Plan fulfillment
SlotStatusClasses covered
what it isfilled-verifiedaggregator, legal-terms
how it worksfilled-verifiedissuer-docs, legal-terms, aggregator
token categoryfilled-verifiedaggregator, regulator
holder claimfilled-verifiedlegal-terms, aggregator, regulator, issuer-docs
underlying issuerfilled-verifiedregulator
underlying compositionrejected-retryregulator
underlying structurefilled-verifiedregulator
yield sourcefilled-verifiedregulator
yield mechanicsrejected-retryregulator
collateralization ratiorejected-retryaggregator, legal-terms, issuer-docs
holdingfilled-verifiednone
issuer entityfilled-verifiedaggregator, registry, issuer-docs
issuer ownershipfilled-verifiedissuer-docs
issuer businessfilled-verifiedissuer-docs, aggregator
launch datefilled-unverifiedissuer-docs
operating historyfilled-verifiedissuer-docs
backers investorsemptynone
service providersfilled-verifiedaggregator, issuer-docs
key peoplefilled-verifiedissuer-docs
issuer incidentsemptynone
regulatory regimefilled-verifiedregulator, issuer-docs
legal vehiclefilled-verifiedaggregator, regulator
bankruptcy remoteemptyaggregator
holder rights on failurefilled-verifiedissuer-docs, regulator
tax treatmentfilled-verifiedregulator
transfer restrictionsfilled-verifiedissuer-docs, regulator
custodiansrejected-retryaggregator, issuer-docs
attestationsrejected-retryissuer-docs
attestation frequencyemptyissuer-docs
auditsrejected-retryaudit, issuer-docs
admin powersrejected-retryissuer-docs
upgradeabilityemptynone
unilateral changesfilled-verifiedregulator
feeemptyaggregator, issuer-docs
redemption pathfilled-verifiedregulator, aggregator
redemption minimumrejected-retrynone
settlement timeemptyissuer-docs, regulator
redemption capfilled-verifiedregulator
risk underlyingfilled-verifiedregulator, issuer-docs
risk creditrejected-retryregulator
risk issuerfilled-verifiedregulator
risk custodianfilled-verifiednone
risk hackfilled-verifiedregulator, onchain
risk regulatoryfilled-verifiedissuer-docs, regulator
risk redemption gatefilled-verifiedregulator
risk depegfilled-verifiedregulator
risk concentrationfilled-verifiedregulator
eligible investorsemptyissuer-docs
min investmentemptynone
onboarding requirementsemptyissuer-docs
documentfilled-verifiedregulator, issuer-docs
Evidence gaps
launch date — searched, not found: The corpus documents a May 28, 2025 coming-soon announcement but not STRCx’s actual launch date.
backers investors — searched, not found: The corpus names no investors or financial backers of Backed or xStocks.
service providers — searched, not found: The corpus mentions an unnamed broker and custodied shares but identifies no named broker, custodian, administrator, auditor, or bank.
key people — searched, not found: The corpus identifies no xStocks or Backed founders, founding dates, current executives, departures, or dated role changes.
issuer incidents — searched, not found: The corpus provides no regulator, audit, issuer, or aggregator evidence establishing incidents or their absence.
regulatory regime — searched, not found: The corpus does not establish STRCx's offering regime, exemptions, or licenses.
legal vehicle — searched, not found: The corpus does not identify the issuing SPV, its jurisdiction, or the legal wrapper.
holder rights on failure — searched, not found: The corpus does not establish asset control, holder priority, or competing claims after issuer failure.
tax treatment — searched, not found: The corpus does not disclose STRCx holder tax treatment.
transfer restrictions — searched, not found: The corpus mentions compliance functionality but does not establish whitelist, freeze, or jurisdictional restrictions.
attestation frequency — searched, not found: The corpus does not provide the date of the latest independent attestation.
admin powers — searched, not found: The corpus does not identify controllers or governance for pause, freeze, blacklist, mint, or upgrade powers.
upgradeability — searched, not found: No assigned evidence establishes contract upgradeability, upgrade authority, or delay.
unilateral changes — searched, not found: The corpus does not establish which terms the issuer may change without holder consent.
redemption minimum — searched, not found: The corpus does not disclose the smallest direct STRCx redemption processed by the token issuer.
settlement time — searched, not found: The corpus describes purchase issuance and custody settlement, but not standard direct STRCx redemption settlement.
min investment — searched, not found: The corpus does not disclose a minimum initial STRCx subscription or mint amount.
risk issuer — searched, not found: The corpus does not establish the STRCx legal issuing entity, insolvency treatment, or surviving holder claim.
Rejected facts
Depeg / liquiditySTRCx can trade away from reserve value when liquidity weakens despite its asserted 1:1 share backing.DisputedMore
Sources · 2
Both cited IDs (60f40399, d5fec68c) are absent from the corpus; the secondary-price-vs-reserve claim and 1:1 backing assertion are unverifiable.
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
sec.gov ↗“There is no guarantee of returns, liquidity, future performance or return of principal”
Verifier note: panel 0/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources do not answer what could push STRCx’s secondary-market price away from NAV or identify historical depeg episodes. CoinMarketCap supports the asserted 1:1 share backing and says x | anthropic(sub:gpt): unsupported — goal-fit: The sources do not establish what could push STRCx’s secondary-market price away from NAV or document any historical depeg episode. CoinMarketCap supports only the asserted 1:1 custody backi [duplicate actual family allowed by substitution]
Exit riskThe corpus discloses no routine holder-initiated STRCx redemption terms, leaving stressed-exit timing, capacity, and fees uncertain.DisputedMore
Sources · 2
Argument from silence: c3224c76 describes the purchase-and-issuance process (minutes) and 10974e3f describes settlement transit — neither concerns redemption. The cited evidence does not support conclusions about stressed-exit timing, capacity, or fees; it is about the opposite (subscription) flow.
backed.fi ↗“In most cases this whole process takes minutes - and we strive to make it even more efficient.”
backed.fi ↗“Traditional financial assets may be in transit for two to three days.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited article discusses bToken purchase/issuance timing and settlement of underlying securities, not holder-initiated STRCx redemptions or redemption gates. It does not establish that th | anthropic(sub:gpt): confirmed — The fetched corpus contains no STRCx-specific or routine holder-initiated redemption provisions, including caps, windows, notice periods, capacity, timing, or fees. The quoted “minutes” statement conc [duplicate actual family allowed by substitution]
RegulatoryBacked excludes U.S. persons and prohibited jurisdictions; regulatory restrictions can prevent issuer sales or platform access.UnverifiedMore
Sources · 3
backed.fi ↗“Backed DOES NOT sell its tokens to U.S. Persons or for the account or benefit of U.S. Persons, and tokens are not marketed, offered, or solicited in the U.S. or in any other prohibited jurisdiction.”
