MSTRx does not move a Strategy share into a wallet. A Jersey issuer keeps the legal promise, custodians hold the backing and a token carries the share-price result across chains—along with another set of counterparties.
xStocks was announced on 2025-05-22 as a coming catalog of tokenized U.S. securities for Kraken and Solana. MSTRx joined the live catalog on 2025-06-30 as a tracker for Nasdaq MSTR.
Strategy had already changed its public brand from MicroStrategy, while the stock ticker and older product name remained. The naming history does not make Strategy the token issuer.
Backed Assets (JE) Limited issues the certificate. Regulated custodians and brokers hold or process the corresponding MSTR shares, while the holder owns a claim under Backed’s legal documents.
The advertised 1:1 backing is a portfolio and issuance rule. It does not register each wallet owner for one named share, and recovery in a failure depends on custody, security-agent and insolvency arrangements.
xStocks reinvests net distributions into backing and changes a multiplier for distributions, splits or reverse splits. On some chains the displayed balance already includes the adjustment; on others applications must apply metadata correctly.
This makes integration quality material. A wallet or protocol that ignores the multiplier can show the wrong balance even if the legal collateral calculation is correct.
Eligible clients use supported issue and redemption routes, including quoted stablecoin flows and certain in-kind paths. Annual management and issue or redemption fees may be introduced or charged within disclosed limits.
U.S. persons and other restricted users cannot use the offer. Permissionless token transfer does not guarantee that every receiver can access primary redemption, brokerage delivery or the same venue liquidity.
MSTRx follows Strategy stock, whose value is affected by its bitcoin treasury as well as debt, equity issuance, software operations and management decisions. The token is not a bitcoin deposit or claim on identified coins.
Holders receive no Strategy vote or direct dividend. They rely on Backed’s certificate terms, custody network, multiplier accounting and smart contracts in addition to the risks already present in MSTR.
Backed and Kraken unveil a coming catalog of more than 55 tokenized stocks and ETFs for Solana and DeFi access, subject to geographic restrictions.
The xStocks launch makes the MSTR tracker certificate available alongside the first tokenized U.S. securities, with its own ISIN and chain addresses.
Last evidence review: 2026-09-05
MicroStrategy xStock (MSTRx) is a tokenized tracker certificate issued by the Jersey company Backed Assets (JE) Limited. The reference security is Strategy Inc. common stock, still traded as Nasdaq MSTR; the Ethereum address is 0xae2f842ef90c0d5213259ab82639d5bbf649b08e.
MSTRx makes MSTR price exposure transferable across supported blockchains and DeFi venues. That portability replaces a direct brokerage relationship with a certificate issuer, custodians, settlement providers, contract administrators and jurisdiction rules.
Backed arranges underlying MSTR shares in regulated custody and issues certificate tokens against them. Eligible clients can mint or redeem through supported cash, stablecoin or in-kind routes. Corporate actions use a multiplier: net distributions are reinvested and splits adjust displayed balances. Chain contracts and issuer systems control issuance, redemption, restrictions and upgrades.
No. It is a tracker certificate issued by Backed Assets (JE) Limited and linked to MSTR.
No. The issuer describes 1:1 backing at the product level, while the holder owns the certificate and is not registered directly as a Strategy shareholder.
No. Eligibility, jurisdiction, onboarding, supported settlement routes, fees and dealing conditions apply.
No. Voting and direct shareholder communications remain with the registered shareholding structure.
xStocks uses a multiplier or rebasing method to reflect net distributions, splits and reverse splits. Applications must handle the chain-specific display rules.
No. It references MSTR shares. Any bitcoin exposure comes indirectly through Strategy’s share price and corporate decisions.
Choose a tracking site for MicroStrategy xStock:
