Strategy’s tokenized Stretch hits $158M market cap, largest tokenized equity in the world

A tokenized version of Strategy Inc.’s preferred stock has quietly climbed to the top of a fast-growing corner of crypto finance. STRCx, the on-chain representation of Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, reached approximately $158.56 million in on-chain assets under management as of October 8, 2026, making it the largest tokenized equity anywhere in the world. What STRCx actually is Think of STRCx as a receipt, held on a blockchain, for a real share sitting in a regulated custody account. Backed Assets (JE) Limited issues the token under its xStocks framework, and each token carries a 1:1 economic exposure to the underlying STRC preferred shares. No synthetic exposure, no leverage, just a tokenized claim on the real thing. The underlying instrument is Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, which trades on the Nasdaq under the ticker STRC. STRCx has recently traded in a price range of approximately $99 to $108, closely tracking the par value of those underlying shares. One structural detail that sets STRCx apart from most tokenized equities is how it handles dividends. Instead of distributing cash payouts to token holder...