Strategy Inc. has spent years becoming the stock market’s favorite way to own Bitcoin without owning Bitcoin. Now its shares have a second life on-chain, and one platform has claimed most of that territory.
xStocks accounts for 55% of the tokenized market cap tied to Strategy, which stands at $473.4 million. That works out to $261 million of exposure sitting on a single platform.
Breaking down the $473.4 million
The tokenized value linked to Strategy totaled $473.4 million as of October 20, 2026. That figure includes both common and preferred shares, not just the headline equity most retail traders know.
xStocks is the platform affiliated with Backed Finance and Kraken. It manages $261 million of that total. The remaining 45% is spread across other issuers.
Two tokens do most of the heavy lifting on xStocks. STRCx carries a value of $156 million, while MSTRx sits at $114.3 million.
Zoom out to the platform level and xStocks carries a market cap of around $874 million. It has also reported cumulative transaction volume exceeding $40 billion.
The broader tokenized stocks category sits at approximately $2.62 billion, according to CoinGecko.
How tokenized stocks actually work
In xStocks’ case, the tokens are structured as backed tracker certificates rather than direct shares. The underlying equities are held in custody, and the token tracks their value. Holders get price exposure and on-chain transferability, while the issuer keeps the setup within regulatory lines through that custody arrangement.
xStocks tokens trade around the clock on-chain, and they support fractional ownership. The platform has also built out integrations across centralized exchanges, wallets, and DeFi protocols.
Why Strategy is the natural fit
Strategy, formerly known as MicroStrategy, is led by Michael Saylor. The company is best known for its Bitcoin treasury approach, and it has one of the highest Bitcoin correlations among public companies.
The tokenized stock category has gained rapid traction since mid-2025, when the real-world asset push picked up steam. xStocks emerged quickly as a key name, competing against tokenized products from Binance and Ondo.
What this means for the tokenized equity race
For investors, the structure deserves attention. Backed tracker certificates are not shares. They depend on the issuer and its custody arrangement holding the underlying equities as promised.
The STRCx figure of $156 million exceeding MSTRx’s $114.3 million suggests crypto investors are reaching into Strategy’s broader capital structure beyond the flagship common stock.
What to watch next: whether xStocks can hold its 55% share as competitors push their own Strategy products, and how the overall tokenized stocks market cap moves from its current approximately $2.62 billion.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.