SEC Exemption Allows Tokenized MSTR and STRC to Trade On‑Chain 24/7

Michael Saylor announced that a new SEC innovation exemption, published on September 17, permits the tokenized shares of MicroStrategy (MSTR) and Strategy’s preferred token STRC to be traded on‑chain 24 hours a day, seven days a week for U.S. investors through qualifying venues.

Details of the SEC Relief

The exemption provides five‑year relief for tokenized National Market System (NMS) stocks, allowing them to be listed on automated market makers and liquidity pools without the venues needing to register as traditional exchanges. Tokens must be backed one‑to‑one by the underlying share and retain the same voting, dividend and proxy rights. Synthetic exposure is excluded.

Why It Matters to Strategy

Strategy’s STRC is a variable‑rate perpetual preferred share collateralized by the firm’s bitcoin and dollar reserves. Saylor has positioned STRC as a digital‑credit instrument that can trade continuously, unlike conventional equity that halts after market hours. Continuous on‑chain trading could improve liquidity and help address the current discount of STRC below its $100 par value.

Operational Context

• Strategy holds approximately 845,050 BTC and $6.4 billion in USD assets.
• Between September 8 and September 13, the firm repurchased $139 million of STRC but did not add to its bitcoin holdings.
• Bitcoin recently reached $77,000 following a 25‑basis‑point rate hike by the Federal Open Market Committee.

Regulatory Perspective

SEC Chair Paul Atkins described the measure as a way to enable responsible innovation while preserving investor protections and market integrity. Commissioner Mark Uyeda highlighted the opportunity to experiment and adapt existing safeguards to new digital contexts.