Assets/NVDAX

NVIDIA xStock

NVDAX

NVIDIA stock

EquityRWABacked Assets

NVDAx is a tokenized-equity token that gives holders gains or losses as NVIDIA common stock rises or falls. Each NVDAx token is pegged one-for-one to real NVIDIA shares held by a regulated third-party custodian.

Read more

NVDAx is a tokenized-equity token that gives holders gains or losses as NVIDIA common stock rises or falls. Each NVDAx token is pegged one-for-one to real NVIDIA shares held by a regulated third-party custodian.

Sources · 5
coinmarketcap.com ↗
“NVDAX is a blockchain-based digital token that tracks the price of NVIDIA Corporation (NVDA) stock, providing crypto market participants with a compliant bridge to traditional equity markets.”
kraken.com ↗
“Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita. Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“NVDAx on xStocks-tuote. Kaupankäynti näillä tuotteilla mahdollistaa epäsuorat sijoitukset pörssinoteerattujen yritysten osakkeisiin, mutta ilman omistusta perustana olevasta NVIDIA Corporation Common Stock -osakkeesta.”
kraken.com ↗
“Näin ollen tokenisoidun NVIDIA (NVDAx) -tuotteen omistajilla ei ole omistajan oikeuksia kunkin tokenin perustana olevaan osakkeeseen nähden, eikä heillä ole oikeutta saada mitään tietoja kyseisen yrityksen osakkeen liikkeellelaskijalta.”

Overview

◇

Underlying

NVIDIA stock

◎

Issuer

Backed Assets

◫

Backing

100%

How NVDAX works

Eligible, verified Kraken retail clients in supported countries buy NVDAx with dollars, cryptocurrency, or stablecoins. The issuer's primary market creates or removes tokens at the underlying equity's prevailing market price. NVIDIA share-price changes drive the holder's gains or losses. Holders exit by redeeming through Backed for an additional fee or selling on Kraken for dollars, cryptocurrency, or stablecoins.

Disputed
Sources · 6
kraken.com ↗
“Vain Krakenin yksityisasiakkaat tietyissä maissa voivat ostaa xStocks-tuotteita, joihin NVDAx lukeutuu.”
kraken.com ↗
“Avaa Kraken-sovellus ja vahvista kelpoisuutesi ja suorita tilin varmennuksen vaiheet.”
kraken.com ↗
“Osta erilaisia tokenisoituja osakkeita käyttämällä kryptovaluuttaa, stablecoineja tai Yhdysvaltojen dollareita.”
docs.xstocks.fi ↗
“xStocks enter and exit circulation through issuance and redemption interactions with the issuer “primary market”. This process enables the creation and removal of xStock tokens at the prevailing market price of the underlying equity, and supports price alignment between xStocks and their underlying assets.”
kraken.com ↗
“xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”

The underlying

Underlying issuer

NVIDIA Corporation

More
Sources · 2
kraken.com ↗
“Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita.”
sec.gov ↗
“NVIDIA CORPORATION 2788 SAN TOMAS EXPRESSWAY SANTA CLARA, CALIFORNIA 95051 (408) 486-2000”

Portfolio overview

Pool-wide metrics

Structure & quality

Performance

Growth

Growth of $10,000 over 1 month

Growth

Growth of $10,000 over 3 months

Growth

Growth of $10,000 over 6 months

Growth

Growth of $10,000 over year to date

Growth

Growth of $10,000 over 1 year

Growth

Growth of $10,000 over all history

Returns

As of August 8, 2026

1 mo

3 mo

6 mo

YTD

1 yr

Issuer

Backed Assets

Issuer
Ownership

Kraken

Backed created xStocks as the bToken successor with unchanged underlying exposure. xStocks comprises over 55 tokenized stocks and ETFs for Kraken distribution and Solana DeFi. NVDAx uses a tracker-certificate wrapper governed by Backed Assets Final Terms No. 19. Holders receive NVIDIA price exposure without share ownership or shareholder rights.

Structural credibility

Shared legal identity, ownership, people, incidents, and channels.

Legal & regulatory structure

The legal claim, governing regime, and holder protections if the structure fails.

✓

Legal wrapper

Protects holders if the issuer fails.

If the issuer fails
The independent security agent may control segregated collateral accounts after issuer default. The agent may distribute proceeds under prospectus terms.
More

Token holders lack ownership, voting, information, and other shareholder rights in NVIDIA shares. The evidence does not identify senior claims.

Sources · 4
docs.xstocks.fi ↗
“In the event of issuer default, the security agent may assume control of the collateral accounts and distribute proceeds to token holders in accordance with the prospectus terms.”
docs.xstocks.fi ↗
“Collateral is held in segregated accounts under a three-party structure involving the issuer, custodians, and an independent security agent.”

Custody

Where the backing sits, who can touch it, and which independent checks apply.

✓

Custodian

Holds the underlying, independent of the issuer.

Custodians
BitGo
Alpaca Securities
Role detail

Alpaca Securities are named examples of regulated institutions holding NVDA shares; Custodians hold collateral in segregated three-party accounts.

Kraken
Role detail

Kraken is not a party to the custody agreement.

Disputed

Redemption

The settlement ladder for exiting your position.

  • Backed

    Holders can…
    Holders can redeem NVDAx through Backed for an additional 0.50% fee, subject to a USD 100 minimum fee.Disputed
    More
    Sources · 2
    kraken.com ↗
    “Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
    app.rwa.xyz ↗
    “Redemption fee is 0.50% of market price with a minimum of USD 100.”
    Minimum5000

Risks & protections

  • Concentration

    NVDAx concentrates underlying exposure in NVIDIA common stock

    ⌄
    NVDAx concentrates underlying exposure in NVIDIA common stock. Alpaca Securities LLC represents the identified custody dependency.Disputed
    More
    Sources · 2
    kraken.com ↗
    “Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita.”
    app.rwa.xyz ↗
    “Custodian Legal Identifier Alpaca Securities LLC 0001702580”

Opsec

Current onchain authority configuration first, followed by documented operational controls.

