xStocks (tracker certificates by Backed Assets (JE) Limited, ”x” tickers)

This file replaced an earlier record on 2026-09-23. Superseded the same day: the reader counted Backed’s burn(address, uint256) as a clawback, but the verified source lets the burner burn only its own or the contract’s tokens, so the four EVM rows now say No. Tron and TON rows were added: on Tron a single key owns the contract and its upgrades; on TON a 2-of-3 multisig is the jetton admin. Superseded records.

Research and shelf status are on the memo: xStocks (Backed Finance) Adverse research finding

Other programs tokenize the same securities. Every version side by side: STRC, MSTR, CRCL, TSLA, SPY, SPCX, NVDA, QQQ.

Who may buy, hold, transfer, and redeem

Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.

What the holder owns

A bearer debt instrument, a tracker certificate, issued by Backed Assets (JE) Limited. Not the share.

“Each xStock is a bearer debt instrument classified as a tracker certificate.”

xStocks docs: Product Legal Overview · Legal Classification · words found 2026-09-23

Who may hold it

Not offered in the United States, to US persons, or in other prohibited jurisdictions.

“xStocks are not marketed, offered, or solicited in the United States, to U.S. Persons, or in any other prohibited jurisdiction.”

xStocks docs: Product Legal Overview · Distribution Restrictions · words found 2026-09-23

First purchase minimum

$5,000 per issue or redemption with the issuer; no issuer minimum on secondary markets.

“If interacting directly with the issuer for issuance or redemption, the minimum transaction size is $5,000.”

xStocks docs: Frequently Asked Questions · Is there a minimum transaction size? · words found 2026-09-23

Who it may be transferred to

Tokens move freely on chain with no technical transfer restriction, to any wallet.

“xStocks can be held, transferred, integrated and traded across platforms and wallets without platform dependency or technical transfer restrictions.”

xStocks docs: Introduction · Core Characteristics: Permissionless · words found 2026-09-23

How a holder redeems

Primary issue and redemption run 24/5 on US market days; secondary trading runs 24/7.

“Issuance and redemption by minters and redeemers are limited to business days when the US market is open, normally 24/5.”

xStocks docs: Frequently Asked Questions · How do xStocks operate during market off-hours? · words found 2026-09-23

Who keeps the official record

The token is the certificate; title rests on the blockchain ledger under the Swiss DLT rules.

“The token is the certificate. Holding the token constitutes holding the instrument.”

xStocks docs: Product Legal Overview · Blockchain Registration · words found 2026-09-23

What the issuer says it can freeze or take back

The contract may block sanctioned addresses; the prospectus says burning covers only tokens the issuer holds and freezing awaits a future update.

“The smart contract may block interactions with addresses which have been flagged as sanctioned in accordance with Sanctions Regulations (such as OFAC sanctions)”

Backed Assets (JE) Limited, Base Prospectus dated 8 May 2026 (FMA Liechtenstein approved) · Terms and Conditions, Transfer (p. 106) · words found 2026-09-23

What the issuer publishes

Read from the issuer’s own feed at api.xstocks.fi, as of 2026-09-24. The monitor reads it daily and alerts when shares held fall short of tokens out.

• STRCx: 1,458,494 shares held against 1,457,758.8591 tokens in circulation (100.1%).
• MSTRx: 608,415.97 shares held against 607,677.3237 tokens in circulation (100.1%).
• CRCLx: 871,339 shares held against 870,888.4212 tokens in circulation (100.1%).
• TSLAx: 190,240 shares held against 190,183.9214 tokens in circulation (100.0%).
• SPYx: 86,938.9986 shares held against 86,878.7145 tokens in circulation (100.1%).
• SPCXx: 280,496 shares held against 279,661.771 tokens in circulation (100.3%).
• NVDAx: 184,493.2499 shares held against 184,431.8386 tokens in circulation (100.0%).
• QQQx: 51,133 shares held against 51,032.5494 tokens in circulation (100.2%).
• Across all 1,122 tokens the feed lists, none had fewer shares held than tokens out.

Who can change the record

Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.

Who holds the keys

Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.

