Owning STRCON: Uses, Storage and Risks

STRCON is Ondo’s tokenized version of Strategy Inc.’s Variable Rate Series A Perpetual Stretch Preferred Stock, commonly called STRC. Holding it is intended to give you economic exposure similar to holding STRC, including the effect of dividends that are reinvested. It is not a general-purpose cryptocurrency, and the project description does not identify voting, governance or payment uses for the token.

The underlying security is a preferred share, not Strategy’s ordinary common stock. Its value and any distributions can therefore behave differently from MSTR, Bitcoin or other assets associated with Strategy. “Economic exposure similar to” does not by itself establish that you are a direct shareholder or have the same rights as someone holding the underlying security. Check Ondo’s current product terms for the rights attached to STRCON and the conditions for holding or redeeming it.

STRCON tracks an Ondo tokenized version of Strategy’s STRC perpetual preferred stock. It is not STRC itself in the traditional securities system, and you should not assume that owning STRCON gives you direct registration, voting rights or the full set of rights of an STRC shareholder. The precise legal and economic rights depend on Ondo’s product terms.

STRC is described as a variable-rate perpetual preferred share. “Perpetual” means it has no stated maturity date; it does not mean its value or distributions are fixed. The token’s stated exposure includes the effect of STRC dividends being reinvested, rather than a promise that you will receive a regular cash payment directly in your wallet. Treat distributions as subject to the terms of the underlying security and token product, not as guaranteed income. If you need to know whether you qualify to hold or redeem it, confirm the current restrictions before transferring funds.

STRCON is issued on Ethereum, Solana and BNB Chain. A wallet must support the correct network and token format; a token sent to an address on the wrong chain or through an incompatible route may be difficult or impossible to recover. Check the network shown by the wallet or platform before you deposit, withdraw or transfer.

You can generally use a self-custody wallet that supports the relevant chain, or a custodial platform that supports STRCON deposits and withdrawals. Do not assume that an asset appearing in a wallet interface means the wallet can securely send or receive it. Confirm the token identity and network using Ondo’s official product information, especially when a token has similar names or multiple chain versions. If you hold STRCON through a custodian, the platform controls the on-chain keys and its own withdrawal rules apply; in a self-custody wallet, you are responsible for protecting the recovery phrase and signing transactions.

STRCON’s circulating and total supply were both about 499,171 tokens as of 2026-11-08. No maximum supply is published. That snapshot does not tell you how many tokens may be minted or redeemed later; supply can change as users access the product and as its issuance or redemption arrangements operate.

The token’s market value is influenced by the value and terms of the underlying STRC preferred stock, reinvested dividend effects, and demand for STRCON. Differences in liquidity, trading venues and access to minting or redemption can also affect the price you see. As of 2026-11-08, its price was about $106.18, but that is a dated snapshot, not a value guarantee. STRCON reached a recorded high of $112.66 on 2026-09-30 and low of $73.31 on 2026-06-26. Those past prices do not indicate what it will trade for next.

Ondo describes its tokenized stocks as available for eligible non-US retail and institutional users to mint and redeem 24 hours a day, five days a week, with access to traditional exchange liquidity. Additional restrictions apply, and not every user or location will necessarily qualify. Confirm the current eligibility, identity checks, funding methods, minimums and redemption terms with Ondo or the platform you use; those requirements can affect whether you can enter or exit the position.

For storage, choose between a supported custodian and a self-custody wallet based on how much control and responsibility you want. A custodian may simplify account access but can restrict withdrawals or pause service. Self-custody gives you control of the keys, but losing your recovery phrase or signing a malicious transaction can result in permanent loss. Before transferring a meaningful amount, verify the exact STRCON token and network and consider a small test transfer.

Moving STRCON requires a transaction on its current network, so you need that chain’s native token to pay network fees. Ethereum fees vary with network demand; Solana and BNB Chain also charge transaction fees, which can change over time. No fixed STRCON transfer fee is published, and your wallet or exchange may add its own charges or withdrawal minimums.

A transfer between different chains may require a bridge or a supported issuer process. Bridge fees, waiting times and supported routes depend on the service and conditions at the time. Bridging adds risks beyond ordinary network fees, including smart-contract or operational failures, and choosing the wrong destination network can strand funds. Check that the receiving wallet or platform accepts the exact STRCON version before sending. If you are using a custodian, compare its withdrawal fee and supported networks with the network fee shown at the time of the transaction.

STRCON combines risks from a tokenized product, a preferred security and the networks used to hold or transfer it. The value can fall, liquidity may be limited, and a token price may not track the underlying security perfectly. A variable-rate preferred share does not guarantee a fixed distribution; reinvestment effects and the security’s terms matter. Ondo’s product description also says additional restrictions apply, so you may not be able to mint or redeem whenever or wherever you want.

You also rely on Ondo’s product operations, the relevant custody and redemption arrangements, wallet software, and blockchain networks. A smart-contract fault, platform outage, lost keys, mistaken transfer or bridge failure can cause losses. Do not assume STRCON is covered by the protections that apply to a conventional brokerage account or directly held security. Read the current product and redemption terms, check the supported network and token address, and only hold an amount you can afford to lose.