Strategy PP Variable xStock
STRCXOverview
STRCX price
$99.4257
STRCX price
$99.4257
Growth of $10,000 over 1 month
Growth of $10,000 over all history
$10,799.61
+$799.61$9,692.63
-$307.37As of August 4, 2026
1 mo
Since inception
STRCX
+8.00%
-1.35%
Benchmark
3M T-BILL
+0.32%
+0.31%
1 mo
Since inception
STRCX
+8.00%
-3.07%
Benchmark
3M T-BILL
+0.32%
+0.70%
Pool-wide metrics
Yield source
Remove the phantom citation and the unsupported bitcoin claim; ground yield_source on da053a9e/59fdbfbb/606e3d80 plus the variable-rate dividend evidence.
“Regular dividends, if any, on the STRC Stock will accumulate on the stated amount thereof, which is $100 per share of STRC Stock, and will be payable when, as and if declared by our “board of directors” (as defined in this STRC Stock Annex), out of funds legally available for their payment, monthly in arrears on the last calendar day of each calendar month.”
“Declared regular dividends on the STRC Stock will be payable solely in cash.”
“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.”
“Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales.”
Verifier note: panel 2/4 confirmed (sourceDomains=1, disputed) | trimmed uncited claims (0) and re-confirmed | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | kimi: confirmed — Every material claim is supported by the union of the fetched sources, and those sources satisfy the required evidence classes by content: the 424B5 prospectus supplement is the STRC legal-terms docum | gpt: confirmed — The assigned SEC filings establish that STRC’s investor return is a cumulative, variable-rate preferred-stock dividend obligation of Strategy, payable solely in cash when declared and from legally ava
Structure & quality
Material omission: the disclosed dividend rate is absent. Evidence gives the initial rate of 9.00% (3aec291e), the current rate of 11.50% (2ceef9fc), a SOFR-based rate floor and 25bp reduction cap (b28f24d5, 6dadca48), and a daily-adjusting liquidation preference floored at $100 (8187c9cc, 0d8c3663). Credit/rate profile is understated by only saying the rate 'adjusts monthly.'
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
“The STRC Stock has an initial liquidation preference of $100 per share. The liquidation preference is subject to adjustment in the manner described in this STRC Stock Annex. However, the liquidation preference will not be adjusted to an amount that is less than $100 per share.”
“Regular dividends, if any, on the STRC Stock will accumulate on the stated amount thereof, which is $100 per share of STRC Stock, and will be payable when, as and if declared by our “board of directors” (as defined in this STRC Stock Annex), out of funds legally available for their payment, monthly in arrears on the last calendar day of each calendar month.”
Strategy classifies preferred securities including STRC as Digital Credit.
“Strategy Inc (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE) is the world's first and largest Bitcoin Treasury Company.”
“By using proceeds from equity and debt financings, as well as cash flows from our operations, we strategically accumulate Bitcoin and advocate for its role as digital capital. Our treasury strategy is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments.”
“In addition, we provide industry-leading AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere.”
“Strategy has the flexibility to fund strategic transactions using cash, Digital Equity, Digital Credit, or Digital Capital, giving us multiple levers to optimize our balance sheet and respond to market conditions.”
Verifier note: panel 2/3 confirmed (sourceDomains=1) | gpt-family: confirmed — The SEC-filed exhibits establish each material element: Strategy identifies itself as a Bitcoin Treasury Company; states that it accumulates bitcoin using equity and debt financing proceeds and operat | anthropic-family: unsupported — evidence class mismatch: The factual content of the claim (Bitcoin Treasury Company, accumulation via equity/debt financing proceeds and operating cash flows, AI-powered enterprise analytics software, | kimi-family: confirmed — Every material claim is supported by the union of the archived regulator sources. 'World's first and largest Bitcoin Treasury Company' appears verbatim in both exhibits. 'By using proceeds from equity
Backers, auditor, and launch date.
“The issuance and sale of the STRC Stock is scheduled to settle on July 29, 2025, subject to customary closing conditions.”
Strategy subsequently appointed those firms and additional institutions as STRC sales agents.
“Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Company, has issued a legal opinion relating to the Shares.”
“Morgan Stanley, Barclays, Moelis & Company and TD Securities are acting as joint book-running managers for the offering. The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods and Maxim Group LLC are acting as co-managers for the offering.”
Independent layers of protection — the legal wrapper, the asset custodian, and third-party validators.
Protects holders if the issuer fails.
“our expectations regarding the tax-deferred return of capital treatment of distributions on our preferred stock”
Verifier note: panel 2/3 confirmed (sourceDomains=1) | gpt-family: unsupported — goal-fit: The cited regulator filing states only Strategy’s forward-looking expectation that preferred-stock distributions will receive tax-deferred return-of-capital treatment. It does not answer the | anthropic-family: confirmed — The SEC filing (regulator-class evidence, matching the required class) contains the exact quoted language: 'our expectations regarding the tax-deferred return of capital treatment of distributions on | kimi-family: confirmed — The cited SEC exhibit states verbatim the Company's 'expectations regarding the tax-deferred return of capital treatment of distributions on our preferred stock,' directly supporting the claim's prima
Add the fundamental-change repurchase right to the walkthrough.
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
“Account Segregation Bankruptcy Remote”
“Senior to STRD, STRK, and MSTR common stock, junior to debt (including convertible notes) and STRF”
“has only a preferred claim on residualassets”
“Ownership of the Company’s securities, including its class A common stock and preferred stock, does not represent an ownership interest in, or a redemption right with respect to, the bitcoin the Company holds.”
Verifier note: panel 2/4 confirmed (sourceDomains=2, disputed) | trimmed uncited claims (4) and re-confirmed | gpt-family: unsupported — evidence class mismatch | anthropic-family: confirmed — goal-fit: the claim directly answers the SLOT QUESTION (issuer failure — control of assets, holders' claim, seniority ordering). Every material claim is supported by the union of fetched sources: (1) | kimi-family: unsupported — evidence class mismatch. The claims about STRC's ranking (junior to debt and STRF, senior to STRD, STRK, and common) and the absence of any direct claim on Strategy's bitcoin are supported by the SEC | gpt-family: confirmed — Assigned SEC evidence establishes each material point: STRC ranks junior to debt, including convertible notes, and STRF, while ranking senior to STRD, STRK, and common stock; it is not collateralized
“Registration No. 333-284510”
“As Filed Pursuant to Rule 424(b)(5) Registration No. 333-284510”
“Distribution • SEC Registered”
“Regulatory Bridge – The product is structured to be compliant with EU regulations, aiming to merge traditional finance with decentralized ecosystems.”
