Kamino Due Diligence Platform

The underlying

Portfolio overview

Pool-wide metrics

Yield source

STRC's economic yield comes from cumulative cash dividends funded by Strategy. Bitcoin itself produces no interest or other returns.Disputed

Sources · 4

Remove the phantom citation and the unsupported bitcoin claim; ground yield_source on da053a9e/59fdbfbb/606e3d80 plus the variable-rate dividend evidence.

sec.gov ↗

“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.”

sec.gov ↗

“Declared regular dividends on the STRC Stock will be payable solely in cash.”

sec.gov ↗

“On December 1, 2025, Strategy announced that it established a US dollar reserve (the "USD Reserve"), a management-designated portion of Strategy’s liquidity intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness.”

sec.gov ↗

“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

STRC is perpetual preferred stock with a $100 minimum liquidation preference. Strategy adjusts its cumulative cash-dividend rate monthly.Disputed

Sources · 4

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.'

sec.gov ↗

“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”

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 ↗

“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.”

Portfolio composition

1 holdings · sorted by weight

strc: One reserved share reportedly backs each STRCX token as of 2026-06-26
More
Sources · 2
coinmarketcap.com ↗
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
sec.gov ↗
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
Verifier note: re-adjudicated 2026-08-04T17:55:19.728Z from rejected status | panel 2/3 confirmed (sourceDomains=2) | trimmed uncited claims (2) and re-confirmed | gpt: confirmed — The CoinMarketCap page dated 2026-06-26 expressly states that STRCX is backed 1:1 and that each token has an equivalent share held in reserve. The SEC filing identifies STRC as Strategy’s Variable Rat | anthropic: unsupported — The CMC page supports a generic 1:1 backing claim: "for every STRCX token, there is an equivalent share held in reserve," dated 26 June 2026, matching the as-of date. However, the source never identif | gpt: confirmed — The CoinMarketCap content dated 2026-06-26 expressly reports that each STRCX token is backed 1:1 by the actual stock held in custody—an equivalent share held in reserve. The SEC filing identifies the

Issuer

Strategy operates a Bitcoin treasury company and accumulates Bitcoin using financing proceeds and operating cash flows. Strategy also provides AI-powered enterprise analytics software.

Strategy classifies preferred securities including STRC as Digital Credit.

Sources · 4

sec.gov ↗

“Strategy Inc (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE) is the world's first and largest Bitcoin Treasury Company.”

sec.gov ↗

“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.”

sec.gov ↗

“In addition, we provide industry-leading AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere.”

sec.gov ↗

“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

Structural credibility

Backers, auditor, and launch date.

Pending verification (4)

Launched

2025-07-29Unverified

Sources · 1

sec.gov ↗

“The issuance and sale of the STRC Stock is scheduled to settle on July 29, 2025, subject to customary closing conditions.”

Service providers

Wilmer Cutler Pickering Hale and Dorr LLP serves as Strategy’s counsel. Morgan Stanley, Barclays, Moelis and TD Securities managed the initial STRC offering.Unverified

Strategy subsequently appointed those firms and additional institutions as STRC sales agents.

Sources · 3

sec.gov ↗

“Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Company, has issued a legal opinion relating to the Shares.”

sec.gov ↗

“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.”

Legal & regulatory structure

Independent layers of protection — the legal wrapper, the asset custodian, and third-party validators.

✓

Legal wrapper

Protects holders if the issuer fails.

Vehicle: STRCx uses a Jersey-domiciled issuer wrapper. Strategy Inc., a Delaware corporation, issues the underlying perpetual preferred stock.Disputed
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Sources · 4
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.
app.rwa.xyz ↗
“Domicile Jersey, Channel Islands”
sec.gov ↗
“STRATEGY INC”
sec.gov ↗
“Shares of our Variable Rate Series A Perpetual Stretch Preferred Stock, which we refer to as the “STRC Stock,” having an aggregate offering price of up to $21,000,000,000.”
sec.gov ↗
“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: re-adjudicated 2026-08-04T17:57:44.909Z from rejected status | panel 2/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources do not identify STRCx’s holder-protection legal wrapper as an LP, trust, SPV, foundation, or equivalent, nor establish that such a wrapper is Jersey-domiciled. RWA.xyz lists the | anthropic: confirmed — The claim has two atomic parts, both directly supported by the archived sources and both on-target for the SLOT question (legal wrapper + jurisdiction). (1) Jersey-domiciled issuer wrapper: rwa.xyz ex | kimi: confirmed — Both halves of the atomic value are directly stated in the archived sources. RWA.xyz's STRCx page lists Domicile: 'Jersey, Channel Islands' in the Legal & Regulatory section (with Dispute Resolution C
Tax treatment: Strategy expects preferred-stock distributions to receive tax-deferred return-of-capital treatment. STRCx-specific holder tax treatment is undisclosed.
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Sources · 1
sec.gov ↗
“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
If the issuer fails: Underlying STRC ranks junior to debt and STRF but senior to STRD, STRK, and common stock. STRC holders receive only a preferred residual claim and no direct claim on Strategy's bitcoin.Disputed
More
Sources · 5
Add the fundamental-change repurchase right to the walkthrough.
app.rwa.xyz ↗
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
app.rwa.xyz ↗
“Account Segregation Bankruptcy Remote”
sec.gov ↗
“Senior to STRD, STRK, and MSTR common stock, junior to debt (including convertible notes) and STRF”
sec.gov ↗
“has only a preferred claim on residualassets”
sec.gov ↗
“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
Regime: Strategy offers SEC-registered STRC shares under Form S-3 Registration 333-284510 pursuant to Rule 424(b)(5).
More
Sources · 5
sec.gov ↗
“Registration No. 333-284510”
sec.gov ↗
“As Filed Pursuant to Rule 424(b)(5) Registration No. 333-284510”
sec.gov ↗
“Distribution  SEC Registered”
coinmarketcap.com ↗
“Regulatory Bridge – The product is structured to be compliant with EU regulations, aiming to merge traditional finance with decentralized ecosystems.”
coinmarketcap.com ↗
“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

