Strategy PP Variable tokenized stock (xStock)

Is STRCX Halal? Strategy PP Variable xStock HCS Analysis 2026

Quick Verdict

STRCX is provisionally classified as Not Halal under CoinStudy’s HCS Layer 1 screening, based on serious Shariah concerns arising from the structure of its underlying asset, STRC preferred stock. Because Layer 1 concerns take precedence under the Halal Crypto Standard, no official HCS classification score is assigned. A supplementary risk profile of 49/100 is provided for research purposes only, pending formal scholarly review by Dr. Usman Quddus, PhD in Islamic Studies & Finance.

The decisive issue operates at the level of the underlying financial instrument before any question of tokenization arises. STRC is Strategy Inc.’s Variable Rate Series A Perpetual Stretch Preferred Stock, listed on Nasdaq under the ticker STRC. According to the SEC-filed Free Writing Prospectus reviewed for this analysis, STRC pays cumulative dividends at a currently declared annual rate of 12.00% per share annually, with the rate set monthly by Strategy’s board and a floor indexed to one-month SOFR, the Secured Overnight Financing Rate. Unpaid dividends accumulate regardless of board declaration and compound semi-monthly, while the cash payment itself remains subject to declaration and legal availability of funds.

These features, taken together, raise a serious concern under AAOIFI Shari’ah Standard No. 12 and the framework of the International Islamic Fiqh Academy regarding priority shares and musharakah structure. The precise jurisprudential characterization, including whether the dividend mechanism constitutes Riba al-nasi’ah, remains for formal scholarly determination. CoinStudy’s provisional position is that the structural concerns are sufficiently serious to require a Not Halal classification pending the Chairman’s ruling.

What Is Strategy PP Variable Tokenized Stock (STRCX)?

Strategy Inc., formerly known as MicroStrategy, is a Nasdaq-listed Bitcoin treasury company. In addition to its common stock (MSTR), Strategy has issued several series of preferred equity instruments to fund its ongoing Bitcoin acquisition programme. STRC, designated the “Variable Rate Series A Perpetual Stretch Preferred Stock,” trades on the Nasdaq under the ticker STRC. It carries a $100.00 stated amount per share, has no maturity date, and is perpetual in nature.

STRCX is a blockchain-native tokenized representation of STRC, issued by Backed Assets (JE) Limited, a special purpose vehicle registered in Jersey and regulated by the Jersey Financial Services Commission. According to Coinranking research reviewed for this analysis, each STRCX token is backed 1:1 by an underlying STRC preferred share held in custody. The token carries an ISIN of CH1500008482. According to the Coinpaprika analysis reviewed for this analysis, issuance runs under a Liechtenstein public offer prospectus registered with the Financial Market Authority (FMA), which passports across the European Economic Area under MiFID II. US persons, UK residents, Canadian residents, and Australian residents are excluded from accessing the product. The legal claim rests on the SPV, not directly on the underlying shares, and this structure has not been tested in litigation.

According to CoinMarketCap research, STRCX is priced at $105.64 as of the date of this analysis, with a market capitalisation of approximately $154.03M and a 24-hour trading volume of approximately $92,019. Circulating supply stands at approximately 1.45 million tokens against a total supply of 2.95 million. The token reached an all-time high of $109.09 on March 22, 2026 and an all-time low of $72.81 on June 26, 2026. The CertiK security rating, according to CoinMarketCap research, is 2.9, which is low relative to other reviewed tokens.

According to DeFi Llama research reviewed for this analysis, the on-chain AUM of STRCX stands at approximately $151.89M as of October 25, 2026, with $140.54M on Ethereum and $10.56M on Solana. Active DeFi TVL is approximately $49.19M, with Pendle Finance V2 accounting for approximately $48.2M of that figure.

Secondary market purchasers of STRCX have economic exposure to the tracked STRC price but no direct redemption right with the issuer. Only KYC-verified qualified investors may redeem tokens through Backed Assets (JE) Limited. Chainlink proof-of-reserve publishes custody balances against on-chain supply, providing a publicly verifiable collateral attestation mechanism.

Core Mechanism

STRCX tokenizes STRC. The permissibility of STRCX therefore depends first on the permissibility of the underlying STRC instrument as a financial product, and second on whether the specific use cases enabled by tokenization introduce additional independent concerns. Both layers require separate analysis, and CoinStudy applies both in sequence.

