What is MARA xStock (MARAx)?

Quick Facts

• Issuer: Backed Finance AG, a regulated Swiss fintech firm
• Underlying asset: MARA Holdings (NASDAQ: MARA) common stock
• Backing ratio: 1:1 — one token equals one real share in custody
• Blockchains: Ethereum, Solana, and other EVM-compatible networks
• Trading: 24/7 on supported DEXes and centralized platforms
• Dividends: Handled via automatic on-chain rebasing
• Shareholder rights: Price exposure only; no voting rights conferred

Introduction

MARA xStock (MARAx) is a tokenized stock that brings MARA Holdings equity exposure directly onto public blockchains. It is part of the broader xStocks product line created by Backed Finance, one of the longest-standing real-world asset (RWA) issuers in crypto.

The token allows non-US investors to gain price exposure to MARA Holdings — a publicly traded Bitcoin mining and digital asset company listed on NASDAQ — without needing a traditional brokerage account.

History & Background

Backed Finance AG, the Swiss entity behind xStocks, has been issuing tokenized real-world assets since 2021. The xStocks product line was launched in mid-2025, initially offering over 55 tokenized US stocks and ETFs on Solana, later expanding to Ethereum and additional EVM-compatible networks.

MARAx was included among the initial offerings, reflecting strong investor interest in tokenized exposure to Bitcoin-adjacent equities.

How MARA xStock Works

For every MARAx token in circulation, Backed Finance purchases one real MARA Holdings share on the stock market and holds it with a regulated custodian. This custodian arrangement ensures that each token is fully collateralized at all times.

The system operates on two layers. The primary layer handles token minting and redemption — tokens are created when shares are bought and burned when shares are sold. The secondary layer is permissionless, meaning MARAx can move freely across wallets, exchanges, and DeFi protocols.

When MARA Holdings pays a dividend or undergoes a stock split, the adjustment is reflected automatically via on-chain rebasing, requiring no manual action from holders.

Tokenomics

MARAx follows a fully collateralized, demand-driven issuance model. New tokens are only minted when the corresponding underlying shares are purchased and placed into regulated custody. Redemption works in reverse: tokens are burned and the underlying shares are liquidated, with proceeds returned to the redeemer.

This model ties token supply directly to institutional custody activity, rather than to a fixed or algorithmically governed schedule.

Ecosystem & Use Cases

MARAx integrates into the growing RWA-DeFi ecosystem. Holders can use their tokens in self-custody wallets, trade them on supported platforms around the clock, and potentially deploy them within DeFi protocols that accept xStocks as collateral or liquidity.

The token is accessible to non-US users globally, with secondary-market trading requiring no KYC. This opens up MARA Holdings equity exposure to retail participants who would otherwise face brokerage barriers or geographic restrictions.

Team, Governance & Community

MARAx is issued and managed by Backed Finance AG, a fintech company headquartered in Switzerland. The firm operates under applicable European and Swiss financial regulations. Backed Assets (JE) Limited, its Jersey-based entity, serves as the formal issuer of record.

The xStocks platform has partnered with major exchanges and wallet providers, including Kraken and Solflare, to distribute its tokenized equity products widely.

Advantages

• 24/7 trading — unlike traditional stock markets, MARAx trades continuously on-chain
• Self-custody — holders maintain full control via their own wallets
• 1:1 backing — every token is fully collateralized by real shares in regulated custody
• Transparent reserves — on-chain issuance and custodian arrangements are publicly verifiable
• DeFi composability — tokens can be used within broader decentralized finance applications
• Fractional access — lowers the barrier to gaining MARA Holdings exposure

Risks & Challenges

• No shareholder rights — MARAx confers price exposure only; voting rights are not transferred
• Custodian risk — if the regulated custodian or Backed Finance faces insolvency, holders may be exposed
• Regulatory uncertainty — the legal status of tokenized securities continues to evolve across jurisdictions
• Geographic restrictions — US persons are excluded from participating in xStocks products
• Liquidity risk — secondary market liquidity for MARAx may be limited compared to the underlying stock
• MARA Holdings risk — the token's value is directly tied to the performance of MARA Holdings stock

Long-Term Vision

MARAx represents the convergence of traditional equity markets and decentralized finance. As the RWA tokenization sector matures, products like MARAx aim to make global equity access borderless and programmable — enabling anyone with a crypto wallet to hold regulated, custodied exposure to publicly traded companies.

Backed Finance's broader roadmap envisions expanding tokenized stock coverage while deepening DeFi integrations, ultimately contributing to a fully on-chain capital markets infrastructure.