✓

Independent validators

Third-party checks on the operation.

Unilateral changes: Strategy may adjust STRC's dividend rate without holder consent. Rate reductions face SOFR-linked limits and require payment of prior accumulated dividends.
More
Strategy may abandon its price-stabilization policy. Strategy may redeem STRC under specified call, cleanup, or tax-event provisions.
Sources · 7
sec.gov ↗
“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.”
sec.gov ↗
“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.”

Pending verification (8)

Audits

Grant Thornton (Cayman) serves as auditor; the evidence discloses neither audit scope nor date.Unverified

Sources · 1

app.rwa.xyz ↗

“Auditor Grant Thornton (Cayman)”

Unilateral changes

Strategy may adjust STRC's monthly dividend rate at its sole discretion. Strategy cannot reduce it before paying prior accumulated dividends.Unverified

Strategy may redeem STRC at $101 plus unpaid dividends. Strategy may change its stated $99-to-$101 issuance policy unilaterally.

Sources · 5

sec.gov ↗

“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.”

sec.gov ↗

Redemption

The settlement ladder for exiting your position.

cleanup
Strategy may…
Strategy may redeem all STRC below the 25% threshold at liquidation preference plus accumulated unpaid dividends.
More
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 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
fundamental change
STRC holders may…
STRC holders may require cash repurchase after a fundamental change at stated amount plus accumulated unpaid dividends.Disputed
More
Sources · 1
Same conflation applies to redemption_path_issuer_call, redemption_path_cleanup, and redemption_path_tax.
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 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

Pending verification (5)

Caps / gates

Strategy cannot partially call STRC unless at least $250 million stated amount remains outstanding and uncalled.Unverified

Sources · 2

sec.gov ↗

“However, Strategy may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of the time Strategy provides the related redemption notice.”

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.”

Exit paths

Strategy may redeem all STRC after a tax event at liquidation preference plus accumulated unpaid dividends.Disputed

Sources · 2

Unsupported by available evidence.

Risks & protections

Concentration
STRCx concentrates exposure in one STRC share, whose issuer directs offering proceeds toward bitcoin acquisitions and working capital
⌄
STRCx concentrates exposure in one STRC share, whose issuer directs offering proceeds toward bitcoin acquisitions and working capital.Disputed
More
Sources · 3
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.
sec.gov ↗
“Strategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital.”
sec.gov ↗
“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”
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: re-adjudicated 2026-08-04T17:56:31.553Z from rejected status | panel 3/3 confirmed (sourceDomains=2, disputed) | gpt: confirmed — The sources support the concentration mechanism: each STRCX token is backed 1:1 by an STRC share, so its underlying exposure is concentrated in a single issuer and security rather than a diversified b | anthropic: confirmed — The claim makes two material assertions, both supported by the union of fetched sources and both directly on-target for the SLOT QUESTION (concentration in the underlying/dependencies). (1) 'STRCx con | kimi: confirmed — All material elements are supported by the union of sources. (1) Single-share concentration: the CMC AI source states each STRCX token is backed 1:1 by one underlying stock held in custody ('for every
Underlying / economic
Strategy's bitcoin holdings pay no interest
⌄
Strategy's bitcoin holdings pay no interest.
More
Sources · 2
sec.gov ↗
“Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales.”
sec.gov ↗
“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
STRC holders retain only a preferred residual claim if Strategy fails; principal and returns remain unguaranteed
⌄
STRC holders retain only a preferred residual claim if Strategy fails; principal and returns remain unguaranteed.Disputed
More
Sources · 2
Unsupported as cited.
sec.gov ↗
“has only a preferred claim on residualassets”
sec.gov ↗
“There is no guarantee of returns, liquidity, future performance or return of principal”
Verifier note: panel 2/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The issuer’s SEC-filed communication directly states that STRC is uncollateralized and has only a preferred claim on residual assets, establishing what survives an issuer failure. It also expressly st | anthropic: confirmed — Both material sub-claims are directly supported by the FWP source. The source states STRC 'has only a preferred claim on residual assets' — supporting that holders retain only a preferred residual cla
Regulatory
Regulatory actions can trigger pauses, lawful seizures, or future blocklists
⌄
Regulatory actions can trigger pauses, lawful seizures, or future blocklists. U.S.
More
persons are excluded from disclosed availability.
Sources · 4
solana.com ↗
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
solana.com ↗
“This is often a regulatory requirement in order to seize assets based on a lawful court order.”
solana.com ↗
“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.”
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.”
Custodian
STRCx depends on a regulated custodian holding one STRC share per token; custodian failure could disrupt backing access
⌄
STRCx depends on a regulated custodian holding one STRC share per token; custodian failure could disrupt backing access.Disputed
More
Sources · 3
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.
solana.com ↗
“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.”
solana.com ↗
“Backed purchases actual shares of companies like Tesla or Apple through traditional brokers and deposits them with a regulated custodian.”
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.”
Hack / smart contract
Smart contracts manage STRCx issuance on-chain
⌄
Smart contracts manage STRCx issuance on-chain. Backed retains pause, forced-transfer, and burn authorities.Disputed
More
Sources · 3
Re-date to the underlying evidence and add the Transfer Hook and Chainlink oracle surfaces rather than duplicating issuer-power language.
coinmarketcap.com ↗
“The tokenization process uses smart contracts for issuance and management on-chain.”
solana.com ↗
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
solana.com ↗
“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: re-adjudicated 2026-08-04T17:50:46.357Z from rejected status | panel 2/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support on-chain issuance/management and Backed-controlled pause, forced-transfer, and burn capabilities. However, the narrative does not substantively answer the requested attac | anthropic: confirmed — goal-fit: The claim addresses the on-chain attack surface (mint contracts and privileged admin/upgrade-key authorities) that the SLOT QUESTION asks about; Backed's pause, forced-transfer, and burn aut | kimi: confirmed — goal-fit: the claim describes issuer admin-key powers, which is exactly the slot's attack-surface question. Both sentences are supported by the union of sources: the CMC AI page (specifically about ST
Depeg / liquidity
Issuer stabilization remains discretionary
⌄
Issuer stabilization remains discretionary.Disputed
More
Sources · 3
disputed
sec.gov ↗
“the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin”
sec.gov ↗
“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 Stocks trading price at or close to its stated amount of $100 per share.”
sec.gov ↗
“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
⌄
Partial STRC calls must leave $250 million outstanding and uncalled.
More
Sources · 2
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.”
solana.com ↗
“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

