STRCx is a tokenized-equity token that gives holders a legal claim to the value of Strategy’s dividend-paying preferred stock. A custodian holds one Strategy preferred share in reserve for each STRCx token.
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STRCx is a tokenized-equity token that gives holders a legal claim to the value of Strategy’s dividend-paying preferred stock. A custodian holds one Strategy preferred share in reserve for each STRCx token.
“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”
“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.”
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
“The STRC Stock accumulates
cumulative dividends, which we refer to as “regular dividends,” at a variable rate that is described more fully below and elsewhere in this STRC Stock Annex.”
“Strategy’s intentions with respect to adjusting the
- 3 -
STRC Stock monthly regular dividend rate per annum.”
Overview
◇
Underlying
STRC preferred stock
◎
Issuer
Backed Assets
◫
Backing
100%
How STRCX works
Backed buys the underlying asset through its broker after receiving purchase funds, then issues the token. STRCx tracks the value of reserved STRC shares. Holders can transfer tokens between wallets or use supported exchanges and DeFi applications to exit or deploy them.
“When a user buys bTokens, we automatically purchase the underlying asset as collateral once we receive the funds. We send an order to buy the underlying asset to our broker. We then issue the tokens to the user.”
“Tokens are freely transferable across wallets, are fully collateralized by the underlying asset, and are issued in compliance with the Swiss DLT act.”
“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.”
“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.”
“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.”
Exit paths
Strategy may redeem all STRC after a tax event at liquidation preference plus accumulated unpaid dividends.DisputedMoreSources · 2
Strategy Inc is a publicly traded company that has adopted Bitcoin as its primary treasury reserve asset. It funds bitcoin accumulation using proceeds from equity and debt financings and cash flows from operations. It also provides AI-powered enterprise analytics software.
“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.”
“STRATEGY INC
(Exact name of registrant as specified in its charter)”
Portfolio overview
Pool-wide metrics
Performance
Growth
Growth of $10,000 over 1 month
Growth
Growth of $10,000 over all history
12.29% 30d return
$11,166.62
Returns
As of August 8, 2026
1 mo
Since inception
STRCX
Issuer
Backed Assets
Issuer
Ownership
Kraken
Backed created xStocks as the bToken successor with unchanged underlying exposure. xStocks comprises over 55 tokenized stocks and ETFs for Kraken distribution and Solana DeFi. NVDAx uses a tracker-certificate wrapper governed by Backed Assets Final Terms No. 19. Holders receive NVIDIA price exposure without share ownership or shareholder rights.
Structural credibility
Shared legal identity, ownership, people, incidents, and channels.
Legal & regulatory structure
The legal claim, governing regime, and holder protections if the structure fails.
✓
Legal wrapper
Protects holders if the issuer fails.
Transfer restrictions
Backed excludes U.S. Persons, and Kraken may apply geographic restrictions.DisputedMoreSources · 2
“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
“Backed is pleased to announce that we have integrated Chainlink Proof of Reserve (PoR). This development provides users with a transparent and trust-minimized means to confirm the collateralization of our tokenized assets.”
“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.”
Risks & protections
Underlying / economic
STRCx can lose value when STRC declines as Bitcoin prices, financing access, or Strategy’s cash generation deteriorate
⌄
STRCx can lose value when STRC declines as Bitcoin prices, financing access, or Strategy’s cash generation deteriorate.MoreSources · 4
“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.”
Opsec
Current onchain authority configuration first, followed by documented operational controls.
