Executive Summary 

STOKR's launch of the CMSTR Note—the first Liquid Network-issued tokenized security backed by stocks from a Nasdaq-traded company—represents a watershed moment for the future integration of blockchain technology with legacy finance.

This case study explores the development and implementation of the CMSTR Note, which is backed by MicroStrategy's Class A Common Stock and traded peer-to-peer on SideSwap, as well as its implications for investors and the wider world of finance.


First issued on STOKR via a Luxembourg securitization vehicle as a note which is governed by the laws of the British Virgin Islands (BVI), the CMSTR Note represents a groundbreaking innovation as the first registered security backed by shares of a major Nasdaq-traded company on the Liquid Network.

Since adopting its Bitcoin strategy in 2020, MicroStrategy's performance has shown a strong correlation with Bitcoin, making the CMSTR Note an especially attractive investment for those seeking alternative, more indirect means of exposure to Bitcoin itself.

Initial Issuance

STOKR has limited the initial issuance to 40 CMSTR Notes, representing 4,000 MicroStrategy shares, deposited at Britannia Securities Ltd.

The issuance value of USD 5,129,520 establishes a solid financial base for secondary market trading.

This initial offering sets the stage for subsequent primary issuances of CMSTR Notes, available through STOKR with a minimum subscription amount of USD 150,000.

Eligible investors with STOKR-whitelisted AMP IDs can trade CMSTR peer-to-peer on SideSwap.

Innovation in Trading 

CMSTR introduces a novel method for trading MicroStrategy stocks directly against Bitcoin on the Liquid Network, Bitcoin’s financial layer for digital asset issuance.

The unique peer-to-peer tradability of CMSTR, combined with its 24/7/365 trading availability, opens up new opportunities for out-of-hours price formation strategies for MicroStrategy stock.

The backing ratio of 1 CMSTR to 100 MSTR establishes a new trading pair, MSTR*100/BTCUSD, on SideSwap.

Additionally, the minimum transaction threshold of 0.0001 CMSTR or 0.01 MSTR— approximately equivalent to $12—significantly lowers barriers to entry, making MicroStrategy stocks accessible to a broader range of investors, particularly in emerging markets.

MicroStrategy exhibits greater volatility in returns compared to Bitcoin due to its multiple issuances of debt and convertible notes aimed at gaining leveraged exposure to Bitcoin.

This volatility, coupled with the trading flexibility offered by CMSTR, presents attractive opportunities for investors to execute swing trades between CMSTR and BTC.

Institutional-Grade Issuance and Investor Protection

CMSTR Notes are issued from a Luxembourg securitization vehicle designed to be bankruptcy remote from an investor perspective, safeguarding the underlying assets held in custody.

CMSTR is available to EU professional investors (excluding LUX and GER) and non-US qualified investors, subject to KYC/AML compliance. It is not available in the US or AML high-risk countries.

By offering a secure, transparent, and innovative trading method, CMSTR sets a new standard for the integration of traditional finance and digital assets, providing unprecedented opportunities for investors.

Investors interested in the CMSTR Note can register their interest here.

We encourage anyone interested in exploring the full potential of the Liquid Network to reach out for a one-on-one discussion or visit https://liquid.net