Pending verification (9)

Concentration

Strategy concentrates its treasury in bitcoin and uses STRC and common-stock issuance proceeds to acquire more bitcoin.Unverified

Sources · 2

sec.gov ↗

“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”

sec.gov ↗

“sales of Digital Equity (MSTR) and Digital Credit (STRC) under Strategy's at-the-market offering programs”

Depeg / liquidity

STRC may trade away from $100 despite Strategy adjusting dividends and issuance to support that target.Disputed

Sources · 3

Drop the missing evidence id.

sec.gov ↗

Onchain transparency

Token

Mint address

Xs78JE…KgsidH

Chain

Network

Solana

Contracts & controls

Unilateral changes

Strategy may adjust STRC's dividend rate without holder consent

Strategy may abandon its price-stabilization policy. Strategy may redeem STRC under specified call, cleanup, or tax-event provisions.

Sources · 7

sec.gov ↗

“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.”

sec.gov ↗

“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.”

sec.gov ↗

“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.”

sec.gov ↗

“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”

Pending verification (1)

Unilateral changes

Strategy may adjust STRC's monthly dividend rate at its sole discretion. Strategy cannot reduce it before paying prior accumulated dividends.Unverified

Strategy may redeem STRC at $101 plus unpaid dividends. Strategy may change its stated $99-to-$101 issuance policy unilaterally.

Sources · 5

sec.gov ↗

“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.”

sec.gov ↗

“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.”

sec.gov ↗

“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.”

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”