“compliant with EU regulations, accessible to non-US users”
Verifier note: panel 1/3 confirmed (sourceDomains=2) | trimmed uncited claims (4) and re-confirmed | gpt-family: unsupported — The SEC filings support that Strategy’s STRC shares are registered on Form S-3 under Registration No. 333-284510 and offered pursuant to Rule 424(b)(5). However, the regulator evidence does not establ | anthropic-family: unsupported — The SEC-registration portion is solid and answers the slot: the FWP (filed under Rule 433) shows 'Registration No. 333-284510', a Form S-3 registration, and the 424B5 shows 'As Filed Pursuant to Rule | gpt-family: confirmed — SEC filings establish that Strategy’s STRC shares are offered under Registration No. 333-284510. The July 21, 2025 filing expressly identifies a Form S-3 registration statement and describes STRC dist
Third-party checks on the operation.
Strategy may abandon its price-stabilization policy. Strategy may redeem STRC under specified call, cleanup, or tax-event provisions.
“Our right to unilaterally reduce the regular dividend rate could cause the STRC Stock to accumulate dividends at rates that are below those of otherwise comparable instruments, could cause the trading price or value of the STRC Stock to decrease, and could otherwise significantly harm investors.”
“Strategy will not be permitted to reduce the monthly regular dividend rate per annum that will apply to any regular dividend period (i) by more than the following amount from the monthly regular dividend rate per annum applicable to the prior regular dividend period: the sum of (1) 25 basis points; and (2) the excess, if any, of (x) the one-month term SOFR rate on the first business day of such prior regular dividend period, over (y) the minimum of the one-month term SOFR rates that occur on the business days during the period from, and including, the first business day of such prior regular dividend period to, and including, the last business day of such prior regular dividend period; or (ii) to a rate per annum that is less than the one-month term SOFR rate in effect on the business day before Strategy provides notice of the next monthly regular dividend rate per annum.”
“Auditor Grant Thornton (Cayman)”
Strategy may redeem STRC at $101 plus unpaid dividends. Strategy may change its stated $99-to-$101 issuance policy unilaterally.
The settlement ladder for exiting your position.
“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”
“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 3/3 confirmed (sourceDomains=1) | gpt: confirmed — The SEC-filed prospectus states that Strategy may elect to redeem all, and not less than all, outstanding STRC when outstanding shares are less than 25% of the shares issued in the initial and all fut | anthropic(sub:gpt): confirmed — The issuer documents establish that Strategy may elect a clean-up redemption of all, and not less than all, outstanding STRC for cash when outstanding shares are less than 25% of all STRC shares issue [duplicate actual family allowed by substitution] | kimi: confirmed — Both assigned issuer-docs (424B5 prospectus supplement and Exhibit 99.1) directly state Strategy's right to redeem all, and not less than all, of STRC Stock for cash when outstanding shares fall below
Same conflation applies to redemption_path_issuer_call, redemption_path_cleanup, and redemption_path_tax.
“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 3/3 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The prospectus expressly establishes this holder-initiated exit path: following a defined fundamental change, and subject to disclosed exceptions, holders may require cash repurchase of some or all ST | anthropic(sub:gpt): confirmed — The issuer’s SEC-filed prospectus supplement expressly states that, upon a fundamental change and subject to described exceptions, STRC holders may require cash repurchase of some or all shares at the [duplicate actual family allowed by substitution] | kimi: confirmed — The archived SEC prospectus supplement (issuer-docs, a required class) states verbatim: holders of STRC Stock 'will have the right (which we refer to as the "fundamental change repurchase right") to r
“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.”
“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.”
Unsupported by available evidence.
Underlying / economic
Strategy's bitcoin holdings pay no interest
“Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales.”
“fluctuations in the market price of bitcoin and any associated unrealized gains or losses on digital assets that the Company may record in its financial statements as a result of a change in the market price of bitcoin from the value at which the Company’s bitcoins are carried on its balance sheet”
Verifier note: panel 2/4 confirmed (sourceDomains=1) | trimmed uncited claims (3) and re-confirmed | gpt: unsupported — The issuer disclosure supports that bitcoin pays no interest, cash generation from bitcoin holdings depends on sales, and price declines could reduce sale proceeds. It does not establish the material | anthropic(sub:gpt): unsupported — The filing supports that bitcoin pays no interest or other returns and that generating cash from bitcoin holdings requires sales. It also supports bitcoin-price volatility and the possibility that bit [duplicate actual family allowed by substitution] | kimi: confirmed — The first SEC filing (424B5 STRC Stock Annex) states verbatim: "Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales," directly | gpt: confirmed — The issuer’s SEC-filed disclosure expressly states that bitcoin pays no interest or other returns and that generating cash from its bitcoin holdings therefore depends on sales. This directly supports
Issuer failure
Strategy may become unprofitable or unable to service substantial debt, impairing its capacity to meet STRC obligations
“we may not be able to remain profitable in future periods;”
“the level and terms of the Company’s substantial indebtedness and its ability to service such debt”
Verifier note: panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — SEC-filed issuer disclosures establish each material element: Strategy may not remain profitable; its substantial indebtedness may become unserviceable and lead to default, bankruptcy, or liquidation; | anthropic: confirmed — The claim addresses the slot question about issuer failure/inability to meet obligations. Both material components are supported by the fetched issuer SEC filings: the 424b5 prospectus lists 'we may n
Regulatory
Regulatory actions can trigger pauses, lawful seizures, or future blocklists
persons are excluded from disclosed availability.
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
“This is often a regulatory requirement in order to seize assets based on a lawful court order.”
“Default Account State – While currently set to have all token accounts start in an "initialized" state, adding this extension allows Backed to optionally support sRFC-37, enabling efficient blocklist management, in the future, as adoption increases.”
“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.”
Depeg / liquidity
Issuer stabilization remains discretionary
disputed
“the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin”
“Our current intention, which is subject to change in our sole and absolute discretion, is to adjust the regular dividend rate in such a manner as we believe will maintain STRC Stock’s trading price at or close to its stated amount of $100 per share.”
“our current intention (which is subject to change in our sole and absolute discretion) is to issue any such shares of STRC Stock at a price per share not less than $99 or more than $101.”
Verifier note: panel 2/3 confirmed (sourceDomains=1, disputed) | trimmed uncited claims (1) and re-confirmed | gpt: unsupported — The filings establish that STRC can trade away from its $100 stated amount—including a reported $94.50 price—and that Strategy’s dividend-rate and issuance-price stabilization intentions are discretio | anthropic: confirmed — Goal-fit: the claim directly answers the slot question (mechanisms that push secondary price away from peg/stated amount). Material claims all verified against the union of sources. (1) 'STRC can trad | gpt: confirmed — The SEC-filed STRC prospectus expressly states that dividend-rate adjustments intended to keep STRC near $100, and issuance within $99–$101, are current intentions subject to change in the issuer’s so
Exit risk
Partial STRC calls must leave $250 million outstanding and uncalled
“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.”
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
Verifier note: panel 1/3 confirmed (sourceDomains=2) | trimmed uncited claims (2) and re-confirmed | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch — The partial-call floor ("at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption") is squarely supported by the SEC 424B5 p | gpt: confirmed — The SEC-filed STRC prospectus expressly provides that Strategy may redeem less than all outstanding STRC only if at least $250.0 million aggregate stated amount remains outstanding and not called for
“fluctuations in the market price of bitcoin and any associated unrealized gains or losses on digital assets that the Company may record in its financial statements as a result of a change in the market price of bitcoin from the value at which the Company’s bitcoins are carried on its balance sheet”
“sales of Digital Equity (MSTR) and Digital Credit (STRC) under Strategy's at-the-market offering programs”
Drop the missing evidence id.
Strategy may abandon its price-stabilization policy. Strategy may redeem STRC under specified call, cleanup, or tax-event provisions.
“Our right to unilaterally reduce the regular dividend rate could cause the STRC Stock to accumulate dividends at rates that are below those of otherwise comparable instruments, could cause the trading price or value of the STRC Stock to decrease, and could otherwise significantly harm investors.”
“Strategy will not be permitted to reduce the monthly regular dividend rate per annum that will apply to any regular dividend period (i) by more than the following amount from the monthly regular dividend rate per annum applicable to the prior regular dividend period: the sum of (1) 25 basis points; and (2) the excess, if any, of (x) the one-month term SOFR rate on the first business day of such prior regular dividend period, over (y) the minimum of the one-month term SOFR rates that occur on the business days during the period from, and including, the first business day of such prior regular dividend period to, and including, the last business day of such prior regular dividend period; or (ii) to a rate per annum that is less than the one-month term SOFR rate in effect on the business day before Strategy provides notice of the next monthly regular dividend rate per annum.”
“Strategy will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full.”
“We may be unsuccessful in achieving, or may abandon, our current intention of adjusting the regular dividend rate in such a manner as we believe (in our sole and absolute judgment) would be designed to cause the STRC Stock to trade at prices, or otherwise have a value, near its stated amount of $100 per share”
Strategy may redeem STRC at $101 plus unpaid dividends. Strategy may change its stated $99-to-$101 issuance policy unilaterally.
“Our current intention, which is subject to change in our sole and absolute discretion, is to adjust the regular dividend rate in such a manner as we believe will maintain STRC Stock’s trading price at or close to its stated amount of $100 per share.”
“Our right to unilaterally reduce the regular dividend rate could cause the STRC Stock to accumulate dividends at rates that are below those of otherwise comparable instruments, could cause the trading price or value of the STRC Stock to decrease, and could otherwise significantly harm investors.”
“Strategy will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full.”
“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”
yield mechanics — searched, not found: The corpus explains STRC cash-dividend mechanics but does not establish how xStocks passes dividends to STRCX holders.
issuer entity — searched, not found: The corpus does not identify the xStocks brand owner, Backed-structure issuing SPV, jurisdiction, legal wrapper, or Kraken ownership.
issuer business — searched, not found: The corpus describes Strategy's business but does not establish the legal STRCX issuer or its business.
launch date — searched, not found: July 29, 2025 concerns the underlying STRC offering; the corpus does not establish STRCX's launch date.
operating history — searched, not found: The corpus provides Strategy milestones but no verified operating history for xStocks, its issuing SPV, or Kraken ownership.
backers investors — searched, not found: The corpus identifies no investors or backers of xStocks or its issuing vehicle.
key people — searched, not found: The corpus names Strategy leaders but does not cover xStocks founders, current leadership, departures, or role changes.
issuer incidents — searched, not found: The corpus provides no sufficient incident search covering xStocks, its issuing SPV, Backed, or Kraken.
transfer restrictions — searched, not found: The corpus establishes non-U.S. accessibility but not whitelist rules, freezing powers, or complete restricted-jurisdiction terms.
attestations — searched, not found: No assigned evidence identifies a reserves attestation provider or publication location.
attestation frequency — searched, not found: No assigned evidence establishes an independent attestation schedule or latest attestation date.
audits grant thornton — searched, not found: Grant Thornton (Cayman) is identified as auditor, but audit scope and date are undisclosed.
audits smart contract — searched, not found: The corpus says smart contracts are audited but omits the audit firm, scope, and date.
admin powers — searched, not found: No assigned evidence identifies token pause, freeze, blacklist, mint, or administrative-key controls.
upgradeability — searched, not found: No assigned evidence establishes whether STRCx contracts are upgradeable, who controls upgrades, or any delay.
onboarding requirements — searched, not found: The corpus does not disclose KYC/KYB procedures, thresholds, whitelisting requirements, or onboarding turnaround.
“Base Assets USD”
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
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.
“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
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.
“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
Cites evidenceId 60f40399, which does not exist in the provided evidence set. Remaining support (fb4a82f4/0fbdd6e0) covers the issuer's bitcoin use of proceeds but not the '1 STRC share' concentration claim, which relies on the missing evidence.
“Strategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital.”
“fluctuations in the market price of bitcoin and any associated unrealized gains or losses on digital assets that the Company may record in its financial statements as a result of a change in the market price of bitcoin from the value at which the Company’s bitcoins are carried on its balance sheet”
“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 0/4 confirmed (sourceDomains=2, disputed) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — evidence class mismatch [duplicate actual family allowed by substitution] | kimi: unsupported — evidence class mismatch. The proceeds half of the claim is solidly established by assigned regulator evidence: the SEC pricing release states Strategy intends to use net proceeds for general corporate | gpt: unsupported — goal-fit: The SEC source confirms only Strategy’s intended uses of the offering proceeds—general corporate purposes, including bitcoin acquisitions and working capital. It does not establish the degre
“the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin”
“Our current intention, which is subject to change in our sole and absolute discretion, is to adjust the regular dividend rate in such a manner as we believe will maintain STRC Stock’s trading price at or close to its stated amount of $100 per share.”