backed.fi ↗“For a full list of prohibited and restricted countries and review of legal documentation, please visit https://www.backedassets.fi/legal-documentation”
backed.fi ↗“INX, the regulated marketplace for trading security tokens and tokenized real-world assets, and Backed, a pioneer in real-world asset tokenization, today announced the listing of tokenized stock on the INX platform for eligible non-US users.”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources confirm that Backed excludes U.S. persons and prohibited jurisdictions, and that at least one platform limits access to eligible non-U.S. users. However, the narrative does not a | anthropic(sub:gpt): confirmed — The sources directly support that Backed does not sell, market, offer, or solicit tokens to U.S. persons or in prohibited jurisdictions, and that at least one regulated platform limits access to eligi [duplicate actual family allowed by substitution]
Hack / smart contractSTRCx uses audited smart contracts for on-chain issuance and management, exposing holders to smart-contract attack or failure risk.DisputedMore
Sources · 2
Both cited evidence IDs (8e159322, cc643a08) are absent from the corpus; the audited-smart-contract / attack-surface claim is unverifiable against the provided evidence.
coinmarketcap.com ↗“The tokenization process uses smart contracts for issuance and management on-chain.”
Verifier note: panel 0/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources establish that xStocks use audited smart contracts and that STRCX issuance and management occur on-chain, but they do not identify or evaluate the requested attack surfaces: mint | anthropic(sub:gpt): unsupported — goal-fit: The sources establish that xStocks use audited smart contracts and state that STRCX issuance and management occur on-chain, but they do not identify or assess the requested attack surfaces—m [duplicate actual family allowed by substitution]
CustodianSTRCx depends on custodial reserve shares; custody disruption could impair its asserted 1:1 backing and legal-value claim.DisputedMore
Sources · 3
60f40399 and f6f7614d are absent from the corpus, and the sole visible citation 10974e3f only says traditional assets may be in transit 2-3 days — it does not establish custodial reserve shares, 1:1 backing, or a legal-value claim. The claim overreaches its cited evidence.
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
coinmarketcap.com ↗“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
backed.fi ↗“Traditional financial assets may be in transit for two to three days.”
Verifier note: panel 0/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — The sources support that STRCX/xStocks are asserted to be backed 1:1 by underlying shares held in custody and that settlement can leave assets in transit for two to three days. However, none states th | anthropic(sub:gpt): unsupported — goal-fit: The sources establish that STRCX is asserted to be backed 1:1 by shares held in custody and that settlement can leave assets in transit for two to three days. However, they do not discuss cu [duplicate actual family allowed by substitution]
Credit / counterpartyStrategy carries substantial debt and perpetual dividend obligations, creating debt-service risk for STRC-backed STRCx holders.DisputedMore
Sources · 4
f6f7614d is not in the corpus; the remaining three (5fbedfd2, d5f68a45, 7fd6fa61) support the debt-service claim but concern Strategy's perpetual preferred/convertible obligations generally — the leap to 'STRC-backed STRCx holders' is an inference not directly evidenced.
sec.gov ↗“the level and terms of the Company’s substantial indebtedness and its ability to service such debt”
sec.gov ↗“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.”
sec.gov ↗“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”
coinmarketcap.com ↗“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
Verifier note: panel 0/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The SEC source supports that Strategy has substantial indebtedness, must pay perpetual-preferred dividends indefinitely, and may need to sell common shares or bitcoin to meet certain obligat | anthropic(sub:gpt): unsupported — goal-fit: The SEC filing supports that Strategy has substantial indebtedness, must service that debt, and has perpetual preferred-dividend obligations. It does not establish the STRCx backing structur [duplicate actual family allowed by substitution]
Underlying / economicSTRCx inherits STRC dividend, price, and principal risks; Strategy does not guarantee dividends, liquidity, returns, or principal.DisputedMore
Sources · 3
All three cited evidence IDs (d5fec68c, 7d1034ad, 6021acb8) are absent from the provided corpus; the 'no guarantee of dividends/liquidity/returns/principal' assertion is unverifiable as written, though visible evidence (d5f68a45, 7fd6fa61) could ground a similar claim.
sec.gov ↗“There is no guarantee of returns, liquidity, future performance or return of principal”
sec.gov ↗“rate is subject to monthly adjustment and may be significantly lower;dividend is not guaranteed”
sec.gov ↗“basedon $100 stated amount; trading price and effective yield may vary; not indicative of future rates”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The filing supports STRC-specific dividend-rate, market-price, liquidity, return, and principal risks, including monthly rate adjustments and non-guaranteed dividends. But it never identifie | anthropic(sub:gpt): unsupported — goal-fit: The issuer disclosure supports STRC’s variable-rate, dividend, trading-price, liquidity, return, and principal risks, including that its rate may fall substantially and dividends are not gua [duplicate actual family allowed by substitution]
Caps / gatesStrategy cannot partially redeem STRC unless at least $250 million stated amount remains outstanding and uncalled.DisputedMore
Sources · 1
Cited evidence 3f33ea6b is absent from the corpus; the $250 million minimum-outstanding partial-redemption limit cannot be verified. It also describes an STRC-level partial-redemption constraint, not a per-investor or global STRCx redemption cap/window, which is what the slot asks for.
sec.gov ↗“However, we may not redeem
less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of the time we provide the related redemption notice.”
Verifier note: lost head-to-head to incumbent cde66a88-ad23-47fc-93ba-1ec6cc7038eb: The claims are substantively equivalent and directly address a global partial-redemption cap. The incumbent is better supported by its own evidence because it cites two consistent Strategy disclosures, while the new claim cites only one. Under the tie-break rule, the incumbent prevails.