Token extensions
Permanent delegate, Default account state, Transfer hook
More

Permanent delegate

Delegate
5aMNNLQJ…7HFvEq

Default account state

Account state
Initialized

Transfer hook

Authority
5aMNNLQJ…7HFvEq

Documents

Term sheet (issuer PDF)
final terms and issue summary: Current issuer-hosted Final Terms Nr 19 for NVDAx, ISIN CH1436219195
2026-08-07
Terms

Onchain transparency

Token

Mint address
Xsc9qv…mx9qEh

Chain

Network
Solana

Networks & bridges

  • Supply and mint authority

    A single externally-owned address controls supply; no on-chain multisig is visible
    More
    Sources · 3
    Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
    7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
    JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
  • Networks

    Solana
    More
    Sources · 2
    Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
    7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
Research appendix

Plan fulfillment

SlotStatusClasses covered
Terminal underlyingFilled-verifiedNone
CollateralizationFilled-verifiedNone
AttestationsFilled-verifiedNone
Underlying issuerFilled-verifiedNone
Holder's claimFilled-verifiedNone
Corporate-action passthroughRejected-retryNone
Final terms documentRejected-retryNone
Transfer restrictionsFilled-verifiedNone
NetworksFilled-verifiedNone
Canonical deploymentFilled-verifiedNone
Bridge providerFilled-unverifiedNone
Bridge custodyRejected-retryNone
Oracle dependenciesEmptyNone
Supply and mint authorityFilled-verifiedNone
Key managementRejected-retryNone
Incident responseRejected-retryNone
Monitoring and attestationFilled-verifiedNone
Bridge & oracleRejected-retryNone
What it isFilled-verifiedAggregator, issuer-docs
Backing concentrates entirely in NVIDIA Corporation Common Stock. Equity backing has no disclosed duration, maturity, or credit rating.
More
Sources · 2
kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita. Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”

Collateralization

100%
More
Sources · 3
kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
coinmarketcap.com ↗
“Price tracking is maintained through this 1:1 collateralization and arbitrage mechanisms, with oracles feeding real-time stock data on-chain.”

Portfolio composition

1 holdings · sorted by weight

Nvda common stock
NVIDIA Corporation common stock; disclosed as 1:1 backing, with no disclosure date provided
More
Sources · 2
coinmarketcap.com ↗
“Price tracking is maintained through this 1:1 collateralization and arbitrage mechanisms, with oracles feeding real-time stock data on-chain.”
sec.gov ↗
“The common stock of NVIDIA Corporation (Ticker: NVDA) (the “Company”).”
1M
10.41% 30d return

$10,968.23

+$968.23
Jul 8, 26Jul 16, 26Jul 23, 26Jul 31, 26Aug 8, 26
$11.2K$10.8K$10.3K$9.94K$9.53K$9.12K

$10,420.02

+$420.02
May 8, 26May 31, 26Jun 23, 26Jul 15, 26Aug 8, 26
$11.2K$10.7K$10.2K$9.64K$9.12K$8.6K

$12,080.51

+$2,080.51
Feb 8, 26Mar 25, 26May 9, 26Jun 23, 26Aug 8, 26
$13K$12K$11K$10K$9.4K$8.4K

$12,015.74

+$2,015.74
Jan 1, 26Feb 25, 26Apr 20, 26Jun 14, 26Aug 8, 26
$13K$12K$11K$10K$9.3K$8.4K

$12,265.98

+$2,265.98
Aug 8, 25Nov 7, 25Feb 6, 26May 8, 26Aug 8, 26
$13K$12K$11K$10K$9.5K$8.6K

$2,241,055.57

+$2,231,055.57
Jul 11, 25Oct 17, 25Jan 23, 26May 1, 26Aug 8, 26
$3M$2M$1M$900K$300K-$300K

As of Aug 8, 2026 · source: Kamino API

Since inception

NVDAX

+10.41%

+1.38%

+2.79%

+2.58%

+1.72%

+52.03%

Benchmark

Benchmark unavailable

1 mo
NVDAX+10.41%
Benchmark unavailable—
3 mo
NVDAX+1.38%
Benchmark unavailable—
6 mo
NVDAX+2.79%
Benchmark unavailable—
YTD
NVDAX+2.58%
Benchmark unavailable—
1 yr
NVDAX+1.72%
Benchmark unavailable—
Since inception
NVDAX+52.03%
Benchmark unavailable—

1 mo

3 mo

6 mo

YTD

1 yr

Since inception

NVDAX

+10.41%

+4.20%

+17.92%

+20.16%

+22.66%

+22310.56%

Benchmark

Benchmark unavailable

1 mo
NVDAX+10.41%
Benchmark unavailable—
3 mo
NVDAX+4.20%
Benchmark unavailable—
6 mo
NVDAX+17.92%
Benchmark unavailable—
YTD

Key people

Adam Levi co-founded Backed. Backed appointed Yotam Katznelson CTO and Erwan Mismaque COO; the corpus provides no appointment dates or current-status confirmation.

Service providers

Alpaca Securities LLC
Role detail

Alpaca Securities LLC serves as custodian under legal identifier 0001702580.

Incidents

NVIDIA settled SEC disclosure-control charges on May 6, 2022, without admitting or denying findings, and paid a $5.5 million penalty.

Official channels

backed.fi ↗
kraken.com ↗
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
kraken.com ↗
“Sijoittaminen xStockeihin ei ole sama asia kuin jos sijoittaisit suoraan perustana olevaan osakkeeseen.”
Vehicle
Backed Assets (JE) Limited, a Jersey private limited company, legally issues xStocks from Jersey.Disputed
More
Sources · 2
xstocks.fi ↗
“xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company)”
app.rwa.xyz ↗
“Domicile Jersey, Channel Islands Regulatory Framework Liechtenstein Blockchain Act FMA - Liechtenstein Financial Market Authority Dispute Resolution Country Jersey, Channel Islands”
Transfer restrictions
XStocks exclude residents of the United States, United Kingdom, Canada, Australia, and sanctioned jurisdictions.
More
Sources · 2
xstocks.fi ↗
“xStocks are not available to residents of the United States, United Kingdom, Canada, Australia, or sanctioned jurisdictions.”
xstocks.fi ↗
“xStocks are also not currently available in the United Kingdom or in any other jurisdiction where their offer or distribution would be unlawful or would require regulatory authorization that has not been obtained.”
Regime
Payward Europe Digital Solutions (CY) Ltd. offers xStocks to eligible EU and EEA customers.
More
Sources · 1
xstocks.fi ↗
“In the European Union / European Economic Area, xStocks are offered to eligible customers via Payward Europe Digital Solutions (CY) Ltd. (“PEDLS-CY”), a Cyprus investment firm authorized and regulated under MiFID II.”
Sources · 4
coinmarketcap.com ↗
“real NVDA shares are held in custody by regulated institutions (e.g., BitGo, Alpaca Securities).”
kraken.com ↗
“Ulkopuoliset talletuslaitokset suojaavat kaikki perustana olevat osakkeet siten kuin on sovittu säilytyssopimuksessa, jossa Kraken ei ole osapuolena.”
docs.xstocks.fi ↗
“Collateral is held in segregated accounts under a three-party structure involving the issuer, custodians, and an independent security agent.”
docs.xstocks.fi ↗
“The underlying securities are held with regulated custodians under a bankruptcy-remote structure.”
Attestations
XStocks publishes collateral proof of reserves through its DeFi portal; the evidence does not identify the attestation provider.
More
Sources · 1
docs.xstocks.fi ↗
“Proof of reserves is publicly available.”
  • Kraken sale

