Every tokenized MicroStrategy, compared
6 tokens track MicroStrategy, from 6 issuers. Same price driver, different products: issuer, legal wrapper, holder rights, chain and custody differ — compare them below. Plus 1 perpetual on Hyperliquid — exposure without ownership.
Who may buy is set by the issuer — check their terms.
- Target / Area
- Retail (EU)
- KYC gates
- mint required · buy unknown
- Custody
- self
- Chain
- Solana (+Ethereum, BNB, Arbitrum, Mantle)
- Token ISIN
- CH1436219633
- Target / Area
- Retail (EU)
- KYC gates
- mint required · buy none
- Custody
- self
- Chain
- Ethereum / Base (+5)
- Token ISIN
- CH1173294377
- Target / Area
- Retail (US)
- KYC gates
- mint required · buy required · whitelist
- Custody
- whitelisted
- Chain
- ethereum / base / arbitrum-one / avalanche
- Token ISIN
- none published
- KYC gates
- mint unknown · buy unknown
- Custody
- —
- Chain
- Liquid
- Token ISIN
- none published
- Target / Area
- Professional (EU)
- KYC gates
- mint required · buy unknown
- Custody
- self
- Chain
- Ethereum / BNB Chain / Hyperevm (+1)
- Token ISIN
- none published
- KYC gates
- mint unknown · buy unknown
- Custody
- —
- Chain
- Base
- Token ISIN
- none published
Machine-readable: these instruments as JSON · every underlying · llms.txt
Token or perp — what does holding MicroStrategy cost?
Same price exposure, two ways. The token costs mostly once, when you buy and sell. The perp costs a little every hour, through funding. So the answer depends on how long you hold.
The token is cheaper from the first day.
Not included: the exchange's own trading fee on the token and any issuer fee (we have no source for them), price moves, and leverage — a perp position can be liquidated, a token cannot. Funding changes every hour; the 7-day average is a reading, not a forecast. Spreads from CoinGecko, perps from the Hyperliquid API, spreads 2026-10-15, perps 2026-10-15 05:17 UTC. Not investment advice.
MicroStrategy as a perpetual
Not ownership: no dividend, no vote, no claim on the share. Funding is paid or received every hour; positive means longs pay shorts. Leveraged positions are liquidated when margin runs out. Settled in stablecoins on Hyperliquid; each market is run by its own deployer (HIP-3).
- Fee taker / maker
- 0.090 % / 0.030 %
- Funding, 7-day avg
- 12.65 % p.a.
- Funding, latest hour
- 20.36 % p.a.
- Max leverage
- 10×, isolated only
- Collateral
- USDC
- 24h volume
- $19.9M
- Open interest
- $40.9M
Fees at the entry tier, before volume and referral discounts; the front end you trade through may add its own fee. Funding annualised from hourly rates, positive = longs pay shorts. Read from the Hyperliquid API, 2026-10-15 05:17 UTC. TokenBank takes no fee and has no referral on these markets.
What this comparison shows
Each row is one issuer’s product on MicroStrategy: its wrapper, custody, chain, KYC gates and — where the issuer names them — the investor class and market it is aimed at (“Target / Area”). These are descriptions taken from the issuer’s documents, not a statement about whether you may buy it.
Who may buy is set by the issuer — check their terms. TokenBank does not check eligibility, does not rank or hide anything by it, and takes no fee for these listings.
Tokenized securities carry issuer, custody and smart-contract risk on top of market risk, are not deposit insured, and often give you no shareholder rights in the underlying company — each token page says which. Not investment advice.
More in Crypto-treasury companies
Same industry as MicroStrategy. Industry: SEC SIC code, corrected by hand. All in Crypto-treasury companies →
MicroStrategy, answered.
Which tokenized MicroStrategy should I pick?
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MSTRx (Backed / Kraken (xStocks)) — aimed at Retail (EU). bMSTR (Backed Finance) — aimed at Retail (EU). MSTRon (Ondo Global Markets (BVI)) — aimed at Professional (EU). svMSTR (NexBridge). WTMSTR (ST0x). MSTR (Dinari) — aimed at Retail (US). They differ in issuer, legal wrapper, holder rights, chain and cost. Who may buy each one is set by its issuer — check their terms before acting.
Why are there 6 different tokens for one security?
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Because tokenizing a share is not one act. Each issuer builds its own wrapper — its own legal entity, jurisdiction, custody arrangement and distribution route — around the same underlying. The tokens are not competing versions of one product; they are different products giving exposure to the same thing.
Are these interchangeable?
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No. They share a price driver and almost nothing else. Different issuer means different counterparty risk, different regulator, different redemption route and different terms. Two tokens can move identically all year and still leave you with entirely different rights if the issuer fails.
Does a token ISIN matter here?
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It tells you something real. An ISIN attaches to a security issued under a regime that requires one, so its presence signals a securities wrapper with a prospectus behind it. Its absence is not a defect; it describes a different legal structure. Both appear in the table below.
Is a MicroStrategy perp the same as a tokenized MicroStrategy?
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No. A tokenized share is a claim on an issuer that holds (or tracks) the share. A perpetual is a contract between traders: it follows the price through funding, pays no dividend, gives no vote, and a leveraged position is closed when the margin runs out.
What does a MicroStrategy perp cost to hold?
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Two things. A trading fee — xyz:MSTR 0.090 % taker at the entry tier, before any fee the front end adds. And funding, settled every hour: over the last 7 days xyz:MSTR averaged 12.65 % a year. Positive funding means longs pay shorts; it changes every hour.