Plan fulfillment
SlotStatusClasses covered
Underlying issuerFilled-verifiedRegulator
Holder's claimFilled-verifiedIssuer-docs, legal-terms, regulator
Corporate-action passthroughEmptyRegulator
Final terms documentEmptyRegulator, aggregator, issuer-docs
Transfer restrictionsFilled-verifiedIssuer-docs
NetworksFilled-verifiedAggregator, onchain, issuer-docs
Canonical deploymentRejected-retryAggregator, onchain, issuer-docs
Bridge providerRejected-retryIssuer-docs
Bridge custodyEmptyNone
Oracle dependenciesRejected-retryIssuer-docs
Supply and mint authorityEmptyNone
Key managementEmptyNone
Incident responseEmptyNone
Monitoring and attestationFilled-verifiedIssuer-docs
Bridge & oracleEmptyOnchain, aggregator
What it isFilled-verifiedAggregator, regulator
How it worksFilled-verifiedIssuer-docs, regulator, legal-terms
CategoryFilled-verifiedAggregator, regulator, legal-terms
CompositionFilled-verifiedAggregator, legal-terms, regulator
Structure & qualityFilled-verifiedRegulator
Yield sourceFilled-verifiedRegulator
Yield mechanicsFilled-verifiedRegulator
Legal entityFilled-verifiedAggregator, registry
What the issuer doesFilled-verifiedIssuer-docs
LaunchedFilled-unverifiedIssuer-docs
Operating historyFilled-verifiedIssuer-docs
Service providersFilled-verifiedAggregator, issuer-docs
RegimeFilled-verifiedRegulator, issuer-docs
VehicleFilled-verifiedRegulator, aggregator
Bankruptcy remoteEmptyAggregator
If the issuer failsFilled-verifiedRegulator, issuer-docs
CustodiansRejected-retryAggregator, issuer-docs
AttestationsFilled-verifiedIssuer-docs, audit
Attestation frequencyEmptyIssuer-docs
AuditsRejected-retryAudit, issuer-docs
Admin powersRejected-retryIssuer-docs
UpgradeabilityEmptyNone
Mint authorityFilled-verifiedNone
Freeze authorityFilled-verifiedNone
Fee scheduleEmptyAggregator, issuer-docs
Exit pathsFilled-verifiedNone
Underlying / economicFilled-verifiedRegulator, issuer-docs
Credit / counterpartyRejected-retryRegulator
Issuer failureFilled-verifiedRegulator
CustodianFilled-verifiedRegulator
Hack / smart contractFilled-verifiedRegulator, onchain, aggregator
RegulatoryFilled-verifiedIssuer-docs
Exit riskFilled-verifiedRegulator
Who can hold/mintRejected-retryIssuer-docs, aggregator
Source documentsFilled-verifiedNone
Evidence gaps
Launched — searched, not found: Evidence establishes the May 28, 2025 forthcoming-product announcement, but not STRCx’s actual launch date.
Backers — searched, not found: The corpus does not identify Backed Assets investors or financial backers.
Key people — searched, not found: The corpus does not identify Backed or xStocks founders and current leadership with dated role histories.
Incidents & track record — searched, not found: The corpus provides no sufficient evidence establishing incidents or confirming that none are known.
Tax treatment — searched, not found: The corpus does not establish STRCx holder tax treatment.
Bar list — searched, not found: The equity-backed product has no applicable serialized bar list in the corpus.
Vault custody — searched, not found: The corpus identifies no physical vaults; it identifies Alpaca Securities LLC as securities custodian.
Canonical deployment — searched, not found: The corpus does not establish the canonical mint or whether Solana STRCx is native or bridged.
Bridge custody — searched, not found: The corpus does not identify bridge contracts, locked collateral, signers, or controlling entities.
Supply and mint authority — searched, not found: The corpus provides no deterministic mint-authority evidence.
Admin powers — searched, not found: The corpus mentions compliance Token Extensions but does not identify controllers or specific administrative powers.
Upgradeability — searched, not found: The corpus does not establish upgradeability, controller identity, or upgrade delay.
Unilateral changes — searched, not found: The corpus does not establish which STRCx terms the issuer may change without holder consent.
Key management — searched, not found: The corpus provides no signer identities, multisig threshold, key custody, or timelock details.
Incident response — searched, not found: The corpus provides no disclosed incident-response procedure or response history.
Mint authority — searched, not found: The corpus contains no deterministic chain read identifying the current mint authority.
Freeze authority — searched, not found: The corpus contains no deterministic chain read identifying the current freeze authority.
Authority multisig — searched, not found: The corpus contains no deterministic chain read establishing a controlling multisig configuration.
Bridge configuration — searched, not found: The corpus names Chainlink CCIP but provides no verified program or authority accounts.
Token extensions — searched, not found: The corpus mentions Token Extensions generally but does not identify security-relevant extensions observed on-chain.
Exit paths — searched, not found: The corpus provides no direct STRCx holder redemption method, timing, minimum, cap, or fee.
Minimum — searched, not found: The corpus does not disclose the smallest direct STRCx redemption processed by the token issuer.
Settlement — searched, not found: The corpus does not disclose standard settlement timing for direct STRCx redemption.
Caps / gates — searched, not found: The corpus does not disclose STRCx holder redemption caps, windows, or notice periods.
In-kind redemption — searched, not found: The corpus does not establish whether STRCx holders can redeem into STRC shares.
Minimum investment — searched, not found: The corpus does not disclose a minimum direct STRCx subscription.
Onboarding — searched, not found: The corpus does not disclose STRCx KYC, KYB, whitelisting, thresholds, or onboarding timing.
Corporate-action passthrough — searched, not found: STRC pays declared dividends in cash, but the corpus does not establish xStock holder passthrough mechanics for any corporate action.
Rejected facts
Yield mechanicsSTRC accrues each full semi-monthly dividend at one twenty-fourth of the annual rate times $100. Unpaid dividends compound semi-monthly until paid.DisputedMore
Sources · 4
sec.gov ↗“one-twenty-fourth (1/24th) of the product of”
sec.gov ↗“additional regular dividends, which we refer to as “compounded dividends,” will accumulate”
sec.gov ↗“compounded semi-monthly on each subsequent regular dividend payment date”
Verifier note: lost head-to-head to incumbent 3050fc9e-746d-44ec-b369-5c4e14ad5ecd: The incumbent more directly explains how yield reaches holders—as semi-monthly dividend payments—and specifies the July 15, 2026 start date and semi-monthly compounding of unpaid dividends. Its own evidence supports each point. The new claim gives a more precise accrual formula but does not as directly state the payment mechanism or effective date.
Structure & qualitySTRCx has single-asset exposure to Strategy’s perpetual STRC preferred stock, backed one-for-one by shares held in custody.DisputedMore
Sources · 3
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
sec.gov ↗“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
sec.gov ↗“Supplement No. 1 dated June 23, 2026”
Verifier note: WARNING: evidence class mismatch; substance and goal-fit review required | panel 1/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support that STRCX represents 1:1-custodied STRC shares and that STRC is perpetual preferred stock, addressing concentration and maturity. However, the narrative provides no disc | anthropic: confirmed — The claim's material components are each supported across the union of fetched sources. The CMC page identifies STRCX as 'Strategy PP Variable tokenized stock (xStock)' and states the backing mechanis
Collateralization100%UnverifiedMore
Sources · 2
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
coinmarketcap.com ↗“xStocks are tokenized stocks. They’re backed 1:1 by the underlying assets, composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Verifier note: lost head-to-head to incumbent c7473604-c522-4340-9e70-3c4702088427: The claims and their cited evidence are identical: both directly state 100% (1:1) backing by underlying stock held in custody. With quality tied, the incumbent wins.