Token extensions
Permanent delegate, Default account state, Transfer hookMore
Strategy may adjust STRC's monthly dividend rate at its sole discretion. Strategy cannot reduce it before paying prior accumulated dividends.Unverified
Networks & bridges
Supply and mint authority
A single externally-owned address controls supply; no on-chain multisig is visibleMoreSources · 3
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
Research appendix
Plan fulfillment
SlotStatusClasses covered
Terminal underlyingFilled-verifiedNone
CollateralizationFilled-verifiedNone
AttestationsFilled-verifiedNone
Underlying issuerFilled-verifiedNone
Holder's claimFilled-verifiedNone
Corporate-action passthroughRejected-retryNone
Final terms documentEmptyNone
Transfer restrictionsFilled-verifiedNone
NetworksRejected-retryNone
Canonical deploymentRejected-retryNone
Bridge providerRejected-retryNone
Bridge custodyEmptyNone
Oracle dependenciesRejected-retryNone
Supply and mint authorityFilled-verifiedNone
Key managementEmptyNone
Incident responseEmptyNone
Monitoring and attestationFilled-verifiedNone
Bridge & oracleRejected-retryNone
What it isFilled-verifiedAggregator, legal-terms, regulator, issuer-docs
“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.”
Exit paths
Strategy may redeem all STRC when outstanding shares fall below 25% of total issued shares.DisputedMoreSources · 2
“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.”
“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.”
Exit paths
Holders may require Strategy to repurchase STRC after a fundamental change at stated amount plus accumulated unpaid dividends.DisputedMoreSources · 1
“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.”
Exit paths
Strategy may redeem STRC for cash at $101 per share plus accumulated unpaid dividends at any time.DisputedMoreSources · 2
“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”
“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.”
“xStocks are tokenized stocks. They’re backed 1:1 by the underlying assets, composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Yield source
STRC's economic yield comes from cumulative cash dividends funded by Strategy. Bitcoin itself produces no interest or other returns.DisputedMoreSources · 4
“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.”
“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.”
“Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales.”
Structure & quality
The underlying is Strategy’s variable-rate Series A perpetual preferred stock, creating single-issuer concentration and no contractual maturity.MoreSources · 2
“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”
“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.”
“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 $4,200,000,000.00.”
Adam Levi co-founded Backed. Backed appointed Yotam Katznelson CTO and Erwan Mismaque COO; the corpus provides no appointment dates or current-status confirmation.
Key people
Adam LeviRole detail
Adam Levi co-founded Backed.
BackedRole detail
Backed appointed Yotam Katznelson CTO.
Erwan Mismaque COO
Service providers
WilmerHale· Strategy counsel
Morgan Stanley
Barclays
Moelis
Incidents
NVIDIA settled SEC disclosure-control charges on May 6, 2022, without admitting or denying findings, and paid a $5.5 million penalty.
“The issuance and sale of the STRC Stock is scheduled to settle on July 29, 2025, subject to customary closing conditions.”
Service providers
Wilmer Cutler Pickering Hale and Dorr LLP serves as Strategy’s counsel. Morgan Stanley, Barclays, Moelis and TD Securities managed the initial STRC offering.UnverifiedMore
Strategy subsequently appointed those firms and additional institutions as STRC sales agents.
“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.”
“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”
Key people
Michael Saylor founded Strategy and currently serves as Executive Chairman. Phong Le serves as President and CEO.DisputedMore
Andrew Kang serves as CFO. Shirish Jajodia serves as Corporate Treasurer.
Strategy launched underlying STRC in July 2025. Strategy later expanded its STRC issuance program and established a dividend-supporting dollar reserve in December 2025.DisputedMoreSources · 3
“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”
The xStocks issuer is domiciled in Jersey, Channel Islands. Strategy Inc issues the underlying Delaware preferred stock.DisputedMoreSources · 4
“Regulatory Bridge – The product is structured to be compliant with EU regulations, aiming to merge traditional finance with decentralized ecosystems.”
“our expectations regarding the tax-deferred return of capital treatment of distributions on our preferred stock”
If the issuer fails
Underlying STRC ranks junior to debt and STRF but senior to STRD, STRK, and common stock. STRC holders receive only a preferred residual claim and no direct claim on Strategy's bitcoin.DisputedMoreSources · 5
“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.”
Pending verification (5)
Transfer restrictions
STRCx targets non-US users and supports transfers through decentralized-finance protocols. The evidence does not establish whitelist, freeze, or jurisdiction-screening mechanics.UnverifiedMoreSources · 2
“composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Tax treatment
Strategy expects preferred-stock distributions to receive tax-deferred return-of-capital treatment. Strategy may redeem all STRC shares following a defined tax event.DisputedMoreSources · 3
“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.”