Research appendix

Plan fulfillment

SlotStatusClasses covered

what it isfilled-verifiedaggregator, legal-terms, regulator

how it worksrejected-retrylegal-terms, aggregator

token categoryrejected-retryaggregator, legal-terms

holder claimfilled-verifiedlegal-terms, regulator

underlying issuerfilled-verifiedregulator

underlying compositionrejected-retryaggregator, regulator

underlying structurefilled-verifiedregulator

yield sourcefilled-verifiedregulator

yield mechanicsrejected-retryregulator

collateralization ratiorejected-retryaggregator, legal-terms

holdingrejected-retryaggregator, regulator

issuer entityrejected-retryaggregator, onchain

issuer ownershipemptynone

issuer businessfilled-verifiedlegal-terms, aggregator, regulator

launch datefilled-unverifiednone

operating historyfilled-verifiednone

backers investorsemptynone

service providersfilled-verifiedregulator

key peoplerejected-retryregulator

issuer incidentsemptynone

regulatory regimefilled-verifiedissuer-docs, regulator

legal vehiclerejected-retryregulator, aggregator

bankruptcy remoteemptyaggregator

holder rights on failurefilled-verifiedregulator

tax treatmentfilled-verifiedregulator

transfer restrictionsrejected-retrynone

custodiansrejected-retryaggregator

attestationsrejected-retrynone

attestation frequencyemptynone

auditsrejected-retryaudit, issuer-docs

admin powersrejected-retrynone

upgradeabilityemptynone

unilateral changesfilled-verifiedregulator

feeemptyaggregator, regulator

redemption pathfilled-verifiedregulator

redemption minimumrejected-retryregulator

settlement timeemptyregulator, onchain

redemption capfilled-verifiedregulator

risk underlyingfilled-verifiedregulator

risk creditrejected-retryregulator

risk issuerfilled-verifiedregulator

risk custodianrejected-retryregulator

risk hackrejected-retryregulator, onchain

risk regulatoryfilled-verifiedregulator

risk redemption gatefilled-verifiedregulator

risk depegfilled-verifiedregulator

risk concentrationrejected-retryregulator

eligible investorsemptyregulator, issuer-docs, aggregator

min investmentemptyissuer-docs

onboarding requirementsemptyissuer-docs

documentrejected-retryregulator, aggregator

Evidence gaps

issuer entity — searched, not found: The corpus identifies the xStocks brand but not the legal Backed-structure SPV, jurisdiction, wrapper terms, or Kraken parent chain.

issuer ownership — searched, not found: The corpus contains no dated primary evidence establishing Kraken’s acquisition or current ownership of xStocks.

launch date — searched, not found: The corpus provides no issuer announcement establishing STRCX’s launch date.

operating history — searched, not found: The corpus provides no dated operating history or issuer-reported scale for the legal xStocks issuer.

backers investors — searched, not found: The corpus identifies no investors or backers of the legal xStocks issuer.

service providers — searched, not found: The corpus identifies STRC offering firms but no custodian, administrator, auditor, or bank serving STRCX.

key people — searched, not found: The corpus identifies Strategy leadership but not xStocks founders, current executives, departures, or role changes.

issuer incidents — searched, not found: The corpus provides no incident history or sourced statement that no STRCX or xStocks incidents are known.

holder rights on failure — searched, not found: The corpus does not establish asset control, holder priority, or the complete failure waterfall for the xStocks issuing vehicle.

tax treatment — searched, not found: The corpus does not disclose STRCx holder taxation or the xStocks vehicle's entity-level tax treatment.

transfer restrictions — searched, not found: The corpus does not establish whitelisting, freezing authority, investor eligibility, or restricted jurisdictions.

attestations — searched, not found: The corpus identifies no reserve-attestation provider or published STRCx attestation.

attestation frequency — searched, not found: The corpus identifies neither an independent attestation schedule nor the latest attestation date.

admin powers — searched, not found: The corpus does not identify administrators, pause or blacklist powers, multisignature controls, or timelocks.

upgradeability — searched, not found: The corpus does not establish whether STRCx contracts are upgradeable or who controls upgrades.

redemption minimum — searched, not found: The corpus discloses no minimum for direct STRCx redemption; $250 million governs Strategy’s partial STRC calls, not holder redemption.

settlement time — searched, not found: The corpus discloses instant secondary onchain settlement but no standard direct STRCx redemption settlement time.

Rejected facts

Concentration

STRCx concentrates exposure in one STRC share, one regulated custodian, Strategy’s bitcoin treasury, and Solana infrastructure.Unverified

Sources · 2

solana.com ↗

“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.”

sec.gov ↗

“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: re-adjudicated 2026-08-04T18:01:47.406Z from rejected status | panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — The sources support that xStocks operate on Solana, generally use 1:1 share backing with a regulated custodian, and that Strategy has material bitcoin-related exposure. However, they do not identify a | anthropic: unsupported — The claim answers the SLOT question (concentration in the underlying share, custodian venue, and dependencies), so it is goal-fit. However, several material claims are absent from the fetched sources.

Depeg / liquidity

STRC trading prices and effective yields may diverge from its $100 stated amount, transmitting price dislocation to STRCx.Disputed

Sources · 2

Unsupported; no in-corpus evidence for a $100 stated amount or historical dislocation.

sec.gov ↗

“basedon $100 stated amount; trading price and effective yield may vary; not indicative of future rates”

sec.gov ↗

“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”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support that STRC can trade away from its $100 stated amount and that its effective yield can vary; they also identify failure or abandonment of discretionary dividend-rate adjus | anthropic: unsupported — The first half of the claim is well supported: the FWP states STRC's rate is "basedon $100 stated amount; trading price and effective yield may vary; not indicative of future rates," and the 424B5 con

Exit risk

Strategy’s $250 million residual-outstanding condition can prevent partial redemption of underlying STRC during broad exits.Disputed

Sources · 1

Internal conflict; STRC/STRCx holders have no disclosed redemption right that this condition gates.

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: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — The source confirms that Strategy Inc. cannot elect a partial redemption of STRC if the shares left outstanding and not called would have an aggregate stated amount below $250 million. But it does not | anthropic: confirmed — The cited 424B5 for Strategy Inc's STRC Stock contains the exact quoted language: 'we may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount | gpt: unsupported — goal-fit: The source describes an issuer-controlled optional redemption restriction, not a holder withdrawal or redemption gate when investors seek to leave simultaneously. Strategy may partially rede

Regulatory

STRCx restricts access to non-U.S. persons in allowed jurisdictions, exposing holders to eligibility enforcement or access loss.Disputed

Sources · 2

Could be enriched with registration status from in-corpus filings.

