The Register · tokenized MSTR
What a tokenized MSTR holder owns
9 tokens issued by 9 programs track Strategy Inc Class A. They share a ticker and little else. 9 are on file; each row below links the file with the issuer’s own words.
What the holder owns
4 versions on file give the holder a claim on a real share that a custodian holds, not the share in the holder’s own name, and no vote: bStocks, Coinbase Tokenized Stock, Backpack Securities stock tokens, Anchored aStocks. 5 versions are notes or swaps that pay like the share and carry no rights in it: xStocks, Ondo Global Markets, rTokens, Robinhood Stock Tokens, Dinari dShares. None gives the holder the Strategy Inc Class A share itself, and none carries SIPC protection in the wallet.
Who may hold it
No version on file is offered to US persons.
Who can freeze it
In 4 of the 9 programs with a readable contract, one private key can freeze, pause, or claw back holders’ tokens, or grant that power: xStocks, Robinhood Stock Tokens, Coinbase Tokenized Stock, Dinari dShares.
Every version, side by side
| Version | What the holder has | Control | ||||
|---|---|---|---|---|---|---|
| Token | Program | Owns | Who may hold | Exit | Freeze key held by | Market cap |
| MSTRx | xStocks | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A single key | $97M |
| MSTRB | bStocks | Third-party custodial | Not offered to US persons | Redeem in kind | A power exists; its holder was not read | $58M |
| MSTRon | Ondo Global Markets | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | An account only a program can sign for | $30M |
| rMSTR | rTokens | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A power exists; its holder was not read | $14M |
| MSTR | Robinhood Stock Tokens | Third-party synthetic | Not offered to US persons | Secondary market only; no issuer redemption | A single key | $3M |
| MSTRC | Coinbase Tokenized Stock | Third-party custodial | Not offered to US persons | Redeem in kind | A single key | $1M |
| MSTR | Dinari dShares | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A contract run by a single key | $1M |
| MSTR | Backpack Securities stock tokens | Third-party custodial | Not offered to US persons | Redeem in kind | An account only a program can sign for | $627K |
| AMSTR | Anchored aStocks | Third-party custodial | Not offered to US persons | Redeem with the issuer in its window | No freeze or claw-back power read | $1K |
Market cap is CoinGecko’s figure on 2026-09-24, for the token itself, not the share it tracks. “Freeze key held by” names the weakest key that can freeze, pause, or claw back a holder, or grant that power, read from the chain.
What the difference means
- Third-party synthetic
- A note or swap that pays like the security and carries no rights in it. xStocks, Ondo Global Markets, rTokens, Robinhood Stock Tokens, Dinari dShares.
- Third-party custodial
- A custodian’s security entitlement formatted as a token; the claim runs against the intermediary. bStocks, Coinbase Tokenized Stock, Backpack Securities stock tokens, Anchored aStocks.