If the issuer fails
STRCx holders receive a legal claim to the underlying stock's value. STRC ranks behind Strategy debt and STRF.DisputedMore
STRC ranks ahead of STRD, STRK, and common stock. Strategy security holders have no ownership or redemption right in Strategy's bitcoin.
“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.”
“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”
Vehicle
The STRCx issuer is domiciled in Jersey. Strategy Inc., a Delaware corporation, issues the underlying perpetual preferred stock.DisputedMoreSources · 4
“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””
Regime
STRCx is described as EU-compliant and limited to non-US users. Underlying STRC shares are SEC-registered under Form S-3 Registration No.UnverifiedMore
“Regulatory Bridge – The product is structured to be compliant with EU regulations, aiming to merge traditional finance with decentralized ecosystems.”
Alpaca Securities LLC holds the underlying assets. The product describes its custody accounts as segregated and bankruptcy-remote.DisputedMoreSources · 2
“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.”
Pending verification (5)
Caps / gates
Strategy cannot partially call STRC unless at least $250 million stated amount remains outstanding and uncalled.UnverifiedMoreSources · 2
“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.”
“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.”
Exit paths
Strategy may redeem all STRC after a tax event at liquidation preference plus accumulated unpaid dividends.DisputedMoreSources · 2
“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.”
Exit paths
Strategy may redeem all STRC when outstanding shares fall below 25% of total issued shares.DisputedMoreSources · 2
“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.”
“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.”
Exit paths
Holders may require Strategy to repurchase STRC after a fundamental change at stated amount plus accumulated unpaid dividends.DisputedMoreSources · 1
“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.”
Exit paths
Strategy may redeem STRC for cash at $101 per share plus accumulated unpaid dividends at any time.DisputedMoreSources · 2
“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”
“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”
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
“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.”
Strategy may sell common stock or bitcoin to meet matured or redeemed obligations. Strategy established a dollar reserve to support preferred dividends and debt interest.
“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”
“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.”
Custodian
STRCx depends on a regulated custodian holding one STRC share per token; custodian failure could disrupt backing access
⌄
STRCx depends on a regulated custodian holding one STRC share per token; custodian failure could disrupt backing access.DisputedMoreSources · 3
“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.”
“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.”
Depeg / liquidity
Strategy may fail or abandon dividend-rate adjustments intended to keep STRC near its $100 stated amount
⌄
Strategy may fail or abandon dividend-rate adjustments intended to keep STRC near its $100 stated amount.DisputedMoreSources · 3
“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.”
“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”
“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.”
Exit risk
Partial STRC calls must leave $250 million outstanding and uncalled
⌄
Partial STRC calls must leave $250 million outstanding and uncalled.MoreSources · 2
“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.”
Pending verification (9)
Credit / counterparty
Strategy carries substantial debt and perpetual dividend obligations, creating debt-service risk for STRC-backed STRCx holders.DisputedMoreSources · 4
“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.”
“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”
“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”
“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”
Exit risk
Holders lack ordinary redemption rights; Strategy controls calls and must leave $250 million outstanding after any partial call.UnverifiedMoreSources · 2
“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.”
Regulatory
Strategy files SEC reports, but the cited press release neither offers securities nor provides investment advice.DisputedMoreSources · 2
“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.”