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.”

solana.com ↗

“Each stock is tokenized as an SPL token that anyone with a wallet in allowed jurisdictions can buy, hold, and use.”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — The source supports jurisdictional restrictions for xStocks generally and describes issuer controls that could pause transfers or transfer/burn tokens, so the stated holder-impact risk is plausible an | anthropic: unsupported — The two claimed quotes are reproduced verbatim in the archived Solana source, and the general mechanism the claim describes — xStocks are available only to 'non-U.S. persons' 'in allowed jurisdictions

Hack / smart contract

STRCx smart contracts create issuance and management attack surfaces; Strategy separately discloses cyberattack and private-key risks.Unverified

Sources · 2

coinmarketcap.com ↗

“The tokenization process uses smart contracts for issuance and management on-chain.”

sec.gov ↗

“security breaches, cyberattacks, unauthorized access, loss of private keys, fraud or other circumstances or events that result in the loss of the Company’s bitcoins”

Verifier note: re-adjudicated 2026-08-04T18:01:20.631Z from rejected status | panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The CoinMarketCap source confirms only that STRCX uses smart contracts for on-chain issuance and management; it does not identify vulnerabilities or attack surfaces involving mint/redeem con | anthropic: unsupported — goal-fit: The slot question asks specifically for the STRCX on-chain attack surface — mint/redeem contracts, bridges, upgrade keys, oracles. The CMC source only states that 'the tokenization process u

Custodian

A regulated custodian holds each backing share, creating operational and custody dependence for STRCx holders.Unverified

Sources · 1

solana.com ↗

“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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports 1:1 backing by shares held with a regulated custodian, but it does not establish what happens if that custodian fails, identify concentration across custodians or operati | anthropic: confirmed — The slot question concerns custodian/operational-provider failure and concentration. The claim asserts that a regulated custodian holds each backing share, creating operational and custody dependence

Credit / counterparty

Strategy’s substantial indebtedness and debt-servicing capacity expose STRC holders to corporate credit risk.Unverified

Sources · 2

sec.gov ↗

“the level and terms of the Company’s substantial indebtedness and its ability to service such debt”

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”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources support that Strategy has substantial indebtedness, faces debt-servicing risk, and may need to sell stock or bitcoin to meet certain obligations. They do not identify credit expo | anthropic: confirmed — The SLOT QUESTION asks about credit exposure inside the backing — the entity whose failure hits holders. The claim identifies Strategy's own substantial indebtedness and debt-servicing capacity as the

Underlying / economic

STRCx value depends on STRC, whose variable dividends are not guaranteed and may decline significantly.Disputed

Sources · 2

Recite to an in-corpus source or downgrade confidence; as written the support is missing.

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 issuer disclosure supports that STRC’s variable dividend rate is adjusted monthly, may be significantly lower, and is not guaranteed. However, the fetched source never identifies STRCx o | anthropic: unsupported — The two claimed quotes about STRC's variable dividend are both verbatim present in the fetched FWP: 'rate is subject to monthly adjustment and may be significantly lower;dividend is not guaranteed' an

Exit paths

STRCx holders may sell through supported centralized or decentralized venues; disclosed onchain trades settle instantly.Disputed

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 paths

Strategy may redeem all underlying STRC below the 25% outstanding threshold at liquidation preference plus accumulated dividends.Unverified

Sources · 1

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) | gpt: unsupported — goal-fit: Although the cited content supports this cleanup-call redemption right, the value does not cover all disclosed exit paths. The source also discloses ordinary optional redemption at $101 or m | anthropic: confirmed — The archived source contains the claimed quote verbatim: Strategy has the right to redeem all, and not less than all, of the STRC Stock at any time for cash if total shares outstanding are less than 2

Exit paths

Strategy may redeem underlying STRC at $101 per share plus accumulated unpaid dividends.Disputed

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

Attestations

Backed publishes proof-of-reserves information on its Backed Ecosystem proof-of-reserves page.Unverified

Sources · 1

docs.backed.fi ↗

“audited smart contracts”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The fetched page mentions “publicly verifiable proof of reserves” and links to the xStocks DeFi Portal, but it does not identify an attestation provider or substantiate that proof-of-reserve | anthropic: unsupported — The archived page at the cited URL is actually the xStocks Docs "Introduction" page, not a dedicated "Backed Ecosystem proof-of-reserves page." The quote "audited smart contracts" does appear, and the

Unilateral changes

Strategy may adjust STRC's monthly dividend rate and may change its target-price policy at its sole discretion.Disputed

Sources · 2

Fabricated citations; should be demoted to unknown unless evidence is supplied.

sec.gov ↗

“Strategys intentions with respect to adjusting the - 3 - STRC Stock monthly regular dividend rate per annum.”

sec.gov ↗

“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: lost head-to-head to incumbent eaaf6711-a95d-4797-b981-ff5e1ecff2e9: The incumbent directly and more specifically identifies what Strategy may change or exercise without holder consent: STRC's dividend rate, abandonment of its price-stabilization policy, and specified redemption rights. Its own evidence also documents the SOFR-linked limits and accumulated-dividend condition on rate reductions, plus the call, cleanup, and tax-event redemption provisions. The new claim is less complete and its first citation merely references intentions regarding dividend adjustments without independently establishing sole discretion.

