STRCx is a tokenized Strategy STRC preferred share giving holders a legal claim to the underlying share’s value. Each STRCx is backed one-for-one by a custodied STRC share.
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STRCx is a tokenized Strategy STRC preferred share giving holders a legal claim to the underlying share’s value. Each STRCx is backed one-for-one by a custodied STRC share.
Sources · 5
Consider adding the ~9.00% initial dividend rate as a verified backing/yield fact within the 2-4 sentence budget.
“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.”
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
“a variable dividend framework designed to help maintain trading near its $100 stated amount”
Verifier note: panel 2/2 confirmed (sourceDomains=4, disputed) | gpt: confirmed — The sources collectively support every material element: STRCx tokenizes STRC and provides a legal claim to its value; each token is backed one-for-one by a custodied STRC share; Kraken expressly says | anthropic: confirmed — Every material claim maps to a fetched source. CMC states STRCX is a tokenized equity 'backed 1:1 by the underlying traditional stock, offering a legal claim to its value' and that 'for every STRCX to
Overview
◇
Underlying
Strategy preferred stock
◎
Issuer
Backed Assets
Jurisdiction not established
Sources · 2
Slot requires legal entity name only; 'Backed Assets' is the brand/short form from rwa.xyz (c7ff8ad4), not a full legal vehicle name. The LEI (249bf333) is available but the corpus does not resolve the registered legal name. asOfDate '2026-08-05' merely echoes today's date and is not anchored in evidence.
Verifier note: panel 3/3 confirmed (sourceDomains=1) | gpt: confirmed — The archived RWA.xyz content explicitly lists the legal-and-regulatory field “Issuer” as “Backed Assets.” The accompanying LEI is consistent with the cited record, although it does not establish a mor | anthropic: confirmed — The archived source directly displays under 'Legal & Regulatory' the field 'Issuer' with value 'Backed Assets', and 'Issuer LEI' with value '984500001AB7C6C7F577', matching both claimed quotes verbati | kimi: confirmed — The archived rwa.xyz snapshot explicitly lists 'Issuer: Backed Assets' in the Legal & Regulatory section, verbatim matching the claimed value, corroborated by the paired Issuer LEI 984500001AB7C6C7F57
◫
Backing
100%
Sources · 2
asOfDate '2026-06-26' is unsupported. Evidence 60f40399/7443b69a describe the 1:1 backing model generically and carry no such date.
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
“xStocks are tokenized stocks. They’re backed 1:1 by the underlying assets, composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Verifier note: panel 2/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The fetched content explicitly states that STRCX is backed 1:1 by the underlying stock, meaning a 100% backing ratio, with an equivalent share held in custody/reserve for each token. It also identifie | anthropic: confirmed — Both cited sources explicitly state a 1:1 backing ratio, which equals a 100% collateralization ratio, directly answering the slot question. The 'what-is' page states 'Each xStock is a digital token ba
How STRCX works
Backed buys the underlying asset through its broker after receiving purchase funds, then issues the token. STRCx tracks the value of reserved STRC shares. Holders can transfer tokens between wallets or use supported exchanges and DeFi applications to exit or deploy them.
“When a user buys bTokens, we automatically purchase the underlying asset as collateral once we receive the funds. We send an order to buy the underlying asset to our broker. We then issue the tokens to the user.”
“Tokens are freely transferable across wallets, are fully collateralized by the underlying asset, and are issued in compliance with the Swiss DLT act.”
“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.”
“New ways to use ownership. A share now becomes a tool that you can borrow against, use in yield strategies, or move fractional pieces across apps.”
Verifier note: panel 1/1 confirmed (sourceDomains=3) | gpt: confirmed — The union of sources supports all material lifecycle claims. Backed states that after receiving purchase funds it sends an order to its broker for the underlying asset and then issues tokens. Backed a
Pending verification (5)
The underlying
Underlying issuer
Strategy Inc.
More
Strategy Inc is a publicly traded company that has adopted Bitcoin as its primary treasury reserve asset. It funds bitcoin accumulation using proceeds from equity and debt financings and cash flows from operations. It also provides AI-powered enterprise analytics software.
“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.”
“STRATEGY INC
(Exact name of registrant as specified in its charter)”
Verifier note: recovered from reshaped fact 83df597a-5546-47b2-a30d-4147323ef9f6
Portfolio overview
Pool-wide metrics
Performance
Growth
Growth of $10,000 over 1 month
Growth
Growth of $10,000 over all history
12.29% 30d return
$11,166.62
Returns
As of August 8, 2026
1 mo
Since inception
STRCX
Issuer
Backed Assets
Issuer
Ownership
Kraken
Backed created xStocks as the bToken successor with unchanged underlying exposure. xStocks comprises over 55 tokenized stocks and ETFs for Kraken distribution and Solana DeFi. NVDAx uses a tracker-certificate wrapper governed by Backed Assets Final Terms No. 19. Holders receive NVIDIA price exposure without share ownership or shareholder rights.
Structural credibility
Shared legal identity, ownership, people, incidents, and channels.
Legal & regulatory structure
The legal claim, governing regime, and holder protections if the structure fails.
✓
Legal wrapper
Protects holders if the issuer fails.
Transfer restrictions
Backed excludes U.S. Persons, and Kraken may apply geographic restrictions.DisputedMoreSources · 2
Scope/omission. The U.S.-Person exclusion (96a317aa) is a Backed-wide footnote inferred onto STRCx. Corroborating 6d7a9071 (non-U.S. users) is unused, and 9630c193 (Token-2022 Transfer Checked) plus 476f03bf (compliance features) — bearing on freezable/whitelist transferability — are ignored, leaving the freezable dimension unaddressed.
“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
“Backed is pleased to announce that we have integrated Chainlink Proof of Reserve (PoR). This development provides users with a transparent and trust-minimized means to confirm the collateralization of our tokenized assets.”
“We also have the right, at our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total
number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering of STRC Stock and in any future offering taken together”
“The redemption price for any STRC Stock to be redeemed pursuant to a
clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy
provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Risks & protections
Underlying / economic
STRCx can lose value when STRC declines as Bitcoin prices, financing access, or Strategy’s cash generation deteriorate
⌄
STRCx can lose value when STRC declines as Bitcoin prices, financing access, or Strategy’s cash generation deteriorate.MoreSources · 4
“The Company’s ability to maintain any given level of BPS, or achieve positive BTC Yield, BTC Gain, or BTC $ Gain may depend on a variety of factors, including factors outside of its control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms.”
Opsec
Current onchain authority configuration first, followed by documented operational controls.
Token extensions
Permanent delegate, Default account state, Transfer hookMore
Strategy may adjust STRC's monthly dividend rate at its sole discretion. Strategy cannot reduce it before paying prior accumulated dividends.Unverified
Networks & bridges
Supply and mint authority
A single externally-owned address controls supply; no on-chain multisig is visibleMoreSources · 3
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
Evidence gaps
How it works
Searched, not found: The supplied evidence does not establish dividend pass-through or a routine STRCx redemption path into the underlying share.
Research appendix
Plan fulfillment
SlotStatusClasses covered
CollateralizationFilled-verifiedNone
AttestationsFilled-verifiedNone
Underlying issuerFilled-verifiedNone
Holder's claimFilled-verifiedNone
Corporate-action passthroughRejected-retryNone
Final terms documentEmptyNone
Transfer restrictionsFilled-verifiedNone
NetworksRejected-retryNone
Canonical deploymentRejected-retryNone
Bridge providerRejected-retryNone
Bridge custodyEmptyNone
Oracle dependenciesRejected-retryNone
Supply and mint authorityFilled-verifiedNone
Key managementEmptyNone
Incident responseEmptyNone
Monitoring and attestationFilled-verifiedNone
Bridge & oracleRejected-retryNone
What it isFilled-verifiedAggregator, regulator, legal-terms, issuer-docs
How it worksFilled-verifiedIssuer-docs, regulator, legal-terms, aggregator
Caps / gates
Strategy cannot partially call STRC unless at least $250 million stated amount remains outstanding and uncalled.UnverifiedMoreSources · 2
“However, Strategy may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of
the time Strategy provides the related redemption notice.”
“However, we may not redeem
less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of the time we provide the related redemption notice.”
Exit paths
Strategy may redeem all STRC after a tax event at liquidation preference plus accumulated unpaid dividends.DisputedMoreSources · 2
“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
“The redemption price for any STRC Stock to be redeemed pursuant to a
clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy
provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Exit paths
Strategy may redeem all STRC when outstanding shares fall below 25% of total issued shares.DisputedMoreSources · 2
Unsupported as written; remove or ground in real evidence.
“We also have the right, at
our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering
of STRC Stock and in any future offering taken together, at a cash redemption price per share of STRC Stock to be redeemed equal to the liquidation preference per share of STRC Stock as of the business day before the date we provide the related
redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
“The redemption price for any STRC Stock to be redeemed pursuant to a
clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy
provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Exit paths
Holders may require Strategy to repurchase STRC after a fundamental change at stated amount plus accumulated unpaid dividends.DisputedMoreSources · 1
Mark unknown or supply the actual supporting evidence.
“holders of STRC Stock will have the right (which we refer to as the “fundamental change repurchase right”) to require us to repurchase some or all of their shares of STRC Stock at a
cash repurchase price equal to the stated amount of the STRC Stock to be repurchased, plus accumulated and unpaid regular dividends, if any, to, and including the fundamental change repurchase date.”
Exit paths
Strategy may redeem STRC for cash at $101 per share plus accumulated unpaid dividends at any time.DisputedMoreSources · 2
Flag the STRC/STRCx identity as an assumption or scope it explicitly.
“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”
Collateralization
100%DisputedMoreSources · 2
asOfDate '2026-06-26' is unsupported. Evidence 60f40399/7443b69a describe the 1:1 backing model generically and carry no such date.
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
“xStocks are tokenized stocks. They’re backed 1:1 by the underlying assets, composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Verifier note: panel 2/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The fetched content explicitly states that STRCX is backed 1:1 by the underlying stock, meaning a 100% backing ratio, with an equivalent share held in custody/reserve for each token. It also identifie | anthropic: confirmed — Both cited sources explicitly state a 1:1 backing ratio, which equals a 100% collateralization ratio, directly answering the slot question. The 'what-is' page states 'Each xStock is a digital token ba
Yield source
STRC's economic yield comes from cumulative cash dividends funded by Strategy. Bitcoin itself produces no interest or other returns.DisputedMoreSources · 4
Remove the phantom citation and the unsupported bitcoin claim; ground yield_source on da053a9e/59fdbfbb/606e3d80 plus the variable-rate dividend evidence.
“Regular dividends, if any, on the STRC Stock will accumulate on the stated
amount thereof, which is $100 per share of STRC Stock, and will be payable when, as and if declared by our “board of directors” (as defined in this STRC Stock Annex), out of funds legally available for their payment, monthly in arrears
on the last calendar day of each calendar month.”
“On December 1, 2025, Strategy announced that it established a US dollar reserve (the "USD Reserve"), a management-designated portion of Strategy’s liquidity intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness.”
“Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales.”
Verifier note: panel 2/4 confirmed (sourceDomains=1, disputed) | trimmed uncited claims (0) and re-confirmed | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | kimi: confirmed — Every material claim is supported by the union of the fetched sources, and those sources satisfy the required evidence classes by content: the 424B5 prospectus supplement is the STRC legal-terms docum | gpt: confirmed — The assigned SEC filings establish that STRC’s investor return is a cumulative, variable-rate preferred-stock dividend obligation of Strategy, payable solely in cash when declared and from legally ava
Structure & quality
The underlying is Strategy’s variable-rate Series A perpetual preferred stock, creating single-issuer concentration and no contractual maturity.MoreSources · 2
“Issued an additional $2.0 billion notional of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and $84 million of Class A common stock (MSTR), and used these proceeds to purchase 24,869 bitcoin”
Verifier note: re-adjudicated 2026-08-04T21:50:42.743Z from rejected status | panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The SEC source identifies STRC as Strategy’s “Variable Rate Series A Perpetual Stretch Preferred Stock,” supporting the variable-rate, issuer, and perpetual/no-contractual-maturity characterization. C | anthropic: confirmed — The SEC press release confirms the underlying instrument name: 'Variable Rate Series A Perpetual Stretch Preferred Stock (STRC)' issued by Strategy Inc, which the claim summarizes as 'variable-rate Se
Portfolio composition
1 holdings · sorted by weight
Strc stock
One custodied share backs each STRCx token as of June 26, 2026DisputedMoreSources · 3
Cites evidenceId 'b5a6598c', which does not appear anywhere in the provided evidence corpus. Fabricated or misattributed evidence ID.
“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.”
“Shares of our Variable Rate Series A Perpetual Stretch Preferred Stock, which we refer to as the “STRC Stock,” having an aggregate offering price of up to $4,200,000,000.00.”
Verifier note: panel 2/3 confirmed (sourceDomains=2, disputed) | trimmed uncited claims (3) and re-confirmed | gpt: confirmed — The June 26, 2026 CoinMarketCap page explicitly states that every STRCX token has an equivalent share held in reserve and describes the backing stock as held in custody. The SEC filing independently i | anthropic: unsupported — The CMC source only states a generic, templated 1:1 backing ("Each xStock is a digital token backed 1:1 by the actual stock held in custody... for every STRCX token, there is an equivalent share held | gpt: confirmed — The dated CoinMarketCap content explicitly states that each STRCX token is backed 1:1 by an equivalent actual STRC share held in custody/reserve, and the page is dated June 26, 2026. The SEC filing in
+$1,166.62
Jul 8, 26Jul 16, 26Jul 23, 26Jul 31, 26Aug 8, 26
$11.3K$11K$10.7K$10.4K$10.1K$9.78K
$9,818.59
-$181.41
May 26, 26Jun 13, 26Jul 2, 26Jul 20, 26Aug 8, 26
$10K$9.7K$9.1K$8.5K$7.9K$7.3K
+12.29%
-0.75%
Benchmark
Benchmark unavailable
1 mo
STRCX+12.29%
Benchmark unavailable—
Since inception
STRCX-0.75%
Benchmark unavailable—
1 mo
Since inception
STRCX
+12.29%
-1.81%
Benchmark
Benchmark unavailable
1 mo
STRCX+12.29%
Benchmark unavailable—
Since inception
STRCX-1.81%
Benchmark unavailable—
Key people
Adam Levi co-founded Backed. Backed appointed Yotam Katznelson CTO and Erwan Mismaque COO; the corpus provides no appointment dates or current-status confirmation.
Key people
Adam LeviRole detail
Adam Levi co-founded Backed.
BackedRole detail
Backed appointed Yotam Katznelson CTO.
Erwan Mismaque COO
Service providers
WilmerHale· Strategy counsel
Morgan Stanley
Barclays
Moelis
Incidents
NVIDIA settled SEC disclosure-control charges on May 6, 2022, without admitting or denying findings, and paid a $5.5 million penalty.
“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.UnverifiedMore
Strategy subsequently appointed those firms and additional institutions as STRC sales agents.
“Morgan Stanley, Barclays, Moelis & Company and TD Securities are acting as joint book-running managers for the offering. The Benchmark Company, Clear
Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods and Maxim Group LLC are acting as co-managers for the offering.”
“We have entered into an Omnibus Sales Agreement with TD Securities (USA) LLC, The Benchmark Company, LLC, StoneX Financial Inc., A.G.P./Alliance Global
Partners, Barclays Capital Inc., BTIG, LLC, Canaccord Genuity LLC, Cantor Fitzgerald & Co., Clear Street LLC, Compass Point Research & Trading, LLC, H.C. Wainwright & Co., LLC, Keefe, Bruyette & Woods, Inc., Maxim
Group LLC, Mizuho Securities USA LLC, Moelis & Company LLC, Morgan Stanley & Co. LLC, Santander US Capital Markets LLC, SG Americas Securities, LLC and TCBI Securities, Inc., doing business as Texas Capital Securities
(collectively, the “Agents”), dated November 4, 2025”
Key people
Michael Saylor founded Strategy and currently serves as Executive Chairman. Phong Le serves as President and CEO.DisputedMore
Andrew Kang serves as CFO. Shirish Jajodia serves as Corporate Treasurer.
Sources · 4
Scope conflict: Saylor/Le/Kang/Jajodia are Strategy Inc. executives tied to STRC, not people publicly tied to the STRCX tokenization product. Same inconsistency as operating_history — Strategy is treated as the issuer here but the issuer is declared unknown elsewhere.
Strategy launched underlying STRC in July 2025. Strategy later expanded its STRC issuance program and established a dividend-supporting dollar reserve in December 2025.DisputedMoreSources · 3
Either label this as underlying-issuer history or mark unknown for the STRCX issuer, consistently with issuer_entity/issuer_business.
“On December 1, 2025, Strategy announced that it established a US dollar reserve (the "USD Reserve"), a management-designated portion of Strategy’s liquidity intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness.”
“we may offer and sell shares of our STRC Stock having an aggregate offering price of up to $21,000,000,000 from time to time through one or more of the Agents”
“Maantieteellisiä rajoituksia saatetaan soveltaa.”
Verifier note: panel 2/2 confirmed (sourceDomains=2, disputed) | gpt: confirmed — Backed expressly states that its tokens are not offered, sold, or delivered in the United States or for the account or benefit of U.S. Persons, supporting the stated U.S.-person restriction. Kraken ex | anthropic: confirmed — Both claimed quotes appear verbatim in the archived sources. The Backed page states "*Backed's tokens are not offered, sold or delivered within the United States, or for the account or benefit of U.S.
Vehicle
The xStocks issuer is domiciled in Jersey, Channel Islands. Strategy Inc issues the underlying Delaware preferred stock.DisputedMoreSources · 4
Overstated scope on wrapper type; unreconciled entity-name conflict.
“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 2026-08-04T21:50:17.521Z from rejected status | panel 2/3 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 establish that wrapper's jurisdiction. RWA.xyz lists “Backed Assets” as iss | anthropic: confirmed — goal-fit: the SLOT asks for the legal wrapper protecting holders and its jurisdiction, and the claim describes exactly that (a Jersey-domiciled issuer wrapping Delaware-issued underlying stock). RWA.x | kimi: confirmed — Both parts of the claim are directly supported. rwa.xyz's STRCx page states 'Domicile: Jersey, Channel Islands' (and Dispute Resolution Country: Jersey) under Legal & Regulatory, with Issuer listed as
Regime
Underlying STRC is SEC-registered under Form S-3 Registration No. 333-284510 and Rule 424(b)(5).DisputedMore
Regulators have not approved or disapproved STRC.
Sources · 5
Conflates the token-wrapper 'EU-compliant' claim, sourced from a low-quality CoinMarketCap CMC-AI page (1ba6bdfc), with the underlying SEC registration. 'Base Prospectus' (4f5b9582) is a generic Backed legal-documentation listing, not STRCx-specific.
“Regulatory Bridge – The product is structured to be compliant with EU regulations, aiming to merge traditional finance with decentralized ecosystems.”
“Neither the SEC nor any state or foreign securities commission or regulatory authority has approved or disapproved of these securities”
Verifier note: re-adjudicated 2026-08-04T21:43:09.555Z from rejected status | panel 2/3 confirmed (sourceDomains=3, disputed) | gpt: confirmed — The SEC filings support the claim for the underlying STRC stock: Strategy filed a Form S-3 registration statement under Registration No. 333-284510, and the STRC prospectus supplement was filed pursua | anthropic: unsupported — goal-fit: Every factual assertion in the claim is corroborated by the cited SEC filings — the FWP states the registration is on Form S-3 and bears Registration No. 333-284510; the 424B5 shows 'As File | kimi: confirmed — The SEC filings directly support every element. The 424(b)(5) supplement (d87847d424b5.htm) is captioned 'As Filed Pursuant to Rule 424(b)(5), Registration No. 333-284510' and covers the Variable Rate
Tax treatment
Strategy expects preferred-stock distributions to receive tax-deferred return-of-capital treatment. STRCx-specific holder tax treatment is undisclosed.MoreSources · 1
“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.DisputedMoreSources · 5
Add the fundamental-change repurchase right to the walkthrough.
“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
Pending verification (5)
Transfer restrictions
STRCx targets non-US users and supports transfers through decentralized-finance protocols. The evidence does not establish whitelist, freeze, or jurisdiction-screening mechanics.UnverifiedMoreSources · 2
“composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Tax treatment
Strategy expects preferred-stock distributions to receive tax-deferred return-of-capital treatment. Strategy may redeem all STRC shares following a defined tax event.DisputedMoreSources · 3
Keep the ROC expectation with its 'expects' qualifier; the tax-event redemption is better placed under redemption/controls than as tax structure.
“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
“The redemption price for any STRC Stock to be redeemed pursuant to a
clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy
provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
If the issuer fails
STRCx holders receive a legal claim to the underlying stock's value. STRC ranks behind Strategy debt and STRF.DisputedMore
STRC ranks ahead of STRD, STRK, and common stock. Strategy security holders have no ownership or redemption right in Strategy's bitcoin.
Sources · 5
Replace phantom evidenceId 4362547a with c3c0b0c4/a67855dd, and incorporate the fundamental-change repurchase right and seniority-driven forced-sale mechanics.
“Ownership of the Company’s securities, including its class A common stock and preferred stock, does not represent an ownership interest in, or a redemption right with respect to, the bitcoin the Company holds.”
“Liquidation Junior Stock includes the Class A Common Stock, the Class B Common Stock, the Perpetual Strike Preferred Stock and the Perpetual Stride Preferred Stock.”
“the KPIs do not take into account that the Company's assets, including its bitcoin, are subject to (i) all of the Company's existing and future liabilities, including its debt, and (ii) the preferential rights of the Company's preferred stockholders to dividends and the Company's assets in a liquidation, and that all such claims rank”
Vehicle
The STRCx issuer is domiciled in Jersey. Strategy Inc., a Delaware corporation, issues the underlying perpetual preferred stock.DisputedMoreSources · 4
Flag that the specific legal-wrapper type of the Jersey issuer is not established by evidence, and note the MicroStrategy-vs-Strategy Inc. naming basis.
“Shares of our Variable Rate Series A Perpetual Stretch Preferred Stock, which we refer to as the “STRC Stock,” having an aggregate offering price of up to $21,000,000,000.”
“28,011,111 authorized shares of a series of stock of the Company titled the “Variable Rate Series A Perpetual Stretch Preferred Stock””
Regime
STRCx is described as EU-compliant and limited to non-US users. Underlying STRC shares are SEC-registered under Form S-3 Registration No.UnverifiedMore
“Regulatory Bridge – The product is structured to be compliant with EU regulations, aiming to merge traditional finance with decentralized ecosystems.”
“PoR introduces a way for users to independently verify the adequacy of collateral reserves on-chain at any time.”
Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — The issuer states that The Network Firm operates the attestation API, reads custody-account balances and internal in-transit transaction data, and updates the API every 10 minutes. It further states t | anthropic: confirmed — The archived source directly supports every element of the claim. It states 'The Network Firm operates our attestation API. They have read-only access to our custody bank accounts' and 'The Network Fi
Pending verification (2)
Audits
Grant Thornton (Cayman) serves as auditor; the evidence discloses neither audit scope nor date.UnverifiedMoreSources · 1
Alpaca Securities LLC holds the underlying assets. The product describes its custody accounts as segregated and bankruptcy-remote.DisputedMoreSources · 2
Retain Alpaca as custodian; qualify the segregation/bankruptcy-remote descriptor as a self-description and note the regulator/charter is not in evidence.
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.DisputedMoreSources · 1
Same conflation applies to redemption_path_issuer_call, redemption_path_cleanup, and redemption_path_tax.
“holders of
STRC Stock will have the right (which we refer to as the “fundamental change repurchase right”) to require us to repurchase some or all of their shares of STRC Stock at a cash repurchase price equal to the stated amount of the STRC Stock
to be repurchased, plus accumulated and unpaid regular dividends, if any, to, and including the fundamental change repurchase date.”
Verifier note: panel 3/3 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The prospectus expressly establishes this holder-initiated exit path: following a defined fundamental change, and subject to disclosed exceptions, holders may require cash repurchase of some or all ST | anthropic(sub:gpt): confirmed — The issuer’s SEC-filed prospectus supplement expressly states that, upon a fundamental change and subject to described exceptions, STRC holders may require cash repurchase of some or all shares at the [duplicate actual family allowed by substitution] | kimi: confirmed — The archived SEC prospectus supplement (issuer-docs, a required class) states verbatim: holders of STRC Stock 'will have the right (which we refer to as the "fundamental change repurchase right") to r
Pending verification (5)
Caps / gates
Strategy cannot partially call STRC unless at least $250 million stated amount remains outstanding and uncalled.UnverifiedMoreSources · 2
“However, Strategy may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of
the time Strategy provides the related redemption notice.”
“However, we may not redeem
less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of the time we provide the related redemption notice.”
Exit paths
Strategy may redeem all STRC after a tax event at liquidation preference plus accumulated unpaid dividends.DisputedMoreSources · 2
“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
“The redemption price for any STRC Stock to be redeemed pursuant to a
clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy
provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Exit paths
Strategy may redeem all STRC when outstanding shares fall below 25% of total issued shares.DisputedMoreSources · 2
Unsupported as written; remove or ground in real evidence.
“We also have the right, at
our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering
of STRC Stock and in any future offering taken together, at a cash redemption price per share of STRC Stock to be redeemed equal to the liquidation preference per share of STRC Stock as of the business day before the date we provide the related
redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
“The redemption price for any STRC Stock to be redeemed pursuant to a
clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy
provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Exit paths
Holders may require Strategy to repurchase STRC after a fundamental change at stated amount plus accumulated unpaid dividends.DisputedMoreSources · 1
Mark unknown or supply the actual supporting evidence.
“holders of STRC Stock will have the right (which we refer to as the “fundamental change repurchase right”) to require us to repurchase some or all of their shares of STRC Stock at a
cash repurchase price equal to the stated amount of the STRC Stock to be repurchased, plus accumulated and unpaid regular dividends, if any, to, and including the fundamental change repurchase date.”
Exit paths
Strategy may redeem STRC for cash at $101 per share plus accumulated unpaid dividends at any time.DisputedMoreSources · 2
Flag the STRC/STRCx identity as an assumption or scope it explicitly.
“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”
“xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
Verifier note: panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The sources collectively support the material mechanism: STRCx is a 1:1-linked tokenized exposure whose gains or losses depend on the underlying STRC stock’s value; Strategy discloses that bitcoin-pri | anthropic: confirmed — The claim's chain is supported by the union of fetched sources. The Kraken page establishes STRCx is a tokenized share pegged 1:1 to STRC (Strategy's Variable Rate Series A Perpetual Stretch Preferred
Concentration
Each STRCx token concentrates economic exposure in one STRC preferred share and Strategy's leveraged Bitcoin-focused business
⌄
Each STRCx token concentrates economic exposure in one STRC preferred share and Strategy's leveraged Bitcoin-focused business.DisputedMoreSources · 4
Three of four cited IDs (60f40399, 54ad0b4d, 58838310) are absent from the corpus; only 5fbedfd2 (substantial indebtedness) is visible, which supports leverage but not the single-STRC-share concentration claim.
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
“Issued an additional $2.0 billion notional of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and $84 million of Class A common stock (MSTR), and used these proceeds to purchase 24,869 bitcoin”
“the level and terms of the Company’s substantial indebtedness and its ability to service such debt”
Verifier note: panel 2/2 confirmed (sourceDomains=2, disputed) | gpt: confirmed — The sources support the material proposition and answer the concentration slot. CoinMarketCap states that each STRCX token is backed 1:1 by an equivalent underlying share held in custody. Strategy ide | anthropic(sub:gpt): confirmed — The sources support the concentration mechanism: STRCX is described as backed 1:1, with one equivalent underlying share reserved per token, so each token’s issuer exposure is concentrated in STRC rath [duplicate actual family allowed by substitution]
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.DisputedMoreSources · 2
“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
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
“Default Account State – While currently set to have all token accounts start in an "initialized" state, adding this extension allows Backed to optionally support sRFC-37, enabling efficient blocklist management, in the future, as adoption increases.”
“Live since June 30, 2025 with 60+ tokenized stocks from some of the U.S.’s largest companies and ETFs (e.g., Apple, Nvidia, S&P 500) available for non-U.S. persons to buy/hold like any SPL token.”
Verifier note: panel 2/3 confirmed (sourceDomains=1) | gpt-family: unsupported — evidence class mismatch | anthropic-family: confirmed — The claim maps directly onto the slot question (restricted investors + plausible regulatory actions and their impact on holders). Every material element is supported by the fetched Solana Foundation c | kimi-family: confirmed — All material claims are directly supported by the archived Solana case study. Pausable Config lets the issuer pause all token interactions for regulatory requirements; Permanent Delegate exists to sei
Strategy may sell common stock or bitcoin to meet matured or redeemed obligations. Strategy established a dollar reserve to support preferred dividends and debt interest.
Sources · 5
Add wrapper-issuer counterparty exposure and quantify Strategy indebtedness using 99704204.
“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”
“On December 1, 2025, Strategy announced that it established a US dollar reserve (the "USD Reserve"), a management-designated portion of Strategy’s liquidity intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness.”
Verifier note: panel 2/3 confirmed (sourceDomains=2, disputed) | trimmed uncited claims (1) and re-confirmed | gpt: unsupported — The sources support that STRCX is a tokenized Strategy variable preferred stock product, that STRC is Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, and that Strategy reports sub | anthropic: confirmed — goal-fit: The claim directly answers the slot question — it identifies the credit exposure inside the backing (STRCX tokenizes a Strategy preferred whose value depends on Strategy's credit) and the co | gpt: confirmed — The sources collectively support every material element. CoinMarketCap identifies STRCX as a Strategy variable-rate perpetual-preferred xStock and states that xStocks are tokenized securities backed 1
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.DisputedMoreSources · 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.
“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 2026-08-04T17:56:06.023Z from rejected status | panel 2/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — The sources support that STRCX is an xStock backed 1:1 by an equivalent underlying share held with a regulated custodian, establishing custodian dependence and concentration. However, none of the fetc | anthropic: confirmed — The slot question concerns custodian/operational-provider failure and concentration, and this risk claim squarely addresses custodian dependency (goal-fit satisfied). The material mechanism is support | kimi: confirmed — The structural dependence is fully supported: the Solana case study states each token is 'backed 1:1 by a real share held with a regulated custodian,' that Backed 'deposits them with a regulated custo
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
“Permanent Delegate – Assigns an authority designated by the token issuer (in this case, Backed) with ongoing rights to transfer or burn tokens from any address without requiring user-level permissions.”
Verifier note: 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
Strategy may fail or abandon dividend-rate adjustments intended to keep STRC near its $100 stated amount
⌄
Strategy may fail or abandon dividend-rate adjustments intended to keep STRC near its $100 stated amount.DisputedMoreSources · 3
Cited evidenceIds 1bc9f7a8, f810b935, b5dd09ee are all absent from the corpus. The specific mechanism ($100 stated amount, dividend-rate adjustments to hold peg, risk of abandonment) is not established by any provided evidence.
“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.”
“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”
“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.”
Verifier note: panel 2/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The SEC filing expressly states that Strategy’s $100-price objective is only a current intention, may change in its sole discretion, and may be unsuccessful or abandoned. It also warns that unilateral | anthropic: confirmed — The claim states Strategy may fail or abandon the dividend-rate adjustments intended to keep STRC near its $100 stated amount. This is a mechanism that could push the secondary trading price away from
Exit risk
Partial STRC calls must leave $250 million outstanding and uncalled
⌄
Partial STRC calls must leave $250 million outstanding and uncalled.MoreSources · 2
“However, we may not redeem
less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of the time we provide the related redemption notice.”
“Pausable Config – Lets the issuer pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents — providing an important safeguard.”
Verifier note: panel 1/3 confirmed (sourceDomains=2) | trimmed uncited claims (2) and re-confirmed | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch — The partial-call floor ("at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption") is squarely supported by the SEC 424B5 p | gpt: confirmed — The SEC-filed STRC prospectus expressly provides that Strategy may redeem less than all outstanding STRC only if at least $250.0 million aggregate stated amount remains outstanding and not called for
Pending verification (9)
Credit / counterparty
Strategy carries substantial debt and perpetual dividend obligations, creating debt-service risk for STRC-backed STRCx holders.DisputedMoreSources · 4
f6f7614d is not in the corpus; the remaining three (5fbedfd2, d5f68a45, 7fd6fa61) support the debt-service claim but concern Strategy's perpetual preferred/convertible obligations generally — the leap to 'STRC-backed STRCx holders' is an inference not directly evidenced.
“the Company is required to pay dividends with respect to its perpetual preferred stock in perpetuity. The Company could pay these dividends with cash or, in the case of STRK Stock, by issuing shares of class A common stock.”
“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”
“fluctuations in the market price of bitcoin and any associated unrealized gains or losses on digital assets that the Company may record in its financial statements as a result of a change in the market price of bitcoin from the value at which the Company’s bitcoins are carried on its balance sheet”
“We 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”
Exit risk
Holders lack ordinary redemption rights; Strategy controls calls and must leave $250 million outstanding after any partial call.UnverifiedMoreSources · 2
“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.”
Regulatory
Strategy files SEC reports, but the cited press release neither offers securities nor provides investment advice.DisputedMoreSources · 2
Reframe around registration/restricted-investor status or mark thinly supported.
“This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it constitute investment, legal or other professional advice.”
Hack / smart contract
Smart-contract issuance exposes STRCx to on-chain failures; Strategy separately discloses cyberattack and private-key-loss risks for bitcoin.DisputedMoreSources · 2
Downgrade to the bitcoin-custody cyber risk only, or mark on-chain contract risk unknown.
“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”
Custodian
Security breaches, unauthorized access, lost private keys, or fraud could cause Strategy to lose bitcoin.UnverifiedMoreSources · 1
“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”
Issuer failure
Strategy may sell bitcoin or issue securities to meet obligations when operating cash and financing are insufficient.DisputedMoreSources · 3
“we said we would proactively manage our convertible debt and use the full range of capital management tools available to us, including the disciplined sale of bitcoin.”
“The Company’s ability to maintain any given level of BPS, or achieve positive BTC Yield, BTC Gain, or BTC $ Gain may depend on a variety of factors, including factors outside of its control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms.”
“If any of the Company’s convertible notes mature or are redeemed without being converted into common stock, or if the Company elects to redeem or repurchase its non-convertible instruments, the Company may be required to sell shares of its class A common stock or bitcoin to generate sufficient cash proceeds to satisfy those obligations”
Underlying / economic
Strategy depends on bitcoin sales for cash because bitcoin pays no interest or other returns.UnverifiedMoreSources · 2
“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”
Program ID
None
Sources · 1
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
Freeze authority
A program-derived authority (program System Program)MoreSources · 2
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
Mint authority
A single externally-owned address controls minting; no on-chain multisig is visibleMoreSources · 2
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
Bridge configuration
None
Sources · 3
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
Authority multisig
None
Sources · 3
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
Monitoring and attestation
Chainlink Proof of Reserve attests purchased collateral and separately tracked in-transit assets. Updates occur daily or after reserve changes exceeding 10%.MoreSources · 4
“This combined information is then verified by Chainlink Proof of Reserve’s decentralized oracle network. The figures relayed by Chainlink PoR are updated daily, or if the volume of the reserves changes by more than 10%.”
“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
Verifier note: panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — The issuer documentation states that held collateral and in-transit assets are reported, with in-transit assets represented as a separate data point; the combined information is verified and relayed o | anthropic: confirmed — The source directly identifies Chainlink Proof of Reserve as the real-time monitoring feed and states what it attests, answering the slot question. It confirms purchased/held collateral is displayed o
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.
“Our right to unilaterally reduce the regular dividend rate could cause the STRC Stock to accumulate dividends at rates that are below those of otherwise comparable instruments, could cause the trading price
or value of the STRC Stock to decrease, and could otherwise significantly harm investors.”
“Strategy will not be permitted to reduce the monthly regular dividend rate per annum that will apply to any regular dividend period (i) by more than the
following amount from the monthly regular dividend rate per annum applicable to the prior regular dividend period: the sum of (1) 25 basis points; and (2) the excess, if any, of (x) the one-month
term SOFR rate on the first business day of such prior regular dividend period, over (y) the minimum of the one-month term SOFR rates that occur on the business days during the period from, and including,
the first business day of such prior regular dividend period to, and including, the last business day of such prior regular dividend period; or (ii) to a rate per annum that is less than the one-month
term SOFR rate in effect on the business day before Strategy provides notice of the next monthly regular dividend rate per annum.”
“Strategy will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all
accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full.”
“We may be unsuccessful in achieving, or may abandon, our current intention of adjusting the regular dividend rate in such a manner as we
believe (in our sole and absolute judgment) would be designed to cause the STRC Stock to trade at prices, or otherwise have a value, near its stated amount of $100 per share”
“We have
the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption
price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
“We also have the right, at
our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering
of STRC Stock and in any future offering taken together, at a cash redemption price per share of STRC Stock to be redeemed equal to the liquidation preference per share of STRC Stock as of the business day before the date we provide the related
redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
Verifier note: panel 3/3 confirmed (sourceDomains=1) | gpt: confirmed — The SEC filings establish that Strategy may unilaterally adjust STRC’s dividend rate in its sole and absolute discretion; reductions are subject to the stated SOFR-linked step-down and floor restricti | anthropic(sub:gpt): confirmed — The assigned SEC evidence establishes that Strategy may adjust STRC’s dividend rate in its sole and absolute discretion, including unilateral reductions subject to the stated SOFR-linked reduction lim [duplicate actual family allowed by substitution] | kimi: confirmed — All four sub-claims are verbatim-supported by the archived regulator filings. The 424B5 states Strategy has 'the right, in our sole and absolute discretion, to adjust the regular dividend rate' (no ho
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.UnverifiedMore
Strategy may redeem STRC at $101 plus unpaid dividends. Strategy may change its stated $99-to-$101 issuance policy unilaterally.
“Our current intention, which is subject to change in our sole and absolute discretion, is to adjust the regular
dividend rate in such a manner as we believe will maintain STRC Stock’s trading price at or close to its stated amount of $100 per share.”
“Our right to unilaterally reduce the regular dividend rate could cause the STRC Stock to accumulate dividends at rates that are below those of otherwise comparable instruments, could cause the trading price
or value of the STRC Stock to decrease, and could otherwise significantly harm investors.”
“Strategy will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all
accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full.”
“We have
the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption
price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
“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.”
Prospectus
Prospectus supplement and STRC Stock Annex, supplemented March 23, 2026: https://www.SEC.gov/Archives/edgar/data/1050446/000119312526118796/d101356d424b5.htm
“Our current intention, which is subject to change in our sole and absolute discretion, is to adjust the regular
dividend rate in such a manner as we believe will maintain STRC Stock’s trading price at or close to its stated amount of $100 per share.”
“Our right to unilaterally reduce the regular dividend rate could cause the STRC Stock to accumulate dividends at rates that are below those of otherwise comparable instruments, could cause the trading price
or value of the STRC Stock to decrease, and could otherwise significantly harm investors.”
“Strategy will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all
accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full.”
“We have
the right, at our election, to redeem all, or any whole number of shares (subject to a certain limitation described below), of the issued and outstanding STRC Stock, at any time, and from time to time, on any redemption date, at a cash redemption
price per share of STRC Stock to be redeemed equal to $101 per share of STRC Stock to be redeemed”
“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.”
CategoryFilled-verifiedNone
CompositionFilled-verifiedNone
Structure & qualityFilled-verifiedNone
Yield sourceFilled-verifiedNone
Yield mechanicsFilled-verifiedNone
Legal entityFilled-verifiedNone
What the issuer doesRejected-retryNone
LaunchedFilled-unverifiedNone
Operating historyFilled-verifiedNone
Service providersFilled-verifiedNone
RegimeFilled-verifiedNone
VehicleFilled-verifiedNone
Bankruptcy remoteEmptyNone
If the issuer failsFilled-verifiedNone
CustodiansRejected-retryNone
Attestation frequencyEmptyNone
AuditsRejected-retryNone
Admin powersRejected-retryNone
UpgradeabilityEmptyNone
Mint authorityFilled-verifiedNone
Freeze authorityFilled-verifiedNone
Fee scheduleRejected-retryNone
Exit pathsFilled-verifiedNone
Underlying / economicFilled-verifiedNone
Credit / counterpartyFilled-verifiedNone
Issuer failureFilled-verifiedNone
CustodianFilled-verifiedNone
Hack / smart contractFilled-verifiedNone
RegulatoryFilled-verifiedNone
Exit riskFilled-verifiedNone
Who can hold/mintRejected-retryNone
Source documentsFilled-verifiedNone
Rejected facts
How it works
Approved clients acquire STRCx through Kraken’s website or mobile app. After receiving funds, Backed buys the underlying asset through its broker and issues the token.DisputedMore
STRCx tracks the reserved STRC share’s value. Strategy pays declared STRC dividends solely in cash. Holders can exit by trading xStocks on centralized or decentralized exchanges.
Sources · 7
State the dividend as an underlying-share fact and explicitly note that whether/how it reaches the STRCx holder is not established.
“When a user buys bTokens, we automatically purchase the underlying asset as collateral once we receive the funds. We send an order to buy the underlying asset to our broker. We then issue the tokens to the user.”
“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.”
“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.”
Verifier note: panel 1/2 confirmed (sourceDomains=4, disputed) | gpt: unsupported — goal-fit: Kraken supports acquisition by eligible clients through its website or app; Backed supports the broker-purchase, issuance, and value-tracking process; the SEC supports cash-only declared div | anthropic: confirmed — goal-fit: the claim answers the slot question (acquire via Kraken website/app; value accrues through 1:1 tracking of the custodied STRC share plus cash dividends; exit by trading on CEX/DEX). Each mat
Corporate-action passthrough
STRCx gives holders a legal claim to the value of 1:1-backed STRC shares. Underlying STRC redemption value includes accumulated dividends.UnverifiedMore
STRC record-date holders retain declared dividends despite intervening redemption. Evidence does not specify token-level handling of votes, splits, mergers, or tenders.
“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.”
“in the case of a
clean-up redemption or tax redemption, the liquidation preference of such share as of the business day before the date we provide the related redemption notice, as described below, plus, in each case,
(ii) accumulated and unpaid regular dividends (plus, if applicable, compounded dividends thereon) on such share to, and including, the redemption date.”
“if the redemption date is after a regular record date for a declared regular
dividend on the STRC Stock and on or before the next regular dividend payment date, then (a) the holder of such share at the close of business on such regular record date will be entitled, notwithstanding such redemption, to receive, on or, at
our election, before such regular dividend payment date, such declared regular dividend on such share”
Verifier note: panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources support generic 1:1 backing and a legal claim to an xStock’s value, plus STRC share-level redemption and record-date dividend rights. They do not explain how those proceeds or ri | anthropic: confirmed — Each material claim is supported by the union of fetched sources. (1) 'STRCx gives holders a legal claim to the value of 1:1-backed STRC shares' — the CoinMarketCap STRCX page states xStocks are 'back
Who can hold/mint
Backed excludes U.S. Persons and prohibited jurisdictions from token sales.DisputedMore
Kraken restricts xStocks investing to approved clients. INX serves eligible non-U.S. users. eNor offers Backed tokenized securities to Latin American retail investors.
Sources · 4
Resolve to a single candidate; the unknown should be narrowed to only the genuinely missing sub-fields (accredited/QP status, KYC tier, direct mint vs secondary), not restated as if the whole slot is unanswered.
“Backed DOES NOT sell its tokens to U.S. Persons or for the account or benefit of U.S. Persons, and tokens are not marketed, offered, or solicited in the U.S. or in any other prohibited jurisdiction.”
“INX, the regulated marketplace for trading security tokens and tokenized real-world assets, and Backed, a pioneer in real-world asset tokenization, today announced the listing of tokenized stock on the INX platform for eligible non-US users.”
“Backed, a leading innovator in asset tokenization, today announced a groundbreaking partnership with eNor Securities, a regulated investment exchange and marketplace for tokenized assets in Latin America.”
Verifier note: panel 1/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support general U.S.-person/prohibited-jurisdiction exclusions and limited marketplace access through Kraken and INX, but they do not identify eligibility for direct mint/redempt | anthropic: confirmed — All four component quotes reproduce the archived content accurately and support the stated eligibility restrictions. The Chainlink PoR page states verbatim: 'Backed DOES NOT sell its tokens to U.S. Pe
Admin powers
XStocks use Solana Token Extensions for custom compliance features. STRCX transfers use Token-2022 Transfer Checked instructions.UnverifiedMore
Evidence identifies no administrator or governance gate.
“Memo Program: Memo Token-2022 Program: Transfer Checked Token Program: Transfer Checked”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: contradicted — The Solana case study identifies Backed as the relevant issuer authority: it can update the scaled-amount multiplier, pause all token interactions, and designate a permanent delegate with authority to | anthropic: contradicted — The Token Extensions claim and the Transfer Checked claim are both directly supported by the fetched sources (the solana.com case study uses the exact quoted heading; the explorer page shows 'Token-20
Audits
Backed undergoes recurring audits required by Swiss regulations. Evidence does not identify the auditor, scope, or latest audit date.UnverifiedMoreSources · 1
“We already undergo regular audits as required by Swiss regulations.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source contains Backed’s general statement that it undergoes regular audits required by Swiss regulations, but the required slot calls for separate fund and smart-contract audit facts wi | anthropic: unsupported — goal-fit: The SLOT QUESTION requires per-audit facts of the form audits_<firm> = scope + date (both fund audits and smart-contract audits). The cited source only states 'We already undergo regular aud
Fee schedule
The product reports a 0% performance fee.UnverifiedMoreSources · 1
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The aggregator reports “Performance Fees 0%,” but the slot requires both the rate and who charges it, supported by legal terms or issuer documentation. The cited aggregator neither identifie | anthropic: confirmed — The cited source app.rwa.xyz/assets/STRCx explicitly lists 'Performance Fees 0 %' in both the Key Facts section and the Fees section. This directly and exactly matches the claimed value of a 0% perfor
Fee schedule
The product charges a 0.50% redemption fee on market price, subject to a USD 100 minimum. The charging entity is not identified.UnverifiedMoreSources · 1
“Redemption fee is 0.50% of market price with a minimum of USD 100.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: Although the aggregator states a 0.50% redemption fee on market price with a USD 100 minimum, the atomic fee row must identify who charges it. No issuer, protocol, or network charging entity | anthropic: unsupported — goal-fit: The slot question requires each fee row to state the rate AND who charges it (issuer/protocol/network). The source confirms the rate and terms verbatim ('Redemption fee is 0.50% of market pr
Fee schedule
The product charges a 0.50% subscription fee on market price, subject to a USD 100 minimum. The charging entity is not identified.UnverifiedMoreSources · 1
“Subscription fee is 0.50% of market price with a minimum of USD 100.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The aggregator supports a 0.50% subscription fee on market price with a USD 100 minimum, but the value does not identify who charges it (issuer, protocol, or network), as the slot requires. | anthropic: unsupported — goal-fit: the SLOT QUESTION requires each fee value to state the rate AND who charges it (issuer/protocol/network). The source confirms the rate portion verbatim — 'Subscription fee is 0.50% of market
Oracle dependencies
Backed sends internal reserve data through The Network Firm to Chainlink PoR. Chainlink supplies smart contracts with collateralization data.UnverifiedMore
False, stale, or unavailable data prevents reliable collateralization calculations. The evidence identifies no pricing or settlement oracle.
“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
“Chainlink PoR provides smart contracts with the data needed to calculate the true collateralization of any on-chain asset backed by off-chain reserves.”
“This combined information is then verified by Chainlink Proof of Reserve’s decentralized oracle network. The figures relayed by Chainlink PoR are updated daily, or if the volume of the reserves changes by more than 10%.”
“Operated by a decentralized network of oracles, Chainlink Proof of Reserve enables the autonomous verification of collateral in real-time, helping ensure user funds are protected from unforeseen fractional reserve practices or fraudulent activity.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited material documents a reserve-attestation oracle, not an oracle used for pricing or settlement, so most of the narrative does not answer the slot question. It supports the Backed–Th | anthropic: contradicted — The core mechanism claims are well-supported by the fetched PoR page: the quotes about Backed's API feeding internal transaction data to The Network Firm 'and in turn Chainlink,' and about Chainlink P
Canonical deployment
STRCx uses Solana mint Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH with Token-2022 and Token Program transfer checks. CoinMarketCap also lists partial Ethereum contract 0x1aad...3977f3.UnverifiedMore
The evidence does not establish the canonical chain or whether Solana is native or bridged.
Verifier note: panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The claim does not identify a canonical chain or resolve native-versus-bridged status as required. The sources support the exact Solana mint and Token-2022 transfer activity, while CoinMarke | anthropic: unsupported — goal-fit: The slot question requires identifying the canonical chain and mint AND stating whether the Solana instance is native or bridged. The claim's individual factual assertions are evidence-suppo
Audits
Backed states that the product structure includes audited smart contracts. The evidence does not identify the auditor, scope, or date.DisputedMoreSources · 1
Either drop to an unknown or rename; evidence establishes only that some smart-contract audit is claimed to exist.
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source states only that the product structure includes “audited smart contracts.” It does not provide the audit firm, audit scope, or audit date required for a per-audit custody entry. | anthropic: unsupported — goal-fit: The SLOT QUESTION demands one fact per audit in the form audits_<firm> = scope + date. The archived source confirms the verbatim phrase 'audited smart contracts' appears in the Backed/xStock
Audits
Grant Thornton (Cayman) is the named auditor. The evidence does not establish its scope or audit date.UnverifiedMoreSources · 1
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source names Grant Thornton (Cayman) as auditor but provides neither the audit scope nor an audit date, so it does not answer the required slot question. | anthropic: unsupported — goal-fit: The SLOT QUESTION requires audits_<firm> = scope + date (fund and/or smart-contract audit specifics). The source confirms only that 'Grant Thornton (Cayman)' is listed as Auditor, and the cl
Custodians
Alpaca Securities LLCRole detail
Alpaca Securities LLC holds the underlying assets as custodian.
The product describes account segregation· bankruptcy remote
DisputedSources · 3
Value correctly disclaims regulator/charter/segregation; ev:60f40399 is not probative of custody identity.
“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=2, disputed) | gpt: unsupported — goal-fit: The aggregator identifies Alpaca Securities LLC as “Custodian” and labels account segregation “Bankruptcy Remote,” but no fetched qualifying legal terms, issuer document, audit, or registry | anthropic: confirmed — The RWA.xyz registry page explicitly lists under Service Providers 'Custodian / Legal Identifier: Alpaca Securities LLC 0001702580' and 'Traditional Broker: Alpaca Securities', supporting that Alpaca
What the issuer does
Backed bridges equities into decentralized finance and provides institutional tokenization services. xStocks offers STRCx, a tokenized version of Strategy's STRC preferred stock.DisputedMore
Backed issues freely transferable, fully collateralized tokens under the Swiss DLT Act. Each STRCx token is backed 1:1 by underlying stock and grants holders a legal claim to its value. Strategy Inc., a Delaware corporation, legally issues the underlying STRC preferred shares. Backed announced xStocks on May 28, 2025. Backed became part of Kraken on December 2, 2025. Backed described xStocks on March 25, 2026 as bTokens' successor with unchanged underlying exposure. The evidence does not identify the Backed-structure SPV legally issuing STRCx.
“Tokens are freely transferable across wallets, are fully collateralized by the underlying asset, and are issued in compliance with the Swiss DLT act.”
“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.”
“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.”
“Backed is thrilled to unveil xStocks, a new line of over 55 tokenized stocks and ETFs, set to launch soon on Kraken and integrated with Solana’s best DeFi apps.”
“xStocks are the next evolution of bTokens — same underlying exposure, now with greater liquidity, adoption, and onchain utility.”
Verifier note: panel 1/2 confirmed (sourceDomains=4, disputed) | gpt: contradicted — Most of the narrative is supported, including Backed’s business, xStocks/STRCx positioning, collateralization model, Strategy’s issuance of STRC, and the dated announcements. However, the final senten | anthropic: confirmed — goal-fit: All material claims answer the SLOT QUESTION (what Backed is and does, its products/scale, and how STRCx fits its model) and each is supported by at least one fetched source in the union. 'B
Bridge & oracle
Chainlink Proof of Reserve supports xStocks reserve verification. False, stale, or unavailable data could impair verification.UnverifiedMore
Collateral shortfalls or lockups could impair holders’ legal claims to stock value.
“Backed DOES NOT sell its tokens to U.S. Persons or for the account or benefit of U.S. Persons, and tokens are not marketed, offered, or solicited in the U.S. or in any other prohibited jurisdiction.”
“For a full list of prohibited and restricted countries and review of legal documentation, please visit https://www.backedassets.fi/legal-documentation”
“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 1/2 confirmed (sourceDomains=2) | gpt: unsupported — The issuer source confirms Chainlink PoR for Backed’s bTokens/tokenized RWAs and states that reserve figures update daily or after a greater-than-10% change. However, it does not establish that the ci | anthropic: confirmed — The claim is goal-fit: it directly addresses the slot question by describing how false/stale/unavailable oracle data could impair reserve verification and how collateral shortfalls or lockups could im
Audits
The Network Firm receives Backed transaction data covering unsettled, in-transit assets for collateral verification; source date unstated.UnverifiedMoreSources · 2
“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
“In-transit assets are also taken into account as a separate data point, as it takes a few days for securities to settle in our bank account.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports that The Network Firm reads Backed’s internal transaction data concerning in-transit assets for proof-of-reserves collateral verification, but it does not document an aud | anthropic: unsupported — goal-fit: The quotes are verbatim-accurate to the archived source, so the underlying factual claim (The Network Firm reads Backed's internal transaction data covering in-transit/unsettled assets to ve
Audits
Backed states audited smart contracts support the product structure. The corpus omits the auditor, scope, and audit date.UnverifiedMoreSources · 1
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source states only that the product structure includes “audited smart contracts.” It does not identify the audit firm, audited contracts or scope, or audit date, so it does not answer th | anthropic: unsupported — goal-fit: The slot question requires one fact per audit giving auditor/firm + scope + date for smart-contract audits. The source only states the product structure includes 'audited smart contracts' wi
Audits
Grant Thornton (Cayman) serves as auditor. The corpus does not disclose its audit scope or latest audit date.UnverifiedMoreSources · 1
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source identifies Grant Thornton (Cayman) as auditor but provides neither the audit scope nor the latest audit date, both required by the slot question. | anthropic: unsupported — goal-fit: The source does confirm the auditor identity — 'Auditor Grant Thornton (Cayman)' appears verbatim in the Service Providers section — and the claim's admission that scope and latest audit dat
Yield mechanics
STRC accrues each full semi-monthly dividend at one twenty-fourth of the annual rate times $100. Unpaid dividends compound semi-monthly until paid.DisputedMoreSources · 4
Verifier note: lost head-to-head to incumbent 3050fc9e-746d-44ec-b369-5c4e14ad5ecd: The incumbent more directly explains how yield reaches holders—as semi-monthly dividend payments—and specifies the July 15, 2026 start date and semi-monthly compounding of unpaid dividends. Its own evidence supports each point. The new claim gives a more precise accrual formula but does not as directly state the payment mechanism or effective date.
Structure & quality
STRCx has single-asset exposure to Strategy’s perpetual STRC preferred stock, backed one-for-one by shares held in custody.DisputedMoreSources · 3
“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: WARNING: evidence class mismatch; substance and goal-fit review required | panel 1/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support that STRCX represents 1:1-custodied STRC shares and that STRC is perpetual preferred stock, addressing concentration and maturity. However, the narrative provides no disc | anthropic: confirmed — The claim's material components are each supported across the union of fetched sources. The CMC page identifies STRCX as 'Strategy PP Variable tokenized stock (xStock)' and states the backing mechanis
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
“xStocks are tokenized stocks. They’re backed 1:1 by the underlying assets, composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Verifier note: lost head-to-head to incumbent c7473604-c522-4340-9e70-3c4702088427: The claims and their cited evidence are identical: both directly state 100% (1:1) backing by underlying stock held in custody. With quality tied, the incumbent wins.
Yield source
Strategy Inc funds STRC cash dividends from corporate resources. Bitcoin pays no interest, so bitcoin-derived liquidity requires asset sales.DisputedMoreSources · 3
Cited evidenceId f0f99500 does not appear in the provided evidence corpus and cannot be verified. The substantive claims are otherwise supported by ev:59fdbfbb and ev:606e3d80, but the USD Reserve (ev:606e3d80/ev:10d6caa5) is management-designated and Strategy must sell bitcoin to service obligations (ev:0db24985, ev:7fd6fa61) — the funding fragility is understated relative to available evidence.
“On December 1, 2025, Strategy announced that it established a US dollar reserve (the "USD Reserve"), a management-designated portion of Strategy’s liquidity intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness.”
Verifier note: WARNING: evidence class mismatch; substance and goal-fit review required | panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The filings confirm that STRC dividends are paid in cash, that Strategy maintains a USD Reserve intended to support preferred dividends, and that bitcoin itself pays no interest, so cash gen | anthropic: confirmed — All material claims are supported by the union of the fetched sources, and the claim answers the SLOT QUESTION about where the yield economically originates. (1) 'Declared regular dividends on the STR
Concentration
STRCx's issuer, Strategy, depends materially on Bitcoin and financing markets.UnverifiedMoreSources · 3
“The Company’s ability to maintain any given level of BPS, or achieve positive BTC Yield, BTC Gain, or BTC $ Gain may depend on a variety of factors, including factors outside of its control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms.”
Verifier note: lost head-to-head to incumbent d317b38d-92ff-4d61-ae3f-e87ca1f0d664: The incumbent directly identifies the concentration structure: each STRCx token represents exposure to one STRC preferred share and Strategy’s Bitcoin-focused, indebted business. Its own evidence supports the 1:1 backing, Bitcoin-treasury strategy, use of STRC proceeds to buy bitcoin, and substantial indebtedness. The new claim addresses dependencies but is broader and less specific.
Depeg / liquidity
STRCx may trade away from underlying value because xStock investors bear gains or losses relative to STRC.DisputedMoreSources · 2
Misreading — cited evidence does not support secondary-price-vs-NAV divergence for the token.
“the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin”
Verifier note: panel 0/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The Kraken source says xStock investors can incur gains or losses relative to the underlying stock’s value, but it does not say STRCx’s secondary-market price can depart from STRC, identify | anthropic: unsupported — goal-fit: The Kraken quote is verified verbatim in the archived page ('xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon'), but it descri
Exit risk
Strategy cannot partially redeem STRC unless at least $250 million stated amount remains outstanding and uncalled.UnverifiedMoreSources · 1
“However, Strategy may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of
the time Strategy provides the related redemption notice.”
Verifier note: lost head-to-head to incumbent d3e97c72-a3df-4043-aa88-4da5b4fe2711: Both claims directly state the same $250 million minimum remaining after a partial STRC redemption and are supported by substantively identical SEC language. Their specificity and relevant evidentiary support are tied, so the incumbent wins under the tie-break rule.
Regulatory
Kraken warns that regulatory protections and state compensation schemes vary by jurisdiction and may be unavailable.UnverifiedMoreSources · 1
“Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited Kraken legal disclosure supports the quoted warning that regulatory status varies by jurisdiction and that governmental compensation or regulatory protections may be unavailable. H | anthropic: confirmed — The claimed Finnish quote appears verbatim in the archived source's footer disclosures: 'Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä o
Hack / smart contract
STRCx smart contracts create on-chain issuance and management attack surfaces, while DeFi integrations add external protocol exposure.DisputedMoreSources · 3
“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.”
“composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources establish that smart contracts handle on-chain issuance and management and that STRCX is composable with DeFi protocols. They do not identify or substantiate any concrete mint/re | anthropic: unsupported — goal-fit: The SLOT QUESTION asks specifically about the on-chain attack surface — mint/redeem contracts, bridges, upgrade keys, and oracles. The fetched sources confirm only the neutral, descriptive m
Custodian
Security breaches, private-key loss, fraud, or unauthorized access could destroy Strategy’s Bitcoin assets supporting its financial capacity.DisputedMoreSources · 1
Does not address the token's operational/custodial provider; no concentration analysis of Backed's custody.
“security breaches, cyberattacks, unauthorized access, loss of private keys, fraud or other circumstances or events that result in the loss of the Company’s bitcoins”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source confirms that security breaches, cyberattacks, unauthorized access, private-key loss, and fraud could cause Strategy to lose bitcoin. However, it does not attribute those events t | anthropic: confirmed — The claimed quote appears verbatim in the fetched SEC exhibit (Strategy Inc's forward-looking risk factors): 'security breaches, cyberattacks, unauthorized access, loss of private keys, fraud or other
Issuer failure
Strategy may abandon dividend-rate adjustments intended to keep STRC near its $100 stated amount.UnverifiedMoreSources · 1
“We may be unsuccessful in achieving, or may abandon, our current intention of adjusting the regular dividend rate”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited SEC filing expressly supports that Strategy may abandon its intention to adjust STRC’s dividend rate to keep its trading price near $100. However, the claim does not answer what ho | anthropic: unsupported — goal-fit: The slot question asks about the issuer itself failing, being fraudulent, or walking away — what holders lose and what survives. The claim (and its supporting quote) is accurate to the sourc
Credit / counterparty
Strategy’s substantial indebtedness and debt-service obligations can weaken its capacity to support STRC dividends and value.DisputedMoreSources · 3
Weak/mismatched support; reframe around actual counterparties (e.g., custodians, financing providers) or lower confidence.
“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.”
“Strategy plans to replenish the USD Reserve over time based on market conditions.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support that Strategy has substantial indebtedness, must service that debt, maintains a reserve for preferred dividends and debt interest, and recognizes debt-service risks. Howe | anthropic: unsupported — goal-fit: The SLOT QUESTION asks specifically about credit exposure INSIDE THE BACKING — counterparties (custodians, reserve banks, collateral holders) whose failure would directly hit STRC holders. T
Networks
STRCx appears on Solana and Ethereum. CoinMarketCap identifies a Solana token and an Ethereum address ending 3977f3.DisputedMoreSources · 2
Downgrade the Solana claim to a category-tag inference and note no Solana mint address is verified in the corpus.
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited CoinMarketCap page is aggregator evidence, not issuer documentation, an audit, or verified on-chain evidence. Its “Solana Ecosystem” tag and truncated EVM-style contract linked to | anthropic: unsupported — The Ethereum leg checks out: the page's Contracts section shows exactly one address, '0x1aad...3977f3', with etherscan.io as the sole explorer, matching the claimed quote. The Solana leg does not. The
Attestations
Chainlink Proof of Reserve verifies collateral data supplied through The Network Firm. Grant Thornton Cayman serves as product auditor.DisputedMoreSources · 3
Restrict this slot to the PoR/Network Firm attestation stack; leave Grant Thornton to audits_grant_thornton.
“Backed is pleased to announce that we have integrated Chainlink Proof of Reserve (PoR). This development provides users with a transparent and trust-minimized means to confirm the collateralization of our tokenized assets.”
“We provide an API that makes our internal transaction data available to The Network Firm and in turn Chainlink, creating a stronger guarantee that our tokens are collateralized even while the underlying assets are in transit to our custodian from our broker.”
Verifier note: panel 1/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support that The Network Firm operates Backed’s attestation API and that Chainlink PoR relays/verifies the combined reserve data, with collateral figures displayed on Backed’s we | anthropic: confirmed — The Backed article confirms both claimed quotes verbatim: Chainlink PoR is integrated, and The Network Firm operates the attestation API (reading custody bank balances and internal transaction data) w
Transfer restrictions
Backed excludes U.S. Persons and U.S.UnverifiedMore
Offers, sales, or delivery. Kraken may impose geographic restrictions. Solana Token Extensions provide compliance functionality.
“How do xStocks Work? xStocks utilize Token Extensions on Solana for Custom Functionality and Compliance Features”
Verifier note: lost head-to-head to incumbent 6f07e4ff-40c1-4a76-8800-6ca21e695f30: Both claims directly support U.S.-person exclusion and possible geographic restrictions. The new claim’s added statement that Solana Token Extensions provide generic compliance functionality does not establish whitelist-only transfers, freeze authority, or any specific restriction applicable to xStocks. Because it does not materially improve the slot answer, quality is tied and the incumbent wins.
If the issuer fails
STRCx holders lack ownership, voting, information, and shareholder rights in the underlying shares. Strategy liabilities rank against its assets before residual equity claims.DisputedMoreSources · 3
Trace the STRCx-specific failure path (Backed issuer default -> segregated bankruptcy-remote Alpaca custody) and keep Strategy's internal seniority as a separate, clearly-labeled layer.
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
“the KPIs do not take into account that the Company's assets, including its bitcoin, are subject to (i) all of the Company's existing and future liabilities, including its debt, and (ii) the preferential rights of the Company's preferred stockholders to dividends and the Company's assets in a liquidation, and that all such claims rank”
“therefore holders of such excluded instruments may have claims on the Company’s assets (including bitcoin) senior to those of holders of common stock in the event of the Company’s liquidation, and as a result the additional bitcoin acquired using proceeds from the sale of such instruments may not accrete to common stockholders”
Verifier note: panel 1/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources establish that STRCx holders do not own the underlying STRC shares and lack voting, information, and other shareholder rights. They also establish that Strategy’s liabilities and | anthropic: confirmed — Both material claims are supported by the union of fetched sources, and together they answer the slot question about issuer failure (control of assets, holder claims, and priority ranking). (1) The Kr
Vehicle
The STRCx issuer is domiciled in Jersey, Channel Islands. Jersey governs dispute resolution.UnverifiedMore
Strategy Inc., the underlying STRC issuer, is incorporated in Delaware.
Verifier note: panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources do not identify the holder-protective legal wrapper—such as an SPV, trust, LP, or foundation—or establish its governing jurisdiction. RWA.xyz labels Backed Assets as the STRCx is | anthropic: confirmed — Each atomic value maps to explicit source text. The RWA.xyz page for STRCx shows 'Domicile — Jersey, Channel Islands' and 'Dispute Resolution Country — Jersey, Channel Islands', supporting both the do
Regime
Strategy registered the underlying STRC offering under the Securities Act using Form S-3ASR and Rule 424(b)(5). Kraken states xStock regulatory protections vary by jurisdiction.DisputedMoreSources · 4
Add the tokenized-product regime (EU-compliant structuring, Swiss audit regime, Irish-regulated distributor) and distinguish it from the underlying STRC SEC registration.
“The Company has prepared and filed with the Commission an “automatic” shelf registration
statement, as defined under Rule 405 of the Securities Act, on Form S-3ASR that contains a base prospectus relating, among other things, to the applicable Shares and any applicable Conversion Shares”
“Such registration statement registers the issuance and sale by the Company
of the applicable Shares and any applicable Conversion Shares under the Securities Act.”
“Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
Verifier note: lost head-to-head to incumbent b210de5d-4cb7-4d48-b90d-d4d11fab19b8: Both directly identify the Securities Act registration regime, but the incumbent is more specific by stating Registration No. 333-284510 and Rule 424(b)(5), and its SEC filing evidence directly supports both those details and the no-approval disclaimer. The new claim adds the more precise S-3ASR form subtype, but its Kraken statement is jurisdictionally vague and names no specific xStock regime, protection, license, or exemption.
“The Network Firm operates our attestation API. They have read-only access to our custody bank accounts and can constantly read our account balances. They update the API data every 10 minutes.”
“The Network Firm reads internal transaction data from us which guarantees the underlying assets are in transit to our Swiss custodian.”
Verifier note: panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources identify Alpaca Securities LLC as custodian, which fits the slot. However, Maerki Baumann & Co. AG is identified only as paying agent, and The Network Firm as attestation-API ope | anthropic: confirmed — All three named service providers are supported verbatim in the fetched sources and fit the slot question (named custodians, administrators, auditors, banks serving the product). The RWA.xyz STRCx pag
Legal entity
Backed AssetsDisputedMoreSources · 2
Slot requires the full legal entity name (e.g. 'Backed Assets (JE) Ltd'). Value 'Backed Assets' is the display label from ev:c7ff8ad4, not a verified full legal entity name; the LEI (984500001AB7C6C7F577, ev:249bf333) is available and could disambiguate the registered entity but is not reflected.
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: “Backed Assets” is an abbreviated issuer label, not a legal entity name such as “Backed Assets (JE) Ltd.” The cited RWA.xyz page is an aggregator, and no qualifying registry, legal-terms, or | anthropic: confirmed — The archived RWA.xyz page for STRCx contains a 'Legal & Regulatory' section with an explicit field 'Issuer' whose value is 'Backed Assets', matching the claimed value verbatim. The companion claim 'Is
Reserve composition
STRC preferred shares constitute 100% of disclosed token backing on a one-token-to-one-share basis. No residual reserve category is disclosed.UnverifiedMoreSources · 2
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
“xStocks are tokenized stocks. They’re backed 1:1 by the underlying assets, composable with DeFi protocols, compliant with EU regulations, accessible to non-US users, and provide a legal claim to the value of the stock.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources support 1:1 backing by an underlying stock or asset, but they do not provide the complete reserve schedule requested. They do not expressly identify the reserve as STRC preferred | anthropic: unsupported — The 1:1 token-to-underlying backing and the absence of any disclosed residual/second reserve category are supported by both sources ("backed 1:1 by the actual stock held in custody... for every STRCX
Composition
Custodied Strategy Variable Rate Series A Perpetual Stretch Preferred Stock backs STRCx one-for-one. STRC has a $100 stated amount per share.UnverifiedMoreSources · 3
“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.”
“Shares of our Variable Rate Series A Perpetual Stretch Preferred Stock, which we refer to as the “STRC Stock,” having an aggregate offering price of up to $4,200,000,000.00.”
Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources do not provide a qualifying issuer document, attestation, or audit disclosing STRCX’s custodied backing composition, weights, and reserve as-of date. CoinMarketCap’s AI-generated | anthropic: confirmed — The claim's material components are each supported by the union of the fetched sources, and together they answer the slot question (what backs the token, the instrument, and the one-for-one weight). (
Verifier note: lost head-to-head to incumbent cba586b5-65dd-472d-851a-410dd4383226: Both claims directly identify the same legal entity, differing only by terminal punctuation. Each has strong SEC evidence, and the incumbent is directly supported by the registrant's exact charter name. With quality effectively tied, the incumbent wins.
Holder's claim
Legal claim to STRC stock value without ownership, voting, information, or other underlying-shareholder rights.UnverifiedMoreSources · 3
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
“Sijoittaminen xStockeihin ei ole sama asia kuin jos sijoittaisit suoraan perustana olevaan osakkeeseen.”
Verifier note: panel 1/3 confirmed (sourceDomains=2) | gpt: unsupported — Kraken expressly supports the absence of underlying-share ownership, voting, information, and other shareholder rights. However, the only statement that holders have a “legal claim to the value of the | anthropic: confirmed — The claim's two components are both directly supported and both bear on the slot question of what the holder legally owns. The 'legal claim to the value' component is stated verbatim on CoinMarketCap: | gpt: unsupported — goal-fit: The Kraken content supports the stated absence of underlying-share ownership and shareholder rights, but that negative rights description does not answer what the holder legally owns. CoinMa
Source documents
Base prospectus, January 27, 2025, filed under SEC Registration No. 333-284510 on EDGAR.DisputedMoreSources · 2
Add the EDGAR URL and reconcile prospectus vs. prospectus-supplement dating.
“(To Prospectus Supplement Dated
November 4, 2025, as supplemented by Supplement No. 1 thereto dated March 23, 2026, and Prospectus Dated January 27, 2025)”
“As Filed Pursuant to Rule 424(b)(5)
Registration No. 333-284510”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited EDGAR document is a March 23, 2026 prospectus-supplement annex, not the January 27, 2025 prospectus itself. It states that an accompanying prospectus is dated January 27, 2025 and | anthropic: confirmed — The fetched 424B5 filing directly states both key elements of the claim. It shows 'Registration No. 333-284510' at the top ('As Filed Pursuant to Rule 424(b)(5) Registration No. 333-284510') and repea
Bridge provider
Backed uses Chainlink CCIP as cross-chain infrastructure for its tokenized assets.DisputedMoreSources · 1
Reword to reflect that CCIP was announced as future cross-chain infrastructure for Backed generally; STRCx-specific active bridging is not confirmed by the corpus.
“Backed will be using CCIP as our cross-chain infrastructure, launching next week.”
Verifier note: Quarantine adjudication: STRCx is natively issued on multiple chains. The cited CCIP announcement is issuer-wide and future-facing, so it does not prove an STRCx bridge or canonical origin.
Audits
Backed undergoes regular audits required by Swiss regulations; the auditor, scope, cadence, and latest date are undisclosed.UnverifiedMoreSources · 1
“We already undergo regular audits as required by Swiss regulations.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports only Backed’s general statement that it undergoes “regular audits as required by Swiss regulations.” It does not provide the audit firm, audit scope, exact cadence, or au | anthropic: unsupported — goal-fit: The SLOT QUESTION requires a per-audit fact giving scope + date (fund audits AND smart-contract audits) with a named firm. The source only states 'We already undergo regular audits as requir
Holdings
STRC Stock represents 100% of disclosed custody backing, with one share reserved for each STRCx token as of June 26, 2026.DisputedMoreSources · 2
Drop the phantom citation; the '1 share per token' claim rests solely on 60f40399, which carries no date.
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source describes a generic 1:1 custody model and says an equivalent share is reserved for each STRCX token, but it does not disclose a holdings table, identify STRC Stock as 100% of cust | anthropic: unsupported — The source (an explicitly AI-generated CMC page, flagged "CMC AI can make mistakes") supports part of the claim: it states "for every STRCX token, there is an equivalent share held in reserve" and "ba
Underlying / economic
STRCx inherits STRC dividend, price, and principal risks; Strategy does not guarantee dividends, liquidity, returns, or principal.DisputedMoreSources · 3
All three cited evidence IDs (d5fec68c, 7d1034ad, 6021acb8) are absent from the provided corpus; the 'no guarantee of dividends/liquidity/returns/principal' assertion is unverifiable as written, though visible evidence (d5f68a45, 7fd6fa61) could ground a similar claim.
“basedon $100 stated amount; trading price and effective yield may vary; not indicative of future rates”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The filing supports STRC-specific dividend-rate, market-price, liquidity, return, and principal risks, including monthly rate adjustments and non-guaranteed dividends. But it never identifie | anthropic(sub:gpt): unsupported — goal-fit: The issuer disclosure supports STRC’s variable-rate, dividend, trading-price, liquidity, return, and principal risks, including that its rate may fall substantially and dividends are not gua [duplicate actual family allowed by substitution]
Caps / gates
Strategy cannot partially redeem STRC unless at least $250 million stated amount remains outstanding and uncalled.DisputedMoreSources · 1
Cited evidence 3f33ea6b is absent from the corpus; the $250 million minimum-outstanding partial-redemption limit cannot be verified. It also describes an STRC-level partial-redemption constraint, not a per-investor or global STRCx redemption cap/window, which is what the slot asks for.
“However, we may not redeem
less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount of STRC Stock is outstanding and not called for redemption as of the time we provide the related redemption notice.”
Verifier note: lost head-to-head to incumbent cde66a88-ad23-47fc-93ba-1ec6cc7038eb: The claims are substantively equivalent and directly address a global partial-redemption cap. The incumbent is better supported by its own evidence because it cites two consistent Strategy disclosures, while the new claim cites only one. Under the tie-break rule, the incumbent prevails.
Exit paths
Strategy may redeem all STRC shares after a tax event at liquidation preference plus accumulated unpaid dividends.DisputedMoreSources · 1
Cited evidence 6032aa79 is absent from the corpus; the tax-event redemption claim is unverifiable.
“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The SEC filing expressly states that Strategy may elect to redeem all, but not less than all, outstanding STRC Stock if a defined tax event occurs, for cash equal to the liquidation preference measure | anthropic(sub:gpt): unsupported — goal-fit: The source confirms an issuer-elected, all-shares tax-event redemption for cash at the prior-business-day liquidation preference plus accumulated and unpaid regular dividends through the red [duplicate actual family allowed by substitution]
Exit paths
Strategy may redeem all STRC shares when outstanding shares fall below 25% of total issued shares.DisputedMoreSources · 1
Cited evidence 84fbe12a is absent from the corpus; the 25% cleanup-call threshold is unverifiable and again describes an STRC issuer right, not STRCx redemption.
“We also have the right, at
our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering
of STRC Stock and in any future offering taken together, at a cash redemption price per share of STRC Stock to be redeemed equal to the liquidation preference per share of STRC Stock as of the business day before the date we provide the related
redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The filing expressly grants Strategy the right, at its election, to redeem all—and not less than all—outstanding STRC Stock for cash when outstanding STRC shares are less than 25% of the aggregate sha | anthropic(sub:gpt): unsupported — goal-fit: The source confirms a cleanup redemption right when outstanding STRC shares fall below 25% of shares issued in the initial and future offerings, but the claimed value does not provide the co [duplicate actual family allowed by substitution]
Exit paths
Strategy may redeem STRC shares for cash at $101 per share plus accumulated unpaid dividends.DisputedMoreSources · 2
Cited evidence 7f088a93 and 82fdeed3 are not in the provided corpus; the specific $101-per-share optional call figure is unverifiable. This is Strategy's right to redeem STRC, not a token-holder exit path for STRCx.
“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”
“(or such higher amount as may be chosen in our sole discretion, it being understood that such higher amount (or the formula to determine such higher
amount) will be announced by prior public notice and/or set forth in the applicable relevant notice of redemption)”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The filing supports an issuer-optional cash redemption at $101 per share (or a higher discretionary amount) plus accumulated and unpaid regular dividends, if any, through the redemption date | anthropic(sub:gpt): unsupported — goal-fit: The source supports an issuer-optional cash redemption at $101 per share or a higher issuer-selected amount, plus accumulated and unpaid regular dividends through the redemption date. Howeve [duplicate actual family allowed by substitution]
Exit paths
STRC holders may require Strategy to repurchase shares after a fundamental change at stated amount plus accumulated unpaid dividends.DisputedMoreSources · 1
Cited evidence e97f0912 is absent from the provided corpus, so the fundamental-change repurchase claim cannot be verified. Also a scope issue: this is an STRC preferred-stock holder right at the issuer level; the synthesis does not establish that it passes through to STRCx token holders.
“holders of STRC Stock will have the right (which we refer to as the “fundamental change repurchase right”) to require us to repurchase some or all of their shares of STRC Stock at a
cash repurchase price equal to the stated amount of the STRC Stock to be repurchased, plus accumulated and unpaid regular dividends, if any, to, and including the fundamental change repurchase date.”
Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source confirms a fundamental-change repurchase right for some or all STRC shares, settled in cash at the $100 stated amount plus accumulated and unpaid regular dividends through the rep | anthropic(sub:gpt): unsupported — goal-fit: The source confirms a holder-initiated fundamental-change repurchase right at the $100 stated amount plus accumulated and unpaid regular dividends through the repurchase date, but the claim [duplicate actual family allowed by substitution]
Operating history
Backed announced xStocks on May 28, 2025. Backed joined Kraken on December 2, 2025.UnverifiedMore
“Backed is thrilled to unveil xStocks, a new line of over 55 tokenized stocks and ETFs, set to launch soon on Kraken and integrated with Solana’s best DeFi apps.”
“Tokenized Equity – It's a digital asset backed 1:1 by the underlying traditional stock, offering a legal claim to its value.”
Verifier note: lost head-to-head to incumbent 79524a68-5100-4938-ac27-10dbdaa72498: The incumbent directly provides issuer milestones with precise dates and concrete events—STRC’s scheduled initial issuance, monthly dividend-rate adjustments, and added sales capacity—and each is supported by Strategy’s SEC filings. The new claim’s cited evidence does not substantiate the May 28, 2025 announcement date or the June 26, 2026 STRCx documentation date, and its CoinMarketCap citation only describes tokenized equity generally.
Holdings
STRC preferred stock represents 100% of disclosed token backing, at one reserved share per STRCx token as of June 26, 2026.DisputedMoreSources · 2
Treat 2026-06-26 as an unsourced retrieval/access date, not a disclosure date; do not present it as an as-of disclosure date.
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
“Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share”
Verifier note: panel 1/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — CoinMarketCap’s AI-generated overview states a generic 1:1 relationship—one equivalent STRC share for each STRCX token—but does not provide a reserve attestation, disclosed holding inventory, or portf | anthropic(sub:gpt): confirmed — The June 26, 2026 CoinMarketCap page states that every STRCX token is backed 1:1 by an equivalent share held in reserve. The SEC filing identifies STRC as Strategy’s Variable Rate Series A Perpetual S [duplicate actual family allowed by substitution] | gpt: unsupported — goal-fit: The claimed value is blank and does not provide the required holding name, weight/description, or as-of date. The sources describe STRCX as allegedly backed 1:1 by STRC and identify STRC as
Unilateral changes
Strategy may conform STRC certificates to specified offering documents without holder consent; this evidence addresses underlying STRC, not the token wrapper.UnverifiedMoreSources · 1
“our proxy statement filed with the SEC on April 28, 2026”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports that Strategy may, without holder consent, conform the STRC certificate of designations or certificates representing STRC Stock to specified offering documents. However, | anthropic: confirmed — Item 11 of the source, under the sub-caption 'Certain Amendments Permitted Without Consent,' expressly permits the issuer to 'conform the provisions of the certificate of designations or the certifica
Exit paths
STRCx holders may sell through supported centralized or decentralized venues; disclosed onchain trades settle instantly.DisputedMoreSources · 3
Acceptable inference but flag the generic-to-specific extrapolation.
“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.”
“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 underlying STRC at $101 per share plus accumulated unpaid dividends.DisputedMoreSources · 1
“we may not redeem less than all of the outstanding STRC Stock unless at least $250.0 million aggregate stated amount
of STRC Stock is outstanding and not called for redemption as of the time we provide the related redemption notice.”
Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: contradicted — The issuer-call price is not necessarily $101: Strategy may choose a higher cash redemption price. The claim also omits the partial-redemption gate: any partial call must leave at least $250 million a | anthropic: confirmed — The archived 424B5 states verbatim: 'We have the right, at our election, to redeem all, or any whole number of shares... of the issued and outstanding STRC Stock, at any time... at a cash redemption p
Key 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.UnverifiedMoreSources · 4
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
“The model is part of the broader tokenized real-world asset (RWA) movement, which seeks to bring traditional financial products onto blockchain infrastructure.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — The CoinMarketCap material identifies the underlying as a traditional stock and therefore substantively points to rwa-other, but all cited evidence is aggregator content, including an expressly fallib | anthropic: contradicted — The slot requires classifying by the nature of the underlying asset. Both cited CMC sources are explicit and consistent: STRCX is a 'tokenized stock (xStock)' backed 1:1 by an actual equity share held
Source documents
RWA.xyz STRCx asset page, date undisclosed, identifying USD as the subscription and redemption base asset: https://app.rwa.xyz/assets/STRCxUnverifiedMoreSources · 1
Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic(sub:gpt): unsupported — goal-fit: The cited RWA.xyz asset page states “Base Assets USD,” but the slot requires a key document’s type, date, and original-source URL. The claim instead describes an aggregator page with an undi [duplicate actual family allowed by substitution] | kimi: unsupported — evidence class mismatch: the claim is supported only by the RWA.xyz aggregator page (b5a6598c, class=aggregator), which is not among the required classes (issuer-docs, legal-terms, regulator, audit, a
Source documents
Form 8-K Risk Factor Updates, July 7, 2025: https://www.SEC.gov/Archives/edgar/data/1050446/000119312525164852/d65643dex991.htmDisputedMoreSources · 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.
“the factors discussed under the header
“Risk Factor Updates” in Strategy’s current report on Form 8-K filed with the Securities and Exchange Commission on July 7, 2025”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited URL is an offering press release that merely references a separate Form 8-K filed July 7, 2025; it is not the original Form 8-K or its “Risk Factor Updates.” The claim therefore do | anthropic(sub:gpt): unsupported — goal-fit: The cited SEC exhibit is a press release concerning the STRC offering, not the July 7, 2025 Form 8-K or its “Risk Factor Updates.” It merely references that separate filing. Therefore, the s [duplicate actual family allowed by substitution] | kimi: unsupported — The cited URL (d65643dex991.htm) is an Exhibit 99.1 press release about the STRC Stock offering, not the claimed Form 8-K Risk Factor Updates document itself. The quoted text appears in the archived c
Source documents
Form 10-Q Risk Factors, May 5, 2025: https://www.SEC.gov/Archives/edgar/data/1050446/000119312525164852/d65643dex991.htmDisputedMoreSources · 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.
“the other factors
discussed in the “Risk Factors” section of Strategy’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 5, 2025”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited SEC URL is a press release (Exhibit 99.1) that merely references Strategy’s Quarterly Report on Form 10-Q filed May 5, 2025. It is not the Form 10-Q or its Risk Factors section, an | anthropic(sub:gpt): unsupported — goal-fit: The cited URL is an exhibit containing a press release, not the original Form 10-Q or a qualifying prospectus, terms document, attestation, audit, or fact sheet. It merely references a Form [duplicate actual family allowed by substitution] | kimi: unsupported — The cited URL is an 8-K exhibit press release (d65643dex991.htm) about the STRC Stock offering, not the Form 10-Q itself. The archived content only mentions in passing 'the "Risk Factors" section of S
Minimum
0DisputedMoreSources · 1
redemption_minimum should be flagged undisclosed; base_assets USD (ev:4ece8b1d) does not establish a direct redemption minimum either.
“There is no minimum amount and no management fees.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited Solana Foundation case study says users can buy fractional xStocks with “no minimum amount,” but it does not state the smallest direct redemption that the issuer processes. It disc | anthropic(sub:gpt): unsupported — goal-fit: The cited Solana Foundation case study says users can invest with “no minimum amount,” but this describes fractional purchasing or trading, not the smallest direct redemption the issuer proc [duplicate actual family allowed by substitution] | kimi: unsupported — goal-fit: the slot asks for the smallest direct redemption the issuer processes, but the cited source only says "There is no minimum amount and no management fees" in the context of fractional ownersh
Exit paths
Strategy may redeem STRC after a tax event at liquidation preference plus accumulated unpaid dividends; settlement timing remains undisclosed.UnverifiedMoreSources · 1
“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.UnverifiedMoreSources · 1
“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.UnverifiedMoreSources · 2
“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
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.UnverifiedMoreSources · 2
“we have the right to redeem all, but not less than all, of the STRC Stock if a “tax event” (as defined
in this STRC Stock Annex) occurs, at a cash redemption price equal to the liquidation preference of the STRC Stock to be redeemed as of the business day before the date we provide the related redemption notice, plus accumulated and unpaid regular
dividends, if any, thereon to, and including, the redemption date.”
Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources support an expectation that preferred-stock distributions will receive tax-deferred return-of-capital treatment and document STRC issuer redemption rights upon a tax event. Howev | anthropic(sub:gpt): unsupported — goal-fit: The sources support that Strategy expects tax-deferred return-of-capital treatment for preferred-stock distributions and that a tax event permits issuer-elected redemption of all STRC shares [duplicate actual family allowed by substitution] | kimi: confirmed — Both sub-claims are directly supported by assigned regulator-class evidence. The press release states, in its forward-looking statements, 'our expectations regarding the tax-deferred return of capital
Exit paths
Holders may sell xStocks through decentralized venues including Raydium, Kamino, and Jupiter.DisputedMoreSources · 2
“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.DisputedMoreSources · 2
“On a centralized exchange like Kraken or Bybit , xStocks appear like any crypto asset. You can buy xStocks and then withdraw to a self-custodial wallet to completely control the assets.”
“Live since June 30, 2025 with 60+ tokenized stocks from some of the U.S.’s largest companies and ETFs (e.g., Apple, Nvidia, S&P 500) available for non-U.S. persons to buy/hold like any SPL token.”
Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch — the sole supporting source for this claim is the Solana Foundation 'case study' article (solana.com/news), which is promotional media/aggregator content, not one of the requi | gpt: unsupported — goal-fit: The cited Solana Foundation article describes purchasing xStocks on centralized exchanges and withdrawing them to self-custody, not redeeming xStocks through a centralized exchange. It provi
Exit paths
Strategy may redeem all STRC when outstanding shares fall below 25%, paying liquidation preference plus accumulated dividends.UnverifiedMoreSources · 2
“We also have the right, at our election, to redeem all, and not less than all, of the STRC Stock, at any time, for cash if the total
number of shares of all STRC Stock then outstanding is less than 25% of the total number of shares of STRC Stock issued in the initial offering of STRC Stock and in any future offering taken together”
“The redemption price for any STRC Stock to be redeemed pursuant to a
clean-up redemption or a tax redemption will be a cash amount equal to the liquidation preference (as described below) of the STRC Stock to be redeemed as of the business day before the date on which Strategy
provides the related redemption notice, plus accumulated and unpaid regular dividends to, and including, the redemption date.”
Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The clean-up redemption statement is accurate, but it does not fully answer the slot question. It omits other disclosed exit paths, including ordinary optional redemption, tax redemption, an | anthropic: confirmed — Both cited sources directly support the clean-up redemption path. The 424B5 (regulator/issuer prospectus supplement) states Strategy has 'the right, at our election, to redeem all, and not less than a
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.UnverifiedMore
Holders receive a legal claim to the stock’s value, not disclosed direct ownership of the reserve share.
“Each xStock is a digital token backed 1:1 by the actual stock held in custody. This means for every STRCX token, there is an equivalent share held in reserve.”
Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch. The target slot ts:description/what_it_is requires evidence of class issuer-docs or legal-terms. The only fetched/archived content backing the material claims (backed 1:1, leg
Run operations
Issuer entity f70188e0-f174-4fd1-a5f1-a932060a61bb · last updated 2026-08-09T00:37:06.847Z
Underlying issuer entity 2f24dd7e-17f6-49a5-95de-914124f83f32 · last updated 2026-08-07T16:33:26.915Z
0 source channels auto-trusted this run (revocable in Autoresearch)
ingest · ingest · ok
plan · plan · ok
synthesize · synthesize · ok
Coverage
29 of 43 fields verified · 3 unverified · 1 not found
Run 2026-08-09T00:37:06.909Z · done · cost $0.00
Automated research, human-reviewed. Verify against source documents before credit decisions.