Yield sourceStrategy Inc funds STRC cash dividends from corporate resources. Bitcoin pays no interest, so bitcoin-derived liquidity requires asset sales.DisputedMore
Sources · 3
Cited evidenceId f0f99500 does not appear in the provided evidence corpus and cannot be verified. The substantive claims are otherwise supported by ev:59fdbfbb and ev:606e3d80, but the USD Reserve (ev:606e3d80/ev:10d6caa5) is management-designated and Strategy must sell bitcoin to service obligations (ev:0db24985, ev:7fd6fa61) — the funding fragility is understated relative to available evidence.
sec.gov ↗“Declared regular dividends on the
STRC Stock will be payable solely in cash.”
sec.gov ↗“Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales.”
sec.gov ↗“On December 1, 2025, Strategy announced that it established a US dollar reserve (the "USD Reserve"), a management-designated portion of Strategy’s liquidity intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness.”
Verifier note: WARNING: evidence class mismatch; substance and goal-fit review required | panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The filings confirm that STRC dividends are paid in cash, that Strategy maintains a USD Reserve intended to support preferred dividends, and that bitcoin itself pays no interest, so cash gen | anthropic: confirmed — All material claims are supported by the union of the fetched sources, and the claim answers the SLOT QUESTION about where the yield economically originates. (1) 'Declared regular dividends on the STR
How it worksEligible non-U.S. users acquire STRCx through supported centralized or decentralized exchanges.UnverifiedMore
Smart contracts manage tokens, while STRC dividends and market prices drive economic value. Holders exit by selling through available exchange liquidity.
Sources · 4
coinmarketcap.com ↗“DeFi-Compatible Access – It enables global, non-U.S. users to access over 120 U.S. stocks and ETFs through crypto exchanges and DeFi protocols.”
coinmarketcap.com ↗“The tokenization process uses smart contracts for issuance and management on-chain.”
coinmarketcap.com ↗“The core offering is access to a vast suite of tokenized assets, from major tech stocks (e.g., $NVDAx) to popular ETFs (e.g., $SPYx). These tokens can be traded on both centralized and decentralized exchanges, providing liquidity and 24/7 market access.”
sec.gov ↗“basedon $100 stated amount; trading price and effective yield may vary; not indicative of future rates”
Verifier note: WARNING: evidence class mismatch; substance and goal-fit review required | panel 1/3 confirmed (sourceDomains=2) | gpt: unsupported — The sources support non-U.S. access through crypto exchanges and DeFi, on-chain token management by smart contracts, trading on centralized and decentralized exchanges, and exit through available liqu | anthropic: confirmed — The narrative answers the SLOT QUESTION (acquire/accrue/exit) and each material claim is supported by the union of sources. Acquisition by non-U.S. users via centralized and decentralized exchanges is | gpt: unsupported — The CoinMarketCap AI page supports non-U.S. access through crypto exchanges and DeFi, trading on centralized and decentralized exchanges, and smart-contract issuance and management. It also reasonably
ConcentrationSTRCx's issuer, Strategy, depends materially on Bitcoin and financing markets.UnverifiedMore
Sources · 3
sec.gov ↗“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
sec.gov ↗“fluctuations in the price of Bitcoin”
sec.gov ↗“The Company’s ability to maintain any given level of BPS, or achieve positive BTC Yield, BTC Gain, or BTC $ Gain may depend on a variety of factors, including factors outside of its control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms.”
Verifier note: lost head-to-head to incumbent d317b38d-92ff-4d61-ae3f-e87ca1f0d664: The incumbent directly identifies the concentration structure: each STRCx token represents exposure to one STRC preferred share and Strategy’s Bitcoin-focused, indebted business. Its own evidence supports the 1:1 backing, Bitcoin-treasury strategy, use of STRC proceeds to buy bitcoin, and substantial indebtedness. The new claim addresses dependencies but is broader and less specific.
Depeg / liquiditySTRCx may trade away from underlying value because xStock investors bear gains or losses relative to STRC.DisputedMore
Sources · 2
Misreading — cited evidence does not support secondary-price-vs-NAV divergence for the token.
kraken.com ↗“xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
sec.gov ↗“the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin”
Verifier note: panel 0/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The Kraken source says xStock investors can incur gains or losses relative to the underlying stock’s value, but it does not say STRCx’s secondary-market price can depart from STRC, identify | anthropic: unsupported — goal-fit: The Kraken quote is verified verbatim in the archived page ('xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon'), but it descri
Exit riskStrategy cannot partially redeem STRC unless at least $250 million stated amount remains outstanding and uncalled.UnverifiedMore
Sources · 1
sec.gov ↗“However, Strategy may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of
the time Strategy provides the related redemption notice.”
Verifier note: lost head-to-head to incumbent d3e97c72-a3df-4043-aa88-4da5b4fe2711: Both claims directly state the same $250 million minimum remaining after a partial STRC redemption and are supported by substantively identical SEC language. Their specificity and relevant evidentiary support are tied, so the incumbent wins under the tie-break rule.
RegulatoryKraken warns that regulatory protections and state compensation schemes vary by jurisdiction and may be unavailable.UnverifiedMore
Sources · 1
kraken.com ↗“Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited Kraken legal disclosure supports the quoted warning that regulatory status varies by jurisdiction and that governmental compensation or regulatory protections may be unavailable. H | anthropic: confirmed — The claimed Finnish quote appears verbatim in the archived source's footer disclosures: 'Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä o
Hack / smart contractSTRCx smart contracts create on-chain issuance and management attack surfaces, while DeFi integrations add external protocol exposure.DisputedMore
Sources · 3
Mild overreach beyond what evidence states.
coinmarketcap.com ↗“The tokenization process uses smart contracts for issuance and management on-chain.”
coinmarketcap.com ↗“This technical foundation makes the tokens composable , meaning they can be integrated into decentralized finance (DeFi) applications for lending, borrowing, or earning yield, just like any other cryptocurrency.”
coinmarketcap.com ↗“composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources establish that smart contracts handle on-chain issuance and management and that STRCX is composable with DeFi protocols. They do not identify or substantiate any concrete mint/re | anthropic: unsupported — goal-fit: The SLOT QUESTION asks specifically about the on-chain attack surface — mint/redeem contracts, bridges, upgrade keys, and oracles. The fetched sources confirm only the neutral, descriptive m
CustodianSecurity breaches, private-key loss, fraud, or unauthorized access could destroy Strategy’s Bitcoin assets supporting its financial capacity.DisputedMore
Sources · 1
Does not address the token's operational/custodial provider; no concentration analysis of Backed's custody.
sec.gov ↗“security breaches, cyberattacks, unauthorized access, loss of private keys, fraud or other circumstances or events that result in the loss of the Company’s bitcoins”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source confirms that security breaches, cyberattacks, unauthorized access, private-key loss, and fraud could cause Strategy to lose bitcoin. However, it does not attribute those events t | anthropic: confirmed — The claimed quote appears verbatim in the fetched SEC exhibit (Strategy Inc's forward-looking risk factors): 'security breaches, cyberattacks, unauthorized access, loss of private keys, fraud or other
Issuer failureStrategy may abandon dividend-rate adjustments intended to keep STRC near its $100 stated amount.UnverifiedMore
Sources · 1
sec.gov ↗“We may be unsuccessful in achieving, or may abandon, our current intention of adjusting the regular dividend rate”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited SEC filing expressly supports that Strategy may abandon its intention to adjust STRC’s dividend rate to keep its trading price near $100. However, the claim does not answer what ho | anthropic: unsupported — goal-fit: The slot question asks about the issuer itself failing, being fraudulent, or walking away — what holders lose and what survives. The claim (and its supporting quote) is accurate to the sourc
Credit / counterpartyStrategy’s substantial indebtedness and debt-service obligations can weaken its capacity to support STRC dividends and value.DisputedMore
Sources · 3
Weak/mismatched support; reframe around actual counterparties (e.g., custodians, financing providers) or lower confidence.