Audits

Backed states that the product structure uses audited smart contracts; the corpus identifies neither auditor nor audit date.Unverified

Sources · 1

docs.backed.fi ↗

“audited smart contracts”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source states only that the product structure includes “audited smart contracts.” It identifies neither the audit firm nor the audit scope and date required for a per-auditor audits_<fir | anthropic: unsupported — goal-fit: The SLOT QUESTION requires one fact per audit giving audits_<firm> = scope + date. The source only contains the marketing phrase 'audited smart contracts' within a list of investor protectio

Audits

Grant Thornton Cayman serves as product auditor; the corpus does not identify the audit scope or completion date.Unverified

Sources · 1

app.rwa.xyz ↗

“Auditor Grant Thornton (Cayman)”

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

Custodians

Alpaca Securities LLC holds the underlying assets through accounts described as segregated and bankruptcy-remote.Disputed

Sources · 2

Segregation model unsupported; regulator/charter omitted.

app.rwa.xyz ↗

“Custodian Legal Identifier Alpaca Securities LLC 0001702580”

app.rwa.xyz ↗

“Account Segregation Bankruptcy Remote”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch

Vehicle

The xStocks issuer is domiciled in Jersey, Channel Islands. Strategy Inc issues the underlying Delaware preferred stock.Disputed

Sources · 4

Overstated scope on wrapper type; unreconciled entity-name conflict.

app.rwa.xyz ↗

“Domicile Jersey, Channel Islands”

sec.gov ↗

“Delaware”

sec.gov ↗

“STRATEGY INC”

sec.gov ↗

“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: re-adjudicated 2026-08-04T18:00:42.458Z from rejected status | panel 1/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources do not identify the legal wrapper protecting STRCx holders—such as an LP, trust, SPV, or foundation—or name its legal entity. RWA.xyz only attributes “Jersey, Channel Islands” to | anthropic: confirmed — The RWA.xyz STRCx page lists the tokenization issuer ('Backed Assets', the xStocks product) with 'Domicile: Jersey, Channel Islands' and 'Dispute Resolution Country: Jersey, Channel Islands' — directl | kimi: unsupported — goal-fit: the slot asks for the legal wrapper protecting holders (LP, trust, SPV, foundation) and its jurisdiction. The claim never identifies any wrapper or its legal form — it only asserts a domicil

Regime

xStocks uses a Base Prospectus and is structured for compliance with European Union regulations.Disputed

Sources · 2

Unsupported and likely misread; either recharacterize using the SEC-registration evidence or move to unknowns.

assets.backed.fi ↗

“Base Prospectus”

coinmarketcap.com ↗

“Regulatory Bridge – The product is structured to be compliant with EU regulations, aiming to merge traditional finance with decentralized ecosystems.”

Verifier note: lost head-to-head to incumbent 69539c43-9c52-416e-bebd-39c31d0c3dde: The incumbent directly identifies the offering regime, SEC registration status, Form S-3 registration number 333-284510, and Rule 424(b)(5), with primary SEC evidence. The new claim mentions a Base Prospectus and generic EU compliance but does not specify the governing EU regulation, exemption, license, or prospectus details.

Key people

Strategy 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.Unverified

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

What the issuer does

xStocks provides tokenized access to more than 120 U.S. stocks and ETFs through exchanges and DeFi protocols.Disputed

Sources · 3

Surface the Solana-vs-Ethereum deployment conflict and note scale figures are promotional.

coinmarketcap.com ↗

“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.”

coinmarketcap.com ↗

“DeFi-Compatible Access – It enables global, non-U.S. users to access over 120 U.S. stocks and ETFs through crypto exchanges and DeFi protocols.”

coinmarketcap.com ↗

“This technical foundation makes the tokens composable , meaning they can be integrated into decentralized finance (DeFi) applications for lending, borrowing, or earning yield, just like any other cryptocurrency.”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources describe the xStocks product—its 120+ tokenized U.S. stocks and ETFs, exchange availability, and DeFi composability—but do not identify the issuing company or explain that compan | anthropic: confirmed — The claim's material elements—tokenized access to 120+ U.S. stocks and ETFs, delivered through both centralized/decentralized exchanges and integrable with DeFi protocols—are all directly supported by

Holdings

100% Strategy Variable Rate Series A Perpetual Stretch Preferred Stock, reportedly one custodied share per STRCX token, as of 2026-06-26.Unverified

Sources · 2

coinmarketcap.com ↗

“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”

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 2026-08-04T18:02:16.609Z from rejected status | panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources identify STRC as Variable Rate Series A Perpetual Stretch Preferred Stock and state that each STRCX token has an equivalent share held in custody/reserve as of the CoinMarketCap | anthropic: confirmed — Both cited quotes appear verbatim in the archived content. The CMC AI page (dated 26 June 2026, matching the 2026-06-26 as-of date) states 'Each xStock is a digital token backed 1:1 by the actual stoc

Yield mechanics

STRC accumulates cumulative dividends on $100 and pays declared amounts monthly in cash. Unpaid dividends compound semi-monthly until paid.Disputed

The corpus does not establish how xStocks passes these payments to STRCX holders.

Sources · 4

Lower confidence; frame explicitly as underlying mechanics with holder passthrough unknown.

sec.gov ↗

“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.”

sec.gov ↗

“Declared regular dividends on the STRC Stock will be payable solely in cash.”