A compliant token wrapper built over a non-compliant underlying instrument does not produce a compliant product. This principle is fundamental to CoinStudy’s approach to tokenized real-world assets: the economic substance of what the token represents governs the Islamic finance analysis, not the on-chain delivery mechanism.

Islamic Finance Analysis

Underlying Asset: STRC Preferred Stock: Structure and Key Terms

Before applying Islamic finance principles, the precise contractual terms of STRC must be established from primary sources. The following is drawn from the SEC-filed Free Writing Prospectus for STRC, filed by Strategy Inc. and reviewed for this analysis.

STRC pays dividends at a rate set monthly by Strategy’s board of directors. The current declared annual rate is 12.00% per share, or $12.00 per annum, payable semi-monthly in arrears. The rate is variable, not fixed: it may change each month. The minimum floor for the rate is one-month SOFR, meaning the board may not reduce the rate below the prevailing SOFR benchmark without restriction, and any reduction in a given month is limited to 25 basis points plus any specified SOFR decline.

STRC dividends are cumulative: the prospectus states that “dividends accumulate regardless of declaration or current legal availability.” When the board does not declare payment in a period, the unpaid entitlement does not lapse. It is added to an accumulating balance. That balance itself compounds semi-monthly. However, the payment of the accumulated amount in cash requires the board to declare a dividend from legally available funds. The accumulation is a contractual entitlement; the timing of cash receipt is not guaranteed on any specific date.

STRC holders receive priority over ordinary shareholders and over several other Strategy preferred series (STRE, STRK, STRD) in profit distribution. They rank junior to Strategy’s debt obligations and to STRF preferred stock. There are no general voting rights and no director-election rights.

On redemption: Strategy may call STRC at $101 or higher plus accumulated arrears. Holders may require repurchase at $100 plus arrears only upon a fundamental change in the company, subject to the availability of legally available funds.

These are the verified primary-source contractual terms on which the Islamic finance analysis is based.

Financial Exposure Risk

STRC is a perpetual preferred instrument with no maturity, no principal repayment guarantee in ordinary circumstances, and a return tied to a rate set monthly by the company’s board. The instrument ranks below all debt obligations in a liquidation scenario. STRCX holders’ claim runs through a Jersey SPV that holds the underlying STRC shares and whose structure has not been tested in any insolvency or litigation event, according to the Coinpaprika analysis reviewed for this analysis.

The token’s price tracks STRC, which in turn reflects the market’s assessment of the instrument’s cumulative dividend entitlement and Strategy Inc.’s ability to sustain it. Strategy’s ability to pay is connected to its Bitcoin treasury value and its access to capital markets, not to a diversified operating business. According to the Cryptotimes research reviewed for this analysis, STRCX holders can use the token as collateral on Kamino Lend with a maximum loan-to-value of 67% and liquidation at an 80% threshold. This creates levered exposure to a variable-rate perpetual preferred instrument with no maturity, amplifying the underlying financial risk. The CertiK security rating of 2.9, as recorded on CoinMarketCap, reflects protocol-level security assessment rather than financial exposure risk in the Islamic finance sense; CoinStudy treats it as an indicator of smart-contract risk alongside the financial risk profile, not as a standalone Islamic finance concern.

Supplementary score: 10/25.

Gharar

Gharar in STRCX arises from two distinct sources that must be separated.

The first source is within the underlying instrument. The monthly-variable SOFR-indexed rate means that the income entitlement of STRC is not known at the time of purchase: only the current rate and its floor mechanism are known. This creates uncertainty about the future income stream of the instrument being tokenized.

The second source is within the token wrapper. Secondary market purchasers of STRCX have no direct redemption right. Their claim runs through the SPV, and that intermediary structure creates legal uncertainty that has not been resolved in court, as noted in the Coinpaprika analysis reviewed for this analysis. The Chainlink proof-of-reserve mechanism mitigates informational Gharar about whether the custody balances are real, but it does not address the legal uncertainty about recovery in an insolvency scenario.

These are two separate Gharar concerns at different structural levels, not the same concern counted twice.

Supplementary score: 8/15.

Maysir

STRCX itself does not contain an inherent gambling or lottery mechanism. The Maysir concern in this analysis arises specifically from one use case: Pendle Finance’s yield-token market.

According to DeFi Llama research, Pendle V2 holds approximately $48.2M of STRCX-related TVL, representing the dominant DeFi use of this token. Pendle separates a yield-bearing asset into a Principal Token and a Yield Token. The Yield Token of STRCX represents a claim to the future income stream of the underlying instrument. Purchasing a Yield Token is a transaction whose value depends on whether the future yield realised exceeds or falls short of the rate implied by the purchase price. This is a speculative transaction in a future uncertain income stream.