sec.gov ↗“the level and terms of the Company’s substantial indebtedness and its ability to service such debt”
sec.gov ↗“On December 1, 2025, Strategy announced that it established a US dollar reserve (the "USD Reserve"), a management-designated portion of Strategy’s liquidity intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness.”
sec.gov ↗“Strategy plans to replenish the USD Reserve over time based on market conditions.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support that Strategy has substantial indebtedness, must service that debt, maintains a reserve for preferred dividends and debt interest, and recognizes debt-service risks. Howe | anthropic: unsupported — goal-fit: The SLOT QUESTION asks specifically about credit exposure INSIDE THE BACKING — counterparties (custodians, reserve banks, collateral holders) whose failure would directly hit STRC holders. T
NetworksSTRCx appears on Solana and Ethereum. CoinMarketCap identifies a Solana token and an Ethereum address ending 3977f3.DisputedMore
Sources · 2
Downgrade the Solana claim to a category-tag inference and note no Solana mint address is verified in the corpus.
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited CoinMarketCap page is aggregator evidence, not issuer documentation, an audit, or verified on-chain evidence. Its “Solana Ecosystem” tag and truncated EVM-style contract linked to | anthropic: unsupported — The Ethereum leg checks out: the page's Contracts section shows exactly one address, '0x1aad...3977f3', with etherscan.io as the sole explorer, matching the claimed quote. The Solana leg does not. The
AuditsBacked states that the product structure uses audited smart contracts. The corpus does not identify the auditor or audit date.UnverifiedMore
Sources · 1
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source states only that the product structure includes “audited smart contracts.” It does not identify an audit firm, audit scope, or audit date, so it does not answer the required per-a | anthropic: unsupported — goal-fit: The slot question requires one fact per audit giving audits_<firm> = scope + date. The source verbatim contains "audited smart contracts" among the investor-protection features, so the bare
AuditsGrant Thornton Cayman serves as auditor. The corpus does not identify its audit scope or report date.UnverifiedMore
Sources · 1
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source identifies Grant Thornton (Cayman) as auditor, but the slot requires an audit scope and date for each audit. Neither is provided, so the claim does not answer the slot question. | anthropic: confirmed — The archived RWA.xyz page for STRCx lists under Service Providers: 'Auditor Grant Thornton (Cayman)', directly supporting the claim that Grant Thornton Cayman serves as auditor. The claim explicitly a
AttestationsChainlink Proof of Reserve verifies collateral data supplied through The Network Firm. Grant Thornton Cayman serves as product auditor.DisputedMore
Sources · 3
Restrict this slot to the PoR/Network Firm attestation stack; leave Grant Thornton to audits_grant_thornton.
backed.fi ↗“Backed is pleased to announce that we have integrated Chainlink Proof of Reserve (PoR). This development provides users with a transparent and trust-minimized means to confirm the collateralization of our tokenized assets.”
backed.fi ↗“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
Verifier note: panel 1/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support that The Network Firm operates Backed’s attestation API and that Chainlink PoR relays/verifies the combined reserve data, with collateral figures displayed on Backed’s we | anthropic: confirmed — The Backed article confirms both claimed quotes verbatim: Chainlink PoR is integrated, and The Network Firm operates the attestation API (reading custody bank balances and internal transaction data) w
CustodiansAlpaca Securities LLC custodies the underlying assets. The product describes its custody accounts as segregated and bankruptcy remote.UnverifiedMore
Sources · 2
app.rwa.xyz ↗“Custodian
Legal Identifier
Alpaca Securities LLC
0001702580”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited RWA.xyz aggregator identifies Alpaca Securities LLC as custodian and labels account segregation “Bankruptcy Remote,” but it provides no regulator or charter and no segregation deta | anthropic: unsupported — The custodian identity is confirmed: the registry lists 'Custodian ... Alpaca Securities LLC 0001702580,' matching the claim that Alpaca Securities LLC custodies the assets, and 'Traditional Broker: A
Transfer restrictionsBacked excludes U.S. Persons and U.S.UnverifiedMore
Offers, sales, or delivery. Kraken may impose geographic restrictions. Solana Token Extensions provide compliance functionality.
Sources · 3
backed.fi ↗“*Backed’s tokens are not offered, sold or delivered within the United States, or for the account or benefit of U.S. Persons.”
kraken.com ↗“Maantieteellisiä rajoituksia saatetaan soveltaa.”
solana.com ↗“How do xStocks Work? xStocks utilize Token Extensions on Solana for Custom Functionality and Compliance Features”
Verifier note: lost head-to-head to incumbent 6f07e4ff-40c1-4a76-8800-6ca21e695f30: Both claims directly support U.S.-person exclusion and possible geographic restrictions. The new claim’s added statement that Solana Token Extensions provide generic compliance functionality does not establish whitelist-only transfers, freeze authority, or any specific restriction applicable to xStocks. Because it does not materially improve the slot answer, quality is tied and the incumbent wins.
If the issuer failsSTRCx holders lack ownership, voting, information, and shareholder rights in the underlying shares. Strategy liabilities rank against its assets before residual equity claims.DisputedMore
Sources · 3
Trace the STRCx-specific failure path (Backed issuer default -> segregated bankruptcy-remote Alpaca custody) and keep Strategy's internal seniority as a separate, clearly-labeled layer.
kraken.com ↗“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
sec.gov ↗“the KPIs do not take into account that the Company's assets, including its bitcoin, are subject to (i) all of the Company's existing and future liabilities, including its debt, and (ii) the preferential rights of the Company's preferred stockholders to dividends and the Company's assets in a liquidation, and that all such claims rank”
sec.gov ↗“therefore holders of such excluded instruments may have claims on the Company’s assets (including bitcoin) senior to those of holders of common stock in the event of the Company’s liquidation, and as a result the additional bitcoin acquired using proceeds from the sale of such instruments may not accrete to common stockholders”
Verifier note: panel 1/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources establish that STRCx holders do not own the underlying STRC shares and lack voting, information, and other shareholder rights. They also establish that Strategy’s liabilities and | anthropic: confirmed — Both material claims are supported by the union of fetched sources, and together they answer the slot question about issuer failure (control of assets, holder claims, and priority ranking). (1) The Kr
VehicleThe STRCx issuer is domiciled in Jersey, Channel Islands. Jersey governs dispute resolution.UnverifiedMore
Strategy Inc., the underlying STRC issuer, is incorporated in Delaware.