Hack / smart contract
Smart-contract issuance exposes STRCx to on-chain failures; Strategy separately discloses cyberattack and private-key-loss risks for bitcoin.DisputedMoreSources · 2
“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”
Custodian
Security breaches, unauthorized access, lost private keys, or fraud could cause Strategy to lose bitcoin.UnverifiedMoreSources · 1
“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”
Issuer failure
Strategy may sell bitcoin or issue securities to meet obligations when operating cash and financing are insufficient.DisputedMoreSources · 3
“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”
Underlying / economic
Strategy depends on bitcoin sales for cash because bitcoin pays no interest or other returns.UnverifiedMoreSources · 2
“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”
Program ID
None
Sources · 1
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
Freeze authority
A program-derived authority (program System Program)MoreSources · 2
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
Mint authority
A single externally-owned address controls minting; no on-chain multisig is visibleMoreSources · 2
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
Bridge configuration
None
Sources · 3
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
Authority multisig
None
Sources · 3
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
Monitoring and attestation
Chainlink Proof of Reserve attests purchased collateral and separately tracked in-transit assets. Updates occur daily or after reserve changes exceeding 10%.MoreSources · 4
“This combined information is then verified by Chainlink Proof of Reserve’s decentralized oracle network. The figures relayed by Chainlink PoR are updated daily, or if the volume of the reserves changes by more than 10%.”
“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
Unilateral changes
Strategy may adjust STRC's dividend rate without holder consent. Rate reductions face SOFR-linked limits and require payment of prior accumulated dividends.More
Strategy may abandon its price-stabilization policy. Strategy may redeem STRC under specified call, cleanup, or tax-event provisions.
“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 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.”
“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”
“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.”
Pending verification (1)
Unilateral changes
Strategy may adjust STRC's monthly dividend rate at its sole discretion. Strategy cannot reduce it before paying prior accumulated dividends.UnverifiedMore
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”
“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.”
Prospectus
Prospectus supplement and STRC Stock Annex, supplemented March 23, 2026: https://www.SEC.gov/Archives/edgar/data/1050446/000119312526118796/d101356d424b5.htm
“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”
“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.”
How it works
Filled-verified
None
CategoryFilled-verifiedNone
CompositionFilled-verifiedNone
Structure & qualityFilled-verifiedNone
Yield sourceFilled-verifiedNone
Yield mechanicsFilled-verifiedNone
Legal entityFilled-verifiedNone
What the issuer doesRejected-retryNone
LaunchedFilled-unverifiedNone
Operating historyFilled-verifiedNone
Service providersFilled-verifiedNone
RegimeFilled-verifiedNone
VehicleFilled-verifiedNone
Bankruptcy remoteEmptyNone
If the issuer failsFilled-verifiedNone
CustodiansRejected-retryNone
Attestation frequencyEmptyNone
AuditsRejected-retryNone
Admin powersRejected-retryNone
UpgradeabilityEmptyNone
Mint authorityFilled-verifiedNone
Freeze authorityFilled-verifiedNone
Fee scheduleRejected-retryNone
Exit pathsFilled-verifiedNone
Underlying / economicFilled-verifiedNone
Credit / counterpartyFilled-verifiedNone
Issuer failureFilled-verifiedNone
CustodianFilled-verifiedNone
Hack / smart contractFilled-verifiedNone
RegulatoryFilled-verifiedNone
Exit riskFilled-verifiedNone
Who can hold/mintRejected-retryNone
Source documentsFilled-verifiedNone
Rejected facts
How it works
Approved clients acquire STRCx through Kraken’s website or mobile app. After receiving funds, Backed buys the underlying asset through its broker and issues the token.DisputedMore
STRCx tracks the reserved STRC share’s value. Strategy pays declared STRC dividends solely in cash. Holders can exit by trading xStocks on centralized or decentralized exchanges.
“When a user buys bTokens, we automatically purchase the underlying asset as collateral once we receive the funds. We send an order to buy the underlying asset to our broker. We then issue the tokens to the user.”
“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.”
“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.”
Corporate-action passthrough
STRCx gives holders a legal claim to the value of 1:1-backed STRC shares. Underlying STRC redemption value includes accumulated dividends.UnverifiedMore
STRC record-date holders retain declared dividends despite intervening redemption. Evidence does not specify token-level handling of votes, splits, mergers, or tenders.
“xStocks are tokenized stocks. They’re backed 1:1 by the underlying assets, composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
“in the case of a
clean-up redemption or tax redemption, the liquidation preference of such share as of the business day before the date we provide the related redemption notice, as described below, plus, in each case,
(ii) accumulated and unpaid regular dividends (plus, if applicable, compounded dividends thereon) on such share to, and including, the redemption date.”
