Key Takeaways
- • xStocks, the tokenized equity product owned by Backed Finance, has launched STRCx and MSTRx as tokenized assets on Ethereum, according to the headline reported by Pluang. The available sources did not provide further detail on MSTRx.
- • STRCx is a tokenized version of Strategy's stock, described as backed 1:1 by company stock held in custody by a regulated third party.
- • A separate xStocks post reports that STRCx surpassed TSLAx as the largest xStock by assets under management on Kraken, with approximately $55M in AUM. The date of that figure is not specified.
- • The Ethereum rollout is part of a wider xStocks expansion. Ethereum launch coverage cites about 60 tokenized stocks, including NVIDIA.
Summary
xStocks, a tokenized stock product owned by Backed Finance, has launched STRCx and MSTRx as tokenized assets on Ethereum, according to a Pluang report. The available coverage of the launch is limited. The sources did not include the launch terms, contract details, or an official statement on MSTRx. STRCx is a tokenized representation of Strategy's stock. Its issuer describes it as backed 1:1 by actual company stock held in custody by a regulated third party, and it is positioned as an always-on, on-chain instrument.
STRCx has also gained traction on trading venues. An xStocks post reports that STRCx overtook TSLAx as the largest xStock by assets under management on Kraken, with approximately $55M in AUM. The post does not give a measurement date, so the figure should be treated as a point-in-time snapshot. The post also notes that the product is not available to US users.
The Ethereum launch is part of a broader expansion of the xStocks platform. Earlier coverage of the Ethereum rollout cited about 60 tokenized stocks, including NVIDIA. The platform first went live with trading on June 30, 2025, focusing on major US stocks and exchange-traded funds. Further details on the STRCx and MSTRx Ethereum launch, including trading parameters and custody arrangements, were not available in the sources reviewed.
STRCx has also gained traction on trading venues. An xStocks post reports that STRCx overtook TSLAx as the largest xStock by assets under management on Kraken, with approximately $55M in AUM. The post does not give a measurement date, so the figure should be treated as a point-in-time snapshot. The post also notes that the product is not available to US users.
The Ethereum launch is part of a broader expansion of the xStocks platform. Earlier coverage of the Ethereum rollout cited about 60 tokenized stocks, including NVIDIA. The platform first went live with trading on June 30, 2025, focusing on major US stocks and exchange-traded funds. Further details on the STRCx and MSTRx Ethereum launch, including trading parameters and custody arrangements, were not available in the sources reviewed.
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