Sources · 3
app.rwa.xyz ↗“Dispute Resolution Country
Jersey, Channel Islands”
Verifier note: panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources do not identify the holder-protective legal wrapper—such as an SPV, trust, LP, or foundation—or establish its governing jurisdiction. RWA.xyz labels Backed Assets as the STRCx is | anthropic: confirmed — Each atomic value maps to explicit source text. The RWA.xyz page for STRCx shows 'Domicile — Jersey, Channel Islands' and 'Dispute Resolution Country — Jersey, Channel Islands', supporting both the do
RegimeStrategy registered the underlying STRC offering under the Securities Act using Form S-3ASR and Rule 424(b)(5). Kraken states xStock regulatory protections vary by jurisdiction.DisputedMore
Sources · 4
Add the tokenized-product regime (EU-compliant structuring, Swiss audit regime, Irish-regulated distributor) and distinguish it from the underlying STRC SEC registration.
sec.gov ↗“The Company has prepared and filed with the Commission an “automatic” shelf registration
statement, as defined under Rule 405 of the Securities Act, on Form S-3ASR that contains a base prospectus relating, among other things, to the applicable Shares and any applicable Conversion Shares”
sec.gov ↗“Such registration statement registers the issuance and sale by the Company
of the applicable Shares and any applicable Conversion Shares under the Securities Act.”
sec.gov ↗“As Filed Pursuant to Rule 424(b)(5) <BR> Registration No. 333-284510”
kraken.com ↗“Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
Verifier note: lost head-to-head to incumbent b210de5d-4cb7-4d48-b90d-d4d11fab19b8: Both directly identify the Securities Act registration regime, but the incumbent is more specific by stating Registration No. 333-284510 and Rule 424(b)(5), and its SEC filing evidence directly supports both those details and the no-approval disclaimer. The new claim adds the more precise S-3ASR form subtype, but its Kraken statement is jurisdictionally vague and names no specific xStock regime, protection, license, or exemption.
Service providersAlpaca Securities; Maerki Baumann & Co. AG; The Network FirmUnverifiedMore
Sources · 4
backed.fi ↗“The Network Firm operates our attestation API. They have read-only access to our custody bank accounts and can constantly read our account balances. They update the API data every 10 minutes.”
backed.fi ↗“The Network Firm reads internal transaction data from us which guarantees the underlying assets are in transit to our Swiss custodian.”
Verifier note: panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources identify Alpaca Securities LLC as custodian, which fits the slot. However, Maerki Baumann & Co. AG is identified only as paying agent, and The Network Firm as attestation-API ope | anthropic: confirmed — All three named service providers are supported verbatim in the fetched sources and fit the slot question (named custodians, administrators, auditors, banks serving the product). The RWA.xyz STRCx pag
What the issuer doesBacked issues transferable on-chain tokens tracking stocks and ETFs under Swiss DLT legislation. Backed introduced xStocks for Kraken and Solana integrations.UnverifiedMore
Backed repositioned xStocks as bTokens’ successor with unchanged exposure and greater on-chain utility on March 25, 2026.
Sources · 4
backed.fi ↗“Backed issues on-chain tokens that track the value of real-world assets, such as stocks or ETFs.”
backed.fi ↗“Tokens are freely transferable across wallets, are fully collateralized by the underlying asset, and are issued in compliance with the Swiss DLT act.”
backed.fi ↗“Backed Announces xStocks: Coming Soon to Kraken and Solana
Backed is thrilled to unveil xStocks, a new line of over 55 tokenized stocks and ETFs, set to launch soon on Kraken and integrated with Solana’s best DeFi apps.
May 28, 2025”
backed.fi ↗“xStocks are the next evolution of bTokens — same underlying exposure, now with greater liquidity, adoption, and onchain utility.”
Verifier note: lost head-to-head to incumbent 237e5b1c-04cf-428c-b618-1118a1e93acf: The incumbent directly describes Backed’s business, product, collateralization, distribution channels, and scale, with each element supported by its cited evidence. The new claim is more detailed, but its specific March 25, 2026 repositioning date is not supported by the quoted evidence, weakening its evidentiary fit.
Legal entityBacked AssetsDisputedMore
Sources · 2
Slot requires the full legal entity name (e.g. 'Backed Assets (JE) Ltd'). Value 'Backed Assets' is the display label from ev:c7ff8ad4, not a verified full legal entity name; the LEI (984500001AB7C6C7F577, ev:249bf333) is available and could disambiguate the registered entity but is not reflected.
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: “Backed Assets” is an abbreviated issuer label, not a legal entity name such as “Backed Assets (JE) Ltd.” The cited RWA.xyz page is an aggregator, and no qualifying registry, legal-terms, or | anthropic: confirmed — The archived RWA.xyz page for STRCx contains a 'Legal & Regulatory' section with an explicit field 'Issuer' whose value is 'Backed Assets', matching the claimed value verbatim. The companion claim 'Is
Reserve compositionSTRC preferred shares constitute 100% of disclosed token backing on a one-token-to-one-share basis. No residual reserve category is disclosed.UnverifiedMore
Sources · 2
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
coinmarketcap.com ↗“xStocks are tokenized stocks. They’re backed 1:1 by the underlying assets, composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources support 1:1 backing by an underlying stock or asset, but they do not provide the complete reserve schedule requested. They do not expressly identify the reserve as STRC preferred | anthropic: unsupported — The 1:1 token-to-underlying backing and the absence of any disclosed residual/second reserve category are supported by both sources ("backed 1:1 by the actual stock held in custody... for every STRCX
CompositionCustodied Strategy Variable Rate Series A Perpetual Stretch Preferred Stock backs STRCx one-for-one. STRC has a $100 stated amount per share.UnverifiedMore
Sources · 3
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
sec.gov ↗“Shares of our Variable Rate Series A Perpetual Stretch Preferred Stock, which we refer to as the “STRC Stock,” having an aggregate offering price of up to $4,200,000,000.00.”
Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources do not provide a qualifying issuer document, attestation, or audit disclosing STRCX’s custodied backing composition, weights, and reserve as-of date. CoinMarketCap’s AI-generated | anthropic: confirmed — The claim's material components are each supported by the union of the fetched sources, and together they answer the slot question (what backs the token, the instrument, and the one-for-one weight). (
Underlying issuerStrategy IncUnverifiedMore
Sources · 3
sec.gov ↗“Strategy Inc (the “Company”)”
sec.gov ↗“As used in this section, (i) “we,” “our” and “us” refer to Strategy Inc and not to its subsidiaries”
sec.gov ↗“COMPANY CONFORMED NAME: Strategy Inc”
Verifier note: lost head-to-head to incumbent cba586b5-65dd-472d-851a-410dd4383226: Both claims directly identify the same legal entity, differing only by terminal punctuation. Each has strong SEC evidence, and the incumbent is directly supported by the registrant's exact charter name. With quality effectively tied, the incumbent wins.
Holder's claimLegal claim to STRC stock value without ownership, voting, information, or other underlying-shareholder rights.UnverifiedMore
Sources · 3
kraken.com ↗“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
kraken.com ↗“Sijoittaminen xStockeihin ei ole sama asia kuin jos sijoittaisit suoraan perustana olevaan osakkeeseen.”
Verifier note: panel 1/3 confirmed (sourceDomains=2) | gpt: unsupported — Kraken expressly supports the absence of underlying-share ownership, voting, information, and other shareholder rights. However, the only statement that holders have a “legal claim to the value of the | anthropic: confirmed — The claim's two components are both directly supported and both bear on the slot question of what the holder legally owns. The 'legal claim to the value' component is stated verbatim on CoinMarketCap: | gpt: unsupported — goal-fit: The Kraken content supports the stated absence of underlying-share ownership and shareholder rights, but that negative rights description does not answer what the holder legally owns. CoinMa
Source documentsBase prospectus, January 27, 2025, filed under SEC Registration No. 333-284510 on EDGAR.DisputedMore
Sources · 2
Add the EDGAR URL and reconcile prospectus vs. prospectus-supplement dating.
sec.gov ↗“(To Prospectus Supplement Dated
November 4, 2025, as supplemented by Supplement No. 1 thereto dated March 23, 2026, and Prospectus Dated January 27, 2025)”
sec.gov ↗“As Filed Pursuant to Rule 424(b)(5)
Registration No. 333-284510”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited EDGAR document is a March 23, 2026 prospectus-supplement annex, not the January 27, 2025 prospectus itself. It states that an accompanying prospectus is dated January 27, 2025 and | anthropic: confirmed — The fetched 424B5 filing directly states both key elements of the claim. It shows 'Registration No. 333-284510' at the top ('As Filed Pursuant to Rule 424(b)(5) Registration No. 333-284510') and repea
Who can hold/mintBacked excludes U.S. persons and prohibited jurisdictions.DisputedMore
Kraken restricts STRCx investing to approved clients.