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 sources describe the underlying STRC preferred stock but do not establish how STRCX holders receive its yield—whether through NAV accrual, rebasing, cash/token distributions, or a claim/ | anthropic: contradicted — The claim's cash-distribution character is well supported: STRC accumulates cumulative dividends on the $100 stated amount (d101356 cover; July 2025 press release), declared dividends are 'payable sol

Yield source

Potential STRCX yield originates from cash dividends declared on the custodied STRC shares. Strategy’s board controls declarations, and dividends are not guaranteed.Disputed

Sources · 3

Add the current/initial rates and rate-setting mechanism.

sec.gov ↗

“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.”

sec.gov ↗

“Declared regular dividends on the STRC Stock will be payable solely in cash.”

sec.gov ↗

“rate is subject to monthly adjustment and may be significantly lower;dividend is not guaranteed”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support that STRC dividends accumulate on $100 stated value, are payable in cash when declared by Strategy’s board, and are not guaranteed. However, they do not establish that ST | anthropic: unsupported — The board-control and not-guaranteed elements are well supported: the 424B5 and press release confirm regular dividends are payable 'when, as and if declared by our board of directors, out of funds le

Structure & quality

STRC is Strategy’s variable-rate Series A perpetual preferred stock with a $100 stated amount per share.Disputed

Sources · 3

Enrich with rate profile, SOFR-floor variable-rate mechanism, perpetual maturity, and preferred-claim ranking from the SEC filings.

sec.gov ↗

“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”

sec.gov ↗

“basedon $100 stated amount; trading price and effective yield may vary; not indicative of future rates”

sec.gov ↗

“Up to $21,000,000,000 Variable Rate Series A Perpetual Stretch Preferred Stock”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support that STRC is Strategy Inc’s Variable Rate Series A Perpetual Stretch Preferred Stock and that its stated amount is $100 per share. However, the claim only identifies the | anthropic: confirmed — Every material claim is supported by the fetched sources. The 8-K lists 'Variable Rate Series A Perpetual Stretch Preferred Stock' (Series A perpetual, variable-rate) trading as STRC, issued by Strate

Composition

Each STRCX token is reportedly backed exclusively by one equivalent STRC preferred share held in custody.Unverified

Sources · 2

coinmarketcap.com ↗

“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”

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 2026-08-04T18:00:25.144Z from rejected status | panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The CoinMarketCap AI page reports generic 1:1 backing—one STRC share in custody for each STRCX token—but provides no disclosed instrument weights or as-of date for the reserve composition. I | anthropic: unsupported — The CMC source supports a generic 1:1 backing mechanism ('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

Category

rwa-otherUnverified

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 ↗

“Strategy PP Variable tokenized stock (xStock) price STRCX”

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

How it works

Non-U.S. users acquire and trade STRCX through centralized or decentralized exchanges.Unverified

STRCX provides exposure to the custodied STRC share’s value. Holders exit by selling STRCX through supported markets. DeFi protocols may support lending, borrowing, or additional yield strategies.

Sources · 4

coinmarketcap.com ↗

“DeFi-Compatible Access – It enables global, non-U.S. users to access over 120 U.S. stocks and ETFs through crypto exchanges and DeFi protocols.”

coinmarketcap.com ↗

“The 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.”

coinmarketcap.com ↗

“This technical foundation makes the tokens composable , meaning they can be integrated into decentralized finance (DeFi) applications for lending, borrowing, or earning yield, just like any other cryptocurrency.”

coinmarketcap.com ↗

“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 1/2 confirmed (sourceDomains=1) | gpt: unsupported — The narrative answers the holder-lifecycle question, but the only fetched source is a CoinMarketCap AI aggregator, while the dossier requires issuer documents, legal terms, or on-chain evidence. No qu | anthropic: confirmed — The claim describes the holder lifecycle and each material element is supported by the union of the fetched CMC AI source. Acquisition/trading via centralized or decentralized exchanges by non-U.S. us

Source documents

RWA.xyz STRCx asset page, date undisclosed, identifying USD as the subscription and redemption base asset: https://app.rwa.xyz/assets/STRCxUnverified

Sources · 1

app.rwa.xyz ↗

“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

Source documents

Form 8-K Risk Factor Updates, July 7, 2025: https://www.sec.gov/Archives/edgar/data/1050446/000119312525164852/d65643dex991.htmDisputed

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 Strategys 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 documents

Form 10-Q Risk Factors, May 5, 2025: https://www.sec.gov/Archives/edgar/data/1050446/000119312525164852/d65643dex991.htmDisputed

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 Strategys 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

Issuer failure

Strategy may become unprofitable or struggle to service debt, weakening STRC dividends and residual recovery.Unverified

Sources · 2

sec.gov ↗

“we may not be able to remain profitable in future periods;”

sec.gov ↗

“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.