Whether this constitutes Maysir in the classical sense, or raises a different Shariah concern such as speculative Gharar, is a question requiring product-level scholarly review of the specific Pendle contract terms, settlement mechanics, and the nature of the rights transferred. CoinStudy classifies YT-STRCX as a potential Maysir concern and a definite speculative Gharar concern, and submits the precise classification to the Chairman for ruling. The Maysir deduction in this supplementary profile reflects the use-case risk rather than an inherent gambling mechanism in STRCX itself.

Supplementary score: 8/15.

Underlying Business Activity

The underlying business activity dimension, for a tokenized financial instrument, must be applied to the instrument being tokenized and not only to the company that issued it.

Strategy Inc.’s primary business activity is Bitcoin treasury accumulation. Its legacy business intelligence operations exist but are no longer the company’s defining economic activity. CoinStudy has assigned Bitcoin an 88/100 Halal classification, and holding Bitcoin as a treasury asset is not inherently impermissible.

However, STRCX does not give the holder equity participation in Strategy’s Bitcoin treasury. It gives the holder exposure to STRC, a preferred instrument whose defining economic characteristic is a SOFR-indexed variable cumulative dividend paid with priority over ordinary shareholders. The business activity being accessed through STRCX is the income mechanism of a structured preferred instrument, not direct equity participation in Strategy’s Bitcoin holdings. These are economically and legally distinct. The underlying business activity score reflects the nature of the instrument accessed, not the nature of Strategy’s broader corporate activity.

Supplementary score: 5/15.

Utility and Real Use

STRCX provides genuine on-chain utility for non-US investors seeking exposure to STRC. It enables settlement on blockchain rails, composability with DeFi protocols, and 24-hour trading without traditional brokerage. Chainlink proof-of-reserve provides a level of custody transparency not available in traditional securities markets.

The utility assessment must, however, account for what the token is being used for. The principal DeFi use case as measured by TVL is Pendle Finance yield trading ($48.2M), which raises independent Shariah concerns as described above. Kamino Lend collateral use, staking, and DEX liquidity provision are the other primary use cases. On-chain settlement utility is real and technically sound. The utility score is moderated by the fact that the primary measured use cases each raise independent concerns, rather than representing straightforward transactional utility.

Supplementary score: 5/10.

Tokenomics Fairness

STRCX is minted against verified 1:1 custody holdings of STRC, with Chainlink proof-of-reserve providing on-chain confirmation. Redemption carries a 0.5% fee for qualified investors, which is a transparent and disclosed cost. There is no governance token farming, no inflationary emission schedule, and no protocol-level yield generation mechanism within the token itself. Total supply of 2.95 million tokens against a circulating supply of 1.45 million represents tokens held in reserve against future custody deposits, not pre-mined speculation. The tokenomics design is transparent and structurally fair within its framework.

Supplementary score: 7/10.

Transparency and Governance

Backed Assets (JE) Limited publishes a Liechtenstein FMA-registered prospectus with Final Terms and Key Information Documents. The ISIN (CH1500008482) is publicly registered. The underlying STRC prospectus and all SEC filings are publicly available through EDGAR. Chainlink proof-of-reserve provides on-chain, verifiable custody attestation. The token’s issuance framework operates under a recognised regulatory structure covering the EEA. Governance of the token is centralised with the issuer, consistent with the nature of tokenized RWA products; no on-chain governance mechanism exists. The Jersey SPV structure introduces a layer of legal intermediation whose insolvency treatment remains theoretically untested.

Supplementary score: 6/10.

Applying AAOIFI Principles

Several AAOIFI standards contain principles relevant to the analysis of STRCX. CoinStudy applies these as an analytical framework, not as a claim that any standard directly and exclusively governs a blockchain token product.

AAOIFI Shari’ah Standard No. 12, which governs Sharika (Musharakah) and modern corporations, states that it is not permissible to issue priority shares that receive precedence over ordinary shareholders in profit distribution or in liquidation. The rationale is that Islamic partnership law requires all partners to share in profit and loss in proportion to their capital contribution. A class of equity that receives a preferentially structured income distribution ahead of ordinary shareholders, insulated from proportionate loss exposure, raises a concern under this standard’s framework. CoinStudy applies the principles relevant to this standard in evaluating STRC’s preferential structure.

AAOIFI Shari’ah Standard No. 21, which governs financial papers, contains principles relevant to the classification of hybrid instruments that combine features of equity and debt. The distinction between a financial paper representing genuine ownership with proportionate profit-and-loss sharing and a paper structured around a defined return obligation is central to Standard No. 21’s analytical approach. CoinStudy applies the principles relevant to this standard in characterising STRC’s cumulative, compounding dividend structure as a concern that sits closer to the debt-instrument category than genuine musharakah equity, without asserting that Standard No. 21 itself directly governs STRCX as a blockchain token.

AAOIFI Shari’ah Standard No. 46, which governs investment agency arrangements, contains principles relevant to the relationship between a tokenized RWA holder and the issuing SPV. The SPV acts in an agency capacity, holding assets on behalf of token holders. CoinStudy applies the principles relevant to this standard in assessing whether the SPV structure meets the requirements of an amanah-compatible custody and investment agency arrangement.

Anticipated Scholarly Questions: Critical Islamic Finance Review

Q1: STRC’s dividend is variable, not fixed. Does a variable preferred dividend escape the preferred-share prohibition?

CoinStudy’s response: The concern under AAOIFI Standard No. 12 and the International Islamic Fiqh Academy’s framework on priority shares does not depend on whether the preferred rate is fixed or variable. The prohibited feature is the priority structure itself: one class of equity receiving a defined distribution mechanism with precedence over ordinary shareholders, regardless of whether the rate of that distribution varies. A variable rate still defines a class of preferred holder whose return is structurally separated from the proportionate profit-and-loss sharing that Islamic partnership principles require. The SOFR-indexed floor further connects the rate mechanism to the prevailing interest rate environment rather than to actual commercial performance, which is an additional concern independent of the variability question.

Q2: Is the STRC dividend structure Riba al-nasi’ah or something else under classical fiqh?

CoinStudy’s response: CoinStudy does not assert that STRC’s dividend constitutes Riba al-nasi’ah as a settled jurisprudential determination. The precise classification, whether the structure is better analysed as prohibited under the priority-share framework of Standard No. 12, as an obligation with Riba-adjacent features in the cumulative-compounding mechanism, or under a different classical category, requires formal scholarly analysis. CoinStudy identifies the structural features that raise serious concern, namely the SOFR-indexed rate floor, the cumulative and compounding accumulation of unpaid entitlements, and the priority distribution structure, and submits the jurisprudential classification question to Dr. Usman Quddus, PhD in Islamic Studies & Finance.

Q3: Does the tanazul model from Malaysian Shariah practice permit any form of STRC exposure?

CoinStudy’s response: The tanazul model, which permits non-cumulative preference shares in Malaysia through voluntary profit waiver by ordinary shareholders at annual general meetings, has no application to STRC. The tanazul mechanism requires that the preference not survive a period in which it is not exercised: if ordinary shareholders do not waive profit in a given year, the preference lapses for that period. STRC is explicitly cumulative: the prospectus states that dividends accumulate regardless of declaration or legal availability. The accumulating and compounding obligation is precisely the feature the tanazul model is designed to prevent, and the two structures are incompatible.

Q4: The PT in Pendle strips yield from the principal. Is PT-STRCX the equivalent of a zero-coupon bond and therefore impermissible?

CoinStudy’s response: CoinStudy does not assert that PT-STRCX is legally equivalent to a zero-coupon bond. The analogy is used to describe a concern, not to establish legal equivalence. A Pendle Principal Token represents a claim to the underlying asset at maturity, purchased at a discount. Whether this constitutes a fixed claim to a larger amount of the same monetary unit at a future date, which is the classical Riba al-nasi’ah structure, depends on the specific Pendle smart-contract terms, the nature of the redemption asset, and the settlement mechanics of the specific STRCX Pendle market. CoinStudy identifies PT-STRCX as raising a discount-to-redemption concern with Riba-adjacent characteristics and submits the precise ruling to the Chairman, conditional on a review of the contract mechanics.

Q5: Is YT-STRCX trading Maysir, or is it speculative Gharar?

CoinStudy’s response: The Yield Token of STRCX represents a claim to the future income stream of an underlying instrument. Its value rises if the realised yield exceeds the implied forward rate priced into the YT at purchase, and falls if it does not. Whether this constitutes Maysir, excessive speculative Gharar, or another Shariah concern depends on an examination of the contract structure, the rights transferred, the settlement mechanism, and the degree of uncertainty introduced. CoinStudy identifies this as a potential Maysir and speculative Gharar concern and does not assert either as a final ruling without the product-level review that a formal Shariah board examination would provide.