    Kraken clients…
    Kraken clients can sell NVDAx for U.S. dollars, cryptocurrency, or stablecoins on Kraken.Disputed
    More
    Sources · 1
    kraken.com ↗
    “Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
    Minimum5000
  • Underlying / economic

    NVDAx tracks NVIDIA stock, whose business faces export-control risk affecting H20 products

    ⌄
    NVDAx tracks NVIDIA stock, whose business faces export-control risk affecting H20 products.Disputed
    More
    Sources · 2
    coinmarketcap.com ↗
    “NVDAX is a blockchain-based digital token that tracks the price of NVIDIA Corporation (NVDA) stock, providing crypto market participants with a compliant bridge to traditional equity markets.”
    sec.gov ↗
    “due to the imposition of additional export controls on the Company’s H20 products during the first half of Fiscal 2026”
  • Regulatory

    XStocks exclude the United States and prohibited jurisdictions

    ⌄
    XStocks exclude the United States and prohibited jurisdictions. Regulatory protections vary, and some users may lack compensation safeguards.
    More
    Sources · 4
    docs.xstocks.fi ↗
    “xStocks are not marketed, offered, or solicited in the United States or in jurisdictions where such activity is prohibited.”
    kraken.com ↗
    “Jotkin kryptotuotteet ja -markkinat ovat säätelemättömiä. Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
    kraken.com ↗
    “Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
    kraken.com ↗
    “Jotkin kryptotuotteet ja -markkinat ovat säätelemättömiä.”
  • Issuer failure

    NVDAx holders depend on xStocks and Backed Finance entities issuing the tracker certificate representing NVIDIA exposure

    ⌄
    NVDAx holders depend on xStocks and Backed Finance entities issuing the tracker certificate representing NVIDIA exposure.Disputed
    More
    Sources · 2
    app.rwa.xyz ↗
    “Offered by xStocks”
    coinmarketcap.com ↗
    “The token is a "tracker certificate" issued by entities like Backed Finance.”
  • Custodian

    Alpaca Securities LLC holds the backing shares

    ⌄
    Alpaca Securities LLC holds the backing shares. Custody failure could impair backing access because Kraken is not party to custody agreements.
    More
    Sources · 3
    app.rwa.xyz ↗
    “Custodian Legal Identifier Alpaca Securities LLC 0001702580”
    kraken.com ↗
    “Ulkopuoliset talletuslaitokset suojaavat kaikki perustana olevat osakkeet siten kuin on sovittu säilytyssopimuksessa, jossa Kraken ei ole osapuolena.”
    kraken.com ↗
    “Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
  • Credit / counterparty

    NVDAx contains equity rather than loan exposure

    ⌄
    NVDAx contains equity rather than loan exposure. Holders nevertheless depend on regulated third-party custody of the backing shares.Disputed
    More
    Sources · 2
    kraken.com ↗
    “Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
    app.rwa.xyz ↗
    “Custodian Legal Identifier Alpaca Securities LLC 0001702580”
  • Hack / smart contract

    NVDAx exposes holders to mint, freeze, pause, transfer-hook, and permanent-delegate authority risks on Solana

    ⌄
    NVDAx exposes holders to mint, freeze, pause, transfer-hook, and permanent-delegate authority risks on Solana.Disputed
    More
    Sources · 5
    explorer.solana.com ↗
    “Mint Authority 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj”
    explorer.solana.com ↗
    “Freeze Authority JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs”
    explorer.solana.com ↗
    “Delegates permanent authority to a specific address that can transfer or burn tokens from any account holding this token”
    explorer.solana.com ↗
    “Allows the token program to pause all interactions including transfers, mints, and burns”
    explorer.solana.com ↗
    “Allow the token program to execute custom instruction logic on every token transfer”
  • Program ID
    None
    Sources · 1
    Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
    Freeze authority
    A program-derived authority (program System Program)
    More
    Sources · 2
    Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
    JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
    Mint authority
    A single externally-owned address controls minting; no on-chain multisig is visible
    More
    Sources · 2
    Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
    7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
    Bridge configuration
    None
    Sources · 3
    Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
    7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
    JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
    Authority multisig
    None
    Sources · 3
    Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
    7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
    JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
    Claims vs chain
    XStocks calls transfers permissionless and unrestricted. Privileged authorities can transfer, burn, or pause.Disputed
    More
    Sources · 5
    xstocks.fi ↗
    “xStocks are permissionless and freely transferable.”
    explorer.solana.com ↗
    “### Default Account State Enabled Enables the authority to make new token accounts as frozen by default upon creation”
    explorer.solana.com ↗
    “### Permanent Delegate Enabled Delegates permanent authority to a specific address that can transfer or burn tokens from any account holding this token”
    explorer.solana.com ↗
    “### Pausable Config Enabled Allows the token program to pause all interactions including transfers, mints, and burns”
    explorer.solana.com ↗
    “### Transfer Hook Enabled Allow the token program to execute custom instruction logic on every token transfer”
    Monitoring and attestation
    The xStocks DeFi portal publicly reports proof of reserves for collateral backing.
    More
    Sources · 1
    docs.xstocks.fi ↗
    “Proof of reserves is publicly available.”
    Unilateral changes
    The token program permits an authority to update its displayed-amount multiplier. Kraken may change optional reward rates and restrict service access.Disputed
    More
    Sources · 4
    explorer.solana.com ↗
    “Allows the token program to scale the UI amount of the token by an updatable multiplier”
    blog.kraken.com ↗
    “Reward rates are subject to change.”
    kraken.com ↗
    “Even if you meet the Conditions, we may, in our sole discretion, determine that you are not eligible to have an account or use the services .”
    kraken.com ↗
    “We may, in our discretion, determine that it is necessary or appropriate to temporarily suspend or even terminate your account.”
    Admin powers
    Address 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj controls minting. Address JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs controls freezing.Disputed
    More

    A permanent delegate can transfer or burn tokens from any account. The pausable configuration can halt transfers, minting, and burning.