Exit pathsStrategy may redeem all STRC shares after a tax event at liquidation preference plus accumulated unpaid dividends.DisputedMore
Sources · 1
Cited evidence 6032aa79 is absent from the corpus; the tax-event redemption claim is unverifiable.
sec.gov ↗“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The SEC filing expressly states that Strategy may elect to redeem all, but not less than all, outstanding STRC Stock if a defined tax event occurs, for cash equal to the liquidation preference measure | anthropic(sub:gpt): unsupported — goal-fit: The source confirms an issuer-elected, all-shares tax-event redemption for cash at the prior-business-day liquidation preference plus accumulated and unpaid regular dividends through the red [duplicate actual family allowed by substitution]
Exit pathsStrategy may redeem all STRC shares when outstanding shares fall below 25% of total issued shares.DisputedMore
Sources · 1
Cited evidence 84fbe12a is absent from the corpus; the 25% cleanup-call threshold is unverifiable and again describes an STRC issuer right, not STRCx redemption.
sec.gov ↗“We also have the right, at
our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering
of STRC Stock and in any future offering taken together, at a cash redemption price per share of STRC Stock to be redeemed equal to the liquidation preference per share of STRC Stock as of the business day before the date we provide the related
redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The filing expressly grants Strategy the right, at its election, to redeem all—and not less than all—outstanding STRC Stock for cash when outstanding STRC shares are less than 25% of the aggregate sha | anthropic(sub:gpt): unsupported — goal-fit: The source confirms a cleanup redemption right when outstanding STRC shares fall below 25% of shares issued in the initial and future offerings, but the claimed value does not provide the co [duplicate actual family allowed by substitution]
Exit pathsStrategy may redeem STRC shares for cash at $101 per share plus accumulated unpaid dividends.DisputedMore
Sources · 2
Cited evidence 7f088a93 and 82fdeed3 are not in the provided corpus; the specific $101-per-share optional call figure is unverifiable. This is Strategy's right to redeem STRC, not a token-holder exit path for STRCx.
sec.gov ↗“We have
the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption
price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
sec.gov ↗“(or such higher amount as may be chosen in our sole discretion, it being understood that such higher amount (or the formula to determine such higher
amount) will be announced by prior public notice and/or set forth in the applicable relevant notice of redemption)”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The filing supports an issuer-optional cash redemption at $101 per share (or a higher discretionary amount) plus accumulated and unpaid regular dividends, if any, through the redemption date | anthropic(sub:gpt): unsupported — goal-fit: The source supports an issuer-optional cash redemption at $101 per share or a higher issuer-selected amount, plus accumulated and unpaid regular dividends through the redemption date. Howeve [duplicate actual family allowed by substitution]
Exit pathsSTRC holders may require Strategy to repurchase shares after a fundamental change at stated amount plus accumulated unpaid dividends.DisputedMore
Sources · 1
Cited evidence e97f0912 is absent from the provided corpus, so the fundamental-change repurchase claim cannot be verified. Also a scope issue: this is an STRC preferred-stock holder right at the issuer level; the synthesis does not establish that it passes through to STRCx token holders.
sec.gov ↗“holders of STRC Stock will have the right (which we refer to as the “fundamental change repurchase right”) to require us to repurchase some or all of their shares of STRC Stock at a
cash repurchase price equal to the stated amount of the STRC Stock to be repurchased, plus accumulated and unpaid regular dividends, if any, to, and including the fundamental change repurchase date.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source confirms a fundamental-change repurchase right for some or all STRC shares, settled in cash at the $100 stated amount plus accumulated and unpaid regular dividends through the rep | anthropic(sub:gpt): unsupported — goal-fit: The source confirms a holder-initiated fundamental-change repurchase right at the $100 stated amount plus accumulated and unpaid regular dividends through the repurchase date, but the claim [duplicate actual family allowed by substitution]
Transfer restrictionsxStocks use Solana Token Extensions to implement unspecified compliance functionality.UnverifiedMore
Sources · 1
solana.com ↗“How do xStocks Work? xStocks utilize Token Extensions on Solana for Custom Functionality and Compliance Features”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source confirms that xStocks use Solana Token Extensions for compliance functionality, including pausing and issuer-controlled transfers or burns. However, it does not establish whitelis | anthropic(sub:gpt): unsupported — goal-fit: The source confirms that xStocks use Solana Token Extensions for compliance functionality, but the claim leaves that functionality unspecified and therefore does not answer whether transfers [duplicate actual family allowed by substitution]
RegimeSwiss regulations require Backed to undergo regular audits.UnverifiedMore
Sources · 1
backed.fi ↗“We already undergo regular audits as required by Swiss regulations.”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: confirmed — The cited Backed page explicitly states, “We already undergo regular audits as required by Swiss regulations,” which directly supports the claimed regulatory requirement and fits the regulatory-regime | anthropic(sub:gpt): unsupported — goal-fit: The source expressly states that Backed undergoes regular audits as required by Swiss regulations, but this does not identify the applicable offering regime, statutory exemption, authorizati [duplicate actual family allowed by substitution]
AuditsBacked states that the product structure uses audited smart contracts; the corpus identifies no auditor or audit date.DisputedMore
Sources · 1
Either key by firm once an auditor is identified, or fold the unattributed 'audited smart contracts' claim into a caveated note rather than an audits_<firm> row.
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source states only that the product structure includes “audited smart contracts.” It does not identify an audit firm, audit scope, or audit date, so it does not supply the required one-f | anthropic(sub:gpt): unsupported — goal-fit: The source supports only the generic statement that the product structure includes “audited smart contracts.” It identifies neither an audit firm nor the audit scope and date required for an [duplicate actual family allowed by substitution]
AuditsGrant Thornton (Cayman) audits the product; the corpus provides no audit date or scope.UnverifiedMore
Sources · 1
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source identifies Grant Thornton (Cayman) as the product's auditor and gives no audit date or scope, but merely naming an auditor does not answer the slot question, which requires the sc | anthropic(sub:gpt): unsupported — goal-fit: The source identifies Grant Thornton (Cayman) as “Auditor,” but provides neither the audit scope nor an audit date. It therefore does not establish that the firm audits the product or satisf [duplicate actual family allowed by substitution]
AttestationsChainlink Proof of Reserve verifies collateral data supplied through The Network Firm and Backed's internal API.UnverifiedMore
Sources · 2
backed.fi ↗“Backed is pleased to announce that we have integrated Chainlink Proof of Reserve (PoR). This development provides users with a transparent and trust-minimized means to confirm the collateralization of our tokenized assets.”
backed.fi ↗“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports Chainlink Proof of Reserve as the verifier and describes inputs from The Network Firm’s attestation API and Backed’s internal transaction data. However, the claim does no | anthropic(sub:gpt): unsupported — goal-fit: The source supports the described data flow, but the claim does not state where the proof-of-reserves data is published, as required by the slot question. The source says the collateral figu [duplicate actual family allowed by substitution]
CustodiansAlpaca Securities LLC holds the product's underlying assets in bankruptcy-remote segregated accounts.DisputedMore
Sources · 2
Keep Alpaca as custodian; include the LEI 0001702580; present the bankruptcy-remote segregation as a same-source page attribute rather than an Alpaca-specific claim.