Q6: If Backed Assets holds STRC 1:1 and the SPV is bankruptcy-remote, does the legal claim concern resolve?

CoinStudy’s response: The bankruptcy-remote structure addresses the risk of Backed Assets’ parent company’s creditors reaching the SPV’s assets. It does not eliminate the legal uncertainty facing secondary market purchasers of STRCX. As noted in the Coinpaprika analysis reviewed for this analysis, secondary holders have an indirect claim through the SPV rather than a direct claim to the underlying shares, and this structure has not been tested in litigation. Chainlink proof-of-reserve confirms that the custody balance matches the circulating supply on any given day, which addresses informational Gharar. It does not provide a legal certainty about recovery in an insolvency scenario. These are two distinct questions, and the Chainlink mechanism answers only the first.

Q7: Strategy Inc.’s purpose is Bitcoin treasury accumulation, which CoinStudy rates at 88/100 Halal. Does the Bitcoin-linkage create any mitigating factor for STRC?

CoinStudy’s response: No. The Islamic finance analysis of STRC is determined by the structure of the STRC instrument as a financial product, not by the corporate purpose to which the proceeds are applied. A bond issued to fund halal activity is still a bond; a preferred instrument with a SOFR-indexed cumulative dividend issued to fund Bitcoin acquisition is still a preferred instrument with a SOFR-indexed cumulative dividend. The underlying business activity of Strategy Inc. is a separate question from the nature of the financial instrument it has issued. CoinStudy analyses the instrument, not the stated use of funds.

CoinStudy HCS Screening Results

Layer 1: Sharia Red Line Screening

Riba: Serious concern identified. The underlying STRC instrument carries three features that together raise a Riba and prohibited priority-share concern under CoinStudy’s HCS framework: a SOFR-indexed variable rate floor connecting the return mechanism to the interest-rate environment rather than genuine commercial performance, a cumulative and compounding accumulation of unpaid dividend entitlements that persist independent of board declaration, and a priority distribution structure that separates one class of equity holder from proportionate profit-and-loss sharing. The precise jurisprudential classification is forwarded to Dr. Usman Quddus, PhD in Islamic Studies & Finance, for formal ruling.

Gambling or Lottery Mechanism: Not established in the token structure itself. Pendle Yield Token use raises a potential Maysir concern at the use-case level, as described in the supplementary profile.

Haram Industry Involvement: Not established from reviewed evidence. Strategy Inc.’s primary business is Bitcoin treasury accumulation.

Guaranteed Interest: Not confirmed as a formal Layer 1 breach. The cumulative compounding structure creates a guaranteed accumulation of contractual entitlement even when cash payment is deferred, but the timing of cash receipt remains subject to board declaration and legal availability. These are two separate concepts, and the Guaranteed Interest red line is not marked as confirmed solely on the basis of cumulative entitlement.

Synthetic Interest Products: Not established in the token structure itself. Pendle PT mechanics raise a discount-to-redemption concern with Riba-adjacent characteristics at the use-case level.

Layer 1 Outcome: Serious Riba and prohibited priority-share concern identified on the underlying asset. STRCX is provisionally classified as Not Halal under CoinStudy’s HCS Layer 1 screening, pending formal scholarly ruling.

Layer 2: HCS Score Breakdown

Layer 2 scoring is not conducted as an official HCS classification for STRCX. The token fails Layer 1 screening, and a formal HCS classification score is not assigned. The supplementary risk profile below is provided as a research aid only.

Activity Matrix: What Is Permissible and What Is Not

Permissible ✅

Holding STRCX for the sole purpose of disposing of an existing position in an orderly manner = Permissible ✅ (subject to obtaining individual scholarly guidance)

Requires Individual Scholarly Assessment ⚠️

Holding STRCX without receiving dividend distributions, purely as price exposure = Requires scholarly assessment ⚠️ (open question: the market price of STRCX incorporates the present value of the cumulative preferred dividend entitlement; whether price exposure alone constitutes participation in the non-compliant income mechanism is submitted to the Chairman for ruling)

Not Permissible ❌

Holding STRCX while receiving STRC dividend distributions = Not Permissible ❌ (direct receipt of income from a preferred instrument raising serious Riba and prohibited priority-share concerns)

Using STRCX as collateral on Kamino Lend to borrow against stablecoins or other assets through an interest-bearing lending protocol = Not Permissible ❌ (based on the reviewed mechanics of Kamino Lend as an interest-bearing protocol; this concern is independent of and in addition to the Layer 1 concern on the underlying token itself)

