Saylor Says SEC Exemption Puts Tokenized MSTR and STRC Onchain 24/7

Key Takeaways

• Saylor said the SEC’s Sept. 17 exemption enables 24/7 onchain trading of tokenized MSTR and STRC.
• Strategy holds 845,050 BTC and $6.4 billion in USD assets, with STRC still under its $100 par.
• The SEC capped symbols and volume per venue, and the relief expires five years after publication.

A Reaction, Not a Rule

Saylor did not wait long to make the proclamation and hours after the SEC published its relief yesterday, the Strategy chairman wrote on X that it “enables 24/7 onchain trading of tokenized” MSTR and STRC “for U.S. investors through qualifying venues,” calling it “a major breakthrough for Digital Credit and American capital markets.”

The SEC granted five-year relief allowing tokenized National Market System (NMS) stocks to trade on venues built around automated market makers (AMMs) and liquidity pools, without those venues registering as exchanges. Tokens must be backed one-to-one by the underlying share and carry the same rights, i.e., votes, dividends and proxies. Synthetic exposure is not covered.

SEC Chair Paul Atkins said of the measure:

[It] is designed to resolve challenges that have prevented responsible innovation from taking root in the United States while providing investor protections and market integrity standards.