app.rwa.xyz ↗“Custodian
Legal Identifier
Alpaca Securities LLC
0001702580”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The aggregator identifies Alpaca Securities LLC as custodian and labels account segregation "Bankruptcy Remote," but it does not establish that Alpaca specifically holds the product's underl | anthropic(sub:gpt): unsupported — goal-fit: The cited aggregator identifies Alpaca Securities LLC as custodian and separately labels account segregation as “Bankruptcy Remote,” but it provides no regulator or charter information and d [duplicate actual family allowed by substitution]
Service providersChainlink Proof of Reserve provides active reserve verification for bTokens.UnverifiedMore
Sources · 3
backed.fi ↗“When a user buys bTokens, we automatically purchase the underlying asset as collateral once we receive the funds. We send an order to buy the underlying asset to our broker. We then issue the tokens to the user.”
backed.fi ↗“By providing this data, users can be confident that the amount of bTokens will be equal to the amount of the underlying asset held.”
backed.fi ↗“This means users can be confident their bTokens are always 1:1 backed.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports that Chainlink Proof of Reserve verifies and relays reserve data for certain bTokens, but the slot asks for named custodians, administrators, auditors, or banks. Chainlin | anthropic(sub:gpt): unsupported — goal-fit: Chainlink Proof of Reserve is an oracle-based reserve-verification service, not a named custodian, administrator, auditor, or bank serving the product. The source instead identifies The Netw [duplicate actual family allowed by substitution]
Operating historyBacked announced xStocks on May 28, 2025. Backed joined Kraken on December 2, 2025.UnverifiedMore
STRCx was publicly documented by June 26, 2026.
Sources · 3
backed.fi ↗“Backed is thrilled to unveil xStocks, a new line of over 55 tokenized stocks and ETFs, set to launch soon on Kraken and integrated with Solana’s best DeFi apps.”
backed.fi ↗“Backed Joins Kraken
We become part of Kraken to push tokenized equities to the next stage
December 2, 2025”
coinmarketcap.com ↗“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
Verifier note: lost head-to-head to incumbent 79524a68-5100-4938-ac27-10dbdaa72498: The incumbent directly provides issuer milestones with precise dates and concrete events—STRC’s scheduled initial issuance, monthly dividend-rate adjustments, and added sales capacity—and each is supported by Strategy’s SEC filings. The new claim’s cited evidence does not substantiate the May 28, 2025 announcement date or the June 26, 2026 STRCx documentation date, and its CoinMarketCap citation only describes tokenized equity generally.
HoldingsSTRC preferred stock represents 100% of disclosed token backing, at one reserved share per STRCx token as of June 26, 2026.DisputedMore
Sources · 2
Treat 2026-06-26 as an unsourced retrieval/access date, not a disclosure date; do not present it as an as-of disclosure date.
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
sec.gov ↗“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
Verifier note: panel 1/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — CoinMarketCap’s AI-generated overview states a generic 1:1 relationship—one equivalent STRC share for each STRCX token—but does not provide a reserve attestation, disclosed holding inventory, or portf | anthropic(sub:gpt): confirmed — The June 26, 2026 CoinMarketCap page states that every STRCX token is backed 1:1 by an equivalent share held in reserve. The SEC filing identifies STRC as Strategy’s Variable Rate Series A Perpetual S [duplicate actual family allowed by substitution] | gpt: unsupported — goal-fit: The claimed value is blank and does not provide the required holding name, weight/description, or as-of date. The sources describe STRCX as allegedly backed 1:1 by STRC and identify STRC as
Yield mechanicsSTRC originally paid declared cash dividends monthly in arrears. The amended terms shift payments to semi-monthly, beginning July 15, 2026.DisputedMore
Unpaid dividends accumulate and compound semi-monthly. The corpus does not establish how Backed passes dividends to STRCx holders.
Sources · 5
Optionally add the accrual convention; retain the caveat on token-level pass-through.
sec.gov ↗“out of funds legally available for their payment, monthly in arrears on the last calendar day of each calendar month.”
sec.gov ↗“The amendment to our STRC certificate of designations would allow dividends to be paid semi-monthly rather than monthly”
sec.gov ↗“first regular dividend payment date occurring after the amendment and restatement effective date being July 15, 2026”
sec.gov ↗“additional regular dividends, which we refer to as “compounded dividends,” will accumulate”
sec.gov ↗“compounded semi-monthly on each subsequent regular dividend payment date”
Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The SEC filings support STRC’s underlying dividend schedule changing from monthly in arrears to semi-monthly, with the first post-amendment payment date on July 15, 2026, and support semi-mo | anthropic(sub:gpt): unsupported — goal-fit: The SEC filings substantiate STRC’s change from monthly to semi-monthly dividend dates beginning July 15, 2026, and semi-monthly compounding of unpaid dividends. However, they describe the u [duplicate actual family allowed by substitution]
Yield sourceSTRCx’s underlying economic yield comes from cash dividends declared on STRC. Strategy expects to fund those dividends primarily through additional capital raising.DisputedMore
Sources · 2
Correct the asOfDate to the 2025 prospectus date or re-source the funding claim to a June 2026 filing.
sec.gov ↗“out of funds legally available for their payment, semi-monthly in arrears”
sec.gov ↗“Declared regular dividends on the STRC Stock are payable solely in cash, in the manner, and subject to the provisions, described in this STRC Stock Annex.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources confirm that STRC pays declared cash dividends and that Strategy expects to fund them primarily through additional capital raising. However, this describes the payment mechanism | anthropic: confirmed — The claim answers the SLOT QUESTION by identifying where STRC's economic yield comes from: cash dividends on STRC funded primarily through additional capital raising rather than any asset-side coupon
Structure & qualitySTRC is perpetual preferred stock with a variable dividend framework designed to support trading near its $100 stated amount. Strategy offered up to $21 billion under the June 2026 program.DisputedMore
Sources · 3
Add the 9.00% initial rate and acknowledge that offering size figures differ across filings ($4.2B vs $21B).
sec.gov ↗“a variable dividend framework designed to help maintain trading near its $100 stated amount”
sec.gov ↗“Up to $21,000,000,000
Variable Rate Series A Perpetual Stretch Preferred Stock”
sec.gov ↗“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support that STRC is variable-rate Series A perpetual preferred stock, has a $100 stated amount, uses a variable-dividend framework intended to support trading near that amount, | anthropic: confirmed — Every material claim is supported by the union of fetched sources, and the claim is goal-fit: describing STRC as 'perpetual' preferred stock directly addresses the maturity profile aspect of the slot
CompositionEach STRCx token is backed by one STRC preferred share held in custody. STRC has a $100 stated amount per share.UnverifiedMore
Sources · 3
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
sec.gov ↗“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources support the described 1:1 instrument composition and STRC’s $100 stated amount, but the claim does not provide the required as-of date for the backing disclosure. CoinMarketCap’s | anthropic: confirmed — The claim has two material parts, both supported by the union of sources and both answering the slot question (what backs the token, with instrument and weight). Part 1 — 1:1 backing held in custody:
Underlying issuerStrategy Inc issues the underlying STRC Variable Rate Series A Perpetual Stretch Preferred Stock.UnverifiedMore
Sources · 2
sec.gov ↗“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”
sec.gov ↗“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
Verifier note: lost head-to-head to incumbent 83df597a-5546-47b2-a30d-4147323ef9f6: The incumbent directly identifies Strategy Inc. as the issuer and is more specific by including its Delaware jurisdiction. Its cited evidence identifies Strategy Inc. as the registrant, establishes Delaware incorporation, and describes STRC Stock as shares of “our” preferred stock.
