xStocks holds 55% of Strategy’s $473.4 million tokenized stock market

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 xStock...