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Tokenized Strategy stock works like an unsponsored ADR today
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Like an unsponsored ADR in reverse, 16 issuers or tokenization platforms, none of which are Strategy, sell tokens of the company’s MSTR common stock and STRC preferred stock. The three largest had 94.5% of the $508M market cap on Oct 21, 2026, and sell only to buyers outside the US. Most DEX trading in these tokens is in MSTR tokens, while most deposits in DeFi apps are STRC tokens. Token issuers minted a net $432M of tokens backed by Strategy shares over 12 months, which adds demand for Strategy’s stock.
Most token issuers sell receipts for Strategy shares abroad, like an unsponsored ADR in reverse
An American depositary receipt (ADR) lets US investors buy a non-US company’s shares: a bank holds the shares with a custodian and sells receipts. The SEC calls an ADR sponsored when the company sets it up and unsponsored when the bank does it without the company’s cooperation. Most token issuers run the unsponsored model in reverse for Strategy’s MSTR and STRC stock, distributing tokenized versions of the stocks to non-US buyers.
Three issuers sell most tokenized Strategy stock by market cap, and all three exclude US buyers
xStocks, Binance bStocks, and Ondo list the US as an excluded jurisdiction in their fact sheets, which lets them sell the tokens without registering with the SEC. Every token they issue is backed by Strategy shares held with a custodian. All three name Alpaca Securities, and xStocks names three other custodians as well. Most of the market cap, $215M, sits on Ethereum.
MSTR tokens account for far more holder wallets than STRC tokens
Holders are crypto wallet addresses with a balance. MSTR tokens averaged $5.58K of market cap per holder, against $23.4K for STRC tokens. MSTR tokens sit in many small wallets, and STRC tokens in fewer, larger ones.
MSTR tokens trade far more than STRC tokens on decentralized exchanges
DEX trading volume is the value of trades on decentralized exchanges (DEXs), which settle trades on a blockchain. In the 12 months to Oct 21, 2026, MSTR tokens traded 4× their market cap, mostly on Aerodrome on Base, Uniswap on Robinhood Chain, and Raydium on Solana. Without Coinbase’s MSTRc on Aerodrome, they still traded over 2×. STRC tokens traded a quarter of their market cap.
Holders deposit STRC tokens in DeFi, mostly in Pendle
DeFi TVL, the total value locked in decentralized finance, is the value of tokens deposited in onchain apps such as lending markets, vaults, and exchange pools. Holders had deposited 28.6% of STRCx, the xStocks token for STRC, in Pendle. Pendle splits each deposit into two tokens: one locks in a fixed yield on STRCx until maturity, and the other receives STRC’s dividends until then.
Strategy raises no capital from the tokens, but the third-party issuers add demand for the company’s stock
To mint new tokens onchain, third-party token issuers buy the backing MSTR and STRC shares from existing shareholders. The money goes to those sellers, not to Strategy. Raising capital through tokens would require Strategy’s own program, like a sponsored ADR. Third-party token issuers still add demand for the company’s stock, because every share-backed token needs Strategy shares behind it. For Strategy, which sells new shares to buy bitcoin, a higher share price means less dilution per dollar raised. Tokenized Strategy stock grew 40× in market cap in the 12 months to Oct 21, 2026.
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Tokenized assets
Listed JPMorgan's OnChain Liquidity-Token Money Market Fund (JLTXX) on Solana, alongside Ethereum, with circulating asset market cap of $761.8 million, of which $20.0 million is on Solana. Learn more on the asset's fact sheet.
Listed Superstate's Short Duration U.S. Government Securities Fund (USTB) on Plume, with circulating asset market cap of $6.3 million on the chain. Learn more on the asset's fact sheet.
Listed Ondo's US Dollar Yield (USDY) on Tempo, with circulating asset market cap of $0.8 million on the chain. Learn more on the asset's fact sheet.
Listed Coinbase's Wrapped Assets on Base, including XRP (cbXRP), Cardano (cbADA), Zcash (cbZEC) and Dogecoin (cbDOGE), with circulating asset market cap of $240.5 million, led by cbXRP at $195.0 million. Learn more on the issuer's project page.
Listed 53 more Coinbase tokenized stocks on Base, including AppLovin (APPc), McDonald's (MCDc), ServiceNow (NOWc) and Rocket Lab (RKLBc), taking the catalog to 149 assets with circulating asset market cap of $36.2 million. Learn more on the issuer's project page.
Interested in getting listed? Read more here.
Introducing Token Terminal Fact Sheets
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