Strategy PP Variable xStock 

STRCX Price

What is Strategy PP Variable xStock?

Strategy PP Variable xStock (STRCX) is a tokenized security that gives crypto-native investors on-chain exposure to Strategy Inc.'s Series A Variable-Rate "Stretch" Perpetual Preferred Stock (Nasdaq: STRC) without a brokerage account. Issuer Backed Assets (JE) Limited packages each certificate as a 1:1 tracker on the underlying share, within the Backed Finance xStocks tokenized-stock program. STRCX exists as tokens on Solana and Ethereum, and DropsTab classifies STRCX under Tokenized Stock.

How is STRCX different from buying STRC stock on a brokerage?

STRCX delivers price exposure to STRC preferred shares through on-chain tokens instead of a securities brokerage. Holders can transfer STRCX freely and use the token in DeFi — the STRCx/MSFTx pool on Raydium swaps tokenized equities without USD rails. The tradeoff: STRCX is a tracker certificate, not direct share ownership, and distribution terms bar U.S. persons. A brokerage purchase of STRC carries shareholder registration instead.

What asset does the STRCX token represent?

STRCX tracks 1:1 the value of Strategy Inc.'s Series A Variable-Rate "Stretch" Perpetual Preferred Stock, listed on Nasdaq under ticker STRC. Strategy Inc. issued the underlying preferred shares in July 2025 at $90 per share against a $100 stated amount. The certificate carries ISIN CH1500008482; the underlying share's ISIN is US5949728530.

Is STRCX fully backed by real STRC shares?

Yes. Each STRCx certificate is fully collateralized 1:1 by the underlying STRC preferred share, held under a bankruptcy-remote structure. Custody and operations run through Alpaca Securities LLC, InCore Bank AG, Maerki Baumann & Co. AG and GTN Europe Financial Services Limited, with Security Agent Services AG acting as security agent. Backing therefore depends on this custody chain rather than on an on-chain proof of reserves.

Where can you buy STRCX on Solana?

Per DropsTab data, STRCX trades on decentralized exchanges only — Raydium (CLMM) and Meteora — with no centralized-exchange spot markets and no derivatives markets. Most liquidity sits in STRCx/USDC pools on Raydium, plus an STRCx/USDC pool on Meteora and a cross-xStock STRCx/MSFTx pair. Liquidity is fragmented across multiple AMM pools rather than one deep order book, so execution depends on Solana pool depth.

Can US investors buy the STRCX tokenized security legally?

No. Per the issuer's distribution terms, STRCx is not available to U.S. persons or addresses and is not registered under the U.S. Securities Act of 1933. The certificate is also not offered to UK clients outside narrow professional exceptions. STRCX is a documented security wrapper restricted by jurisdiction — not a permissionless crypto asset.

Does STRCX pay the STRC preferred stock dividend?

The underlying STRC preferred paid an initial dividend of 9% annualized at issuance (July 2025). The dividend rate resets monthly to market rates, not below one-month SOFR, and has since reset upward — the declared rate stands at ≈12% as of September 2026. Since June 2026, Strategy pays STRC dividends semi-monthly rather than monthly. Whether these dividends pass through to STRCx holders or are reflected in the token price is not publicly disclosed — the issuer factsheet does not specify the pass-through mechanics.

What is STRCX's total token supply?

STRCX has no fixed maximum supply. The token count is an elastic mint-and-redeem inventory: primary issuance mints new certificates against deposited underlying shares, and redemption burns them. All tokens represent collateralized preferred shares — no team, community or insider allocation exists. See DropsTab for the live token count.

How do STRCX fees work?

STRCX carries no management fee today, per the issuer factsheet, though a fee of up to 0.25% per annum may be introduced. Primary issuance and redemption against the underlying shares carries an entry/exit fee of up to 0.50%. On-chain swaps through Raydium or Meteora incur standard AMM pool fees instead.

Is the STRCX tokenized stock risky?

STRCX carries structural risks beyond normal market risk. Strategy Inc. can call the underlying STRC preferred at $101 plus accrued dividends, terminating the tokenized exposure. Liquidity is concentrated in fragmented Solana AMM pools with no CEX backstop. Distribution is jurisdictionally restricted, and dividend pass-through mechanics are undocumented. Backing depends on the 1:1 custody chain rather than on an on-chain proof of reserves.