Verifier note: panel 0/4 confirmed (sourceDomains=1) | gpt: unsupported — The SEC prospectus supports that STRC can trade away from its $100 target: it reports a July 30, 2025 price of $94.50 and warns that dividend-rate adjustments intended to keep STRC near $100 may fail | anthropic(sub:gpt): unsupported — The SEC prospectus supports that STRC can trade away from its $100 target: it reports a $94.50 closing price and describes $100 maintenance as a discretionary objective that may be unsuccessful or aba [duplicate actual family allowed by substitution] | kimi: unsupported — The second half of the claim is supported: the STRC prospectus supplement states the issuer's intention to keep STRC trading near its $100 stated amount is discretionary and subject to change, and cit | gpt: unsupported — goal-fit: The sources establish that STRC can trade away from $100—including a reported $94.50 price—and that dividend-rate changes are intended, but not guaranteed, to influence its price. However, t
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — goal-fit: The cited Solana Foundation case study supports that Backed, as issuer, can pause all token interactions during emergencies, regulatory requirements, or security incidents. However, it does [duplicate actual family allowed by substitution] | kimi: unsupported — goal-fit: The slot question asks about redemption mechanics under mass exit — caps, windows, notice periods. The cited source only establishes that Backed can pause all token interactions via the Paus
“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.”
“This is often a regulatory requirement in order to seize assets based on a lawful court order.”
“Default Account State – While currently set to have all token accounts start in an "initialized" state, adding this extension allows Backed to optionally support sRFC-37, enabling efficient blocklist management, in the future, as adoption increases.”
Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — evidence class mismatch [duplicate actual family allowed by substitution] | kimi: confirmed — All material mechanisms in the claim are supported by the archived source. U.S. exclusion: xStocks are described as 'available for non-U.S. persons to buy/hold like any SPL token' and the article repe
Omission and near-misread: the most on-point on-chain/security evidence, ev:7a9957ff (security breaches, cyberattacks, loss of private keys causing loss of the issuer's bitcoins), is not cited anywhere. The cited 6fe7495d/78f79488 are administrative pause/permanent-delegate powers (admin-key/control risk) rather than an external attack surface; 7a9957ff directly supports the underlying-custody hack angle and should be incorporated.
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
“Permanent Delegate – Assigns an authority designated by the token issuer (in this case, Backed) with ongoing rights to transfer or burn tokens from any address without requiring user-level permissions.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — evidence class mismatch [duplicate actual family allowed by substitution] | kimi: unsupported — evidence class mismatch
Cites evidenceId 60f40399, which does not exist in the provided evidence set. Also, the specific claim of 'one STRC share per token' held by a regulated custodian is inferred from generic xStocks descriptions (0530b42a/6222e8aa reference Tesla/Apple, not STRC); the STRCx-specific custodian arrangement is not directly evidenced.
“xStocks brings U.S. stocks and ETFs onchain as tokens on Solana. Each token is backed 1:1 by a real share held with a regulated custodian.”
“Backed purchases actual shares of companies like Tesla or Apple through traditional brokers and deposits them with a regulated custodian.”
“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 0/4 confirmed (sourceDomains=2, disputed) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — evidence class mismatch [duplicate actual family allowed by substitution] | kimi: unsupported — evidence class mismatch. The fetched sources (solana.com media case study; CoinMarketCap CMC AI page) support the 1:1 regulated-custodian backing mechanism, but neither is issuer-docs, regulator, or a | gpt: unsupported — evidence class mismatch
“we may not be able to remain profitable in future periods;”
“the level and terms of the Company’s substantial indebtedness and its ability to service such debt”
Verifier note: lost head-to-head to incumbent e94b1611-5a25-445d-9caf-19aad303376f: The claims rely on identical evidence and are substantively similar, but the incumbent more directly connects unprofitability or debt-service failure to Strategy's capacity to meet STRC obligations. The new claim adds weakening dividends and residual recovery without evidence specifically supporting those consequences. With no specificity advantage for the new claim, the incumbent wins the tie.
Misread of slot: risk_credit is defined as credit exposure INSIDE the backing — counterparties whose failure hits holders. The candidate instead describes the issuer's own substantial indebtedness and debt-servicing (5fbedfd2/7fd6fa61), which is issuer leverage and duplicates risk_issuer. No backing-level counterparty credit exposure is evidenced; the slot is arguably unanswerable, and the current value mislabels leverage as credit risk.
“the level and terms of the Company’s substantial indebtedness and its ability to service such debt”
“If any of the Company’s convertible notes mature or are redeemed without being converted into common stock, or if the Company elects to redeem or repurchase its non-convertible instruments, the Company may be required to sell shares of its class A common stock or bitcoin to generate sufficient cash proceeds to satisfy those obligations”
Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The SEC filing supports both stated mechanisms: Strategy describes its indebtedness as substantial and says it may need to sell class A shares or bitcoin to satisfy specified instrument obli | anthropic(sub:gpt): unsupported — goal-fit: The cited SEC filing supports Strategy’s substantial indebtedness and the possibility that it may sell bitcoin or common shares to satisfy certain obligations. However, this describes issuer [duplicate actual family allowed by substitution] | kimi: confirmed — Both material components are directly supported by the archived SEC filing (regulator class, satisfying the evidence requirement). (1) 'Substantial indebtedness': the forward-looking statements sectio
redemption_minimum should be flagged undisclosed; base_assets USD (ev:4ece8b1d) does not establish a direct redemption minimum either.
“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
“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
“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 1/3 confirmed (sourceDomains=1) | gpt: unsupported — The source supports an issuer-initiated ordinary redemption at $101 per share (or a higher amount chosen by Strategy), plus accumulated and unpaid regular dividends, subject to the partial-redemption | anthropic(sub:gpt): unsupported — goal-fit: The source supports an issuer-initiated redemption at $101 or a higher amount chosen by Strategy, plus accumulated unpaid regular dividends through the redemption date. However, the claim om [duplicate actual family allowed by substitution] | kimi: confirmed — The archived prospectus states the issuer 'have[s] the right, at our election, to redeem all, or any whole number of shares... at a cash redemption price per share of STRC Stock... equal to $101 per s
“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
“You can use decentralized exchanges or aggregators like Raydium , Kamino or Jupiter to buy AAPLx or SPYx, or any other xStocks.”