“if the redemption date is after a regular record date for a declared regular
dividend on the STRC Stock and on or before the next regular dividend payment date, then (a) the holder of such share at the close of business on such regular record date will be entitled, notwithstanding such redemption, to receive, on or, at
our election, before such regular dividend payment date, such declared regular dividend on such share”
“Backed DOES NOT sell its tokens to U.S. Persons or for the account or benefit of U.S. Persons, and tokens are not marketed, offered, or solicited in the U.S. or in any other prohibited jurisdiction.”
“INX, the regulated marketplace for trading security tokens and tokenized real-world assets, and Backed, a pioneer in real-world asset tokenization, today announced the listing of tokenized stock on the INX platform for eligible non-US users.”
“Backed, a leading innovator in asset tokenization, today announced a groundbreaking partnership with eNor Securities, a regulated investment exchange and marketplace for tokenized assets in Latin America.”
Admin powers
XStocks use Solana Token Extensions for custom compliance features. STRCX transfers use Token-2022 Transfer Checked instructions.UnverifiedMore
Evidence identifies no administrator or governance gate.
“Memo Program: Memo Token-2022 Program: Transfer Checked Token Program: Transfer Checked”
Audits
Backed undergoes recurring audits required by Swiss regulations. Evidence does not identify the auditor, scope, or latest audit date.UnverifiedMoreSources · 1
The product charges a 0.50% redemption fee on market price, subject to a USD 100 minimum. The charging entity is not identified.UnverifiedMoreSources · 1
“Redemption fee is 0.50% of market price with a minimum of USD 100.”
Fee schedule
The product charges a 0.50% subscription fee on market price, subject to a USD 100 minimum. The charging entity is not identified.UnverifiedMoreSources · 1
“Subscription fee is 0.50% of market price with a minimum of USD 100.”
Oracle dependencies
Backed sends internal reserve data through The Network Firm to Chainlink PoR. Chainlink supplies smart contracts with collateralization data.UnverifiedMore
False, stale, or unavailable data prevents reliable collateralization calculations. The evidence identifies no pricing or settlement oracle.
“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
“Chainlink PoR provides smart contracts with the data needed to calculate the true collateralization of any on-chain asset backed by off-chain reserves.”
“This combined information is then verified by Chainlink Proof of Reserve’s decentralized oracle network. The figures relayed by Chainlink PoR are updated daily, or if the volume of the reserves changes by more than 10%.”
“Operated by a decentralized network of oracles, Chainlink Proof of Reserve enables the autonomous verification of collateral in real-time, helping ensure user funds are protected from unforeseen fractional reserve practices or fraudulent activity.”
Canonical deployment
STRCx uses Solana mint Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH with Token-2022 and Token Program transfer checks. CoinMarketCap also lists partial Ethereum contract 0x1aad...3977f3.UnverifiedMore
The evidence does not establish the canonical chain or whether Solana is native or bridged.
Backed states that the product structure includes audited smart contracts. The evidence does not identify the auditor, scope, or date.DisputedMoreSources · 1
“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.”
What the issuer does
Backed bridges equities into decentralized finance and provides institutional tokenization services. xStocks offers STRCx, a tokenized version of Strategy's STRC preferred stock.DisputedMore
Backed issues freely transferable, fully collateralized tokens under the Swiss DLT Act. Each STRCx token is backed 1:1 by underlying stock and grants holders a legal claim to its value. Strategy Inc., a Delaware corporation, legally issues the underlying STRC preferred shares. Backed announced xStocks on May 28, 2025. Backed became part of Kraken on December 2, 2025. Backed described xStocks on March 25, 2026 as bTokens' successor with unchanged underlying exposure. The evidence does not identify the Backed-structure SPV legally issuing STRCx.
“Tokens are freely transferable across wallets, are fully collateralized by the underlying asset, and are issued in compliance with the Swiss DLT act.”
“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.”
“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.”
