: 'we have the right, in our sole and absolute discretion, to adjust the regular divi
“Our right to unilaterally reduce the regular dividend rate could cause the STRC Stock to accumulate dividends at rates that are below those of otherwise comparable instruments, could cause the trading price or value of the STRC Stock to decrease, and could otherwise significantly harm investors.”
“Strategy will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full.”
“We have the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
“our current intention (which is subject to change in our sole and absolute discretion) is to issue any such shares of STRC Stock at a price per share not less than $99 or more than $101.”
Retain Alpaca as custodian; qualify the segregation/bankruptcy-remote descriptor as a self-description and note the regulator/charter is not in evidence.
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
“Account Segregation Bankruptcy Remote”
“compliant with EU regulations, accessible to non-US users”
“composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Keep the ROC expectation with its 'expects' qualifier; the tax-event redemption is better placed under redemption/controls than as tax structure.
“our expectations regarding the tax-deferred return of capital treatment of distributions on our preferred stock”
“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
“The redemption price for any STRC Stock to be redeemed pursuant to a clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
STRC ranks ahead of STRD, STRK, and common stock. Strategy security holders have no ownership or redemption right in Strategy's bitcoin.
Replace phantom evidenceId 4362547a with c3c0b0c4/a67855dd, and incorporate the fundamental-change repurchase right and seniority-driven forced-sale mechanics.
“Ownership of the Company’s securities, including its class A common stock and preferred stock, does not represent an ownership interest in, or a redemption right with respect to, the bitcoin the Company holds.”
“provide a legal claim to the value of the stock”
“Senior to STRD, STRK, and MSTR common stock, junior to debt (including convertible notes) and STRF”
“Liquidation Junior Stock includes the Class A Common Stock, the Class B Common Stock, the Perpetual Strike Preferred Stock and the Perpetual Stride Preferred Stock.”
“the KPIs do not take into account that the Company's assets, including its bitcoin, are subject to (i) all of the Company's existing and future liabilities, including its debt, and (ii) the preferential rights of the Company's preferred stockholders to dividends and the Company's assets in a liquidation, and that all such claims rank”
Flag that the specific legal-wrapper type of the Jersey issuer is not established by evidence, and note the MicroStrategy-vs-Strategy Inc. naming basis.
“Domicile Jersey, Channel Islands”
“Delaware”
“Shares of our Variable Rate Series A Perpetual Stretch Preferred Stock, which we refer to as the “STRC Stock,” having an aggregate offering price of up to $21,000,000,000.”
“28,011,111 authorized shares of a series of stock of the Company titled the “Variable Rate Series A Perpetual Stretch Preferred Stock””
333-284510.
“Regulatory Bridge – The product is structured to be compliant with EU regulations, aiming to merge traditional finance with decentralized ecosystems.”
“compliant with EU regulations, accessible to non-US users”
“Registration No. 333-284510”
“As Filed Pursuant to Rule 424(b)(5) Registration No. 333-284510”
“Distribution • SEC Registered”
Verifier note: panel 2/3 confirmed (sourceDomains=1) | gpt-family: unsupported — evidence class mismatch | anthropic-family: confirmed — The claim maps directly onto the slot question (restricted investors + plausible regulatory actions and their impact on holders). Every material element is supported by the fetched Solana Foundation c | kimi-family: confirmed — All material claims are directly supported by the archived Solana case study. Pausable Config lets the issuer pause all token interactions for regulatory requirements; Permanent Delegate exists to sei
“the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin”
“Target Range – Adjust STRC Dividend Rate and STRC issuance via ATM”
“We may be unsuccessful in achieving, or may abandon, our current intention of adjusting the regular dividend rate in such a manner as we believe (in our sole and absolute judgment) would be designed to cause the STRC Stock to trade at prices, or otherwise have a value, near its stated amount of $100 per share”
“Callable at 101% of Stated Amount in whole or in part at any time after STRC is listed on NASDAQ, plus any accumulated and unpaid dividends.”
“However, Strategy may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of the time Strategy provides the related redemption notice.”
Reframe around registration/restricted-investor status or mark thinly supported.
“Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings.”
“This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it constitute investment, legal or other professional advice.”
Downgrade to the bitcoin-custody cyber risk only, or mark on-chain contract risk unknown.
“The tokenization process uses smart contracts for issuance and management on-chain.”
“security breaches, cyberattacks, unauthorized access, loss of private keys, fraud or other circumstances or events that result in the loss of the Company’s bitcoins”
“security breaches, cyberattacks, unauthorized access, loss of private keys, fraud or other circumstances or events that result in the loss of the Company’s bitcoins”
Drop the missing evidence id.
“we said we would proactively manage our convertible debt and use the full range of capital management tools available to us, including the disciplined sale of bitcoin.”
“The Company’s ability to maintain any given level of BPS, or achieve positive BTC Yield, BTC Gain, or BTC $ Gain may depend on a variety of factors, including factors outside of its control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms.”
“If any of the Company’s convertible notes mature or are redeemed without being converted into common stock, or if the Company elects to redeem or repurchase its non-convertible instruments, the Company may be required to sell shares of its class A common stock or bitcoin to generate sufficient cash proceeds to satisfy those obligations”
“Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales.”
“fluctuations in the market price of bitcoin and any associated unrealized gains or losses on digital assets that the Company may record in its financial statements as a result of a change in the market price of bitcoin from the value at which the Company’s bitcoins are carried on its balance sheet”
“Strategy will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full.”
“We may be unsuccessful in achieving, or may abandon, our current intention of adjusting the regular dividend rate in such a manner as we believe (in our sole and absolute judgment) would be designed to cause the STRC Stock to trade at prices, or otherwise have a value, near its stated amount of $100 per share”
“We have the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
Verifier note: panel 2/3 confirmed (sourceDomains=1, disputed) | gpt-family: confirmed — The SEC-filed terms expressly permit Strategy, in its sole and absolute discretion and without holder consent, to adjust STRC’s monthly regular dividend rate for subsequent periods. Reductions are con | anthropic-family: unsupported — evidence class mismatch | kimi-family: confirmed — All four sub-claims are directly supported by the archived regulator-tier evidence. Sole-discretion rate adjustment: 'we have the right, in our sole and absolute discretion, to adjust the regular divi
“our current intention (which is subject to change in our sole and absolute discretion) is to issue any such shares of STRC Stock at a price per share not less than $99 or more than $101.”
“one-twenty-fourth (1/24th) of the product of”
“rate is subject to monthly adjustment and may be significantly lower;dividend is not guaranteed”
Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt-family: contradicted — The amended SEC terms support cumulative regular dividends on a $100 stated amount, cash payment when declared, semi-monthly payment and compounding, and a 360-day/15-day-period convention. However, t | anthropic-family: unsupported — evidence class mismatch | kimi-family: confirmed — All sub-claims are directly stated in the assigned regulator-class evidence. The 424B5 STRC Stock Annex states regular dividends accumulate on the $100 stated amount and are payable when, as and if de