Holder's claimA legal claim to the underlying stock’s value, without direct ownership of the stock.UnverifiedMore
Sources · 2
kraken.com ↗“Sijoittaminen xStockeihin ei ole sama asia kuin jos sijoittaisit suoraan perustana olevaan osakkeeseen.”
Verifier note: panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources support economic exposure without direct stock ownership, and CoinMarketCap repeats “legal claim to the value of the stock.” However, they do not identify what the holder legally | anthropic: confirmed — The CMC page states verbatim that xStocks "provide a legal claim to the value of the stock," directly supporting the first half of the claim. The Kraken page confirms the second half: investing in xSt
ConcentrationSTRCx concentrates exposure in one Strategy preferred security backed by one equivalent share held in custody.DisputedMore
Sources · 3
Cited evidenceIds ae5bd4b8, 60f40399, 54ad0b4d are absent from the corpus. Moreover the value asserts a tokenized 'STRCx...backed by one equivalent share held in custody' — no supplied evidence establishes that a Backed/tokenized STRCx wrapper exists or is 1:1 custody-backed. Unsupported scope.
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
sec.gov ↗“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: lost head-to-head to incumbent f5e7f2b7-3823-4469-b01b-8773f1a18ac6: The incumbent more specifically identifies the concentrated underlying as one STRC share and supports both the 1:1 custody structure and the issuer’s stated use of proceeds for bitcoin acquisitions and working capital with its own citations. The new claim uses the vaguer phrase “one Strategy preferred security,” while its additional SEC evidence describes an issuance and bitcoin purchase without directly establishing STRCx’s custody backing.
Issuer failureStrategy offers no guarantee of returns, liquidity, future performance, or principal repayment on STRC.DisputedMore
Sources · 2
Cited evidenceIds d5fec68c and e229194c are absent from the corpus. No supplied evidence states Strategy offers 'no guarantee of returns, liquidity, future performance, or principal repayment.' Claim is unsupported by provided evidence.
sec.gov ↗“There is no guarantee of returns, liquidity, future performance or return of principal”
sec.gov ↗“has only a preferred claim on residualassets”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The filing supports that STRC has no guaranteed returns, liquidity, future performance, or return of principal. However, this generic investment-risk disclaimer does not explain what holders | anthropic: confirmed — Both claimed quotes appear verbatim in the fetched FWP: 'There is no guarantee of returns, liquidity, future performance or return of principal' and 'has only a preferred claim on residualassets.' The
Unilateral changesStrategy may conform STRC certificates to specified offering documents without holder consent; this evidence addresses underlying STRC, not the token wrapper.UnverifiedMore
Sources · 1
sec.gov ↗“our proxy statement filed with the SEC on April 28, 2026”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports that Strategy may, without holder consent, conform the STRC certificate of designations or certificates representing STRC Stock to specified offering documents. However, | anthropic: confirmed — Item 11 of the source, under the sub-caption 'Certain Amendments Permitted Without Consent,' expressly permits the issuer to 'conform the provisions of the certificate of designations or the certifica
What the issuer doesBacked issues fully collateralized tokenized securities through xStocks for exchange, wallet, and decentralized-finance access. xStocks initially targeted more than 55 stocks and ETFs.UnverifiedMore
Sources · 4
backed.fi ↗“Backed is thrilled to unveil xStocks, a new line of over 55 tokenized stocks and ETFs, set to launch soon on Kraken and integrated with Solana’s best DeFi apps.”
backed.fi ↗“Tokens are freely transferable across wallets, are fully collateralized by the underlying asset, and are issued in compliance with the Swiss DLT act.”
solana.com ↗“Crypto-native investors. They want equity exposure that lives inside DeFi. For such users, self-custody, 24/7 access, and composability are important.”
solana.com ↗“New ways to use ownership. A share now becomes a tool that you can borrow against, use in yield strategies, or move fractional pieces across apps.”
Verifier note: lost head-to-head to incumbent 0a586901-e5e3-4574-81bf-e8f419a4d3f9: The incumbent directly identifies the issuing company, Strategy Inc., and specifically describes both principal business lines: operating a Bitcoin treasury funded through financing proceeds and operating cash flows, and providing AI-powered enterprise analytics software. It also explains how STRC fits the model as part of Strategy's preferred-securities/Digital Credit financing toolkit. Its own SEC-filed evidence supports these points. The new claim describes Backed's xStocks product and target scale, but does not establish as completely what the issuing company itself is or provide comparable issuer-specific detail.
Legal entityxStocks offers STRCx; Backed Assets legally issues it under the Swiss DLT framework; Kraken owns Backed.UnverifiedMore
Sources · 5
backed.fi ↗“Tokens are freely transferable across wallets, are fully collateralized by the underlying asset, and are issued in compliance with the Swiss DLT act.”
backed.fi ↗“Backed Joins Kraken
We become part of Kraken to push tokenized equities to the next stage
December 2, 2025”
Verifier note: re-adjudicated 2026-08-04T21:40:10.155Z from rejected status | panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources identify xStocks as the platform offering STRCx and Backed Assets as its issuer, but they do not establish that STRCx specifically is issued under the Swiss DLT framework or that | anthropic: confirmed — The claim answers the SLOT QUESTION by naming the full wrapper chain for STRCx: brand=xStocks, legal issuer=Backed Assets, parent/owner=Kraken. Each element is supported. rwa.xyz for STRCx states 'Off
How it worksInvestors acquire STRCx through supported exchanges or applications and may hold it in self-custody. Backed purchases collateral through its broker before issuing tokens.UnverifiedMore
Investors receive economic exposure to STRC and may exit by trading or transferring STRCx.