    Sources · 5
    explorer.solana.com ↗
    “Mint Authority 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj”
    explorer.solana.com ↗
    “Freeze Authority JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs”
    explorer.solana.com ↗
    “Extensions defaultAccountState permanentDelegate transferHook metadataPointer confidentialTransferMint pausableConfig scaledUiAmountConfig tokenMetadata”
    explorer.solana.com ↗
    “Delegates permanent authority to a specific address that can transfer or burn tokens from any account holding this token”
    explorer.solana.com ↗
    “Allows the token program to pause all interactions including transfers, mints, and burns”
    Terms of service: xStocks Terms of Service, undated; https://xstocks.fi/documents/xstocks-terms-of-service.pdf.
    2026-08-07
    Filing
    Underlying-company Form 10-Q, filed 2026-05-20 for the period ended 2026-04-26; SEC filing index.
    2026-05-20
    Document
    Underlying-company proxy statement for NVIDIA's June 24, 2026 annual meeting; filed with the SEC.
    2026-05-12
    Document
    SEC cease-and-desist order, May 6, 2022, https://www.SEC.gov/files/litigation/admin/2022/33-11060.pdf
    2022-05-06
    final terms and issue summary: Current issuer-hosted Final Terms Nr 19 for NVDAx, ISIN CH1436219195Term sheet (issuer PDF) · 2026-08-07
    Terms of service: xStocks Terms of Service, undated; https://xstocks.fi/documents/xstocks-terms-of-service.pdf.Terms · 2026-08-07
    Underlying-company Form 10-Q, filed 2026-05-20 for the period ended 2026-04-26; SEC filing index.Filing · 2026-05-20
    Underlying-company proxy statement for NVIDIA's June 24, 2026 annual meeting; filed with the SEC.Document · 2026-05-12
    SEC cease-and-desist order, May 6, 2022, https://www.SEC.gov/files/litigation/admin/2022/33-11060.pdfDocument · 2022-05-06

    Canonical deployment

    Solana hosts a native Token-2022 NVDAx issue at Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh, not a bridged representation.Disputed
    More
    Sources · 4
    explorer.solana.com ↗
    “Transaction History | Token | NVIDIA xStock (Xs…Eh)”
    explorer.solana.com ↗
    “Token-2022 Program: Transfer Checked”
    app.rwa.xyz ↗
    “Solana Native Distributed token-2022”
    docs.xstocks.fi ↗
    “xStocks are issued using the SPL Token-2022 standard (Solana) or ERC-20 standard (EVM-compatible chains). They can be transferred onchain like other tokens.”
    How it works
    Filled-verified
    None
    CategoryFilled-verifiedNone
    CompositionRejected-retryNone
    Structure & qualityFilled-verifiedNone
    Yield sourceRejected-retryNone
    Yield mechanicsFilled-verifiedNone
    Legal entityFilled-verifiedNone
    What the issuer doesFilled-verifiedNone
    LaunchedRejected-retryNone
    Operating historyFilled-verifiedNone
    Service providersFilled-verifiedNone
    RegimeFilled-verifiedNone
    VehicleFilled-verifiedNone
    Bankruptcy remoteEmptyNone
    If the issuer failsFilled-verifiedNone
    CustodiansFilled-verifiedNone
    Attestation frequencyEmptyNone
    AuditsRejected-retryNone
    Admin powersFilled-verifiedNone
    UpgradeabilityRejected-retryNone
    Mint authorityFilled-verifiedNone
    Freeze authorityFilled-verifiedNone
    Fee scheduleRejected-retryNone
    Exit pathsFilled-verifiedNone
    Underlying / economicFilled-verifiedNone
    Credit / counterpartyFilled-verifiedNone
    Issuer failureFilled-verifiedNone
    CustodianFilled-verifiedNone
    Hack / smart contractFilled-verifiedNone
    RegulatoryFilled-verifiedNone
    Exit riskRejected-retryNone
    Who can hold/mintFilled-verifiedNone
    Source documentsFilled-verifiedNone

    Rejected facts

    Exit risk
    Retail holders may redeem directly with the issuer after KYC, subject to a $5,000 minimum transaction size. Redemption costs 0.50% of market price, with a $100 minimum fee.Disputed
    More

    The evidence specifies no caps, windows, notice periods, or stressed-exit treatment.

    Sources · 2
    docs.xstocks.fi ↗
    “Retail users are legally permitted to redeem directly with the issuer, subject to KYC requirements and the $5,000 minimum transaction size.”
    app.rwa.xyz ↗
    “Redemption fee is 0.50% of market price with a minimum of USD 100.”
    Corporate-action passthrough
    The custodian reinvests cash dividends into additional underlying shares. The multiplier reflects reinvested dividends and cumulative corporate actions.Disputed
    More

    Stock splits increase the multiplier proportionally; reverse splits decrease it. Holders take no action when the multiplier changes. NVDAx holders receive no shareholder information rights. The evidence does not establish merger, tender-offer, or voting-event treatment.