“Backed is thrilled to unveil xStocks, a new line of over 55 tokenized stocks and ETFs, set to launch soon on Kraken and integrated with Solana’s best DeFi apps.”
“Backed DOES NOT sell its tokens to U.S. Persons or for the account or benefit of U.S. Persons, and tokens are not marketed, offered, or solicited in the U.S. or in any other prohibited jurisdiction.”
“For a full list of prohibited and restricted countries and review of legal documentation, please visit https://www.backedassets.fi/legal-documentation”
“composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Audits
The Network Firm receives Backed transaction data covering unsettled, in-transit assets for collateral verification; source date unstated.UnverifiedMoreSources · 2
“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
STRC accrues each full semi-monthly dividend at one twenty-fourth of the annual rate times $100. Unpaid dividends compound semi-monthly until paid.DisputedMoreSources · 4
“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.”
“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.”
“xStocks are tokenized stocks. They’re backed 1:1 by the underlying assets, composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Yield source
Strategy Inc funds STRC cash dividends from corporate resources. Bitcoin pays no interest, so bitcoin-derived liquidity requires asset sales.DisputedMoreSources · 3
“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.”
Concentration
STRCx's issuer, Strategy, depends materially on Bitcoin and financing markets.UnverifiedMoreSources · 3
“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.”
Depeg / liquidity
STRCx may trade away from underlying value because xStock investors bear gains or losses relative to STRC.DisputedMoreSources · 2
“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.”
Regulatory
Kraken warns that regulatory protections and state compensation schemes vary by jurisdiction and may be unavailable.UnverifiedMoreSources · 1
“Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
Hack / smart contract
STRCx smart contracts create on-chain issuance and management attack surfaces, while DeFi integrations add external protocol exposure.DisputedMoreSources · 3
“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.”
“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”
Issuer failure
Strategy may abandon dividend-rate adjustments intended to keep STRC near its $100 stated amount.UnverifiedMoreSources · 1
“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.”
Chainlink Proof of Reserve verifies collateral data supplied through The Network Firm. Grant Thornton Cayman serves as product auditor.DisputedMoreSources · 3
“Backed is pleased to announce that we have integrated Chainlink Proof of Reserve (PoR). This development provides users with a transparent and trust-minimized means to confirm the collateralization of our tokenized assets.”
“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
“How do xStocks Work? xStocks utilize Token Extensions on Solana for Custom Functionality and Compliance Features”
If the issuer fails
STRCx holders lack ownership, voting, information, and shareholder rights in the underlying shares. Strategy liabilities rank against its assets before residual equity claims.DisputedMoreSources · 3
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
“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”
Vehicle
The STRCx issuer is domiciled in Jersey, Channel Islands. Jersey governs dispute resolution.UnverifiedMore
Strategy Inc., the underlying STRC issuer, is incorporated in Delaware.
Strategy registered the underlying STRC offering under the Securities Act using Form S-3ASR and Rule 424(b)(5). Kraken states xStock regulatory protections vary by jurisdiction.DisputedMoreSources · 4
“The Company has prepared and filed with the Commission an “automatic” shelf registration
statement, as defined under Rule 405 of the Securities Act, on Form S-3ASR that contains a base prospectus relating, among other things, to the applicable Shares and any applicable Conversion Shares”
“Such registration statement registers the issuance and sale by the Company
of the applicable Shares and any applicable Conversion Shares under the Securities Act.”
“Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
“The Network Firm operates our attestation API. They have read-only access to our custody bank accounts and can constantly read our account balances. They update the API data every 10 minutes.”
STRC preferred shares constitute 100% of disclosed token backing on a one-token-to-one-share basis. No residual reserve category is disclosed.UnverifiedMoreSources · 2
“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.”
“xStocks are tokenized stocks. They’re backed 1:1 by the underlying assets, composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Composition
Custodied Strategy Variable Rate Series A Perpetual Stretch Preferred Stock backs STRCx one-for-one. STRC has a $100 stated amount per share.UnverifiedMoreSources · 3
“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.”
“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 $4,200,000,000.00.”
