MicroStrategy xStock

MicroStrategy xStock is a tokenized share representation designed to track the price of the Class A shares of Strategy Inc. (formerly MicroStrategy), which trade on the Nasdaq in the United States. The token is issued as a tracker certificate under the xStocks brand by an issuing company within the Backed Finance group; according to the issuer, each token is backed by underlying shares held with a custodian.

Owning MSTRX does not mean owning shares in the company: token holders do not directly hold shareholder rights such as voting rights, economic exposure is provided through the issuer's certificate structure, and the project states that holders are granted a legal claim to the value of the share. The product is not offered to US residents or to investors in certain restricted countries; primary issuance and redemption require an eligibility check. The token is available on networks such as Solana, Ethereum, Arbitrum and BNB Chain.

The token's market price can diverge from the underlying share price because of liquidity, trading hours and demand that arises while the stock exchange is closed. Lzzo.com uses DefiLlama's US dollar reference price for MSTRX; the data is for information only.