    Sources · 7
    docs.xstocks.fi ↗
    “When a company pays a dividend, the custodian receives the cash on behalf of all shares held in custody.”
    docs.xstocks.fi ↗
    “Rather than distributing cash, the dividend is reinvested into additional shares of the same stock. This reinvestment is reflected through a multiplier increase. Holder balances rise proportionally.”
    docs.xstocks.fi ↗
    “The multiplier tracks the cumulative effect of all corporate events over the life of the token.”
    docs.xstocks.fi ↗
    “When a company splits its stock, the multiplier increases proportionally.”
    docs.xstocks.fi ↗
    “When multiple shares consolidate into one, the multiplier decreases proportionally.”
    docs.xstocks.fi ↗
    “No action is required from token holders.”
    kraken.com ↗
    “Näin ollen tokenisoidun NVIDIA (NVDAx) -tuotteen omistajilla ei ole omistajan oikeuksia kunkin tokenin perustana olevaan osakkeeseen nähden, eikä heillä ole oikeutta saada mitään tietoja kyseisen yrityksen osakkeen liikkeellelaskijalta.”
    Final terms document
    Backed Assets Final Terms Nr 19 (NVDAx) governs NVDAx and appears in Backed’s legal-documentation registry.Disputed
    More
    Sources · 2
    app.rwa.xyz ↗
    “Backed Assets Final Terms Nr 19 (NVDAx)”
    xstocks.fi ↗
    “the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation”
    Audits
    Grant Thornton (Cayman) is the named fund auditor; the evidence does not disclose its audit scope or date.Unverified
    More
    Sources · 1
    app.rwa.xyz ↗
    “Auditor Grant Thornton (Cayman)”
    Fee schedule
    The NVDAx issuer charges a 0% performance fee.Unverified
    More
    Sources · 1
    app.rwa.xyz ↗
    “Management Fees 0 % Performance Fees 0 %”
    Fee schedule
    The NVDAx issuer charges a 0% management fee.Unverified
    More
    Sources · 1
    app.rwa.xyz ↗
    “Management Fees 0 % Performance Fees 0 %”
    Fee schedule
    The NVDAx issuer charges 0.50% of market price per redemption, subject to a USD 100 minimum.Unverified
    More
    Sources · 2
    app.rwa.xyz ↗
    “Redemption fee is 0.50% of market price with a minimum of USD 100.”
    app.rwa.xyz ↗
    “Redemption fee is 0.50% of market price with a minimum of USD 100.”
    Fee schedule
    The NVDAx issuer charges 0.50% of market price per subscription, subject to a USD 100 minimum.Unverified
    More
    Sources · 2
    app.rwa.xyz ↗
    “Subscription fee is 0.50% of market price with a minimum of USD 100.”
    app.rwa.xyz ↗
    “Subscription fee is 0.50% of market price with a minimum of USD 100.”
    Incident response
    XStocks recommends 15-minute pre-activation and post-activation pauses for venues and protocols during multiplier changes. The evidence discloses no recovery or notification process.Unverified
    More
    Sources · 1
    docs.xstocks.fi ↗
    “we recommend that trading venues and protocols pause all interactions with the token for a brief window (e.g., 15 minutes) before and after each activation timestamp.”
    Upgradeability
    The Solana token program enables an updatable display multiplier through Scaled UI Amount Config. The evidence identifies no authority or update delay.Disputed
    More
    Sources · 1
    explorer.solana.com ↗
    “### Scaled UI Amount Config Enabled Allows the token program to scale the UI amount of the token by an updatable multiplier”
    Bridge custody
    The issuer, custodians, and an independent security agent govern segregated collateral accounts. The security agent may control those accounts after default.Disputed
    More

    The evidence does not identify bridge contracts or signers.

    Sources · 2
    docs.xstocks.fi ↗
    “Collateral is held in segregated accounts under a three-party structure involving the issuer, custodians, and an independent security agent.”
    docs.xstocks.fi ↗
    “In the event of issuer default, the security agent may assume control of the collateral accounts and distribute proceeds to token holders in accordance with the prospectus terms.”
    Launched
    2025-06-20Disputed
    More
    Sources · 1
    app.rwa.xyz ↗
    “Inception Date 06/20/2025”
    Yield source
    PDSL administers optional weekly same-xStock rewards for eligible Kraken customers. The corpus discloses no economic funding source or intermediary spread.Disputed
    More
    Sources · 4
    blog.kraken.com ↗
    “Outside of dividend payments, which are limited to certain stocks and ETFs, most equities generally sit idle in brokerage accounts even as the broader financial system becomes more programmable and dynamic.”
    blog.kraken.com ↗
    “With Opt-In Rewards, we reward you on a weekly basis for holding those xStocks on the platform.”
    blog.kraken.com ↗
    “Receive rewards paid in the same xStock you hold, so your position steadily grows over time”
    blog.kraken.com ↗
    “Opt-in Rewards on xStocks are offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority.”
    Composition
    NVDAx is fully collateralized one-for-one by NVIDIA common stock. Alpaca Securities LLC serves as custodian.Disputed
    More
    Sources · 4
    kraken.com ↗
    “Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
    kraken.com ↗
    “Kyllä. Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
    blog.kraken.com ↗
    “Your xStocks continue to be 1:1 backed by the underlying equities, and are available to be traded or withdrawn off the Kraken platform seamlessly.”
    app.rwa.xyz ↗
    “Custodian Legal Identifier Alpaca Securities LLC 0001702580”
    Bridge & oracle
    Stale multiplier data can cause unexpected settlement behavior; xStocks advises venues to pause interactions briefly around on-chain activation.Unverified
    More
    Sources · 3
    docs.xstocks.fi ↗
    “Trading venues and protocols are advised to pause interactions with the affected token for a brief window around each activation timestamp to prevent unexpected settlement behavior.”
    docs.xstocks.fi ↗
    “The multiplier is published on-chain before each corporate event takes effect.”
    docs.xstocks.fi ↗
    “The multiplier is published onchain before each corporate event takes effect. Activation is set for midnight UTC on the Ex-Date of the corporate action.”
    Key management
    The NVDAx Solana mint assigns mint authority to 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj and freeze authority to JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs. The token grants an unidentified permanent delegate authority to transfer or burn holders' tokens.Disputed
    More

    The corpus identifies no signer owners, thresholds, key custody, or timelocks.

    Sources · 3
    explorer.solana.com ↗
    “Mint Authority 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj”
    explorer.solana.com ↗
    “Freeze Authority JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs”
    explorer.solana.com ↗
    “Delegates permanent authority to a specific address that can transfer or burn tokens from any account holding this token”
    Custodians
    Alpaca Securities LLC and BitGo· regulated custodians of NVDA shares
    Role detail

    Alpaca Securities LLC and BitGo are identified; Custodians hold collateral in segregated accounts involving an independent security agent.

    Kraken
    Role detail

    Kraken is not party to the custody agreement.

