Tokenized stocks: what exists, what it is worth, what the token gives you
The same stock is tokenized by many companies at once, as separate products with separate custodians and separate redemption mechanics. $1.5B of them are priced today, and 0.0% of that value passes the test the SEC set on 17 September 2026 for a token that is the share: same dividends, same votes, same claim if the company is wound up. The rest is a note, a certificate or a synthetic that tracks the share.
What the token gives you, by issuer
Each programme's own legal page says what the holder owns. "Unknown" means the document did not state an element; it is never rounded to a guess.
| Issuer | What the token is | Rights test | Priced tokens | Value | Passes |
|---|---|---|---|---|---|
| xStocks | debt-linked note | fails | 36 | $595M | 0.0% |
| Ondo | debt-linked note | fails | 83 | $545M | 0.0% |
| bStocks | custodied entitlement | fails | 20 | $266M | 0.0% |
| Robinhood | debt-linked note | fails | 32 | $86.5M | 0.0% |
| Backpack | unclassified | unclassified | 11 | $15.6M | 0.0% |
| rStock | unknown | fails | 3 | $546K | 0.0% |
Which version to hold
Prices are held together by arbitrage against redemption, not by an oracle, so a token's distance from its peers is a readout of whether that issuer's redemption works. The stocks with the most issuers:
| Stock | Name | Issuers | Liquid | 24h volume | Worst spread | Problems |
|---|---|---|---|---|---|---|
| NVDA | NVIDIA | 6 | 4 | $129M | 19.9% | 2 |
| SPCX | SpaceX | 5 | 5 | $83.4M | 0.2% | 0 |
| SNDK | Sandisk | 5 | 4 | $28.0M | 0.1% | 0 |
| META | Meta Platforms | 4 | 4 | $23.0M | 0.2% | 0 |
| GOOGL | Alphabet Class A | 4 | 4 | $19.1M | 0.1% | 0 |
| TSLA | Tesla | 5 | 4 | $16.1M | 84.9% | 1 |
| SPY | SPDR S&P 500 ETF | 3 | 2 | $14.1M | 10.0% | 1 |
| COIN | Coinbase Global | 4 | 4 | $12.1M | 0.1% | 0 |
| CRCL | Circle Internet Group | 3 | 3 | $11.9M | 0.1% | 0 |
| AAPL | Apple | 3 | 3 | $8.8M | 0.2% | 0 |
| MU | Micron Technology | 4 | 3 | $8.4M | 0.5% | 0 |
| RKLB | Rocket Lab | 3 | 3 | $7.0M | 0.5% | 0 |
Showing 12 of 53.
Where they trade
A token existing on a chain says nothing about whether it trades there, and a dead pool still quotes a price.
| Chain | Tokens | Active | Ghost | Pools | Dead pools % | Liquidity | 24h volume |
|---|---|---|---|---|---|---|---|
| robinhood | 27 | 16 | 11 | 5,993 | 98.3 | $266M | $123M |
| solana | 69 | 18 | 51 | 3,762 | 98.6 | $59.7M | $139M |
| bsc | 91 | 8 | 83 | 2,449 | 98.9 | $41.0M | $50.4M |
| eth | 77 | 1 | 76 | 927 | 99.9 | $4.2M | $1.4M |
| hyperevm | 3 | 0 | 3 | 3 | 100.0 | $7 | $1 |
| arbitrum | 1 | 0 | 1 | 1 | 100.0 | $0 | $0 |
How we know
A venue counts as live only if it moved at least $10K in 24 hours and holds at least $100K; a pool claiming more than ten times the market capitalisation of the token it holds does not qualify, and the excluded amount is published beside the qualified one. Pools are matched by contract address, never by name, because two different tokens on one chain both present as NVIDIA. There is no premium column against the real share: the daily close is up to a session old, and the comparison was withdrawn on 31 July 2026 once that was measured.