Unavailable: verified input is a period-average share count, not an outstanding share total
P/E (trailing)
Not meaningful: trailing loss. Diluted EPS −96.98 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
+3.0% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
−3,848,152,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
-1,140.8% (FY ended 2025-12-31)
Forward P/E
Unavailable: no dated forecast source
Gloria daily close for session Oct 29, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.
348,577,000FY ended 2025-08-31, attributable to the company · 10-K
7,288.1%FY ended 2025-08-31
Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.
Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 29, 2026, 12:47 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.
Strategy Bitcoin treasury
Current company context. These observations may postdate this article; they do not describe holdings at publication.
Reported Bitcoin balance
848,517 BTC
Gross Bitcoin value
$65.60B
Provider mNAV
1.05x
CoinGecko Strategy · Retrieved Oct 30, 2026 03:15 UTC. Retrieval is not the company disclosure date.
Selected Bitcoin treasury companies
Company balances and provider ratios, not industry valuation peers. The article company appears first.
Actual source observations, refreshed separately by company
CoinGecko mNAV is enterprise value divided by all crypto held, which can include assets besides Bitcoin. Gross Bitcoin value is not company value or net assets. Below 1.0x does not establish undervaluation.
Reported Bitcoin balance history
Strategy · BTC balances at source events
848,517 BTCOct 19, 2026 UTC
+6,380.00 BTC change since the first displayed event. Not a daily purchase series.
8 source events. No balance is carried forward or inferred between dots. Source event dates are not independently checked filing dates.
Exact source records
Strategy · provider event balances
Source event date (UTC)
BTC balance
2026-08-03
842,137.00000000
2026-08-10
840,447.00000000
2026-08-31
845,050.00000000
2026-09-21
846,000.00000000
2026-09-28
847,665.00000000
2026-10-05
847,999.00000000
2026-10-12
848,250.00000000
2026-10-19
848,517.00000000
Coverage and pending data
Still pending: historical mNAV and USD valuations; filing-level validation of debt, cash, preferred claims, diluted shares and disclosure dates. Company coverage remains limited.
Existing observations keep their original retrieval times after a failed refresh. Data older than 48 hours is unavailable. Provider methodology.
A tokenized version of Strategy Inc.’s preferred stock has quietly climbed to the top of a fast-growing corner of crypto finance. STRCx, the on-chain representation of Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, reached approximately $158.56 million in on-chain assets under management as of October 8, 2026, making it the largest tokenized equity anywhere in the world.
What STRCx actually is
Think of STRCx as a receipt, held on a blockchain, for a real share sitting in a regulated custody account. Backed Assets (JE) Limited issues the token under its xStocks framework, and each token carries a 1:1 economic exposure to the underlying STRC preferred shares. No synthetic exposure, no leverage, just a tokenized claim on the real thing.
The underlying instrument is Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, which trades on the Nasdaq under the ticker STRC. STRCx has recently traded in a price range of approximately $99 to $108, closely tracking the par value of those underlying shares.
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. Holders simply wake up with more tokens.
Backed Assets operates under regulatory oversight from the Jersey Financial Services Commission and complies with EU and EEA prospectus requirements. The token is not available to US persons under the applicable regulatory restrictions.
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The circulating supply of STRCx sits at approximately 1.46 million tokens, against a total supply estimated between 2.8 million and 2.87 million tokens.
STRCx launched in early 2026, around March, which means it went from zero to the world’s largest tokenized equity in roughly six months.
The xStocks platform, which facilitates STRCx trading, is available on multiple blockchains including Ethereum and Solana.
Why this milestone is bigger than one token
STRCx reaching $158 million in on-chain AUM is evidence that at least one product has cleared the credibility threshold. The main competitor in this space is Ondo Global Markets, which has been building out its own tokenized equity infrastructure.
For Strategy Inc. itself, the milestone adds another layer to an already unconventional corporate identity. The company is best known for its aggressive Bitcoin accumulation strategy, which has made it a proxy for Bitcoin exposure in traditional brokerage accounts. Now its preferred stock is also the world’s largest tokenized equity, meaning Strategy’s financial instruments are embedded in both the traditional markets and the on-chain ecosystem simultaneously.
Traded on-chain
Explore tokenized products tracking Strategy Inc. Open a product to see its price, network and observed pools. Access depends on the venue and where you live.
MSTRxBacked · Solana$132.36⌄
Token price
$132.36
Issuer
Backed
Network
Solana
Price from the pool with the highest reported reserves below. Token units may differ from one share.
Source: GeckoTerminal. Retrieved Oct 30, 2026 02:15 UTC · Delayed. Source and pools · Verify token contractTop three active pools by reported total reserves from the provider’s first 20 results. Each list covers this issuer, network and contract only. Products may have different share multipliers and rights. Pool reserves are not executable depth or guaranteed execution quality. Not a recommendation.
MSTRonOndo · BNB Chain$138.59⌄
Token price
$138.59
Issuer
Ondo
Network
BNB Chain
Price from the pool with the highest reported reserves below. Token units may differ from one share.
Source: GeckoTerminal. Retrieved Oct 30, 2026 06:15 UTC. Source and pools · Verify token contractTop three active pools by reported total reserves from the provider’s first 20 results. Each list covers this issuer, network and contract only. Products may have different share multipliers and rights. Pool reserves are not executable depth or guaranteed execution quality. Not a recommendation.
MSTRonOndo · Ethereum$132.80⌄
Token price
$132.80
Issuer
Ondo
Network
Ethereum
Price from the pool with the highest reported reserves below. Token units may differ from one share.
Source: GeckoTerminal. Retrieved Oct 30, 2026 06:15 UTC. Source and pools · Verify token contractTop three active pools by reported total reserves from the provider’s first 20 results. Each list covers this issuer, network and contract only. Products may have different share multipliers and rights. Pool reserves are not executable depth or guaranteed execution quality. Not a recommendation.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
