Strategy’s tokenized Stretch hits $158M market cap, largest tokenized equity in the world

Overview

STRCx, the tokenized version of Strategy Inc.'s preferred stock, has reached a significant milestone, with approximately $158.56 million in on-chain assets under management as of October 8, 2026.

What is STRCx?

STRCx is a tokenized receipt held on a blockchain for a real share sitting in a regulated custody account. It is backed by Strategy Inc.'s Variable Rate Series A Perpetual Stretch Preferred Stock, which trades on the Nasdaq under the ticker STRC.

Dividend Handling

One structural detail that sets STRCx apart from most tokenized equities is how it handles dividends. Instead of distributing cash payouts to token holders, the protocol uses rebasing, automatically reinvesting dividends back into the token.

Regulatory Oversight

Backed Assets Limited, the issuer of STRCx, operates under regulatory oversight from the Jersey Financial Services Commission and complies with EU and EEA prospectus requirements.

Market Impact

STRCx has recently traded in a price range of approximately $99 to $108, closely tracking the par value of the underlying shares.

xStocks Platform

The xStocks platform, which facilitates STRCx trading, is available on multiple blockchains including Ethereum and Solana.

Conclusion

STRCx's milestone marks an important step for the company and the tokenized equity infrastructure. The company's aggressive Bitcoin accumulation strategy has made it a proxy for Bitcoin exposure in traditional brokerage accounts, and now its preferred stock is also the world's largest tokenized equity.