A memecoin called STRATEGY has reached approximately $7.2 million in valuation on Robinhood Chain, an Ethereum Layer 2 built on Arbitrum. The token's distinguishing feature is that its main liquidity pool pairs directly with MSTR Stock Tokens rather than traditional stablecoins or ether.
The STRATEGY token launched on September 4, with its creators positioning it as a real-world asset play. According to the project's framing, the memecoin is backed by tokenized MSTR shares, which are themselves backed by over $67 billion in Bitcoin held by MicroStrategy. On September 14, STRATEGY traded near $0.0078 with approximately $808,600 in liquidity on Dexscreener and $691,000 in 24-hour volume.
How the Mechanism Works
The token's structure differs from typical memecoin launches. Long.xyz, the platform behind the offering, pairs each token against a Robinhood Stock Token instead of a stablecoin. This means that as buyers purchase STRATEGY, they are effectively paying with tokenized MSTR shares, which accumulate in the pool. The arrangement creates a direct link between trading activity in the memecoin and the underlying stock token position.
According to supporters, the MSTR side of the pool accumulated more than $362,000 in value within 10 days of launch.
Market Context and Volume
STRATEGY arrived during a broader trend on Robinhood Chain. On September 2, memecoin and stock token pairs generated $217 million in volume, compared to $127 million in direct stock token markets. The chain posted $3 billion in daily decentralized exchange volume for the first time during the same week.
One analyst counted approximately 6,000 mentions of STRATEGY over seven days, compared to 14,500 mentions for MSTR. MicroStrategy reported holding 845,050 BTC and $6.5 billion in U.S. dollar assets as of September 7.
Copycat Tokens Emerge
Within nine days of launch, clones of the token appeared. A STRATEGY token on Solana, created on September 13, reached a $5.26 million market cap with a reported 24-hour gain of 12,595%. A second STRATEGY token on Robinhood Chain at a different contract address fell 82% and was valued at $6,369. The original token uses a contract address ending with eb21e18.