“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
“audited smart contracts”
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
“Auditor Grant Thornton (Cayman)”
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source identifies Grant Thornton (Cayman) as auditor but provides neither the audit scope nor the audit date required by the slot question. | anthropic(sub:gpt): unsupported — goal-fit: The source identifies Grant Thornton (Cayman) as the auditor, but it provides neither the audit scope nor the audit date required by the slot question. It also does not establish whether the [duplicate actual family allowed by substitution] | kimi: unsupported — goal-fit: the slot question requires scope + date per audit; the source names Grant Thornton (Cayman) as auditor but discloses neither audit scope nor date, which the claim itself concedes.
“audited smart contracts”
Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — goal-fit: No assigned attestation or audit evidence establishes the proof-of-reserves/attestation provider and publication location. The archived page mentions “publicly verifiable proof of reserves” [duplicate actual family allowed by substitution] | kimi: confirmed — The archived docs page explicitly lists 'publicly verifiable proof of reserves' and 'audited smart contracts' among xStocks' protections, and names a published Proof of Reserves location (DeFi Portal
“compliant with EU regulations, accessible to non-US users”
“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 0/4 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch: the cited CoinMarketCap content is aggregator evidence, not legal-terms, issuer-docs, or onchain evidence. It states that xStocks are accessible to non-U.S. users, but does no | anthropic(sub:gpt): unsupported — evidence class mismatch [duplicate actual family allowed by substitution] | kimi: unsupported — evidence class mismatch | gpt: unsupported — evidence class mismatch
“our expectations regarding the tax-deferred return of capital treatment of distributions on our preferred stock”
“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
STRC carries at least a $100 liquidation preference. Returns and principal remain unguaranteed.
Replace the phantom citation with c3c0b0c4/a67855dd.
Answers only underlying-STRC-issuer seniority; omits the holder fundamental-change repurchase right (e97f0912) and does not walk through a token-issuer (Backed/Jersey) failure or the role of the Alpaca segregated custody, which the slot explicitly asks ('who controls the assets').
“provide a legal claim to the value of the stock”
“Senior to STRD, STRK, and MSTR common stock, junior to debt (including convertible notes) and STRF”
“The STRC Stock has an initial liquidation preference of $100 per share. The liquidation preference is subject to adjustment in the manner described in this STRC Stock Annex. However, the liquidation preference will not be adjusted to an amount that is less than $100 per share.”
“There is no guarantee of returns, liquidity, future performance or return of principal”
Verifier note: panel 0/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The regulator filings establish STRC stockholders’ liquidation preference, relative ranking, residual-asset claim, and lack of guaranteed principal, but they do not establish that xStock tok | anthropic(sub:gpt): unsupported — goal-fit: The sources establish STRC’s capital ranking, minimum $100-per-share liquidation preference, and lack of guaranteed returns or principal. CoinMarketCap also makes the generic statement that [duplicate actual family allowed by substitution] | kimi: unsupported — evidence class mismatch. Three of the four material claims are strongly supported by regulator-class SEC filings: the FWP term sheet states STRC is 'Senior to STRD, STRK, and MSTR common stock, junior
Names only 'Jersey-domiciled issuer wrapper' without identifying the token-issuer entity or wrapper type (SPV/trust/foundation) the slot asks for; 40a5bc73 gives domicile only.
“Domicile Jersey, Channel Islands”
“STRATEGY INC”
“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 $21,000,000,000.”
“28,011,111 authorized shares of a series of stock of the Company titled the “Variable Rate Series A Perpetual Stretch Preferred Stock””
Verifier note: panel 0/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources establish that Strategy Inc. is a Delaware corporation and issuer of the underlying STRC preferred stock. RWA.xyz lists STRCx’s domicile as Jersey, Channel Islands, but does not | anthropic(sub:gpt): unsupported — goal-fit: The sources do not identify the legal form of any holder-protecting wrapper—such as an LP, trust, SPV, or foundation—or explain how it protects STRCx holders. RWA.xyz lists Jersey as the tok [duplicate actual family allowed by substitution] | kimi: unsupported — evidence class mismatch
Regulators have not approved or disapproved STRC.
Conflates the token-wrapper 'EU-compliant' claim, sourced from a low-quality CoinMarketCap CMC-AI page (1ba6bdfc), with the underlying SEC registration. 'Base Prospectus' (4f5b9582) is a generic Backed legal-documentation listing, not STRCx-specific.
“Base Prospectus”
“Regulatory Bridge – The product is structured to be compliant with EU regulations, aiming to merge traditional finance with decentralized ecosystems.”
“Registration No. 333-284510”
“As Filed Pursuant to Rule 424(b)(5) Registration No. 333-284510”
“Neither the SEC nor any state or foreign securities commission or regulatory authority has approved or disapproved of these securities”
Verifier note: lost head-to-head to incumbent 69539c43-9c52-416e-bebd-39c31d0c3dde: The incumbent directly identifies the issuer, STRC shares, SEC-registered offering regime, Form S-3 registration number 333-284510, and Rule 424(b)(5), all supported by its own SEC evidence. The new claim adds the standard non-approval disclaimer, which does not provide a more specific regime or exemption, and its phrasing that STRC itself is SEC-registered is less precise than stating that Strategy offers registered STRC shares.
stocks and ETFs. The 1:1-backed tokens trade through centralized and decentralized exchanges and integrate with DeFi protocols.
“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.”
“xStocks enable easy access to 120+ US Stocks and ETFs to regular users through top centralized and decentralized exchanges, and can be integrated with other DeFi protocols like any other token.”
“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.”
“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 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — evidence class mismatch [duplicate actual family allowed by substitution] | kimi: unsupported — evidence class mismatch
Additional firms served as co-managers or later sales agents.
This slot should be an unknown for STRCX; the STRC offering underwriters are not STRCX service providers.
“Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Company, has issued a legal opinion relating to the Shares.”
“Morgan Stanley, Barclays, Moelis & Company and TD Securities are acting as joint book-running managers for the offering. The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods and Maxim Group LLC are acting as co-managers for the offering.”
“We have entered into an Omnibus Sales Agreement with TD Securities (USA) LLC, The Benchmark Company, LLC, StoneX Financial Inc., A.G.P./Alliance Global Partners, Barclays Capital Inc., BTIG, LLC, Canaccord Genuity LLC, Cantor Fitzgerald & Co., Clear Street LLC, Compass Point Research & Trading, LLC, H.C. Wainwright & Co., LLC, Keefe, Bruyette & Woods, Inc., Maxim Group LLC, Mizuho Securities USA LLC, Moelis & Company LLC, Morgan Stanley & Co. LLC, Santander US Capital Markets LLC, SG Americas Securities, LLC and TCBI Securities, Inc., doing business as Texas Capital Securities (collectively, the “Agents”), dated November 4, 2025”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The SEC filings support WilmerHale as company counsel, the four named joint bookrunners, the named co-managers, and later STRC sales agents. However, company counsel does not answer the slot | anthropic(sub:gpt): unsupported — goal-fit: The evidence supports the named legal counsel, initial-offering bookrunners and co-managers, and later STRC sales agents. However, legal counsel does not answer the slot question, which is l [duplicate actual family allowed by substitution] | kimi: unsupported — evidence class mismatch
“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.”