Staking or supplying STRCX on Kamino to earn auto-compounded yield = Requires scholarly assessment ⚠️ (the Cryptotimes research reviewed for this analysis states a yield of 11.5% APR auto-compounded for staking STRCX on Kamino; the source and distribution mechanism of this yield requires product-level verification before a definitive ruling can be issued; CoinStudy’s preliminary assessment is that yield generated through an interest-bearing lending protocol from a non-compliant underlying instrument is not permissible, pending confirmation of the exact mechanism)

Trading PT-STRCX on Pendle Finance = Requires scholarly assessment ⚠️ (raises a discount-to-redemption concern with Riba-adjacent characteristics; formal ruling submitted to the Chairman pending review of the contract mechanics)

Trading YT-STRCX on Pendle Finance = Requires scholarly assessment ⚠️ (raises a potential Maysir and speculative Gharar concern; formal ruling submitted to the Chairman pending product-level review)

Providing liquidity for STRCX pairs on Raydium, Orca, or Uniswap V4 = Not Permissible ❌ (facilitating secondary market trading in a token provisionally classified as Not Halal under Layer 1 screening)

Shariah Board Chairman’s Assessment

The following questions are submitted to Dr. Usman Quddus, PhD in Islamic Studies & Finance, for formal scholarly ruling:

1. Do the three features identified in the STRC prospectus, namely the SOFR-indexed variable rate floor, the cumulative and compounding accumulation of unpaid dividend entitlements, and the priority distribution structure, constitute a Riba concern under Hanafi fiqh, a prohibited priority-share structure under the principles of AAOIFI Standard No. 12, or both? What is the precise jurisprudential ground of the ruling?

2. Does holding STRCX without receiving dividend distributions, where the market price already incorporates the present value of the cumulative preferred dividend entitlement, constitute prohibited economic participation in the non-compliant income mechanism? Or does the absence of actual dividend receipt remove the holder from the prohibited circle?

3. What is the ruling on PT-STRCX on Pendle Finance, where a claim to the underlying token at maturity is purchased at a discount? Does the specific settlement mechanism constitute Riba al-nasi’ah, or does the nature of the redemption asset and contract terms require further examination before a ruling can be issued?

Final Verdict

STRCX is provisionally classified as Not Halal under CoinStudy’s HCS Layer 1 screening, pending formal scholarly ruling from the Shariah Board.

The serious Shariah concerns arise at the level of the underlying STRC preferred instrument, not from the tokenization wrapper or the blockchain delivery mechanism. STRC shares certain economically debt-like features with a fixed-income obligation, particularly its cumulative accrual of unpaid entitlements and a return rate linked to an interest benchmark (SOFR), while operating in a legal structure classified as preferred equity. These features raise a serious concern under the priority-share prohibition framework of AAOIFI Standard No. 12 and the musharakah principles articulated by the International Islamic Fiqh Academy. The precise jurisprudential characterisation remains for the Shariah Board.

The tokenization by Backed Assets (JE) Limited is structurally transparent, with an FMA-registered prospectus, a Jersey SPV, Chainlink proof-of-reserve, and MiFID II compliance across the EEA. None of these features alter the Islamic finance analysis of the underlying instrument they represent.

The DeFi use cases available to STRCX holders introduce further independent concerns: Kamino Lend collateral borrowing involves an interest-bearing lending protocol regardless of the collateral used; Pendle PT trading raises a discount-to-redemption concern; Pendle YT trading raises a potential Maysir and speculative Gharar concern; and DEX liquidity provision facilitates trading of a provisionally non-compliant token.

Muslim investors who currently hold STRCX should seek individual scholarly guidance and should not take new positions pending the Shariah Board’s formal ruling.

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Disclaimer: This analysis is a research opinion produced under the CoinStudy Halal Crypto Standard methodology. It is not a fatwa, not a legally binding ruling, and not financial advice. The analysis reflects the evidence available as of October 26, 2026, including the SEC-filed Free Writing Prospectus for STRC, the Backed Assets prospectus framework, and DeFi Llama, CoinMarketCap, Coinranking, and Cryptotimes research reviewed during preparation. Islamic finance scholarship on tokenized RWAs and structured preferred equity is an area of active scholarly development. Muslims should consult a qualified Islamic finance scholar before making any investment decision. All market data is time-sensitive and should be verified against current sources before reliance.