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
“(To Prospectus Supplement Dated
November 4, 2025, as supplemented by Supplement No. 1 thereto dated March 23, 2026, and Prospectus Dated January 27, 2025)”
“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.”
STRCx inherits STRC dividend, price, and principal risks; Strategy does not guarantee dividends, liquidity, returns, or principal.DisputedMoreSources · 3
“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.”
Exit paths
Strategy may redeem all STRC shares after a tax event at liquidation preference plus accumulated unpaid dividends.DisputedMoreSources · 1
“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.”
Exit paths
Strategy may redeem all STRC shares when outstanding shares fall below 25% of total issued shares.DisputedMoreSources · 1
“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.”
Exit paths
Strategy may redeem STRC shares for cash at $101 per share plus accumulated unpaid dividends.DisputedMoreSources · 2
“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”
“(or such higher amount as may be chosen in our sole discretion, it being understood that such higher amount (or the formula to determine such higher
amount) will be announced by prior public notice and/or set forth in the applicable relevant notice of redemption)”
Exit paths
STRC holders may require Strategy to repurchase shares after a fundamental change at stated amount plus accumulated unpaid dividends.DisputedMoreSources · 1
“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.”
Operating history
Backed announced xStocks on May 28, 2025. Backed joined Kraken on December 2, 2025.UnverifiedMore
“Backed is thrilled to unveil xStocks, a new line of over 55 tokenized stocks and ETFs, set to launch soon on Kraken and integrated with Solana’s best DeFi apps.”
“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”
Unilateral changes
Strategy may conform STRC certificates to specified offering documents without holder consent; this evidence addresses underlying STRC, not the token wrapper.UnverifiedMoreSources · 1
“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.”
“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.”
Key people
Strategy leadership includes founder and Executive Chairman Michael Saylor, CEO Phong Le, CFO Andrew Kang, and Treasurer Shirish Jajodia. The corpus does not identify xStocks founders or current leadership.UnverifiedMoreSources · 4
“The model is part of the broader tokenized real-world asset (RWA) movement, which seeks to bring traditional financial products onto blockchain infrastructure.”
Source documents
RWA.xyz STRCx asset page, date undisclosed, identifying USD as the subscription and redemption base asset: https://app.rwa.xyz/assets/STRCxUnverifiedMoreSources · 1
“the factors discussed under the header
“Risk Factor Updates” in Strategy’s current report on Form 8-K filed with the Securities and Exchange Commission on July 7, 2025”
Source documents
Form 10-Q Risk Factors, May 5, 2025: https://www.SEC.gov/Archives/edgar/data/1050446/000119312525164852/d65643dex991.htmDisputedMoreSources · 1
“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”
“There is no minimum amount and no management fees.”
Exit paths
Strategy may redeem STRC after a tax event at liquidation preference plus accumulated unpaid dividends; settlement timing remains undisclosed.UnverifiedMoreSources · 1
“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.”
Exit paths
Holders sell STRCx through Kraken or Bybit; exchange settlement, minimums, caps, and fees remain undisclosed.UnverifiedMoreSources · 1
“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.”
Exit paths
Holders sell STRCx through decentralized exchanges or aggregators; trades settle instantly onchain; minimums, caps, and fees remain undisclosed.UnverifiedMoreSources · 2
“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.”
Exit paths
Holders may sell xStocks through decentralized venues including Raydium, Kamino, and Jupiter.DisputedMoreSources · 2
“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.”
Exit paths
Holders may sell xStocks through Kraken or Bybit and withdraw purchased tokens to self-custody.DisputedMoreSources · 2
“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.”
Exit paths
Strategy may redeem all STRC when outstanding shares fall below 25%, paying liquidation preference plus accumulated dividends.UnverifiedMoreSources · 2
“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.”
What it is
STRCX is an xStock token representing economic exposure to Strategy’s STRC preferred stock. Each token is reportedly backed 1:1 by STRC held in custody.UnverifiedMore
Holders receive a legal claim to the stock’s value, not disclosed direct ownership of the reserve 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.”