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
Verifier note: panel 0/3 confirmed (sourceDomains=2) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — evidence class mismatch [duplicate actual family allowed by substitution] | gpt: unsupported — goal-fit: The claim provides no holding name, weight or description, or as-of date. The SEC filing identifies STRC as Variable Rate Series A Perpetual Stretch Preferred Stock, and the aggregator asser
Retain 100% only with an explicit 'per aggregator description, unverified' caveat and note no maintaining mechanism is disclosed.
“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
“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.”
“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 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | kimi: unsupported — evidence class mismatch
The preference adjusts daily under disclosed market-price formulas. STRC holders have a preferred claim on residual Strategy assets.
Set asOfDate to the actual source-document date.
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
“The liquidation preference of the STRC Stock will initially be $100 per share.”
“the liquidation preference per share of STRC Stock will be adjusted to be the greatest of (i) the stated amount per share of STRC Stock; (ii) in the case of any business day with respect to which Strategy has, on such business day or any business day during the ten trading day period preceding such business day, executed any sale transaction to be settled by the issuance of STRC Stock, an amount equal to the last reported sale price per share of STRC Stock on the trading day immediately before such business day; and (iii) the arithmetic average of the last reported sale prices per share of STRC Stock for each trading day of the ten consecutive trading days”
“has only a preferred claim on residualassets”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support that STRC is perpetual preferred stock, has no stated maturity, began with a $100 liquidation preference, uses a market-price-based adjustment formula on business days, a | anthropic: unsupported — evidence class mismatch | kimi: unsupported — evidence class mismatch
“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.”
“Issued an additional $2.0 billion notional of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and $84 million of Class A common stock (MSTR), and used these proceeds to purchase 24,869 bitcoin”
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
Verifier note: panel 0/3 confirmed (sourceDomains=2) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — goal-fit: The narrative identifies STRC as Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock but does not provide a complete disclosed backing breakdown with instruments, weights, an
Frame as an aggregator-asserted claim of unverified enforceability.
“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
“provide a legal claim to the value of the stock”
“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 1/4 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch: the required evidence class is legal-terms (assigned f6f7614d/4362547a) or regulator (e229194c/026ac3fd/836ba487). The only fetched content is CoinMarketCap — an aggregator ma | kimi: confirmed — Both cited sources state the substance of the claim: the CMC AI article says each xStock is 'backed 1:1 by the actual stock held in custody' with 'an equivalent share held in reserve' and offers 'a le | gpt: unsupported — evidence class mismatch
Retain rwa-other but lower confidence and note the Digital Credit characterization.
“Strategy PP Variable tokenized stock (xStock) price STRCX”
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
“Tags Tokenized Assets Solana Ecosystem Tokenized Stock Show all”
Verifier note: panel 0/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — evidence class mismatch | anthropic: contradicted — The slot question asks to classify by the nature of the UNDERLYING asset. The cited evidence identifies the underlying precisely: the SEC 8-K (regulator/legal-terms, e704fe86) describes 'Variable Rate | kimi: unsupported — evidence class mismatch
Smart contracts manage tokens on-chain. Holders obtain price exposure to reserved STRC shares. Holders exit by trading through supported exchanges.
“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.”
“The tokenization process uses smart contracts for issuance and management on-chain.”
“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.”
“xStocks enable easy access to 120+ US Stocks and ETFs to regular users through top centralized and decentralized exchanges, and can be integrated with other DeFi protocols like any other token.”
“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 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | kimi: unsupported — evidence class mismatch: the claim text is broadly supported by the fetched sources (non-U.S. access via centralized and decentralized exchanges, smart contracts managing tokens on-chain, 1:1 backing
Holders receive a legal claim to the share's value, not disclosed direct share ownership.
Keep hedged; do not upgrade backing to a verified fact.
“STRCX is a tokenized version of a traditional financial instrument, designed to provide blockchain-native access to real-world stocks and ETFs.”
“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
“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.”
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
Verifier note: panel 0/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | kimi: unsupported — evidence class mismatch. The required classes for ts:description/what_it_is are issuer-docs or legal-terms, but every material mechanism claim — that STRCX tokenizes STRC exposure, that each token is
“Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales.”
“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.”
“If any of the Company’s convertible notes mature or are redeemed without being converted into common stock, or if the Company elects to redeem or repurchase its non-convertible instruments, the Company may be required to sell shares of its class A common stock or bitcoin to generate sufficient cash proceeds to satisfy those obligations”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — The sources establish that bitcoin produces no cash return, cash from bitcoin requires sales, favorable financing may become unavailable, and Strategy may sell bitcoin or common stock for certain debt | anthropic: confirmed — The claim's mechanism is directly supported by the union of the fetched issuer disclosures (both SEC-hosted, assigned as the required 'regulator' class). The 424b5 STRC Stock Annex states verbatim: 'B
“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: panel 1/2 confirmed (sourceDomains=1) | gpt: confirmed — The assigned SEC-filed prospectus annex expressly states that Strategy may redeem less than all outstanding STRC only if at least $250.0 million aggregate stated amount remains outstanding and is not | anthropic: unsupported — evidence class mismatch
disputed
“You can use decentralized exchanges or aggregators like Raydium , Kamino or Jupiter to buy AAPLx or SPYx, or any other xStocks.”
“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
disputed
“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.”
“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
“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 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source confirms a holder-initiated cash repurchase after a fundamental change at stated amount plus accumulated unpaid regular dividends, but the claim does not provide the required sett | anthropic: confirmed — The archived SEC prospectus supplement (a MicroStrategy/Strategy issuer document, satisfying the required issuer-docs evidence class) contains verbatim the claimed quote establishing the fundamental c
“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”
“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
Add offering suspension/termination (bd847006) to the value; keep redemption here rather than duplicating it under admin_powers.
“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”
“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.”
