MARA xStock 

MARAX Price

What is the MARA xStock (MARAX) tokenized stock?

MARA xStock (MARAX) is a tokenized version of MARA Holdings stock (Nasdaq: MARA), issued by Backed Finance as part of the xStocks suite launched in partnership with Kraken on Solana in May 2025. Each MARAX token is fully collateralized 1:1 by an underlying MARA share held with a regulated custodian. The token gives non-US crypto investors on-chain exposure to one of the largest publicly traded Bitcoin miners — tradable around the clock, transferable to any self-custody wallet, and usable in DeFi as collateral or in liquidity pools.

Does MARAX give you ownership of MARA Holdings stock?

No — MARAX provides price exposure to MARA Holdings stock, not ownership of the shares themselves. Per the issuer, xStocks holders do not receive shareholder rights such as voting. MARAX is a collateralized bearer token: the underlying MARA share sits with a custodian, and the token tracks the share's price. Net dividends pass through to holders after 30% US withholding tax, per Kraken's documentation. Issuance excludes US persons.

What backs the value of the MARAX tokenized stock?

Each MARAX token is backed 1:1 by a MARA Holdings share held with a regulated custodian. The structure uses a bankruptcy-remote issuing SPV with segregated custody under a three-party Account Control Agreement and an independent Security Agent. Proof of reserves is publicly verifiable. Issuance and redemption run 24/5, aligned with US equity market hours.

Is MARAX supply fixed, and how are new tokens created?

MARAX has no fixed maximum supply. Per DropsTab data, token inventory expands when the issuer mints MARAX against deposited MARA shares and contracts when shares are redeemed and tokens burned. Corporate actions adjust balances on-chain: dividends and stock splits are applied through a rebasing mechanism that changes holder balances pro rata. This differs from fixed-cap crypto tokens, whose supply is set at genesis.

Does MARAX have vesting, fundraising, or airdrops?

None of these exist for MARAX. The token has no vesting schedule, no fundraising rounds, and no airdrop or points campaigns — MARAX is a fully collateralized wrapper around an existing listed share, not a project token with allocated tranches. Supply changes only through issuer minting and burning against custodied shares. Any liquidity-reward programs on third-party DeFi venues are venue-specific, not issuer campaigns.

What is the difference between MARAX and MARA Holdings stock?

MARA stock trades on Nasdaq during US market hours and confers shareholder rights. MARAX trades around the clock on-chain, holds in any self-custody wallet, and carries no shareholder rights — only price exposure. Pricing can also diverge: on-chain MARAX can deviate from the Nasdaq share outside US market hours, when the underlying equity does not trade.

Where can you trade MARAX?

Kraken is the primary venue, listing MARAx through its own xStocks product with continuous order-book trading. These venue pairs trade the xStocks product and do not map one-to-one to the on-chain Backed token tracked on DropsTab. On-chain, MARAX trades against Solana DEX liquidity routed through aggregators such as Jupiter, and on Ethereum. Liquidity depth is concentrated in Kraken plus thin on-chain pools.

How do you buy MARA xStock?

Non-US buyers can purchase MARAx on Kraken with fractional sizes from around $1, funded with crypto or fiat. Alternatively, buy the on-chain token on Solana DEXs via aggregator routing, or on Ethereum. xStocks issuance is not available to US persons or in other prohibited jurisdictions. Purchased tokens hold in any compatible self-custody wallet.

Which blockchains is MARAX deployed on?

MARAX is deployed natively on Solana as an SPL token and on Ethereum as an ERC-20 contract, and per the issuer also on Arbitrum, Mantle, TON, Ink and other networks. A wrapped version, wMARAx, exists for cross-chain use. The Ethereum deployment carries 18 decimals and is labeled as an xStocks real-world-asset token on Etherscan.