Sources · 4
solana.com ↗“Crypto-native investors. They want equity exposure that lives inside DeFi. For such users, self-custody, 24/7 access, and composability are important.”
solana.com ↗“Retail investors. Fractional ownership, weekend trading, and instant settlement make investing cheaper and more flexible for small ticket sizes.”
backed.fi ↗“When a user buys bTokens, we automatically purchase the underlying asset as collateral once we receive the funds. We send an order to buy the underlying asset to our broker. We then issue the tokens to the user.”
backed.fi ↗“Tokens are freely transferable across wallets, are fully collateralized by the underlying asset, and are issued in compliance with the Swiss DLT act.”
Verifier note: re-adjudicated 2026-08-04T21:38:48.088Z from rejected status | panel 1/3 confirmed (sourceDomains=2) | gpt: unsupported — The sources support the general xStocks/bToken lifecycle: purchase through exchanges or DeFi applications, withdrawal to self-custody, acquisition of underlying collateral through a broker before mint | anthropic: confirmed — The claim describes the holder lifecycle and answers the SLOT QUESTION (acquire / value accrual / exit) directly, so it is on-target. Each material mechanism is supported by the union of sources. Acqu | gpt: unsupported — goal-fit: The narrative describes acquisition, collateralized issuance, custody, and transfer/trading exits, but it does not explain how value accrues to the holder, a required part of the slot questi
Exit pathsSTRCx holders may sell through supported centralized or decentralized venues; disclosed onchain trades settle instantly.DisputedMore
Sources · 3
Acceptable inference but flag the generic-to-specific extrapolation.
solana.com ↗“You can use decentralized exchanges or aggregators like Raydium , Kamino or Jupiter to buy AAPLx or SPYx, or any other xStocks.”
solana.com ↗“On a centralized exchange like Kraken or Bybit , xStocks appear like any crypto asset. You can buy xStocks and then withdraw to a self-custodial wallet to completely control the assets.”
solana.com ↗“There is instant settlement as the trades execute onchain immediately rather than waiting for clearing houses.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source supports secondary trading of xStocks generally through named centralized and decentralized venues and states that onchain trades settle instantly. However, it does not identify S | anthropic: unsupported — The three claimed quotes appear verbatim in the archived Solana case study, so the source does describe buying/selling xStocks via DEXs (Raydium, Kamino, Jupiter) and CEXs (Kraken, Bybit) and asserts
Exit pathsStrategy may redeem underlying STRC at $101 per share plus accumulated unpaid dividends.DisputedMore
Sources · 1
Verify $101 against a quoted source term.
sec.gov ↗“we may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount
of STRC Stock is outstanding and not called for redemption as of the time we provide the related redemption notice.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: contradicted — The issuer-call price is not necessarily $101: Strategy may choose a higher cash redemption price. The claim also omits the partial-redemption gate: any partial call must leave at least $250 million a | anthropic: confirmed — The archived 424B5 states verbatim: 'We have the right, at our election, to redeem all, or any whole number of shares... of the issued and outstanding STRC Stock, at any time... at a cash redemption p
AuditsGrant Thornton Cayman serves as product auditor; the corpus does not identify the audit scope or completion date.UnverifiedMore
Sources · 1
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source identifies Grant Thornton (Cayman) only as “Auditor.” It does not state the audit scope, establish that the firm serves specifically as the product auditor, or provide an audit co | anthropic: unsupported — goal-fit: The SLOT QUESTION requires audits_<firm> = scope + completion date (fund audits AND smart-contract audits). The source confirms the auditor name ('Auditor Grant Thornton (Cayman)'), and the
Key peopleStrategy leadership includes founder and Executive Chairman Michael Saylor, CEO Phong Le, CFO Andrew Kang, and Treasurer Shirish Jajodia. The corpus does not identify xStocks founders or current leadership.UnverifiedMore
Sources · 4
sec.gov ↗“said Michael Saylor, Founder and Executive Chairman of Strategy.”
sec.gov ↗“said Phong Le, President and Chief Executive Officer of Strategy.”
sec.gov ↗“said Andrew Kang, Chief Financial Officer of Strategy.”
sec.gov ↗“Shirish Jajodia
Corporate Treasurer
ir@strategy.com”
Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The SEC filings substantiate Michael Saylor, Phong Le, Andrew Kang, and Shirish Jajodia as Strategy personnel, but they do not tie any of them to xStocks, the product at issue. The sources a | anthropic: confirmed — All four named individuals are supported by the union of fetched sources. The mstr-ex99_1.htm press release explicitly states 'Michael Saylor, Founder and Executive Chairman of Strategy,' 'Phong Le, P
Categoryrwa-otherUnverifiedMore
Sources · 3
coinmarketcap.com ↗“STRCX is a tokenized version of a traditional financial instrument, designed to provide blockchain-native access to real-world stocks and ETFs.”
coinmarketcap.com ↗“The model is part of the broader tokenized real-world asset (RWA) movement, which seeks to bring traditional financial products onto blockchain infrastructure.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — The CoinMarketCap material identifies the underlying as a traditional stock and therefore substantively points to rwa-other, but all cited evidence is aggregator content, including an expressly fallib | anthropic: contradicted — The slot requires classifying by the nature of the underlying asset. Both cited CMC sources are explicit and consistent: STRCX is a 'tokenized stock (xStock)' backed 1:1 by an actual equity share held
Source documentsRWA.xyz STRCx asset page, date undisclosed, identifying USD as the subscription and redemption base asset: https://app.rwa.xyz/assets/STRCxUnverifiedMore
Sources · 1
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — goal-fit: The cited RWA.xyz asset page states “Base Assets USD,” but the slot requires a key document’s type, date, and original-source URL. The claim instead describes an aggregator page with an undi [duplicate actual family allowed by substitution] | kimi: unsupported — evidence class mismatch: the claim is supported only by the RWA.xyz aggregator page (b5a6598c, class=aggregator), which is not among the required classes (issuer-docs, legal-terms, regulator, audit, a
Source documentsForm 8-K Risk Factor Updates, July 7, 2025: https://www.sec.gov/Archives/edgar/data/1050446/000119312525164852/d65643dex991.htmDisputedMore
Sources · 1
Wrong/duplicate URL: cites the same d65643dex991.htm as document_risk_factors_10q. ev:d38205ab only references the July 7, 2025 Form 8-K Risk Factor Updates from within the exhibit; the exhibit is not that 8-K. Two distinct documents are pointed at one unrelated exhibit URL.