“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: unsupported — goal-fit: The cited terms support issuer-elected redemption under ordinary, cleanup, and tax-event provisions, but redemption is not a change to fees, limits, or eligibility and therefore does not ans | anthropic: confirmed — All three redemption provisions are stated verbatim in the source and each is exercisable unilaterally 'at our election' with no holder-consent requirement. Ordinary redemption: 'We have the right, at
Redemption call rights belong under unilateral_changes (issuer action without holder consent); admin_powers is unsupported and should be an unknown.
“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”
“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.”
“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
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
“Account Segregation Bankruptcy Remote”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch
“STRATEGY INC (Exact name of registrant as specified in its charter)”
“Delaware”
“Strategy Inc (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE)”
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — goal-fit: The issuer_entity claim is blank and therefore does not identify the exact issuing entity and vehicle. The SEC filing identifies Strategy Inc as a Delaware registrant, but no claimed value w
The corpus identifies no founder departure or dated role change.
“said Michael Saylor, Founder and Executive Chairman of Strategy.”
“said Phong Le, President and Chief Executive Officer of Strategy.”
“said Andrew Kang, Chief Financial Officer of Strategy.”
“Shirish Jajodia Corporate Treasurer ir@strategy.com”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch
The corpus discloses no STRCX issuer spread or fee allocation.
“the Company is required to pay dividends with respect to its perpetual preferred stock in perpetuity. The Company could pay these dividends with cash or, in the case of STRK Stock, by issuing shares of class A common stock.”
“Declared regular dividends on the STRC Stock will be payable solely in cash.”
“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: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — goal-fit: The sources establish that STRC pays cumulative dividends solely in cash and that Strategy designated a liquidity reserve to support preferred dividends. However, they do not identify the ec
“Strategy PP Variable tokenized stock (xStock) price STRCX”
“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.”
“Issued an additional $2.0 billion notional of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and $84 million of Class A common stock (MSTR), and used these proceeds to purchase 24,869 bitcoin”
Verifier note: panel 0/3 confirmed (sourceDomains=2) | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch | gpt-family: unsupported — evidence class mismatch
The dividend rate changes monthly and remains unguaranteed.
This should be an unknown (or clearly scoped to the underlying only), not a confident candidate; the token-level mechanic is unsupported.
“Regular dividends, if any, on the STRC Stock will accumulate on the stated amount thereof, which is $100 per share of STRC Stock, and will be payable when, as and if declared by our “board of directors” (as defined in this STRC Stock Annex), out of funds legally available for their payment, monthly in arrears on the last calendar day of each calendar month.”
“Declared regular dividends on the STRC Stock will be payable solely in cash.”
“additional regular dividends, which we refer to as “compounded dividends,” will accumulate”
“compounded semi-monthly on each subsequent regular dividend payment date”
“360-day year”
discover · claude · ok · 503s · 80 links
discover · codex · ok · 104s · 113 links
ingest · ingest · weak
plan · plan · ok
synthesize · synthesize · ok
11 of 35 fields verified · 13 unverified · 16 not found
Run 2026-08-04T16:44:12.931Z · done · cost $0.00
Automated research, human-reviewed. Verify against source documents before credit decisions.
“The regular dividend rate was initially set at 9.00% per annum with respect to the regular dividend period beginning on July 29, 2025. However, we have the right, in our sole and absolute discretion, to adjust the regular dividend rate applicable to subsequent regular dividend periods in the manner described in this STRC Stock Annex and we have adjusted the regular dividend rate on a monthly basis through the date of this STRC Stock Annex.”
Verifier note: panel 2/4 confirmed (sourceDomains=1, disputed) | trimmed uncited claims (0) and re-confirmed | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch | kimi-family: confirmed — The 424B5 STRC Stock Annex directly supports each material element: (1) perpetual preferred stock — 'Variable Rate Series A Perpetual Stretch Preferred Stock' confirmed in both the 8-K registration ta | gpt-family: confirmed — The assigned SEC filings establish that STRC is Variable Rate Series A Perpetual Stretch Preferred Stock, has an initial liquidation preference of $100 per share that cannot be adjusted below $100, an
“We have entered into an Omnibus Sales Agreement with TD Securities (USA) LLC, The Benchmark Company, LLC, StoneX Financial Inc., A.G.P./Alliance Global Partners, Barclays Capital Inc., BTIG, LLC, Canaccord Genuity LLC, Cantor Fitzgerald & Co., Clear Street LLC, Compass Point Research & Trading, LLC, H.C. Wainwright & Co., LLC, Keefe, Bruyette & Woods, Inc., Maxim Group LLC, Mizuho Securities USA LLC, Moelis & Company LLC, Morgan Stanley & Co. LLC, Santander US Capital Markets LLC, SG Americas Securities, LLC and TCBI Securities, Inc., doing business as Texas Capital Securities (collectively, the “Agents”), dated November 4, 2025”
Andrew Kang serves as CFO. Shirish Jajodia serves as Corporate Treasurer.
Scope conflict: Saylor/Le/Kang/Jajodia are Strategy Inc. executives tied to STRC, not people publicly tied to the STRCX tokenization product. Same inconsistency as operating_history — Strategy is treated as the issuer here but the issuer is declared unknown elsewhere.
“said Michael Saylor, Founder and Executive Chairman of Strategy.”
“said Phong Le, President and Chief Executive Officer of Strategy.”
“said Andrew Kang, Chief Financial Officer of Strategy.”
“Shirish Jajodia Corporate Treasurer ir@strategy.com”
Either label this as underlying-issuer history or mark unknown for the STRCX issuer, consistently with issuer_entity/issuer_business.
“The issuance and sale of the STRC Stock is scheduled to settle on July 29, 2025, subject to customary closing conditions.”
“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.”
“we may offer and sell shares of our STRC Stock having an aggregate offering price of up to $21,000,000,000 from time to time through one or more of the Agents”
“Strategy will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full.”
“We may be unsuccessful in achieving, or may abandon, our current intention of adjusting the regular dividend rate in such a manner as we believe (in our sole and absolute judgment) would be designed to cause the STRC Stock to trade at prices, or otherwise have a value, near its stated amount of $100 per share”
“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”
“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.”
