Question 1

What is MSTRon?

Accepted Answer

MSTRon is a tokenized stock product in the Ondo Stocks system designed to provide on-chain economic exposure to MicroStrategy Incorporated Class A common stock (ticker: MSTR). Ondo's asset page states its economic measurement relationship as 1 MSTRon corresponding to 1.00 MSTR. This describes the basis for measuring value exposure; it does not turn the token into common stock issued by the company.

Question 2

What underlying asset does MSTRon track?

Accepted Answer

MSTRon's underlying asset is MicroStrategy Incorporated Class A common stock, with the ticker MSTR. The underlying company's share price and related corporate events affect the value context of this economic exposure, but MSTRon is a tokenized product issued by Ondo, not stock issued by the company itself.

Question 3

Is holding MSTRon the same as holding MSTR stock?

Accepted Answer

No. MSTRon gives holders economic exposure related to the value of the underlying asset, including exposure to dividend value after applicable withholding taxes, but Ondo explicitly states that Ondo Stocks are not shares and do not give holders a right to own or receive the corresponding underlying shares. Accordingly, holding MSTRon does not by itself mean that a holder is a registered MicroStrategy shareholder or automatically has the corporate rights attached to common stock. The token represents the economic exposure specified by the product, rather than direct ownership of the underlying security.

Question 4

What supports MSTRon's economic exposure?

Accepted Answer

Ondo states that its tokenized stocks and ETFs are fully backed by the corresponding stocks or ETFs and cash in transit. The relevant underlying assets are held by one or more U.S.-registered broker-dealers or U.S.-chartered national trust companies. An independent verification agent reviews the backing assets daily, and a collateral agent holds a security interest for the benefit of token holders. This arrangement connects the token's economic exposure to its backing assets and legal security structure; it does not mean token holders are directly registered as holders of one MSTR share. Collateral assets, economic exposure, and direct shareholder status are three distinct layers.

Question 5

How can MSTRon be redeemed, and how does redemption differ from selling on a secondary market?

Accepted Answer

When redemption service is available, Ondo Stocks can be redeemed for stablecoins based on the cash value of the underlying asset; this does not deliver MSTR shares directly to holders. Minting and redemption are generally available five days per week, 24 hours per day, but the official information also states that special market closures, scheduled maintenance, or extraordinary events affecting the underlying market may affect availability. Therefore, selling on a secondary market and redeeming with the product provider are different routes: the former depends on whether a counterparty is available in the market, while the latter depends on whether redemption is open for the product at that time and whether the holder meets the applicable conditions.

Question 6

Who can use MSTRon?

Accepted Answer

It cannot be assumed that MSTRon is available to all users or in all regions. The Ondo Stocks page indicates that the application is not offered to U.S. persons, and official disclosures state that other restrictions may apply in different jurisdictions; for example, products in some regions are available only to qualified or professional investors. These restrictions determine whether a user may be offered, purchase, mint, or redeem the product. They do not automatically disappear merely because the token can be transferred on-chain. Before use, users should refer to the product documents and eligibility requirements applicable to their location and the specific asset.

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