STRCx does not place Strategy’s Stretch preferred share in a wallet. It places a Jersey issuer’s debt certificate there, then uses custody, security interests and rebasing to make that certificate follow STRC. The distance between those two instruments is the whole story.
Strategy priced 28,011,111 STRC shares at $90 in July 2025. Each carried a $100 stated amount and an initial 9% cumulative variable annual dividend, payable only when declared from legally available funds.
STRC was built to trade around $100, but Strategy retained discretion within the rate rules. The stated amount was a reference, not a price guarantee.
Backed Assets (JE) Limited later issued STRCx under ISIN CH1500008482. Strategy owes duties to STRC shareholders; Backed owes the certificate obligation to STRCx holders.
One ticker letter separates a preferred shareholder from a bearer-debt creditor. STRCx holders get economic tracking but no Strategy vote, meeting seat, information right or liquidation surplus.
When the collateral receives an STRC distribution, the Final Terms accumulate it net of tax through rebasing. On Ethereum, balanceOf changes; on Solana, raw units stay fixed while the Scaled UI multiplier changes what a wallet should display.
The holder never gains a direct cash-dividend claim against Strategy. A wallet that ignores the multiplier can misstate the position even when the legal structure works.
STRC is Standard Collateral and is segregated by product across named brokers and custodians. A three-party control agreement lets the Security Agent intervene on default.
Yet lending of STRC is expressly allowed. Lent shares can become cash collateral, and the Base Prospectus says cash-pool shortfalls may be shared among lending-enabled products. “One share behind one token” needs that footnote.
Any holder has a contractual put path, but not an anonymous share-delivery button. KYC/AML, source-of-funds checks, a $5,000 minimum, fees up to 0.5% with at least $100, and settlement through T+5 stand between token return and proceeds.
The issuer may reject a redemption request if compliance checks identify adverse findings or other material issues with the redemption. It may also terminate the product with 30 Business Days’ notice. The secondary market is the ordinary exit for small holders.
Ethereum uses a TransparentUpgradeableProxy. The implementation separates owner, minter, burner and pauser, checks a changeable sanctions list, and allows the proxy admin to replace implementation code.
Solana’s Token-2022 mint keeps mint, freeze, permanent-delegate, pause and multiplier authorities. Neither chain should be described as immutable merely because ordinary wallet transfers are supported.
On June 8, 2026, Strategy shareholders approved moving STRC from monthly to semi-monthly record and payment dates. STRCx did not vote as a Strategy shareholder.
The event illustrates the wrapper: Strategy changes the underlying security, then Backed’s multiplier and custody machinery translate the result for certificate holders.
28,011,111 preferred shares are priced at $90 with a $100 stated amount.
The July 25 pricing announcement scheduled settlement of the STRC offering for July 29, subject to customary closing conditions.
Backed documents Product No. 134 before the replacement terms.
Issuer, fees, service providers and underlying are published.
CH1500008482 is governed with a renewed Base Prospectus.
Shareholders approve semi-monthly record and payment dates.
Last evidence review: 2026-09-05
STRCx is the xStock identified by ISIN CH1500008482, Ethereum ledger 0x1aad217b8f78dba5e6693460e8470f8b1a3977f3, and Solana Token-2022 mint Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH. Backed Assets (JE) Limited issues the open-ended bearer debt instrument. Its Standard Collateral is Strategy Inc.’s Nasdaq-listed STRC Variable Rate Series A Perpetual Stretch Preferred Stock, ISIN US5949728530.
The names hide two issuers and two securities. Strategy issues STRC; the Jersey SPV owns or controls collateral and owes STRCx certificate holders. Holding STRCx does not put a name on Strategy’s share register and grants no Strategy vote, meeting attendance, information, pre-emption, direct dividend or liquidation-surplus right.
STRCx moves the economic value of an unusual U.S. preferred share into wallets and supported onchain venues. Fractional transfers and secondary trading can continue when Nasdaq is closed, while collateral acquisition and issuer redemption remain tied to business days, market access and compliance checks.
The wrapper also inserts a second balance sheet. STRC exposes investors to Strategy’s ability to declare and fund cumulative variable dividends; STRCx adds Backed Assets, brokers, custodians, a Security Agent, smart contracts, bridges and venue liquidity. “Backed 1:1” describes collateral policy, not identity with a directly held preferred share.
For primary issuance, the issuer receives payment, buys the number of STRC shares corresponding to the product amount, and activates ledger-based STRCx. The Final Terms permit fractional units, cap the initial issue volume at $500 million while allowing extension, and designate STRC as Standard Collateral. Multiple named brokers and custodians hold the asset; investors enforce the product-specific security interest only through Security Agent Services AG.
STRC distributions are accumulated net of taxes into the reference value by rebasing. STRCx holders do not receive Strategy cash dividends as shareholders. On EVM chains the multiplier changes visible balances; on Solana a Scaled UI multiplier changes the displayed amount while raw units remain. This distinction matters to wallets, accounting and DeFi integrations.
A holder can submit STRCx for redemption, but primary access requires KYC/AML. The product documents set a $5,000 minimum and investor fees up to 0.5% with at least $100, and settlement can run through T+5. Backed may reject problematic requests, choose settlement currency within the terms, or call the open-ended product on 30 Business Days’ notice.
No. STRCx tracks Strategy’s STRC variable-rate perpetual preferred stock. MSTRx tracks Strategy common stock and is a different xStock.
No. They are creditors of the STRCx issuer, not Strategy shareholders. STRC income received in the structure is reflected net of taxes through rebasing, without a direct dividend entitlement.
The governing terms provide issuer redemption after KYC/AML and generally settle in cash or, at issuer discretion, another permitted fiat or cryptocurrency—not an unconditional right to physical delivery of STRC. The minimum is $5,000 and product fees apply.
No. It creates product-specific collateral, but custodians may fail, lent shares may be replaced by cash collateral, realization costs can reduce proceeds, and holders have no residual claim after collateral realization.
It lacks a universal investor-wallet whitelist, yet Ethereum transfers can be globally paused and sanctions-screened, the proxy is upgradeable, and Solana retains freeze, pause, permanent-delegate and mint authorities.
No. STRCx tracks the market value and corporate actions of STRC after fees and taxes. STRC’s $100 stated amount is neither a guaranteed STRCx price nor capital protection.
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