Strategy PP Variable xStock strcx

Strategy PP Variable xStock (STRCx) is a tokenized representation of Strategy Inc.'s Series A Variable-Rate 'Stretch' Perpetual Preferred Stock, whose U.S. security ticker is STRC and ISIN is US5949728530. Backed Assets (JE) Limited issues the xStock under ISIN CH1500008482. The token is intended to maintain a 1:1 economic link to the underlying preferred share held through the product's custody structure.

The underlying preferred stock was issued on Nasdaq in July 2025 at $90 per share with a $100 stated amount. Its initial annual dividend rate was 9%, paid monthly; the dividend is variable and resets monthly based on market rates, subject to a floor of one-month SOFR. The underlying issuer may redeem the shares at $101 plus accrued dividends, subject to its terms.

STRCx is an ERC-20/SPL and multi-chain xStock rather than a separate operating-company token. The official xStocks documentation describes xStocks generally as 1:1-collateralized, self-custodial and DeFi-composable tokenized equities/ETFs. STRCx is currently documented across Ethereum, Arbitrum, BNB Smart Chain, Solana, Tron, TON, Mantle, HyperEVM, Ink, X Layer and Optimism; exact deployments and capabilities vary by chain.

Traditional access to a U.S.-listed preferred security normally depends on a broker, market hours, jurisdiction and whole-share settlement. STRCx addresses those access and composability constraints by representing the security on public blockchains, where holders can transfer fractional balances, use supported wallets and potentially integrate the token into exchanges or DeFi protocols. xStocks are designed to trade 24/7 on supported venues, while issuer issuance and redemption operate 24/5 in line with U.S. equity-market hours.

This is not risk-free access or a stablecoin. STRCx remains exposed to the price, credit, liquidity, interest-rate and corporate-action risks of STRC, plus token, smart-contract, custody, issuer and venue risks. Backed explicitly restricts distribution to U.S. persons and other prohibited jurisdictions, and its materials say investment decisions should rely on the official legal documents rather than marketing material.

Backed Assets issues STRCx through a legal and custody structure in which the corresponding underlying asset is held with custodians. xStocks documentation says the structure uses a bankruptcy-remote issuing SPV, segregated custody accounts, an independent Security Agent and public proof of reserves; the product page identifies Backed Assets (JE) Limited as issuer and Backed Finance AG as tokenizer, with Alpaca Securities, InCore Bank, Maerki Baumann and GTN Europe listed as custody/broker providers.

Users can acquire or dispose of STRCx through supported market or atomic-RFQ flows, centralized/decentralized venues, or issuer issuance/redemption subject to eligibility, fees and availability. The official API lists issuance/redemption support for USDC, USDT, PYUSD and USDG on Ethereum, USDC on several EVM networks and Solana, and USDT on Tron and TON; these options are chain-specific and can change. Backed currently states no management fee, while a fee up to 0.25% per year may be introduced; issuance/redemption fees can be up to 0.50%.

Corporate actions are represented by xStocks' multiplier/rebasing mechanism. Dividends received by the custodian are reinvested into additional underlying shares net of withholding tax, increasing the multiplier rather than paying token holders a separate cash dividend. Splits increase the multiplier and reverse splits decrease it. On EVM chains balanceOf() reflects the adjusted balance; on Solana and TON, applications use metadata multiplier values.

The official STRCx API record gives Ethereum contract 0x1aad217b8f78dba5e6693460e8470f8b1a3977f3, Solana mint Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH, Tron address TUsRFkJG8LZ5fqh2TSmHUSw7kRWUbzfqAF and TON address EQCY_xOUxnGsF91w0w3azMdk1SMdBKNr7kJedDWTZlQ13duK, with additional EVM deployments reusing the product address. Always verify the current chain record before transacting.