Minimum

0Disputed

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 paths

Strategy may redeem STRC after a tax event at liquidation preference plus accumulated unpaid dividends; settlement timing remains undisclosed.Unverified

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 paths

Holders sell STRCx through Kraken or Bybit; exchange settlement, minimums, caps, and fees remain undisclosed.Unverified

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 paths

Holders sell STRCx through decentralized exchanges or aggregators; trades settle instantly onchain; minimums, caps, and fees remain undisclosed.Unverified

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

Audits

The product structure includes audited smart contracts; the evidence does not identify the audit firm or date.Unverified

Sources · 1

docs.backed.fi ↗

“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

Audits

Grant Thornton (Cayman) serves as auditor; the evidence does not disclose its audit scope or date.Unverified

Sources · 1

app.rwa.xyz ↗

“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.

Transfer restrictions

xStocks are accessible to non-U.S. users; the evidence does not establish whitelist, freeze, or other jurisdictional controls.Unverified

Sources · 2

coinmarketcap.com ↗

“compliant with EU regulations, accessible to non-US users”

coinmarketcap.com ↗

“composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”

Verifier note: panel 0/4 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

Tax treatment

Strategy expects preferred-stock distributions to receive tax-deferred return-of-capital treatment. A tax event permits redemption at liquidation preference plus unpaid dividends.Unverified

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 fails

xStock holders have a legal claim to STRC's value. STRC ranks behind debt and STRF but ahead of STRD, STRK, and common stock.Disputed

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').

coinmarketcap.com ↗

“provide a legal claim to the value of the stock”

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 describes the failure waterfall: STRC is a preferred residual claim behind debt and STRF, ahead of STRD, STRK, and common stock, with no direct claim on Strategy’s bitcoin. Its own evidence also identifies Alpaca Securities LLC (legal identifier 0001702580) as custodian and states bankruptcy-remote account segregation. The new claim adds liquidation preference and risk disclosures but does not explain who controls the assets and ambiguously conflates xStock holders’ claim with the rights of underlying STRC holders.

Service providers

STRC offering providers include WilmerHale as company counsel. Morgan Stanley, Barclays, Moelis and TD Securities served as joint bookrunners.Disputed

Additional firms served as co-managers or later sales agents.

Sources · 3

This slot should be an unknown for STRCX; the STRC offering underwriters are not STRCX service providers.

sec.gov ↗

“Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Company, has issued a legal opinion relating to the Shares.”

sec.gov ↗

“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.”

sec.gov ↗

“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

Collateralization

100%Disputed

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

Holder's claim

Legal claim to the value of a reserved STRC share, without disclosed direct share ownership.Disputed

Sources · 3

Frame as an aggregator-asserted claim of unverified enforceability.

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 ↗

“provide a legal claim to the value of the stock”

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 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

Caps / gates

Strategy cannot partially redeem STRC unless at least $250 million stated amount remains outstanding and uncalled.Unverified

Sources · 1

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: 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

Exit paths

Holders may sell xStocks through decentralized venues including Raydium, Kamino, and Jupiter.Disputed

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 paths

Holders may sell xStocks through Kraken or Bybit and withdraw purchased tokens to self-custody.Disputed

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 paths

Holders may require cash repurchase after a fundamental change at stated amount plus accumulated unpaid dividends.Unverified

Sources · 1

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 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

Exit paths

Strategy may redeem all STRC when outstanding shares fall below 25%, paying liquidation preference plus accumulated dividends.Unverified

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 powers

Strategy may redeem STRC at $101 plus unpaid dividends. Strategy may redeem all STRC after specified cleanup or tax events.Disputed

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

Legal entity

Strategy Inc — Delaware corporation; issuer of the underlying STRC; Commission File No. 001-42509.Unverified

Sources · 3

sec.gov ↗

“STRATEGY INC (Exact name of registrant as specified in its charter)”

sec.gov ↗

“Delaware”

sec.gov ↗

“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

What it is

STRCX 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.Unverified

Holders receive a legal claim to the stock’s value, not disclosed direct ownership of the reserve share.

Sources · 4

coinmarketcap.com ↗

“Strategy PP Variable tokenized stock (xStock) price STRCX”

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 ↗

“provide a legal claim to the value of the stock”

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

Holdings

Strategy Variable Rate Series A Perpetual Stretch Preferred Stock: one reserved share for each STRCX token as of June 26, 2026.Unverified

Sources · 3

coinmarketcap.com ↗

“Strategy PP Variable tokenized stock (xStock) price STRCX”

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 2026-08-04T17:47:11.851Z from rejected status | panel 0/3 confirmed (sourceDomains=2) | gpt: unsupported — The CoinMarketCap sources support that STRCX is described as a tokenized stock backed 1:1, with an equivalent share held in reserve, as of June 26, 2026. The SEC source separately identifies STRC as V | anthropic: unsupported — The generic 1:1 backing is confirmed: the CMC 'what-is' article states "for every STRCX token, there is an equivalent share held in reserve." However, the claim adds two elements the sources do not ac | gpt: unsupported — goal-fit: The CMC AI page states that each STRCX token has an equivalent share held in reserve, but neither the claim nor the supporting passage supplies the as-of date required for a disclosed holdin

Run operations

ingest · ingest · weak

plan · plan · ok

synthesize · synthesize · ok

Coverage

17 of 35 fields verified · 7 unverified · 17 not found

Run 2026-08-04T17:45:54.358Z · done · cost $0.00

Automated research, human-reviewed. Verify against source documents before credit decisions.

Strategy PP Variable xStock

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cleanup

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