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What is Dell Technologies Inc. xStock (DELLx)?

Quick Facts

  • Issuer: Backed Assets (JE) Limited, a Kraken company
  • Backing: 1:1 backed by Dell Technologies Class C common stock
  • Custody: Shares held by regulated third-party custodians
  • Dividend handling: Dividends reinvested into token value, not distributed as cash
  • Access model: Permissionless, available in 110+ countries
  • Trading hours: 24/7 on supported blockchain networks
  • Blockchains: Ethereum, Solana, TON, Ink, and more

Introduction

DELLx is a tokenized representation of Dell Technologies Inc. stock, issued under the xStocks framework by Backed Assets (JE) Limited. It gives holders on-chain economic exposure to the price performance of Dell Technologies Class C common stock — without requiring a traditional brokerage account.

As part of the broader real-world asset (RWA) movement, DELLx bridges traditional equity markets and decentralized blockchain infrastructure.

History & Background

The xStocks product line was introduced by Backed Finance in 2025, with Backed having issued RWA-backed tokens since 2021. The initial xStocks launch on Solana featured over 55 tokenized stocks and ETFs, with DELLx among them.

In late 2025, Kraken — the globally recognized crypto exchange — acquired Backed Finance, strengthening xStocks' regulatory standing and distribution reach. Today, xStocks is widely regarded as the largest tokenized-equity brand by total transaction volume.

How Dell Technologies Inc. xStock Works

The mechanism behind DELLx is straightforward. When a user acquires DELLx, Backed purchases the equivalent real Dell Technologies share on a traditional exchange and deposits it with a regulated custodian in a segregated account.

For every share held in custody, exactly one DELLx token is minted on-chain. Redemption works in reverse — tokens are burned and the underlying security is sold, with proceeds returned to the holder. This keeps every token permanently backed at a 1:1 ratio with a real share.

Tokenomics

DELLx follows a demand-driven issuance model — tokens are minted only when new shares are purchased and burned upon redemption. This elastic supply design ensures the on-chain float always mirrors the real-world custody balance.

When Dell Technologies pays a dividend, it is automatically reinvested into additional underlying shares rather than distributed as cash. Over time, this adjusts the per-token exposure upward, benefiting holders passively.

Circulating Supply ? 4,118 DELLx
Total supply ? 280,719 DELLx
Max supply ? -- DELLx
Updated 2w ago

Ecosystem & Use Cases

DELLx is designed to be permissionless and composable. Holders can:

  • Trade DELLx 24/7 on supported DEX and CEX venues
  • Hold it in self-custodied crypto wallets
  • Transfer it seamlessly across supported chains via built-in bridges
  • Use it as collateral within compatible DeFi protocols

This composability makes DELLx more capital-efficient than a traditional brokerage position, which typically cannot be plugged directly into DeFi.

Team, Governance & Community

DELLx is issued by Backed Assets (JE) Limited, operating under applicable financial regulations and backed by the infrastructure of Backed Finance AG, a Swiss-based company. Since Kraken's acquisition of Backed Finance, the xStocks ecosystem benefits from Kraken's compliance and distribution infrastructure.

Governance is centralized at the issuer level — Backed manages custody, minting, and redemption. There is no community governance model for individual xStock tokens.

Advantages

  • Global access: Available in 110+ countries without a traditional brokerage
  • 24/7 trading: Unlike stock exchanges, DELLx trades around the clock on-chain
  • Self-custody: Holders control their own tokens with private keys
  • DeFi composability: Can be used as collateral or integrated into DeFi protocols
  • Fractional ownership: Purchasable in small increments, lowering the entry barrier

Risks & Challenges

  • No shareholder rights: DELLx holders do not receive voting rights or direct issuer communications
  • Counterparty risk: Reliance on Backed Assets as regulated custodian and issuer
  • Regulatory uncertainty: Tokenized equities face evolving regulatory frameworks across jurisdictions
  • Price tracking risk: On-chain price may deviate slightly from the underlying stock in low-liquidity conditions
  • Jurisdiction restrictions: Not available in all countries, including the United States

Long-Term Vision

DELLx reflects the broader ambition of xStocks: to make global equity markets accessible to anyone with a crypto wallet. As tokenized RWAs mature, assets like DELLx are positioned to become building blocks of an on-chain capital ecosystem — where traditional stocks, DeFi liquidity, and programmable finance converge into a unified, borderless market.

Frequently Asked Questions

DELLx is a tokenized stock token that provides on-chain economic exposure to Dell Technologies Inc. Class C common stock. It is issued by Backed Assets (JE) Limited under the xStocks framework and is backed 1:1 by real shares held in regulated custody.

Yes. Every DELLx token is fully backed 1:1 by a real Dell Technologies share held in a segregated account with a regulated third-party custodian. Redemption burns the token and the underlying share is sold, with proceeds returned to the holder.

No. DELLx provides economic price exposure to Dell Technologies stock but does not convey voting rights or direct ownership rights over the underlying shares. Holders also do not receive information directly from Dell Technologies as an issuer.

When Dell Technologies pays a dividend, Backed automatically reinvests it into additional underlying shares rather than distributing cash to token holders. This adjusts the per-token exposure upward over time.

DELLx is available across multiple blockchains including Ethereum, Solana, TON, and Ink, among others. Users can move tokens between supported networks using built-in bridge functionality.

DELLx is issued by Backed Assets (JE) Limited, a Kraken company operating under applicable financial regulations. Backed Finance AG, a Swiss-based entity, provides the underlying infrastructure for the xStocks ecosystem.

Yes. DELLx is a permissionless, composable blockchain token that can be held in self-custodied wallets, traded on compatible DEX platforms, and used as collateral in DeFi protocols that support it.

DELLx is available in over 110 countries and can be purchased fractionally. However, it is subject to jurisdictional restrictions and is generally not available to users in the United States.