    Disputed
    Sources · 5
    coinmarketcap.com ↗
    “real NVDA shares are held in custody by regulated institutions (e.g., BitGo, Alpaca Securities).”
    app.rwa.xyz ↗
    “Custodian Legal Identifier Alpaca Securities LLC 0001702580”
    kraken.com ↗
    “Ulkopuoliset talletuslaitokset suojaavat kaikki perustana olevat osakkeet siten kuin on sovittu säilytyssopimuksessa, jossa Kraken ei ole osapuolena.”
    docs.xstocks.fi ↗
    “Collateral is held in segregated accounts under a three-party structure involving the issuer, custodians, and an independent security agent.”
    docs.xstocks.fi ↗
    “The underlying securities are held with regulated custodians under a bankruptcy-remote structure.”
    If the issuer fails
    Token holders own no underlying NVIDIA shares and receive no shareholder rights. After issuer default, the security agent may control collateral accounts and distribute proceeds under prospectus terms.Unverified
    More

    The corpus identifies no senior claimants.

    Sources · 4
    docs.xstocks.fi ↗
    “In the event of issuer default, the security agent may assume control of the collateral accounts and distribute proceeds to token holders in accordance with the prospectus terms.”
    docs.xstocks.fi ↗
    “Collateral is held in segregated accounts under a three-party structure involving the issuer, custodians, and an independent security agent.”
    kraken.com ↗
    “xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
    kraken.com ↗
    “Sijoittaminen xStockeihin ei ole sama asia kuin jos sijoittaisit suoraan perustana olevaan osakkeeseen.”
    How it works
    Eligible verified Kraken clients buy NVDAx using cryptocurrency, stablecoins, or US dollars. Holders gain or lose value with NVIDIA stock and may withdraw tokens to compatible wallets.Disputed
    More

    Holders exit by selling on Kraken or redeeming through Backed for an additional fee.

    Sources · 5
    kraken.com ↗
    “Avaa Kraken-sovellus ja vahvista kelpoisuutesi ja suorita tilin varmennuksen vaiheet.”
    kraken.com ↗
    “Osta erilaisia tokenisoituja osakkeita käyttämällä kryptovaluuttaa, stablecoineja tai Yhdysvaltojen dollareita.”
    kraken.com ↗
    “xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
    kraken.com ↗
    “Voit nostaa NVDAx -tokeneitasi mihin tahansa yhteensopivaan lohkoketjulompakkoon.”
    kraken.com ↗
    “Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
    Source documents
    Privacy notice: xStocks Privacy Notice, undated; https://xstocks.com/documents/xstocks-privacy-policy.pdf.Unverified
    More
    Sources · 1
    xstocks.fi ↗
    “Our Privacy Notice, available at <u>[https://xstocks.com/documents/xstocks-privacy-policy.pdf](https://xstocks.com/documents/xstocks-privacy-policy.pdf)</u> ("**Privacy** **Notice**") governs our collection, processing and transfer of any Personal Data (as such term is defined in the Privacy Notice).”
    Source documents
    Issuer documentation: Dividends and Stock Splits, date unavailable; https://docs.xstocks.fi/docs/dividends-and-stock-splits.Disputed
    More
    Sources · 1
    docs.xstocks.fi ↗
    “Dividends and Stock Splits | xStocks Docs”
    Source documents
    Legal-documentation repository: Base Prospectus, Final Terms, and country restrictions; undated; https://assets.backed.fi/legal-documentation.Unverified
    More
    Sources · 2
    xstocks.fi ↗
    “the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation”
    backed.fi ↗
    “For a full list of prohibited and restricted countries and review of legal documentation, please visit, https://www.assets.backed.fi/legal-documentation .”
    Source documents
    Final terms: Backed Assets Final Terms Nr 19 (NVDAx), undated; listed at https://app.rwa.xyz/assets/NVDAx.Unverified
    More
    Sources · 2
    app.rwa.xyz ↗
    “Terms Backed Assets Final Terms Nr 19 (NVDAx)”
    app.rwa.xyz ↗
    “Backed Assets Final Terms Nr 19 (NVDAx)”
    Onboarding
    Kraken buyers must open an account, confirm jurisdictional eligibility, and complete verification. Direct retail redemption requires issuer KYC.Disputed
    More
    Sources · 4
    kraken.com ↗
    “Avaa Kraken-sovellus ja vahvista kelpoisuutesi ja suorita tilin varmennuksen vaiheet.”
    docs.xstocks.fi ↗
    “Retail users are legally permitted to redeem directly with the issuer, subject to KYC requirements and the $5,000 minimum transaction size.”
    kraken.com ↗
    “In addition, you may be required to comply with additional requirements to open an account or use the services in the jurisdiction in which you are located.”
    kraken.com ↗
    “Even if you meet the Conditions, we may, in our sole discretion, determine that you are not eligible to have an account or use the services .”
    Who can hold/mint
    Primary investment is limited to professional investors. Retail clients may redeem after KYC and buy through Kraken in eligible countries.Disputed
    More
    Sources · 5
    app.rwa.xyz ↗
    “Eligible Investors Professional Investor”
    docs.xstocks.fi ↗
    “Retail users are legally permitted to redeem directly with the issuer, subject to KYC requirements and the $5,000 minimum transaction size.”
    kraken.com ↗
    “Vain Krakenin yksityisasiakkaat tietyissä maissa voivat ostaa xStocks-tuotteita, joihin NVDAx lukeutuu.”
    docs.xstocks.fi ↗
    “xStocks are not marketed, offered, or solicited in the United States or in jurisdictions where such activity is prohibited.”
    xstocks.fi ↗
    “Tokenized equities are NOT offered by us or by any affiliated entity of ours directly to the public.”
    Depeg / liquidity
    Crypto-market volatility can separate NVDAx's traded price from NVIDIA exposure. Primary-market issuance and redemption support price alignment through arbitrage.Unverified
    More
    Sources · 2
    kraken.com ↗
    “Kryptomarkkinoiden arvaamaton luonne voi johtaa varojen menetykseen.”
    docs.xstocks.fi ↗
    “xStocks enter and exit circulation through issuance and redemption interactions with the issuer “primary market”. This process enables the creation and removal of xStock tokens at the prevailing market price of the underlying equity, and supports price alignment between xStocks and their underlying assets.”
    Hack / smart contract
    Privileged Solana authorities can freeze accounts, pause transfers, or permanently transfer and burn tokens. Compromise could disrupt or destroy holdings.Disputed
    More
    Sources · 5
    explorer.solana.com ↗
    “Mint Authority 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj”
    explorer.solana.com ↗
    “Freeze Authority JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs”
    explorer.solana.com ↗
    “Delegates permanent authority to a specific address that can transfer or burn tokens from any account holding this token”
    explorer.solana.com ↗
    “Enables the authority to make new token accounts as frozen by default upon creation”
    explorer.solana.com ↗
    “Allows the token program to pause all interactions including transfers, mints, and burns”
    Underlying / economic
    NVDAx holders gain or lose with NVIDIA stock. Investors can lose their entire invested capital.Unverified
    More
    Sources · 3
    kraken.com ↗
    “xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
    kraken.com ↗
    “Kyllä. Kun sijoitat xStockeihin, kuten NVDAx, pääomaasi kohdistuu riski ja voit menettää koko summan, jonka olet sijoittanut mihin tahansa ostamaasi xStockiin.”
    xstocks.fi ↗
    “The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results.”
    Exit paths
    Kraken holders can sell NVDAx for dollars, cryptocurrencies, or stablecoins. Kraken supports trading 24 hours daily, five days weekly.Unverified
    More
    Sources · 2
    kraken.com ↗
    “Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
    kraken.com ↗
    “niillä voidaan käydä kauppaa ympäri vuorokauden viitenä päivänä viikossa niillä maantieteellisillä alueilla, joissa näitä tuotteita on saatavana.”
    Exit paths
    Backed directly redeems tokens after KYC. The minimum is $5,000.Disputed
    More

