Strategy’s tokenized Stretch hits $158M market cap, largest tokenized equity in the world

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.

The numbers behind the milestone

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.