One NVIDIA, six tokens, one price nobody enforces
Six tokens, five chains, one stock: the versions agree on price and disagree on everything else, including who is allowed to move it.
- 0.18%
- 6
- 6.5x
- 19%
- 98%
01 · The mapSix ways to hold one share
A tokenized stock is a token that tracks one real share held in custody. Five issuers sell NVIDIA that way today, and their six tokens span five chains. Backed covers Solana and Base. Robinhood runs its own chain. Ondo wraps on Ethereum, Coinbase prints on Base, and Reality lists on Arbitrum.
The map below is the whole month of trading per version. Two venues carry the flow. The rest are listings with nobody at the counter.
| Version | Issuer | Chain | Live since | 30-day volume | Who trades it | Avg ticket |
|---|---|---|---|---|---|---|
| NVDA | Robinhood | Robinhood chain | Jul 2026 | $656M | 13,400 buyers | $624 |
| NVDAx | Backed | Solana | Jun 2025 | $258M | 1.1M trader-days | $95 |
| NVDAon | Ondo | Ethereum | Sep 2025 | $5.3M | 4 buyers, 1,980 sellers | $309 |
| NVDAc | Coinbase | Base | Oct 7 2026 | ~zero on pools | 3,068 transfers in week one | app-only |
| NVDAx | Backed | Base | Jun 2025 | ~zero | untraded | |
| rNVDA | Reality | Arbitrum | Jun 2026 | ~zero | 2 trades, ever |
Coinbase's row needs its own sentence. The NVDAc tokens went live in the first week of October and drew almost no pool trading, which reads like a flop until you count transfers. Three thousand moved in week one, between a few hundred wallets. People use NVDAc inside the Coinbase app, and those trades never touch a public pool. We covered who stands behind Coinbase's tokenized stocks here; Robinhood's chain got its own piece when it launched, and xStocks on Solana another. This piece is about what happens when all of them exist at once.
02 · The priceOne price, nobody enforcing it
Three of those versions trade every day: Backed's on Solana, Robinhood's on its chain, Ondo's on Ethereum. They are separate tokens from separate issuers. There is no bridge. You cannot redeem one for another, and nothing can arbitrage the pair, because nothing can hold both sides.
They track each other to the third decimal anyway.
| Stock | Solana vs Robinhood chain | Solana vs Ethereum | Robinhood vs Ethereum |
|---|---|---|---|
| Tesla | 0.10% | 0.86% | 0.82% |
| NVIDIA | 0.18% | 0.23% | 0.37% |
| SpaceX | 0.18% | 0.92% | 0.88% |
| Gold fund | 0.16% | ||
| S&P 500 fund | 0.47% | 0.15% | 0.55% |
| Circle | 18.65% |
Median daily gap between each pair of versions, September 13 to October 13. Circle's row is the tell.
The coherence is not arbitrage. It is market makers on each venue marking their pools against the same NASDAQ feed, each on its own, all day. Three mirrors aimed at the same screen. It works, and it has no enforcement anywhere: the moment a venue's quote stops coming from a market maker with a spread, the version drifts, and nothing in the design pulls it back.
Circle is what that looks like. CRCL has a real market on Solana, two-way flow, a tight range through September. The Robinhood-chain version of the same stock did $37 billion that month from 140 wallets, at an average ticket near $39,000. That is a single strategy cycling size, and its price sat 19% away from Solana's, all month. The wash rings on that chain are old news; this is the quieter version of the same problem, where a bot becomes the price.
SpaceX is the strange opposite. There is no public SpaceX share price. The token trades on three venues anyway, and all three agree it is worth about $165. The market has quietly set up a pre-IPO pricing service for a company that has not IPO'd.
03 · The flowSame trade, six times the size
If the prices agree, the flow does not. An average NVIDIA trade on Solana is a $95 ticket. On Robinhood's chain, the average ticket runs about $620. On Ethereum, Ondo's version changes hands at roughly $300 a clip, between a handful of buyers and nearly two thousand sellers: a quote machine with a crowd on one side.
Solana's version of the market is a layered bot economy. We split a month of xStock traders by activity. A hundred-odd program wallets doing ten thousand or more swaps each carry 38% of all volume. At the other end, half a million small accounts carry a quarter between them. The biggest xStock wallet of the month, which moved $62 million, is a general-purpose MEV bot that runs xStocks as a side line, one to forty percent of its overall flow. The bots did not come for tokenized stocks. The pools showed up in their search space.
That is not wash trading in the classic sense. The top ten wallets hold a quarter of the volume, which is more spread out than a wash loop ever gets. It is machines competing with machines at honest prices, and it raises the question we asked about pool depth in August: who is left when the machines stop?
04 · The experimentOctober unplugged the machines
Robinhood's chain ran that test by accident. Through late summer its stock tokens printed numbers that looked absurd, tens of billions a week, until you noticed the buyer counts. The last week of August did its biggest volume with under five hundred buyers. A Treasury-fund token did $16 billion in a month between 66 wallets, most of it in a single 3 a.m. hour, with one address the biggest buyer and the biggest seller at once. September belonged to a Circle loop.
