Owning MSTRC: Uses, Storage and Risks

MSTRC is a tokenized security that gives you economic exposure to MicroStrategy shares; it is not the same as owning shares directly. Coinbase Onchain SPV Ltd issues the certificate, which initially represents a 1:1 beneficial interest in shares held in a segregated custody account. The share-to-token ratio can change to account for distributions, fees, taxes, corporate actions and other adjustments.

The arrangement is designed so that dividends and other distributions are generally reinvested, after applicable costs, with the benefit reflected in that ratio. You should therefore check the current product terms to understand what your holding represents and what rights you have. MSTRC’s value can move with the underlying shares, but it may not match their price exactly.

MSTRC is issued on Base, an Ethereum layer-2 network. You need a wallet that supports Base and the relevant token standard to receive or transfer it. Confirm the token’s official contract address through a trusted product channel before adding it to a wallet; similarly named tokenized stocks are not necessarily the same asset.

The token can be held and transferred through supported blockchain networks and may be used in decentralized-finance markets. That does not mean every wallet, exchange or DeFi app supports MSTRC, or that you can always trade it there. Check support, network, fees and any access restrictions before sending tokens. A transfer to an incompatible network or incorrect address can result in permanent loss.

As of 2026-11-08, the reported circulating and total supply were both about 17,429 MSTRC; no maximum supply is published. The token’s reported price was about $127.23, with a market capitalization of about $2.2 million on that date. These figures can change, and a small market can have limited liquidity or sharp price movements.

Supply may also change if authorized participants create or redeem tokens under the product’s arrangements. The token’s share-to-token ratio can be adjusted, so supply alone does not tell you the size of the underlying share interest represented by each token. Check the current ratio and product terms rather than assuming one token will always correspond to exactly one share.

Treat MSTRC like a security token, not a routine payment coin. Keep it in a Base-compatible wallet you control if self-custody suits you, and protect the recovery phrase offline. Never share your phrase or sign a transaction you do not understand. Test with a small transfer first if you are moving the token between wallets, while remembering that even a test transfer may incur network costs.

Custody of the underlying shares and control of the token are separate: the shares are held in segregated custody, while the token operates onchain. You still depend on the issuer, custody arrangements and token infrastructure. Before using a third-party wallet or DeFi app, check that it supports this specific asset and review the permissions you are granting.

MSTRC carries several risks beyond ordinary wallet security. Its price can diverge from the underlying shares because of trading liquidity, market demand, fees, taxes, corporate actions or changes to the share-to-token ratio. The certificate is issued by Coinbase Onchain SPV Ltd, so your exposure also depends on the issuer’s legal and operational arrangements and the custody of the underlying shares. It is not direct ownership of the company’s shares.

Blockchain risks include sending tokens to the wrong address, losing your recovery phrase, or interacting with a faulty or malicious contract or app. Access may also depend on eligibility and product rules. Read the legal terms before acquiring or transferring MSTRC, and do not assume that token ownership automatically gives you the same voting, redemption or other rights as a direct shareholder.