sec.gov ↗“the factors discussed under the header
“Risk Factor Updates” in Strategy’s current report on Form 8-K filed with the Securities and Exchange Commission on July 7, 2025”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited URL is an offering press release that merely references a separate Form 8-K filed July 7, 2025; it is not the original Form 8-K or its “Risk Factor Updates.” The claim therefore do | anthropic(sub:gpt): unsupported — goal-fit: The cited SEC exhibit is a press release concerning the STRC offering, not the July 7, 2025 Form 8-K or its “Risk Factor Updates.” It merely references that separate filing. Therefore, the s [duplicate actual family allowed by substitution] | kimi: unsupported — The cited URL (d65643dex991.htm) is an Exhibit 99.1 press release about the STRC Stock offering, not the claimed Form 8-K Risk Factor Updates document itself. The quoted text appears in the archived c
Source documentsForm 10-Q Risk Factors, May 5, 2025: https://www.sec.gov/Archives/edgar/data/1050446/000119312525164852/d65643dex991.htmDisputedMore
Sources · 1
Wrong URL: the value cites https://www.sec.gov/.../000119312525164852/d65643dex991.htm, which is the Exhibit 99.1 that merely MENTIONS the May 5, 2025 Form 10-Q (ev:843fd25f); it is not the 10-Q itself. The corpus does not provide the actual 10-Q URL, so the source link is misattributed.
sec.gov ↗“the other factors
discussed in the “Risk Factors” section of Strategy’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 5, 2025”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited SEC URL is a press release (Exhibit 99.1) that merely references Strategy’s Quarterly Report on Form 10-Q filed May 5, 2025. It is not the Form 10-Q or its Risk Factors section, an | anthropic(sub:gpt): unsupported — goal-fit: The cited URL is an exhibit containing a press release, not the original Form 10-Q or a qualifying prospectus, terms document, attestation, audit, or fact sheet. It merely references a Form [duplicate actual family allowed by substitution] | kimi: unsupported — The cited URL is an 8-K exhibit press release (d65643dex991.htm) about the STRC Stock offering, not the Form 10-Q itself. The archived content only mentions in passing 'the "Risk Factors" section of S
Minimum0DisputedMore
Sources · 1
redemption_minimum should be flagged undisclosed; base_assets USD (ev:4ece8b1d) does not establish a direct redemption minimum either.
solana.com ↗“There is no minimum amount and no management fees.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited Solana Foundation case study says users can buy fractional xStocks with “no minimum amount,” but it does not state the smallest direct redemption that the issuer processes. It disc | anthropic(sub:gpt): unsupported — goal-fit: The cited Solana Foundation case study says users can invest with “no minimum amount,” but this describes fractional purchasing or trading, not the smallest direct redemption the issuer proc [duplicate actual family allowed by substitution] | kimi: unsupported — goal-fit: the slot asks for the smallest direct redemption the issuer processes, but the cited source only says "There is no minimum amount and no management fees" in the context of fractional ownersh
Exit pathsStrategy may redeem STRC after a tax event at liquidation preference plus accumulated unpaid dividends; settlement timing remains undisclosed.UnverifiedMore
Sources · 1
sec.gov ↗“The redemption price for any STRC Stock to be redeemed pursuant to a
clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy
provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports an issuer-elected cash tax redemption at liquidation preference plus accumulated and unpaid regular dividends, and gives no settlement timing. However, the value does not | anthropic(sub:gpt): unsupported — goal-fit: The source supports a tax redemption for cash at the applicable liquidation preference plus accumulated and unpaid regular dividends through the redemption date, and it does not disclose a s [duplicate actual family allowed by substitution] | kimi: confirmed — The archived SEC filing states verbatim that for a tax redemption the price equals the liquidation preference plus accumulated and unpaid regular dividends, and the filing discloses no settlement timi
Exit pathsHolders sell STRCx through Kraken or Bybit; exchange settlement, minimums, caps, and fees remain undisclosed.UnverifiedMore
Sources · 1
solana.com ↗“On a centralized exchange like Kraken or Bybit , xStocks appear like any crypto asset. You can buy xStocks and then withdraw to a self-custodial wallet to completely control the assets.”
Verifier note: panel 0/4 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — evidence class mismatch [duplicate actual family allowed by substitution] | kimi: unsupported — The source supports that xStocks generally trade on Kraken and Bybit, but it never mentions STRCx specifically — STRCx does not appear in the article's full list of 60+ xStocks, so claiming holders se | gpt: unsupported — goal-fit: The cited issuer-adjacent article supports purchasing xStocks on Kraken or Bybit and withdrawing them to a self-custodial wallet, but that is a CEX withdrawal/transfer path, not a disclosed
Exit pathsHolders sell STRCx through decentralized exchanges or aggregators; trades settle instantly onchain; minimums, caps, and fees remain undisclosed.UnverifiedMore
Sources · 2
solana.com ↗“You can use decentralized exchanges or aggregators like Raydium , Kamino or Jupiter to buy AAPLx or SPYx, or any other xStocks.”
solana.com ↗“There is instant settlement as the trades execute onchain immediately rather than waiting for clearing houses.”
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — evidence class mismatch [duplicate actual family allowed by substitution] | kimi: contradicted — The archived source never mentions STRCx; the quoted passage covers buying AAPLx/SPYx and 'any other xStocks' generically, and STRCx is absent from the article's own 60+ ticker list, so attributing th
AuditsThe product structure includes audited smart contracts; the evidence does not identify the audit firm or date.UnverifiedMore
Sources · 1
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source states only that the product structure includes “audited smart contracts.” It does not provide the audit firm, audit scope, or date required by the slot question for one fact per | anthropic(sub:gpt): unsupported — goal-fit: The source states only that the product structure includes “audited smart contracts.” It does not provide the audit firm, audit scope, or date required by the slot question’s per-audit value [duplicate actual family allowed by substitution] | kimi: unsupported — goal-fit: the source does state the product structure includes 'audited smart contracts,' so the atomic claim is textually supported, but the slot question requires one fact per audit identifying the
Tax treatmentStrategy expects preferred-stock distributions to receive tax-deferred return-of-capital treatment. A tax event permits redemption at liquidation preference plus unpaid dividends.UnverifiedMore
Sources · 2
sec.gov ↗“our expectations regarding the tax-deferred return of capital treatment of distributions on our preferred stock”
sec.gov ↗“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources support an expectation that preferred-stock distributions will receive tax-deferred return-of-capital treatment and document STRC issuer redemption rights upon a tax event. Howev | anthropic(sub:gpt): unsupported — goal-fit: The sources support that Strategy expects tax-deferred return-of-capital treatment for preferred-stock distributions and that a tax event permits issuer-elected redemption of all STRC shares [duplicate actual family allowed by substitution] | kimi: confirmed — Both sub-claims are directly supported by assigned regulator-class evidence. The press release states, in its forward-looking statements, 'our expectations regarding the tax-deferred return of capital
If the issuer failsxStock holders have a legal claim to STRC's value. STRC ranks behind debt and STRF but ahead of STRD, STRK, and common stock.DisputedMore
STRC carries at least a $100 liquidation preference. Returns and principal remain unguaranteed.