In October the loops stopped, and the volume went with them: down 98% for the month. The people stayed. Weekly buyers held in the low thousands through October, against a few hundred a week in early August. Humans kept trading NVIDIA, the S&P fund and SpaceX, at tickets from $250 to $2,000, within a percent of NASDAQ.
Whether they become a habit is open. Of everyone who bought a stock token on that chain in the last four weeks, most bought in exactly one week and never came back. A few hundred traded in four weeks or more. That is an app-onboarding spike. The habit has not formed yet.
05 · The clockNight shifts and weekend shifts
Solana's stock market never closes, and most of it runs while the stock market does. Pool trading in xStocks lands 53% outside NASDAQ's hours, and weekends carry 15% of the week. The NASDAQ open is still the biggest hour of the day, because that is when the overnight move gets priced. Our weekend piece showed the catch: tokens drift toward Monday's open only slowly, and most of the catch-up lands after futures reopen. The demand to trade on a Sunday is real. What that trade costs you is a separate question.
The Solana market itself is spiky. It runs at a few hundred million a month, then doubles or quadruples when something happens. June's spike was one token: the S&P fund did $1.56 billion in two weeks, then stopped. September was broader, and included the debut of a tokenized Anthropic position, which we tracked when it launched. It traded hard for two weeks and has not printed since. Even the pre-IPO story has a memecoin's attention span.
For scale, all of this, every venue and issuer together, is about one percent of Solana's pool volume. A tide pool: everything in it is alive, and the ocean next door does not know it exists.
06 · The exitsWhat would end the trick
Three changes would rewrite this market, and none of them is a price move.
A bridge, or shared collateral backing every issuer's version of a stock, would turn coherence-by-mirror into coherence-by-arbitrage. That is the sturdy kind.
Coinbase seeding public pools for its stock tokens would move the center of gravity to Base overnight. Its wrapped Bitcoin already does $1.3 billion per month on those same pools, so the demand is not in doubt. The stock tokens are pointed at the app instead.
And if traditional markets ever go round the clock, the hours stop being an edge only these tokens have.
Until one of those happens, the honest summary of tokenized stocks in October 2026: excellent prices, unbeatable hours, early humans, and volume that belongs to machines happy to move on.
07 · MethodWhat we counted
We indexed every pool trade, transfer and listing on Solana, Base, Ethereum, Arbitrum and the Robinhood chain through our own nodes and DEX trackers. Volume counts buys against stablecoins, with each token's own decimals applied. Prices are daily dollar-weighted means, checked against raw trades and against NASDAQ's official October 12 closes. The window is September 13 to October 13, 2026, with Solana data running six days behind the rest. Accounts are classed as programs by swap count, not identity: a wallet doing ten thousand swaps a month is a bot by any reasonable definition, but we cannot say whose bot. Numbers that looked too strange to print were re-derived from raw trades before printing, and a few died in that process. The same queries run live with the Bitquery MCP, and our DEX data covers every venue in this piece. This piece was drafted with AI assistance on top of our indexed data, and every figure was checked by hand against the raw trades before it went in.
The measurement window runs September 13 to October 13, 2026. Solana data ends October 7 because that cluster indexes six days behind, so Solana figures cover 25 days and comparisons with other venues use the matched window where marked.
Accounts are described as programs or bots from behavior only: swap counts, ticket sizes and hour-of-day patterns. No wallet is attributed to a person or company, and bot characterizations are not claims about anyone's conduct.
Volume figures count buys against stablecoins on public pools. Flow inside the Coinbase app, broker order books and any off-pool venue is invisible to this method and is not counted anywhere in this piece.
Tokenized stocks and pre-IPO positions such as SpaceX and Anthropic are restricted instruments in many jurisdictions and are high-risk. Nothing here is investment advice, and tracking a share's price does not make a token equivalent to the share.
This article is provided for informational and educational purposes only and reflects analysis of publicly available on-chain data as of the dates indicated. It does not constitute legal, financial, compliance, or investment advice, and nothing in it is a recommendation to buy, sell, or hold any token or asset.
The findings describe trades observed on public blockchains between September 13 and October 13, 2026. They may be incomplete or incorrect and may be revised as more data becomes available.
References to Robinhood, Coinbase, Backed, Ondo, Reality, Circle, Anthropic, SpaceX or any other named company describe what the public record shows about tokens and trades. They are not statements about any party's compliance, solvency or conduct.
FAQ
Do all tokenized versions of a stock trade at the same price?
In our month of data, yes, within fractions of a percent, for every stock that had a market maker on each venue. The versions agree because each venue's pools are marked against the same NASDAQ feed. Nothing enforces the agreement: where a bot set the price instead of a market maker, as with Circle's token on the Robinhood chain, the version sat 19% away from the others for a month.
Can I move one issuer's tokenized stock to another chain?
No. The six NVIDIA tokens are separate contracts with separate custody. There is no bridge between them, and you cannot redeem one issuer's token for another's. That is why the cross-venue price agreement is coherence by common reference, and not arbitrage.
Which chain has the most tokenized stock trading?
By distributed market activity, Solana, at roughly $1.4 billion per month through Backed xStocks. By headline dollars, the Robinhood chain printed tens of billions a week in late summer, but most of that came from a few dozen bot wallets. By unique human buyers, the Robinhood chain leads with about 27,000 per month.