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What is CrowdStrike xStock (CRWDX)?

Quick Facts

  • Issuer: Backed Assets (JE) Limited, a Jersey-registered SPV
  • Underlying asset: CrowdStrike Holdings, Inc. Class A Common Stock
  • Backing ratio: 1:1 by real CrowdStrike shares
  • Blockchains: Solana (SPL) and Arbitrum (ERC-20)
  • Regulation: EU Prospectus Regulation, Liechtenstein FMA approval
  • Availability: Non-US users only
  • Trading hours: 24/7 on supported exchanges and DEXs
  • Product family: Backed Finance xStocks

Introduction

CrowdStrike xStock (CRWDX) is a tokenized tracker certificate that mirrors the market price of CrowdStrike Holdings, Inc., one of the world's leading cybersecurity companies listed on NASDAQ. It is part of the xStocks product suite developed by Backed Finance, a Swiss-based asset tokenization platform.

CRWDX gives eligible investors blockchain-native exposure to CrowdStrike equity without requiring a traditional brokerage account.

History & Background

Backed Finance was founded in 2021 by three former DAOstack builders, inspired by the rise of stablecoins. Their mission was to bring regulated, real-world securities onto public blockchains in a compliant way.

After two years of legal structuring and regulatory approvals, Backed launched the xStocks product family in May 2025. CRWDX was introduced as part of the expanding catalog shortly after, providing on-chain access to CrowdStrike's equity performance. In late 2025, Kraken announced its acquisition of Backed Finance, further broadening distribution of xStocks.

How CrowdStrike xStock Works

When a user purchases CRWDX, the issuance process involves buying real CrowdStrike shares on the open market. Those shares are held by regulated third-party custodians — such as Swiss banks InCore Bank and Maerki Baumann — and held in segregated accounts.

Each CRWDX token is a bearer debt instrument (tracker certificate) classified under European financial law. It is freely transferable on-chain without requiring interaction with the issuer after minting. Dividends are reinvested into additional underlying shares, with gains reflected through an on-chain rebasing mechanism.

Tokenomics

CRWDX tokens are minted on demand when eligible investors purchase them and are redeemed when investors exit. This keeps the token supply directly tied to actual demand rather than a fixed issuance schedule.

Token holders gain economic exposure to CrowdStrike's stock performance. The token is composable with DeFi protocols, meaning it can be used as collateral, traded on decentralized exchanges, or integrated into yield strategies — similar to any other on-chain asset.

Circulating Supply ? 3,581 CRWDX
Total supply ? 928,558 CRWDX
Max supply ? -- CRWDX
Updated 4d ago

Ecosystem & Use Cases

CRWDX is available on both centralized exchanges (such as Kraken and OKX) and decentralized platforms via Solana and Arbitrum. This dual availability allows users to choose self-custody or exchange-managed holdings.

Key use cases include gaining CrowdStrike equity exposure without a brokerage, using CRWDX as DeFi collateral, and accessing fractional share ownership with settlements that are near-instant on-chain.

Team, Governance & Community

Backed Finance AG, headquartered in Switzerland, provides the underlying infrastructure. The issuing entity — Backed Assets (JE) Limited — is registered with the Jersey Financial Services Commission (JFSC) and handles all token minting and redemption.

The platform is regulated by the Liechtenstein Financial Market Authority (FMA) under the EU Prospectus Regulation, with the prospectus passported across the EEA. Governance over the underlying shares rests with the custodian agreement; xStock holders are economic-exposure holders, not registered shareholders.

Advantages

  • 1:1 asset backing — each token is backed by a real CrowdStrike share held by a licensed custodian
  • 24/7 trading — trade at any hour, unlike traditional stock exchanges
  • DeFi composability — use CRWDX in lending, collateral, or liquidity protocols
  • Fractional access — invest in CrowdStrike with small amounts, no full-share requirement
  • Regulatory clarity — issued under EU Prospectus Regulation with JFSC and Liechtenstein FMA oversight
  • Self-custody — tokens can be withdrawn to any compatible on-chain wallet

Risks & Challenges

  • Geographic restrictions — only available to non-US persons; US users are excluded by regulation
  • Custodian concentration — underlying shares depend on a small number of named custodian banks
  • Tracker certificate structure — holders have economic exposure but are not registered shareholders and cannot vote
  • Regulatory evolution — MiCA and other EU frameworks continue to evolve, which may affect product availability
  • Liquidity risk — on-chain liquidity can be thinner than traditional equity markets

Long-Term Vision

CRWDX represents a step toward a broader vision of open financial markets where anyone with a crypto wallet can access global equities compliantly. Backed Finance aims to expand its catalog of tokenized stocks and ETFs while deepening DeFi integrations.

The Kraken acquisition signals growing institutional interest in bringing tokenized securities to mainstream crypto audiences. As regulatory frameworks mature globally, products like CRWDX could serve as a bridge between traditional capital markets and the on-chain economy.

Frequently Asked Questions

CRWDX is a tokenized tracker certificate issued by Backed Finance that mirrors the price of CrowdStrike Holdings, Inc. stock. Each token is backed 1:1 by real CrowdStrike shares held by regulated third-party custodians.

CRWDX is issued by Backed Assets (JE) Limited, a special-purpose vehicle registered with the Jersey Financial Services Commission. The parent infrastructure is provided by Backed Finance AG, based in Switzerland.

No. In compliance with regulatory requirements, xStocks including CRWDX are only available to non-US persons. US residents are prohibited from purchasing or holding these tokens.

CRWDX is issued as a Solana SPL token and as an ERC-20 token on Arbitrum. This allows it to be traded on both centralized and decentralized platforms across multiple ecosystems.

When CrowdStrike pays a dividend, the custodian reinvests it into additional underlying shares. This gain is passed on to token holders through an on-chain rebasing mechanism that adjusts their balance.

Yes. CRWDX is composable with DeFi protocols, allowing it to be used as collateral, traded on decentralized exchanges, or integrated into yield and lending strategies like any other blockchain token.

CRWDX is regulated under the EU Prospectus Regulation, with the base prospectus approved by the Liechtenstein Financial Market Authority (FMA) and passported across the EEA. It is also issued under the Swiss DLT Act framework.

No. CRWDX holders receive economic exposure to CrowdStrike's stock performance but are not registered shareholders. Backed Finance, through its custodian agreement, manages any voting rights on the underlying shares.