“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 3/3 confirmed (sourceDomains=1) | gpt: confirmed — The SEC filings establish that Strategy may unilaterally adjust STRC’s dividend rate in its sole and absolute discretion; reductions are subject to the stated SOFR-linked step-down and floor restricti | anthropic(sub:gpt): confirmed — The assigned SEC evidence establishes that Strategy may adjust STRC’s dividend rate in its sole and absolute discretion, including unilateral reductions subject to the stated SOFR-linked reduction lim [duplicate actual family allowed by substitution] | kimi: confirmed — All four sub-claims are verbatim-supported by the archived regulator filings. The 424B5 states Strategy has 'the right, in our sole and absolute discretion, to adjust the regular dividend rate' (no ho
“Our right to unilaterally reduce the regular dividend rate could cause the STRC Stock to accumulate dividends at rates that are below those of otherwise comparable instruments, could cause the trading price or value of the STRC Stock to decrease, and could otherwise significantly harm investors.”
“Strategy will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full.”
“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”
“our current intention (which is subject to change in our sole and absolute discretion) is to issue any such shares of STRC Stock at a price per share not less than $99 or more than $101.”
Retain Alpaca as custodian; qualify the segregation/bankruptcy-remote descriptor as a self-description and note the regulator/charter is not in evidence.
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
“Account Segregation Bankruptcy Remote”
“compliant with EU regulations, accessible to non-US users”
“composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Keep the ROC expectation with its 'expects' qualifier; the tax-event redemption is better placed under redemption/controls than as tax structure.
“our expectations regarding the tax-deferred return of capital treatment of distributions on our preferred stock”
“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.”
“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.”
STRC ranks ahead of STRD, STRK, and common stock. Strategy security holders have no ownership or redemption right in Strategy's bitcoin.
Replace phantom evidenceId 4362547a with c3c0b0c4/a67855dd, and incorporate the fundamental-change repurchase right and seniority-driven forced-sale mechanics.
“Ownership of the Company’s securities, including its class A common stock and preferred stock, does not represent an ownership interest in, or a redemption right with respect to, the bitcoin the Company holds.”
“provide a legal claim to the value of the stock”
“Senior to STRD, STRK, and MSTR common stock, junior to debt (including convertible notes) and STRF”
“Liquidation Junior Stock includes the Class A Common Stock, the Class B Common Stock, the Perpetual Strike Preferred Stock and the Perpetual Stride Preferred Stock.”
“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”
Flag that the specific legal-wrapper type of the Jersey issuer is not established by evidence, and note the MicroStrategy-vs-Strategy Inc. naming basis.
“Domicile Jersey, Channel Islands”
“Delaware”
“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 $21,000,000,000.”
“28,011,111 authorized shares of a series of stock of the Company titled the “Variable Rate Series A Perpetual Stretch Preferred Stock””
333-284510.
“Regulatory Bridge – The product is structured to be compliant with EU regulations, aiming to merge traditional finance with decentralized ecosystems.”
“compliant with EU regulations, accessible to non-US users”
“Registration No. 333-284510”
“As Filed Pursuant to Rule 424(b)(5) Registration No. 333-284510”
“Distribution • SEC Registered”
“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.”
“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.”
Unsupported as written; remove or ground in real evidence.
“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.”
“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.”
Mark unknown or supply the actual supporting evidence.
“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.”
Flag the STRC/STRCx identity as an assumption or scope it explicitly.
“Callable at 101% of Stated Amount in whole or in part at any time after STRC is listed on NASDAQ, plus any accumulated and unpaid dividends.”
“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”
Verifier note: panel 2/3 confirmed (sourceDomains=1) | gpt-family: unsupported — evidence class mismatch | anthropic-family: confirmed — The claim maps directly onto the slot question (restricted investors + plausible regulatory actions and their impact on holders). Every material element is supported by the fetched Solana Foundation c | kimi-family: confirmed — All material claims are directly supported by the archived Solana case study. Pausable Config lets the issuer pause all token interactions for regulatory requirements; Permanent Delegate exists to sei
“the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin”
“Target Range – Adjust STRC Dividend Rate and STRC issuance via ATM”
“We may be unsuccessful in achieving, or may abandon, our current intention of adjusting the regular dividend rate in such a manner as we believe (in our sole and absolute judgment) would be designed to cause the STRC Stock to trade at prices, or otherwise have a value, near its stated amount of $100 per share”
“Callable at 101% of Stated Amount in whole or in part at any time after STRC is listed on NASDAQ, plus any accumulated and unpaid dividends.”
“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.”
Reframe around registration/restricted-investor status or mark thinly supported.
“Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings.”
“This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it constitute investment, legal or other professional advice.”
Downgrade to the bitcoin-custody cyber risk only, or mark on-chain contract risk unknown.
“The tokenization process uses smart contracts for issuance and management on-chain.”
“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”
“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”
Drop the missing evidence id.
“we said we would proactively manage our convertible debt and use the full range of capital management tools available to us, including the disciplined sale of bitcoin.”
“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.”
“If any of the Company’s convertible notes mature or are redeemed without being converted into common stock, or if the Company elects to redeem or repurchase its non-convertible instruments, the Company may be required to sell shares of its class A common stock or bitcoin to generate sufficient cash proceeds to satisfy those obligations”
“Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales.”
“fluctuations in the market price of bitcoin and any associated unrealized gains or losses on digital assets that the Company may record in its financial statements as a result of a change in the market price of bitcoin from the value at which the Company’s bitcoins are carried on its balance sheet”
“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”
“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.”
“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 3/3 confirmed (sourceDomains=1) | gpt: confirmed — The SEC filings establish that Strategy may unilaterally adjust STRC’s dividend rate in its sole and absolute discretion; reductions are subject to the stated SOFR-linked step-down and floor restricti | anthropic(sub:gpt): confirmed — The assigned SEC evidence establishes that Strategy may adjust STRC’s dividend rate in its sole and absolute discretion, including unilateral reductions subject to the stated SOFR-linked reduction lim [duplicate actual family allowed by substitution] | kimi: confirmed — All four sub-claims are verbatim-supported by the archived regulator filings. The 424B5 states Strategy has 'the right, in our sole and absolute discretion, to adjust the regular dividend rate' (no ho
“our current intention (which is subject to change in our sole and absolute discretion) is to issue any such shares of STRC Stock at a price per share not less than $99 or more than $101.”
“one-twenty-fourth (1/24th) of the product of”
“rate is subject to monthly adjustment and may be significantly lower;dividend is not guaranteed”
Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt-family: contradicted — The amended SEC terms support cumulative regular dividends on a $100 stated amount, cash payment when declared, semi-monthly payment and compounding, and a 360-day/15-day-period convention. However, t | anthropic-family: unsupported — evidence class mismatch | kimi-family: confirmed — All sub-claims are directly stated in the assigned regulator-class evidence. The 424B5 STRC Stock Annex states regular dividends accumulate on the $100 stated amount and are payable when, as and if de