As part of its latest weekly analysis, Coin Metrics It explores the expanding ecosystem of tokenized stocks and maps how different structures are exposed to traditional stocks on blockchain networks. Using Nvidia (NVDA) as a detailed case study, research report From Coin Metrics, it highlights a clear range of approaches that balance property rights with accessibility and efficiency.
tokenized stocks Today we are divided into three main categories. At one end is the issuer’s domestic capital, which provides direct ownership of a registered security and all shareholder rights.
Next comes escrow-wrapped equity, which is backed by underlying shares held in escrow, but provides exposure to economic risk without voting rights or direct ownership.
At the other extreme are derivative risks, such as perpetual futures contracts, which offer pure price tracking without any claim on the actual asset.
Moving across this spectrum involves deliberate trade-offs. Greater simplicity, capital efficiency and ease of use come at the expense of direct legal claims and shareholder privileges.
These structural differences directly affect how instruments behave in practice, including pricing alignment, liquidity models and trading activities.
The report highlights the growing institutional momentum in the field.
Recent developments include: DTCC‘s tokenized securities pilot program, the New York Stock Exchange’s work on a dedicated platform for trading tokenized stocks, and Coinbase’s launch of 1:1-backed tokenized U.S. stocks.
The SEC has also begun to formalize its views on these instruments, clarifying regulation as more issuers and structures enter the market.
Nvidia serves as an ideal lens because the company’s shares now appear on-chain in multiple forms, even though local on-chain issuance has not yet occurred.
Two standout storage packaged products stand out: Backed’s NVDAx and Ondo’s NVDAON.
Backed’s NVDAx is issued as a tracking certificate through a special purpose vehicle registered in Jersey under Liechtenstein regulations. It is backed one-for-one by more than 431,000 shares of Nvidia (market cap about $90 million).
Available as ERC-20 on Ethereum and SPL on Solana, the token provides the ability to generate total returns through a rebasing mechanism that adjusts assets for stock splits and dividends.
Holders gain transferable economic risk and DeFi malleability but must complete this transaction KYC Processes for any redemption of underlying shares.
Ondo’s NVDAON works similarly EthereumIt is backed by approximately 95,000 Nvidia shares through a British Virgin Islands SPV structured as a total return security.
While economic risk is generally comparable, differences between legal entities, custody arrangements, and separate liquidity pools occasionally lead to price differences between the two tokens.
These gaps create arbitrage opportunities for investors who can buy the low-priced token and sell the high-priced token.
Intra-chain transfer and trading activity varies significantly between products and chains.
NVDAx transfers on Solana show a high average value of around $1.7 million, while Ethereum activity remains much lighter with an average of around $4,000 per day.
both tokens See peak trading volumes during US market hours (approximately 13:00–15:00 UTC).
However, while NVDAON showed relatively stronger activity in the European and Asian sessions, NVDAx notes that weekend participation was higher than the weekday average.
Perpetual futures on platforms like Hyperliquid and Binance dominate on-chain Nvidia operates with a wide difference.
These cash or stablecoin settled contracts do not require any custody of the underlying shares, making them much simpler and faster to scale.
Average volumes from Monday to Friday reach around $154 million, with weekend volumes around $29 million, totaling more than $6.3 billion in production. trade Volume between spaces; More than 40 times the volume seen in tokenized spot markets.
This volume advantage comes from the simplicity of derivatives: traders are constantly exposed to price risk and DeFi Craftability without issuer builds, redemption mechanics, or storage requirements.
In exchange, they give up any direct claim to the underlying shares. All models share a key advantage over traditional equity exposure: continuous on-chain price discovery.
This enables 24/7 pricing and supports composability with other protocols regardless of traditional market hours.
research report He concludes that tokenized stocks remain in the early stage but are a rapidly developing segment.
A single stock like Nvidia can now simultaneously exist as a registered security, a custodial instrument. tokenand a permanent contract, each offering a different mix of rights, accessibility, and market dynamics.
Price fragmentation and liquidity differences between models are natural consequences of these structural choices; perpetual futures transactions are currently leading in terms of volume and ease of use.
As the market matures 2026Participants will need to carefully evaluate each product based on the specific type of exposure and rights it provides. Coin Metrics is now concluded The diversity of approaches reflects ongoing innovation at the intersection of traditional finance and block chain technology.