    Fees equal 0.50% of market price, minimum $100. Timing and caps remain undisclosed.

    Sources · 3
    kraken.com ↗
    “Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
    docs.xstocks.fi ↗
    “Retail users are legally permitted to redeem directly with the issuer, subject to KYC requirements and the $5,000 minimum transaction size.”
    app.rwa.xyz ↗
    “Redemption fee is 0.50% of market price with a minimum of USD 100.”
    Admin powers
    The Solana mint enables permanent-delegate transfers and burns, default-frozen accounts, global pausing, and custom transfer-hook logic.Unverified
    More
    Sources · 4
    explorer.solana.com ↗
    “### Permanent Delegate Enabled Delegates permanent authority to a specific address that can transfer or burn tokens from any account holding this token”
    explorer.solana.com ↗
    “### Default Account State Enabled Enables the authority to make new token accounts as frozen by default upon creation”
    explorer.solana.com ↗
    “### Pausable Config Enabled Allows the token program to pause all interactions including transfers, mints, and burns”
    explorer.solana.com ↗
    “### Transfer Hook Enabled Allow the token program to execute custom instruction logic on every token transfer”
    Networks
    Issuer documentation also identifies native xStocks issuance on TON and other EVM-compatible networks.Unverified
    More
    Sources · 3
    docs.xstocks.fi ↗
    “The multiplier concept works consistently across all blockchains where xStocks are available—Solana, Ethereum (and other EVM chains), and TON.”
    xstocks.fi ↗
    “Ethereum Solana BNB Smart Chain Mantle TON Ink More Coming Soon”
    docs.xstocks.fi ↗
    “xStocks are issued natively on Ethereum, Solana, Arbitrum, Mantle, TON, Ink, and other EVM-compatible networks.”
    Audits
    Grant Thornton Cayman serves as NVDAx auditor; the evidence does not specify scope or audit date.Unverified
    More
    Sources · 1
    app.rwa.xyz ↗
    “Auditor Grant Thornton (Cayman)”
    Transfer restrictions
    Secondary transfers are permissionless, but issuance and redemption require whitelisted wallets.Unverified
    More
    Sources · 2
    xstocks.fi ↗
    “xStocks are permissionless and freely transferable.”
    docs.xstocks.fi ↗
    “Once onboarded, wallet addresses must be whitelisted before interacting with the issuance or redemption infrastructure. Only whitelisted wallets may interact with the platform.”
    Vehicle
    Backed Assets (JE) Limited, a Jersey private limited company, legally issues xStocks.Unverified
    More
    Sources · 2
    xstocks.fi ↗
    “xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company)”
    app.rwa.xyz ↗
    “Domicile Jersey, Channel Islands Regulatory Framework Liechtenstein Blockchain Act FMA - Liechtenstein Financial Market Authority Dispute Resolution Country Jersey, Channel Islands”
    Regime
    Payward Digital Solutions Ltd. offers xStocks to eligible customers under a Bermuda Monetary Authority digital-asset license.Unverified
    More
    Sources · 1
    xstocks.fi ↗
    “offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority.”
    Reserve composition
    Reserves comprise 100% NVIDIA Corporation Common Stock, backing NVDAx 1:1 through a regulated external custodian. The valuation basis and dated reserve attestation remain undisclosed.Unverified
    More
    Sources · 4
    kraken.com ↗
    “Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
    kraken.com ↗
    “Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita.”
    kraken.com ↗
    “Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
    app.rwa.xyz ↗
    “Inception Date 06/20/2025”
    Service providers
    Alpaca Securities LLC
    Grant Thornton· Cayman
    Maerki Baumann & Co
    AG
    Payward Europe Digital Solutions (CY) Ltd
    Payward Digital Solutions Ltd
    Unverified
    Sources · 5
    app.rwa.xyz ↗
    “Custodian Legal Identifier Alpaca Securities LLC 0001702580”
    app.rwa.xyz ↗
    “Auditor Grant Thornton (Cayman)”
    app.rwa.xyz ↗
    “Paying Agent Maerki Baumann & Co. AG”
    kraken.com ↗
    “xStocks-tuotteita tarjotaan ETA-alueen asiakkaille Payward Europe Digital Solutions (CY) Ltd:n kautta.”
    kraken.com ↗
    “Payward Digital Solutions Ltd., an exempted company limited by shares, incorporated in Bermuda with registered number 202403268 and registered address at Park Place, 55 Par-la-Ville Road, Hamilton, Pembroke, HM11, Bermuda, for those services set forth in Annex J.”
    What the issuer does
    Backed Assets issues NVDAx within the xStocks tokenized-equity range. xStocks expanded Backed's bToken model into over 55 tokenized stocks and ETFs.Unverified
    More
    Sources · 3
    app.rwa.xyz ↗
    “Issuer Backed Assets Issuer LEI 984500001AB7C6C7F577”
    backed.fi ↗
    “Backed is thrilled to unveil xStocks, a new line of over 55 tokenized stocks and ETFs, set to launch soon on Kraken and integrated with Solana’s best DeFi apps.”
    backed.fi ↗
    “xStocks are the next evolution of bTokens — same underlying exposure, now with greater liquidity, adoption, and onchain utility.”
    Legal entity
    Backed AssetsUnverified
    More
    Sources · 1
    app.rwa.xyz ↗
    “Issuer Backed Assets Issuer LEI 984500001AB7C6C7F577”
    Holdings
    100% NVIDIA Corporation common stock exposure; one custodied share backs each token. The corpus provides no dated holdings report.Unverified
    More
    Sources · 2
    kraken.com ↗
    “Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
    kraken.com ↗
    “Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
    Collateralization
    100%Unverified
    More
    Sources · 2
    kraken.com ↗
    “Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
    kraken.com ↗
    “Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
    Yield mechanics
    Eligible Kraken clients must opt in to receive weekly rewards paid as additional units of the same xStock.Disputed
    More
    Sources · 4
    app.rwa.xyz ↗
    “Use Of Income Accumulates”
    blog.kraken.com ↗
    “With Opt-In Rewards, we reward you on a weekly basis for holding those xStocks on the platform.”
    blog.kraken.com ↗
    “Receive rewards paid in the same xStock you hold, so your position steadily grows over time”
    blog.kraken.com ↗
    “Opt-in Rewards on xStocks are offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority.”
    Structure & quality
    NVDAx has concentrated, single-name exposure to NVIDIA Corporation common stock.Unverified
    More
    Sources · 2
    kraken.com ↗
    “Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita.”
    kraken.com ↗
    “Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
    Underlying issuer
    NVIDIA CorporationUnverified
    More
    Sources · 1
    sec.gov ↗
    “NVIDIA CORP ORATION (Exact name of registrant as specified in its charter) Delaware 94-3177549”
    Holder's claim
    A token with no ownership or shareholder rights in the underlying NVIDIA shares.Unverified
    More
    Sources · 2
    kraken.com ↗
    “Näin ollen tokenisoidun NVIDIA (NVDAx) -tuotteen omistajilla ei ole omistajan oikeuksia kunkin tokenin perustana olevaan osakkeeseen nähden, eikä heillä ole oikeutta saada mitään tietoja kyseisen yrityksen osakkeen liikkeellelaskijalta.”
    kraken.com ↗
    “xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
    Category
    Tokenized-equityUnverified
    More
    Sources · 2
    app.rwa.xyz ↗
    “Platform xStocks Tokenization Type Distributed Type Equity”
    kraken.com ↗
    “Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita.”
    What it is
    NVDAx is an xStocks tokenized-equity product representing NVIDIA Corporation common stock. Each token is backed 1:1 by custodied NVIDIA shares.Unverified
    More

