MicroStrategy xStock

MicroStrategy xStock (MSTRX) is a tokenized representation of MicroStrategy shares, issued under the BackedFi xStocks framework and designed to give non-US users access to a US-listed equity without going through a traditional brokerage. Each token is backed 1:1 by the underlying stock and carries a legal claim to the value of that share. The project aims to remove geographic and procedural barriers that have historically kept retail participants outside certain markets.

MSTRX tokens exist across multiple blockchains, including Ethereum, BNB Chain, and Solana, and are designed to be composable with decentralized finance protocols like any standard token on those networks. Backed holds the corresponding MicroStrategy shares, and the token supply is intended to reflect that custody relationship on a 1:1 basis. There is no native consensus algorithm recorded for this asset because it inherits the settlement and security of whichever host blockchain it is deployed on.

The data stored for MSTRX contains no fee stream — no protocol revenue, no fee collection mechanism, and no reported earnings figures are recorded here. This means the fee-based measures that this site calculates for some other assets cannot be applied to MSTRX. Costs a holder might encounter, such as minting or redemption fees charged by Backed, are not captured in the stored metrics and should be sourced directly from the issuer.