Where it trades

How it exits

Reopen conditions: events that change an answer above
• Backed or Kraken opens any xStocks offer to US persons, or the product moves to issuer-sponsored share ownership
• The Solana permanent delegate (5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq) or freeze authority (JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs) is used against a holder, or the prospectus is amended to cover those powers
• An EVM implementation upgrade adds a freeze or wider burn function, or the sanctions oracle blocks a holder
• Proof of reserves shows shares held below circulating supply for any instrument in this file
• Final Terms enable lending of underlyings for any instrument in this file
• The custodian, broker, or security agent changes from Alpaca, InCore, GTN, or Security Agent Services AG
• The base prospectus (valid to 7 May 2027) lapses, or the JFSC withdraws its consent
• The issuer minimum changes, or the API order minimum and the docs minimum are reconciled

What the monitor reads daily

Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s and against the issuer’s published record; and its market quote against yesterday’s quote. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.

Sources

• xStocks docs: Product Legal Overview · primary · accessed 2026-09-23
  Supports: tracker certificate, bearer debt instrument, Jersey SPV, JFSC COBO and CGPO consents, Account Control Agreement, token is the certificate, US-person exclusion
• xStocks docs: Frequently Asked Questions · primary · accessed 2026-09-23
  Supports: $5,000 primary minimum, retail may redeem directly, freely transferable, 24/5 primary, 24/7 secondary, dividends reinvested by rebase, chains
• xStocks docs: Issuance and Redemption · primary · accessed 2026-09-23
  Supports: issuer KYC/AML, whitelisted wallets only
• xStocks docs: Market Flow · primary · accessed 2026-09-23
  Supports: $5,000 minimum, fees currently 0, 24/5, USDC, USDG, USDT, 30 seconds to 2 minutes
• xStocks docs: xChange Atomic RFQ · primary · accessed 2026-09-23
  Supports: atomic issue and redeem, spread by session, EVM and Solana
• xStocks docs: xPort In-Kind Flow · primary · accessed 2026-09-23
  Supports: share-for-token via Alpaca, KYC with issuer and Alpaca
• xStocks docs: Introduction · primary · accessed 2026-09-23
  Supports: permissionless, no technical transfer restrictions, xStocks Alliance
• Backed Assets (JE) Limited, Base Prospectus dated 8 May 2026 (FMA Liechtenstein approved) · primary · accessed 2026-09-23
  Supports: Swiss CO 973d ledger-based securities, qualified professional investors subscribe directly, redemption up to T+5, investor fees up to 5%, sanctions blocking, burn only own holdings, future freeze by upgrade, pause, InCore, Alpaca, GTN custodians and brokers, Security Agent Services AG, securities lending permitted where Final Terms allow, Reg S US-person bar
• Backed Assets (JE) Limited, First Supplement to the Base Prospectus (2026-07-28) · primary · accessed 2026-09-23
  Supports: supplement to base prospectus
• Backed Assets: Restricted Countries (Wayback 2026 capture; live page geoblocked from the US) · primary · accessed 2026-09-23
  Supports: US persons barred, prohibited: Iran, North Korea, Syria, non-serviceable country list
• xStocks public API: assets (token contracts per network, ISINs, trading limits) · primary · accessed 2026-09-23
  Supports: token addresses on 11 networks, note ISIN and underlying ISIN, order limits $1,000 minimum per period
• xStocks public API: proof of reserves · primary · accessed 2026-09-23
  Supports: shares held vs circulating supply, custody provider Alpaca or GTN
• xstocks.fi home page · primary · accessed 2026-09-23
  Supports: Kraken distribution via Payward entities, Bybit listing, Jupiter, Alpaca, site operated by Payward
• Solana mainnet getAccountInfo (jsonParsed) for the eight xStocks mints · primary · accessed 2026-09-23
  Supports: Token-2022, permanent delegate set, freeze authority set, pausable, scaled UI amount, metadata URI on xstocks-metadata.backed.fi
• Bloomberg: Kraken acquires Backed Finance · secondary · accessed 2026-08-17
  Supports: acquisition