Tokens Tracking Strategy’s MSTR and STRC Total $479.3 Million

Tokenized products tracking Strategy’s Class A common stock (MSTR) and Stretch perpetual preferred stock (STRC) had a combined market capitalization of $479.3 million in an Oct. 28 update, up 3,516.5% from a year earlier. The measure reflects the value of those products, not Strategy’s own market capitalization or capital raised by the company. The update was posted at 1:33 p.m. ET (17:33 UTC).

MSTR is Strategy’s common stock, while STRC is a Nasdaq-listed perpetual preferred stock. The two securities have different structures, and the combined figure covers tokens linked to both.

The update put xStocks at $267.3 million, Binance bStocks at $105.5 million and Ondo at $77.9 million. Together, the three named product groups totaled $450.7 million, leaving $28.6 million of the reported value unitemized.

The Oct. 28 reading was below the $508 million reading for Oct. 21. It was not a new high.

As of Oct. 22, 16 outside issuers or platforms offered products tracking MSTR or STRC. Proceeds from third-party token issuance went to existing shareholders who sold the shares backing those products, rather than to Strategy. The aggregate value therefore does not represent funds raised by the company.

Product terms vary. Backed Assets’ MSTRx tracker certificate follows MSTR’s price, carries no shareholder voting rights and is not offered to U.S. persons. Those terms apply to MSTRx.

Strategy shareholders approved daily dividends on Oct. 28. STRC’s daily dividend schedule is set to start Nov. 1, with schedules for the company’s other preferred securities set to follow Jan. 1, 2027.

Strategy President and CEO Phong Le called daily dividends “a natural step toward the tokenized, 24/7/365 financial system.” STRC’s daily schedule is due to begin Nov. 1.