Sources · 3
Incorporate the venue/segment evidence to describe who may hold, not just who is excluded.
backed.fi ↗“Backed DOES NOT sell its tokens to U.S. Persons or for the account or benefit of U.S. Persons, and tokens are not marketed, offered, or solicited in the U.S. or in any other prohibited jurisdiction.”
backed.fi ↗“For a full list of prohibited and restricted countries and review of legal documentation, please visit https://www.backedassets.fi/legal-documentation”
kraken.com ↗“Hyväksytyt asiakkaat voivat nyt sijoittaa tokenisoituihin osakkeisiin ja ETF:iin.”
Verifier note: panel 1/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support sales/offer restrictions for U.S. persons and prohibited jurisdictions and limit Kraken purchases to eligible retail clients in certain countries. However, they do not di | anthropic: confirmed — All three claimed quotes appear verbatim in the archived sources. The Backed page states "Backed DOES NOT sell its tokens to U.S. Persons or for the account or benefit of U.S. Persons, and tokens are
Canonical deploymentSolana mint Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH is a native Token-2022 issue; Ethereum uses contract 0x1aad...3977f3.UnverifiedMore
Sources · 3
explorer.solana.com ↗“Memo Program: Memo Token-2022 Program: Transfer Checked Token Program: Transfer Checked”
solana.com ↗“How do xStocks Work? xStocks utilize Token Extensions on Solana for Custom Functionality and Compliance Features”
Verifier note: re-adjudicated 2026-08-05T15:53:06.298Z from rejected status | panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources identify Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH as the Solana STRCX mint and support that xStocks are minted natively as Token-2022/SPL tokens on Solana, rather than bridged | anthropic: confirmed — The claim answers the SLOT QUESTION directly: it names the canonical chain/mint (Solana mint Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH) as a native Token-2022 issue and gives the Ethereum contract.
Oracle dependenciesChainlink PoR supplies collateralization data; false, stale, or unavailable data impairs on-chain reserve verification.UnverifiedMore
Sources · 3
backed.fi ↗“Chainlink PoR provides smart contracts with the data needed to calculate the true collateralization of any on-chain asset backed by off-chain reserves.”
backed.fi ↗“Operated by a decentralized network of oracles, Chainlink Proof of Reserve enables the autonomous verification of collateral in real-time, helping ensure user funds are protected from unforeseen fractional reserve practices or fraudulent activity.”
backed.fi ↗“This combined information is then verified by Chainlink Proof of Reserve’s decentralized oracle network. The figures relayed by Chainlink PoR are updated daily, or if the volume of the reserves changes by more than 10%.”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports that Chainlink PoR relays collateral-reserve data on-chain and that defective or unavailable data would impair reserve verification. However, the slot specifically asks f | anthropic: confirmed — The claim identifies Chainlink PoR as the oracle dependency supplying collateralization data and asserts that false/stale/unavailable data impairs on-chain reserve verification. The fetched Backed.fi
Bridge providerBacked uses Chainlink CCIP as cross-chain infrastructure for its tokenized assets.DisputedMore
Sources · 1
Reword to reflect that CCIP was announced as future cross-chain infrastructure for Backed generally; STRCx-specific active bridging is not confirmed by the corpus.
backed.fi ↗“Backed will be using CCIP as our cross-chain infrastructure, launching next week.”
Verifier note: Quarantine adjudication: STRCx is natively issued on multiple chains. The cited CCIP announcement is issuer-wide and future-facing, so it does not prove an STRCx bridge or canonical origin.
AuditsBacked undergoes regular audits required by Swiss regulations; the auditor, scope, cadence, and latest date are undisclosed.UnverifiedMore
Sources · 1
backed.fi ↗“We already undergo regular audits as required by Swiss regulations.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports only Backed’s general statement that it undergoes “regular audits as required by Swiss regulations.” It does not provide the audit firm, audit scope, exact cadence, or au | anthropic: unsupported — goal-fit: The SLOT QUESTION requires a per-audit fact giving scope + date (fund audits AND smart-contract audits) with a named firm. The source only states 'We already undergo regular audits as requir
AuditsGrant Thornton (Cayman) serves as auditor; the evidence does not disclose audit scope or date.UnverifiedMore
Sources · 1
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source identifies Grant Thornton (Cayman) as the auditor, but it gives neither the audit scope nor an audit date. Therefore, it does not answer the slot question, which requires scope an | anthropic: unsupported — goal-fit: The slot question requires an audit fact of the form audits_<firm> = scope + date (fund and/or smart-contract audit scope plus a date). The source confirms only the auditor's name ('Auditor
HoldingsSTRC Stock represents 100% of disclosed custody backing, with one share reserved for each STRCx token as of June 26, 2026.DisputedMore
Sources · 2
Drop the phantom citation; the '1 share per token' claim rests solely on 60f40399, which carries no date.
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source describes a generic 1:1 custody model and says an equivalent share is reserved for each STRCX token, but it does not disclose a holdings table, identify STRC Stock as 100% of cust | anthropic: unsupported — The source (an explicitly AI-generated CMC page, flagged "CMC AI can make mistakes") supports part of the claim: it states "for every STRCX token, there is an equivalent share held in reserve" and "ba
Underlying / economicSTRCx inherits STRC dividend, price, and principal risks; Strategy does not guarantee dividends, liquidity, returns, or principal.DisputedMore
Sources · 3
All three cited evidence IDs (d5fec68c, 7d1034ad, 6021acb8) are absent from the provided corpus; the 'no guarantee of dividends/liquidity/returns/principal' assertion is unverifiable as written, though visible evidence (d5f68a45, 7fd6fa61) could ground a similar claim.
sec.gov ↗“There is no guarantee of returns, liquidity, future performance or return of principal”
sec.gov ↗“rate is subject to monthly adjustment and may be significantly lower;dividend is not guaranteed”
sec.gov ↗“basedon $100 stated amount; trading price and effective yield may vary; not indicative of future rates”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The filing supports STRC-specific dividend-rate, market-price, liquidity, return, and principal risks, including monthly rate adjustments and non-guaranteed dividends. But it never identifie | anthropic(sub:gpt): unsupported — goal-fit: The issuer disclosure supports STRC’s variable-rate, dividend, trading-price, liquidity, return, and principal risks, including that its rate may fall substantially and dividends are not gua [duplicate actual family allowed by substitution]
Caps / gatesStrategy cannot partially redeem STRC unless at least $250 million stated amount remains outstanding and uncalled.DisputedMore
Sources · 1
Cited evidence 3f33ea6b is absent from the corpus; the $250 million minimum-outstanding partial-redemption limit cannot be verified. It also describes an STRC-level partial-redemption constraint, not a per-investor or global STRCx redemption cap/window, which is what the slot asks for.
sec.gov ↗“However, we may not redeem
less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of the time we provide the related redemption notice.”
