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What is Berkshire Hathaway xStock (BRK.BX)?

Quick Facts

  • Issuer: Backed Finance (Backed Assets (JE) Limited)
  • Underlying asset: Berkshire Hathaway Inc. Class B stock (NYSE: BRK.B)
  • Instrument type: Tokenized tracker certificate (debt instrument)
  • Backing ratio: 1:1 by real shares held in segregated custody
  • Primary chain: Solana; also available on Ethereum, Arbitrum, and others
  • Management fees: 0%; Performance fees: 0%
  • Eligible users: Non-US investors in supported jurisdictions
  • ISIN: CH1436219260

Introduction

Berkshire Hathaway xStock (BRK.BX) is a blockchain-native financial instrument that tracks the price of Berkshire Hathaway Inc. Class B shares. It is part of the xStocks product line created by Backed Finance, a Swiss-based tokenization firm that has been issuing real-world asset tokens since 2021.

For crypto-native investors outside the US, BRK.BX offers a straightforward way to gain exposure to one of the world's most recognized holding companies — entirely on-chain, without a traditional brokerage account.

History & Background

Backed Finance launched the xStocks product line to bring US-listed equities onto public blockchains. BRK.BX was introduced in mid-2025 as part of a growing catalogue covering major stocks and ETFs.

The xStocks framework was built in partnership with infrastructure providers including Alpaca Securities LLC as broker-dealer, and Swiss banks Maerki Baumann and InCore Bank as custodians. Distribution expanded to major exchanges like Kraken and Bybit, making xStocks accessible to a global retail audience.

How Berkshire Hathaway xStock Works

BRK.BX operates on a straightforward creation and redemption model. Backed Finance purchases real Berkshire Hathaway Class B shares through regulated brokers and deposits them with a regulated custodian. For every share held in custody, exactly one BRK.BX token is minted on-chain.

The token is structured as a tracker certificate — a debt instrument rather than a direct equity stake. Holders gain economic exposure to the price performance of BRK.B shares but do not hold voting rights or registered share ownership.

Dividends paid on the underlying shares are automatically reinvested, and token balances adjust through an on-chain rebasing multiplier rather than distributing cash.

Tokenomics

BRK.BX tokens are minted on demand as new shares are acquired and burned when holders redeem. This demand-driven model keeps the token supply tightly linked to real custody holdings.

The token carries 0% management fees and 0% performance fees, meaning holders are not charged an annual cost for holding the instrument. Token holders earn indirect dividend returns through the rebasing mechanism.

Circulating Supply ? 3,509 BRK.BX
Total supply ? 198,743 BRK.BX
Max supply ? -- BRK.BX
Updated 3d ago

Ecosystem & Use Cases

Because BRK.BX is an on-chain SPL and ERC-20 compatible token, it can be used across DeFi protocols — as collateral, in liquidity pools, or traded on decentralized exchanges like Raydium and Jupiter on Solana.

Users can also trade BRK.BX on centralized exchanges such as Kraken and Bybit, then withdraw to a self-custody wallet. Settlement is near-instant and markets are accessible around the clock.

Team, Governance & Community

Backed Finance is a Swiss-based tokenization firm. The xStocks issuance entity is Backed Assets (JE) Limited, a Jersey-registered special purpose vehicle overseen by the Jersey Financial Services Commission.

An independent Security Agent (Security Agent Services AG, Zug) controls the collateral. In the event of issuer default, this agent can liquidate the underlying shares and distribute proceeds to token holders, providing an additional layer of protection.

Advantages

  • 1:1 real-share backing ensures the token is fully collateralized at all times.
  • 24/7 on-chain trading removes traditional market-hours restrictions.
  • DeFi composability allows BRK.BX to be used as collateral or in liquidity pools.
  • Zero management or performance fees keep holding costs minimal.
  • Fractional access lowers the barrier to entry for high-price stocks.
  • Self-custody option lets users hold tokens in their own wallets.

Risks & Challenges

  • Issuer/counterparty risk: The token is a debt claim on the issuing SPV, not direct share ownership.
  • Jurisdictional restrictions: BRK.BX is not available to US persons or residents of several other jurisdictions.
  • Custody concentration: Safety of the backing depends on the regulated custodians and broker.
  • Off-hours price drift: Token price may deviate from the NYSE reference price during non-trading hours.
  • Redemption gating: Direct redemption with Backed requires KYC, whitelisting, and a minimum transaction threshold.

Long-Term Vision

BRK.BX represents a broader vision for tokenized real-world assets — a world where public equities trade on open blockchains with the same composability as native crypto assets. Backed Finance aims to expand its catalogue and deepen DeFi integrations, positioning xStocks as a bridge between traditional capital markets and decentralized finance for the global, non-US investor community.

Frequently Asked Questions

BRK.BX is a tokenized tracker certificate issued by Backed Finance that tracks the price of Berkshire Hathaway Inc. Class B stock. It gives eligible holders on-chain economic exposure to the underlying equity without requiring a traditional brokerage account.

Yes. Backed Finance purchases real BRK.B shares through regulated brokers and holds them 1:1 in segregated custody at Swiss banks and a US broker-dealer. For every share custodied, exactly one BRK.BX token is minted.

No. BRK.BX is a debt instrument — a tracker certificate — that gives you economic exposure to the price and dividend performance of BRK.B shares. It does not confer registered share ownership, voting rights, or a position on the company's cap table.

Dividends received on the underlying shares are automatically reinvested into additional shares rather than paid out as cash. The economic benefit is passed to token holders via an on-chain rebasing multiplier that adjusts token balances upward over time.

BRK.BX is available to non-US investors in eligible jurisdictions, including much of the EU, Latin America, and parts of Asia and Africa. US persons, UK residents, and residents of several other jurisdictions are explicitly excluded under the issuer's offering documents.

BRK.BX was launched primarily on Solana as an SPL token, chosen for its low fees and fast settlement. It is also available on Ethereum, Arbitrum, TON, and other chains, all sharing the same underlying collateral pool.

Yes. Because BRK.BX is a freely transferable on-chain token, it can be used as collateral, traded on decentralized exchanges like Raydium or Jupiter, or deployed in DeFi liquidity pools across supported networks.

Retail holders typically exit by selling the token on a centralized exchange or DEX. Direct redemption with Backed is available to KYC-verified, whitelisted investors subject to a minimum transaction size and a settlement period of up to T+5 business days.