Sources · 4
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').
sec.gov ↗“Senior to STRD, STRK, and MSTR common stock, junior to debt (including convertible notes) and STRF”
sec.gov ↗“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.”
sec.gov ↗“There is no guarantee of returns, liquidity, future performance or return of principal”
Verifier note: lost head-to-head to incumbent 54aa4c73-ae62-4d80-9570-21c45e8a52c5: The incumbent more directly covers issuer failure: its evidence identifies Alpaca Securities LLC (Legal Identifier 0001702580) as custodian, states bankruptcy-remote segregation, establishes STRC’s priority, and limits holders to a preferred residual claim with no ownership or redemption right in Strategy’s bitcoin. The new claim adds liquidation preference and guarantee terms but does not address who controls the assets.
Collateralization100%DisputedMore
Sources · 3
Retain 100% only with an explicit 'per aggregator description, unverified' caveat and note no maintaining mechanism is disclosed.
coinmarketcap.com ↗“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
coinmarketcap.com ↗“xStocks are tokenized stocks. They’re backed 1:1 by the underlying assets, composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | kimi: unsupported — evidence class mismatch
Exit pathsHolders may sell xStocks through decentralized venues including Raydium, Kamino, and Jupiter.DisputedMore
Sources · 2
disputed
solana.com ↗“You can use decentralized exchanges or aggregators like Raydium , Kamino or Jupiter to buy AAPLx or SPYx, or any other xStocks.”
solana.com ↗“Live since June 30, 2025 with 60+ tokenized stocks from some of the U.S.’s largest companies and ETFs (e.g., Apple, Nvidia, S&P 500) available for non-U.S. persons to buy/hold like any SPL token.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — The only fetched content is solana.com/uk/news/case-study-xstocks — a Solana Foundation promotional/case-study article. The required evidence classes for this redemption-path slot are legal-terms, iss | gpt: unsupported — evidence class mismatch
Exit pathsHolders may sell xStocks through Kraken or Bybit and withdraw purchased tokens to self-custody.DisputedMore
Sources · 2
disputed
solana.com ↗“On a centralized exchange like Kraken or Bybit , xStocks appear like any crypto asset. You can buy xStocks and then withdraw to a self-custodial wallet to completely control the assets.”
solana.com ↗“Live since June 30, 2025 with 60+ tokenized stocks from some of the U.S.’s largest companies and ETFs (e.g., Apple, Nvidia, S&P 500) available for non-U.S. persons to buy/hold like any SPL token.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch — the sole supporting source for this claim is the Solana Foundation 'case study' article (solana.com/news), which is promotional media/aggregator content, not one of the requi | gpt: unsupported — goal-fit: The cited Solana Foundation article describes purchasing xStocks on centralized exchanges and withdrawing them to self-custody, not redeeming xStocks through a centralized exchange. It provi
Exit pathsStrategy may redeem all STRC when outstanding shares fall below 25%, paying liquidation preference plus accumulated dividends.UnverifiedMore
Sources · 2
sec.gov ↗“We also have the right, at our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total
number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering of STRC Stock and in any future offering taken together”
sec.gov ↗“The redemption price for any STRC Stock to be redeemed pursuant to a
clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy
provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The clean-up redemption statement is accurate, but it does not fully answer the slot question. It omits other disclosed exit paths, including ordinary optional redemption, tax redemption, an | anthropic: confirmed — Both cited sources directly support the clean-up redemption path. The 424B5 (regulator/issuer prospectus supplement) states Strategy has 'the right, at our election, to redeem all, and not less than a
Admin powersStrategy may redeem STRC at $101 plus unpaid dividends. Strategy may redeem all STRC after specified cleanup or tax events.DisputedMore
Sources · 3
Redemption call rights belong under unilateral_changes (issuer action without holder consent); admin_powers is unsupported and should be an unknown.
sec.gov ↗“We have
the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption
price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
sec.gov ↗“We also have the right, at
our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering
of STRC Stock and in any future offering taken together, at a cash redemption price per share of STRC Stock to be redeemed equal to the liquidation preference per share of STRC Stock as of the business day before the date we provide the related
redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
sec.gov ↗“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The SEC filing supports issuer redemption rights, but the claim does not answer who holds pause, freeze, blacklist, or upgrade powers over the token or backing, nor what multisig, timelock, | anthropic: unsupported — goal-fit: The slot question asks who holds pause/freeze/blacklist/upgrade powers over the token and its backing, and what process (multisig, timelock, committee) gates them. The claim instead describe
What it isSTRCX is an xStock token representing economic exposure to Strategy’s STRC preferred stock. Each token is reportedly backed 1:1 by STRC held in custody.UnverifiedMore
Holders receive a legal claim to the stock’s value, not disclosed direct ownership of the reserve share.
Sources · 4
coinmarketcap.com ↗“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch. The target slot ts:description/what_it_is requires evidence of class issuer-docs or legal-terms. The only fetched/archived content backing the material claims (backed 1:1, leg
HoldingsStrategy Variable Rate Series A Perpetual Stretch Preferred Stock: one reserved share for each STRCX token as of June 26, 2026.UnverifiedMore
Sources · 3
coinmarketcap.com ↗“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
sec.gov ↗“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: re-adjudicated 2026-08-04T21:47:19.089Z from rejected status | panel 0/3 confirmed (sourceDomains=2) | gpt: unsupported — The sources support that STRCX is presented as a tokenized asset backed 1:1 by an equivalent underlying share held in reserve, and the SEC source identifies STRC as Variable Rate Series A Perpetual St | anthropic: unsupported — The 1:1 reserve ratio is generically supported: the CMC AI article (dated 26 June 2026) states "for every STRCX token, there is an equivalent share held in reserve." However, that language is boilerpl | gpt: unsupported — goal-fit: CoinMarketCap states that every STRCX token has an equivalent underlying share held in reserve, but it provides no as-of date for that holding. The SEC filing discusses Strategy's issuance o
Run operations
0 source channels auto-trusted this run (revocable in Autoresearch)
ingest · ingest · weak
plan · plan · ok
synthesize · synthesize · ok
Coverage
23 of 41 fields verified · 4 unverified · 18 not found
Run 2026-08-04T22:02:16.174Z · done · cost $0.00
Automated research, human-reviewed. Verify against source documents before credit decisions.