Verifier note: lost head-to-head to incumbent cde66a88-ad23-47fc-93ba-1ec6cc7038eb: The claims are substantively equivalent and directly address a global partial-redemption cap. The incumbent is better supported by its own evidence because it cites two consistent Strategy disclosures, while the new claim cites only one. Under the tie-break rule, the incumbent prevails.
Exit pathsStrategy may redeem all STRC shares after a tax event at liquidation preference plus accumulated unpaid dividends.DisputedMore
Sources · 1
Cited evidence 6032aa79 is absent from the corpus; the tax-event redemption claim is unverifiable.
sec.gov ↗“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The SEC filing expressly states that Strategy may elect to redeem all, but not less than all, outstanding STRC Stock if a defined tax event occurs, for cash equal to the liquidation preference measure | anthropic(sub:gpt): unsupported — goal-fit: The source confirms an issuer-elected, all-shares tax-event redemption for cash at the prior-business-day liquidation preference plus accumulated and unpaid regular dividends through the red [duplicate actual family allowed by substitution]
Exit pathsStrategy may redeem all STRC shares when outstanding shares fall below 25% of total issued shares.DisputedMore
Sources · 1
Cited evidence 84fbe12a is absent from the corpus; the 25% cleanup-call threshold is unverifiable and again describes an STRC issuer right, not STRCx redemption.
sec.gov ↗“We also have the right, at
our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering
of STRC Stock and in any future offering taken together, at a cash redemption price per share of STRC Stock to be redeemed equal to the liquidation preference per share of STRC Stock as of the business day before the date we provide the related
redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The filing expressly grants Strategy the right, at its election, to redeem all—and not less than all—outstanding STRC Stock for cash when outstanding STRC shares are less than 25% of the aggregate sha | anthropic(sub:gpt): unsupported — goal-fit: The source confirms a cleanup redemption right when outstanding STRC shares fall below 25% of shares issued in the initial and future offerings, but the claimed value does not provide the co [duplicate actual family allowed by substitution]
Exit pathsStrategy may redeem STRC shares for cash at $101 per share plus accumulated unpaid dividends.DisputedMore
Sources · 2
Cited evidence 7f088a93 and 82fdeed3 are not in the provided corpus; the specific $101-per-share optional call figure is unverifiable. This is Strategy's right to redeem STRC, not a token-holder exit path for STRCx.
sec.gov ↗“We have
the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption
price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
sec.gov ↗“(or such higher amount as may be chosen in our sole discretion, it being understood that such higher amount (or the formula to determine such higher
amount) will be announced by prior public notice and/or set forth in the applicable relevant notice of redemption)”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The filing supports an issuer-optional cash redemption at $101 per share (or a higher discretionary amount) plus accumulated and unpaid regular dividends, if any, through the redemption date | anthropic(sub:gpt): unsupported — goal-fit: The source supports an issuer-optional cash redemption at $101 per share or a higher issuer-selected amount, plus accumulated and unpaid regular dividends through the redemption date. Howeve [duplicate actual family allowed by substitution]
Exit pathsSTRC holders may require Strategy to repurchase shares after a fundamental change at stated amount plus accumulated unpaid dividends.DisputedMore
Sources · 1
Cited evidence e97f0912 is absent from the provided corpus, so the fundamental-change repurchase claim cannot be verified. Also a scope issue: this is an STRC preferred-stock holder right at the issuer level; the synthesis does not establish that it passes through to STRCx token holders.
sec.gov ↗“holders of STRC Stock will have the right (which we refer to as the “fundamental change repurchase right”) to require us to repurchase some or all of their shares of STRC Stock at a
cash repurchase price equal to the stated amount of the STRC Stock to be repurchased, plus accumulated and unpaid regular dividends, if any, to, and including the fundamental change repurchase date.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source confirms a fundamental-change repurchase right for some or all STRC shares, settled in cash at the $100 stated amount plus accumulated and unpaid regular dividends through the rep | anthropic(sub:gpt): unsupported — goal-fit: The source confirms a holder-initiated fundamental-change repurchase right at the $100 stated amount plus accumulated and unpaid regular dividends through the repurchase date, but the claim [duplicate actual family allowed by substitution]
Operating historyBacked announced xStocks on May 28, 2025. Backed joined Kraken on December 2, 2025.UnverifiedMore
STRCx was publicly documented by June 26, 2026.
Sources · 3
backed.fi ↗“Backed is thrilled to unveil xStocks, a new line of over 55 tokenized stocks and ETFs, set to launch soon on Kraken and integrated with Solana’s best DeFi apps.”
backed.fi ↗“Backed Joins Kraken
We become part of Kraken to push tokenized equities to the next stage
December 2, 2025”
coinmarketcap.com ↗“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
Verifier note: lost head-to-head to incumbent 79524a68-5100-4938-ac27-10dbdaa72498: The incumbent directly provides issuer milestones with precise dates and concrete events—STRC’s scheduled initial issuance, monthly dividend-rate adjustments, and added sales capacity—and each is supported by Strategy’s SEC filings. The new claim’s cited evidence does not substantiate the May 28, 2025 announcement date or the June 26, 2026 STRCx documentation date, and its CoinMarketCap citation only describes tokenized equity generally.
HoldingsSTRC preferred stock represents 100% of disclosed token backing, at one reserved share per STRCx token as of June 26, 2026.DisputedMore
Sources · 2
Treat 2026-06-26 as an unsourced retrieval/access date, not a disclosure date; do not present it as an as-of disclosure date.
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
sec.gov ↗“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
Verifier note: panel 1/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — CoinMarketCap’s AI-generated overview states a generic 1:1 relationship—one equivalent STRC share for each STRCX token—but does not provide a reserve attestation, disclosed holding inventory, or portf | anthropic(sub:gpt): confirmed — The June 26, 2026 CoinMarketCap page states that every STRCX token is backed 1:1 by an equivalent share held in reserve. The SEC filing identifies STRC as Strategy’s Variable Rate Series A Perpetual S [duplicate actual family allowed by substitution] | gpt: unsupported — goal-fit: The claimed value is blank and does not provide the required holding name, weight/description, or as-of date. The sources describe STRCX as allegedly backed 1:1 by STRC and identify STRC as
Unilateral changesStrategy may conform STRC certificates to specified offering documents without holder consent; this evidence addresses underlying STRC, not the token wrapper.UnverifiedMore
Sources · 1
sec.gov ↗“our proxy statement filed with the SEC on April 28, 2026”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports that Strategy may, without holder consent, conform the STRC certificate of designations or certificates representing STRC Stock to specified offering documents. However, | anthropic: confirmed — Item 11 of the source, under the sub-caption 'Certain Amendments Permitted Without Consent,' expressly permits the issuer to 'conform the provisions of the certificate of designations or the certifica
Exit pathsSTRCx holders may sell through supported centralized or decentralized venues; disclosed onchain trades settle instantly.DisputedMore
Sources · 3
Acceptable inference but flag the generic-to-specific extrapolation.
solana.com ↗“You can use decentralized exchanges or aggregators like Raydium , Kamino or Jupiter to buy AAPLx or SPYx, or any other xStocks.”
solana.com ↗“On a centralized exchange like Kraken or Bybit , xStocks appear like any crypto asset. You can buy xStocks and then withdraw to a self-custodial wallet to completely control the assets.”
solana.com ↗“There is instant settlement as the trades execute onchain immediately rather than waiting for clearing houses.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source supports secondary trading of xStocks generally through named centralized and decentralized venues and states that onchain trades settle instantly. However, it does not identify S | anthropic: unsupported — The three claimed quotes appear verbatim in the archived Solana case study, so the source does describe buying/selling xStocks via DEXs (Raydium, Kamino, Jupiter) and CEXs (Kraken, Bybit) and asserts
Exit pathsStrategy may redeem underlying STRC at $101 per share plus accumulated unpaid dividends.DisputedMore
Sources · 1
Verify $101 against a quoted source term.
sec.gov ↗“we may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount
of STRC Stock is outstanding and not called for redemption as of the time we provide the related redemption notice.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: contradicted — The issuer-call price is not necessarily $101: Strategy may choose a higher cash redemption price. The claim also omits the partial-redemption gate: any partial call must leave at least $250 million a | anthropic: confirmed — The archived 424B5 states verbatim: 'We have the right, at our election, to redeem all, or any whole number of shares... of the issued and outstanding STRC Stock, at any time... at a cash redemption p
Key peopleStrategy leadership includes founder and Executive Chairman Michael Saylor, CEO Phong Le, CFO Andrew Kang, and Treasurer Shirish Jajodia. The corpus does not identify xStocks founders or current leadership.UnverifiedMore
Sources · 4
sec.gov ↗“said Michael Saylor, Founder and Executive Chairman of Strategy.”
sec.gov ↗“said Phong Le, President and Chief Executive Officer of Strategy.”
sec.gov ↗“said Andrew Kang, Chief Financial Officer of Strategy.”
sec.gov ↗“Shirish Jajodia
Corporate Treasurer
ir@strategy.com”
Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The SEC filings substantiate Michael Saylor, Phong Le, Andrew Kang, and Shirish Jajodia as Strategy personnel, but they do not tie any of them to xStocks, the product at issue. The sources a | anthropic: confirmed — All four named individuals are supported by the union of fetched sources. The mstr-ex99_1.htm press release explicitly states 'Michael Saylor, Founder and Executive Chairman of Strategy,' 'Phong Le, P
CategoryRwa-otherUnverifiedMore
Sources · 3
coinmarketcap.com ↗“STRCX is a tokenized version of a traditional financial instrument, designed to provide blockchain-native access to real-world stocks and ETFs.”
coinmarketcap.com ↗“The model is part of the broader tokenized real-world asset (RWA) movement, which seeks to bring traditional financial products onto blockchain infrastructure.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — The CoinMarketCap material identifies the underlying as a traditional stock and therefore substantively points to rwa-other, but all cited evidence is aggregator content, including an expressly fallib | anthropic: contradicted — The slot requires classifying by the nature of the underlying asset. Both cited CMC sources are explicit and consistent: STRCX is a 'tokenized stock (xStock)' backed 1:1 by an actual equity share held
Source documentsRWA.xyz STRCx asset page, date undisclosed, identifying USD as the subscription and redemption base asset: https://app.rwa.xyz/assets/STRCxUnverifiedMore
Sources · 1
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — goal-fit: The cited RWA.xyz asset page states “Base Assets USD,” but the slot requires a key document’s type, date, and original-source URL. The claim instead describes an aggregator page with an undi [duplicate actual family allowed by substitution] | kimi: unsupported — evidence class mismatch: the claim is supported only by the RWA.xyz aggregator page (b5a6598c, class=aggregator), which is not among the required classes (issuer-docs, legal-terms, regulator, audit, a
Source documentsForm 8-K Risk Factor Updates, July 7, 2025: https://www.SEC.gov/Archives/edgar/data/1050446/000119312525164852/d65643dex991.htmDisputedMore
Sources · 1
Wrong/duplicate URL: cites the same d65643dex991.htm as document_risk_factors_10q. ev:d38205ab only references the July 7, 2025 Form 8-K Risk Factor Updates from within the exhibit; the exhibit is not that 8-K. Two distinct documents are pointed at one unrelated exhibit URL.
sec.gov ↗“the factors discussed under the header
“Risk Factor Updates” in Strategy’s current report on Form 8-K filed with the Securities and Exchange Commission on July 7, 2025”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited URL is an offering press release that merely references a separate Form 8-K filed July 7, 2025; it is not the original Form 8-K or its “Risk Factor Updates.” The claim therefore do | anthropic(sub:gpt): unsupported — goal-fit: The cited SEC exhibit is a press release concerning the STRC offering, not the July 7, 2025 Form 8-K or its “Risk Factor Updates.” It merely references that separate filing. Therefore, the s [duplicate actual family allowed by substitution] | kimi: unsupported — The cited URL (d65643dex991.htm) is an Exhibit 99.1 press release about the STRC Stock offering, not the claimed Form 8-K Risk Factor Updates document itself. The quoted text appears in the archived c
Source documentsForm 10-Q Risk Factors, May 5, 2025: https://www.SEC.gov/Archives/edgar/data/1050446/000119312525164852/d65643dex991.htmDisputedMore
Sources · 1
Wrong URL: the value cites https://www.sec.gov/.../000119312525164852/d65643dex991.htm, which is the Exhibit 99.1 that merely MENTIONS the May 5, 2025 Form 10-Q (ev:843fd25f); it is not the 10-Q itself. The corpus does not provide the actual 10-Q URL, so the source link is misattributed.
sec.gov ↗“the other factors
discussed in the “Risk Factors” section of Strategy’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 5, 2025”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited SEC URL is a press release (Exhibit 99.1) that merely references Strategy’s Quarterly Report on Form 10-Q filed May 5, 2025. It is not the Form 10-Q or its Risk Factors section, an | anthropic(sub:gpt): unsupported — goal-fit: The cited URL is an exhibit containing a press release, not the original Form 10-Q or a qualifying prospectus, terms document, attestation, audit, or fact sheet. It merely references a Form [duplicate actual family allowed by substitution] | kimi: unsupported — The cited URL is an 8-K exhibit press release (d65643dex991.htm) about the STRC Stock offering, not the Form 10-Q itself. The archived content only mentions in passing 'the "Risk Factors" section of S
Minimum0DisputedMore
Sources · 1
redemption_minimum should be flagged undisclosed; base_assets USD (ev:4ece8b1d) does not establish a direct redemption minimum either.
solana.com ↗“There is no minimum amount and no management fees.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited Solana Foundation case study says users can buy fractional xStocks with “no minimum amount,” but it does not state the smallest direct redemption that the issuer processes. It disc | anthropic(sub:gpt): unsupported — goal-fit: The cited Solana Foundation case study says users can invest with “no minimum amount,” but this describes fractional purchasing or trading, not the smallest direct redemption the issuer proc [duplicate actual family allowed by substitution] | kimi: unsupported — goal-fit: the slot asks for the smallest direct redemption the issuer processes, but the cited source only says "There is no minimum amount and no management fees" in the context of fractional ownersh
Exit pathsStrategy may redeem STRC after a tax event at liquidation preference plus accumulated unpaid dividends; settlement timing remains undisclosed.UnverifiedMore
Sources · 1
sec.gov ↗“The redemption price for any STRC Stock to be redeemed pursuant to a
clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy
provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports an issuer-elected cash tax redemption at liquidation preference plus accumulated and unpaid regular dividends, and gives no settlement timing. However, the value does not | anthropic(sub:gpt): unsupported — goal-fit: The source supports a tax redemption for cash at the applicable liquidation preference plus accumulated and unpaid regular dividends through the redemption date, and it does not disclose a s [duplicate actual family allowed by substitution] | kimi: confirmed — The archived SEC filing states verbatim that for a tax redemption the price equals the liquidation preference plus accumulated and unpaid regular dividends, and the filing discloses no settlement timi
Exit pathsHolders sell STRCx through Kraken or Bybit; exchange settlement, minimums, caps, and fees remain undisclosed.UnverifiedMore
Sources · 1
solana.com ↗“On a centralized exchange like Kraken or Bybit , xStocks appear like any crypto asset. You can buy xStocks and then withdraw to a self-custodial wallet to completely control the assets.”
Verifier note: panel 0/4 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — evidence class mismatch [duplicate actual family allowed by substitution] | kimi: unsupported — The source supports that xStocks generally trade on Kraken and Bybit, but it never mentions STRCx specifically — STRCx does not appear in the article's full list of 60+ xStocks, so claiming holders se | gpt: unsupported — goal-fit: The cited issuer-adjacent article supports purchasing xStocks on Kraken or Bybit and withdrawing them to a self-custodial wallet, but that is a CEX withdrawal/transfer path, not a disclosed
Exit pathsHolders sell STRCx through decentralized exchanges or aggregators; trades settle instantly onchain; minimums, caps, and fees remain undisclosed.UnverifiedMore
Sources · 2
solana.com ↗“You can use decentralized exchanges or aggregators like Raydium , Kamino or Jupiter to buy AAPLx or SPYx, or any other xStocks.”
solana.com ↗“There is instant settlement as the trades execute onchain immediately rather than waiting for clearing houses.”
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — evidence class mismatch [duplicate actual family allowed by substitution] | kimi: contradicted — The archived source never mentions STRCx; the quoted passage covers buying AAPLx/SPYx and 'any other xStocks' generically, and STRCx is absent from the article's own 60+ ticker list, so attributing th
AuditsThe product structure includes audited smart contracts; the evidence does not identify the audit firm or date.UnverifiedMore
Sources · 1
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source states only that the product structure includes “audited smart contracts.” It does not provide the audit firm, audit scope, or date required by the slot question for one fact per | anthropic(sub:gpt): unsupported — goal-fit: The source states only that the product structure includes “audited smart contracts.” It does not provide the audit firm, audit scope, or date required by the slot question’s per-audit value [duplicate actual family allowed by substitution] | kimi: unsupported — goal-fit: the source does state the product structure includes 'audited smart contracts,' so the atomic claim is textually supported, but the slot question requires one fact per audit identifying the
Tax treatmentStrategy expects preferred-stock distributions to receive tax-deferred return-of-capital treatment. A tax event permits redemption at liquidation preference plus unpaid dividends.UnverifiedMore
Sources · 2
sec.gov ↗“our expectations regarding the tax-deferred return of capital treatment of distributions on our preferred stock”
sec.gov ↗“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources support an expectation that preferred-stock distributions will receive tax-deferred return-of-capital treatment and document STRC issuer redemption rights upon a tax event. Howev | anthropic(sub:gpt): unsupported — goal-fit: The sources support that Strategy expects tax-deferred return-of-capital treatment for preferred-stock distributions and that a tax event permits issuer-elected redemption of all STRC shares [duplicate actual family allowed by substitution] | kimi: confirmed — Both sub-claims are directly supported by assigned regulator-class evidence. The press release states, in its forward-looking statements, 'our expectations regarding the tax-deferred return of capital
Exit pathsHolders may sell xStocks through decentralized venues including Raydium, Kamino, and Jupiter.DisputedMore
Sources · 2
disputed
solana.com ↗“You can use decentralized exchanges or aggregators like Raydium , Kamino or Jupiter to buy AAPLx or SPYx, or any other xStocks.”
solana.com ↗“Live since June 30, 2025 with 60+ tokenized stocks from some of the U.S.’s largest companies and ETFs (e.g., Apple, Nvidia, S&P 500) available for non-U.S. persons to buy/hold like any SPL token.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — The only fetched content is solana.com/uk/news/case-study-xstocks — a Solana Foundation promotional/case-study article. The required evidence classes for this redemption-path slot are legal-terms, iss | gpt: unsupported — evidence class mismatch
Exit pathsHolders may sell xStocks through Kraken or Bybit and withdraw purchased tokens to self-custody.DisputedMore
Sources · 2
disputed
solana.com ↗“On a centralized exchange like Kraken or Bybit , xStocks appear like any crypto asset. You can buy xStocks and then withdraw to a self-custodial wallet to completely control the assets.”
solana.com ↗“Live since June 30, 2025 with 60+ tokenized stocks from some of the U.S.’s largest companies and ETFs (e.g., Apple, Nvidia, S&P 500) available for non-U.S. persons to buy/hold like any SPL token.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch — the sole supporting source for this claim is the Solana Foundation 'case study' article (solana.com/news), which is promotional media/aggregator content, not one of the requi | gpt: unsupported — goal-fit: The cited Solana Foundation article describes purchasing xStocks on centralized exchanges and withdrawing them to self-custody, not redeeming xStocks through a centralized exchange. It provi
Exit pathsStrategy may redeem all STRC when outstanding shares fall below 25%, paying liquidation preference plus accumulated dividends.UnverifiedMore
Sources · 2
sec.gov ↗“We also have the right, at our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total
number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering of STRC Stock and in any future offering taken together”
sec.gov ↗“The redemption price for any STRC Stock to be redeemed pursuant to a
clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy
provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The clean-up redemption statement is accurate, but it does not fully answer the slot question. It omits other disclosed exit paths, including ordinary optional redemption, tax redemption, an | anthropic: confirmed — Both cited sources directly support the clean-up redemption path. The 424B5 (regulator/issuer prospectus supplement) states Strategy has 'the right, at our election, to redeem all, and not less than a
Admin powersStrategy may redeem STRC at $101 plus unpaid dividends. Strategy may redeem all STRC after specified cleanup or tax events.DisputedMore
Sources · 3
Redemption call rights belong under unilateral_changes (issuer action without holder consent); admin_powers is unsupported and should be an unknown.
sec.gov ↗“We have
the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption
price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
sec.gov ↗“We also have the right, at
our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering
of STRC Stock and in any future offering taken together, at a cash redemption price per share of STRC Stock to be redeemed equal to the liquidation preference per share of STRC Stock as of the business day before the date we provide the related
redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
sec.gov ↗“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The SEC filing supports issuer redemption rights, but the claim does not answer who holds pause, freeze, blacklist, or upgrade powers over the token or backing, nor what multisig, timelock, | anthropic: unsupported — goal-fit: The slot question asks who holds pause/freeze/blacklist/upgrade powers over the token and its backing, and what process (multisig, timelock, committee) gates them. The claim instead describe
What it isSTRCX is an xStock token representing economic exposure to Strategy’s STRC preferred stock. Each token is reportedly backed 1:1 by STRC held in custody.UnverifiedMore
Holders receive a legal claim to the stock’s value, not disclosed direct ownership of the reserve share.
Sources · 4
coinmarketcap.com ↗“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch. The target slot ts:description/what_it_is requires evidence of class issuer-docs or legal-terms. The only fetched/archived content backing the material claims (backed 1:1, leg
Run operations
Issuer entity f70188e0-f174-4fd1-a5f1-a932060a61bb · last updated 2026-08-07T16:18:35.476Z
Underlying issuer entity 2f24dd7e-17f6-49a5-95de-914124f83f32 · last updated 2026-08-07T11:14:12.089Z
2 source channels auto-trusted this run (revocable in Autoresearch)
discover · claude · ok · 135s · 119 links
discover · codex · ok · 140s · 168 links
resolve · resolve-light · ok · 56 links
ingest · ingest · weak
plan · plan · ok
synthesize · synthesize · ok
Coverage
30 of 43 fields verified · 4 unverified · 28 not found
Run 2026-08-07T06:33:45.038Z · done · cost $0.00
Automated research, human-reviewed. Verify against source documents before credit decisions.