    Holders gain indirect economic exposure but receive no ownership, voting, information, or other shareholder rights.

    Sources · 3
    kraken.com ↗
    “Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita. Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
    kraken.com ↗
    “NVDAx on xStocks-tuote. Kaupankäynti näillä tuotteilla mahdollistaa epäsuorat sijoitukset pörssinoteerattujen yritysten osakkeisiin, mutta ilman omistusta perustana olevasta NVIDIA Corporation Common Stock -osakkeesta.”
    kraken.com ↗
    “xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
    Source documents
    Each xStock has a base prospectus specifying investment fees; date and original-source URL are unstated.Unverified
    More
    Sources · 1
    kraken.com ↗
    “kaikista xStockeihin tehtävistä sijoituksista peritään maksu kunkin xStockin perusesitteessä esitetyllä tavalla.”
    Source documents
    Kraken published its xStocks Opt-In Rewards announcement on April 2, 2026.Unverified
    More
    Sources · 2
    blog.kraken.com ↗
    “April 2, 2026”
    blog.kraken.com ↗
    “Your xStocks continue to be 1:1 backed by the underlying equities, and are available to be traded or withdrawn off the Kraken platform seamlessly.”
    Source documents
    The xStocks terms state that Backed Finance and affiliates do not offer tokenized equities directly to the public.Unverified
    More
    Sources · 1
    xstocks.fi ↗
    “Tokenized equities are NOT offered by us or by any affiliated entity of ours directly to the public.”
    Source documents
    Backed publishes legal documentation and prohibited-country lists through its original legal-documentation library.Unverified
    More
    Sources · 1
    backed.fi ↗
    “For a full list of prohibited and restricted countries and review of legal documentation, please visit, https://www.assets.backed.fi/legal-documentation .”
    Concentration
    NVDAx concentrates economic exposure in one company, NVIDIA, while third-party custody concentrates operational dependence.Disputed
    More
    Sources · 2
    kraken.com ↗
    “Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita.”
    app.rwa.xyz ↗
    “Custodian Legal Identifier Alpaca Securities LLC 0001702580”
    Regulatory
    Jurisdictional restrictions and uneven regulation can remove access and leave holders without governmental compensation or regulatory safeguards.Unverified
    More
    Sources · 3
    kraken.com ↗
    “Jotkin kryptotuotteet ja -markkinat ovat säätelemättömiä. Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
    kraken.com ↗
    “Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
    kraken.com ↗
    “Maantieteellisiä rajoituksia saatetaan soveltaa.”
    In-kind redemption
    The corpus does not establish redemption into registered NVIDIA shares or any physical commodity.Disputed
    More
    Sources · 2
    kraken.com ↗
    “Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
    kraken.com ↗
    “Näin ollen tokenisoidun NVIDIA (NVDAx) -tuotteen omistajilla ei ole omistajan oikeuksia kunkin tokenin perustana olevaan osakkeeseen nähden, eikä heillä ole oikeutta saada mitään tietoja kyseisen yrityksen osakkeen liikkeellelaskijalta.”
    Exit paths
    Kraken holders can withdraw NVDAx to compatible blockchain wallets; withdrawal is not disclosed as direct share redemption.Unverified
    More
    Sources · 2
    kraken.com ↗
    “Voit nostaa NVDAx -tokeneitasi mihin tahansa yhteensopivaan lohkoketjulompakkoon.”
    blog.kraken.com ↗
    “Your xStocks continue to be 1:1 backed by the underlying equities, and are available to be traded or withdrawn off the Kraken platform seamlessly.”
    Exit paths
    Token holders can redeem through Backed for an additional fee; disclosed timing, minimums, caps, and fee amounts remain unspecified.Disputed
    More
    Sources · 2
    kraken.com ↗
    “Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
    kraken.com ↗
    “kaikista xStockeihin tehtävistä sijoituksista peritään maksu kunkin xStockin perusesitteessä esitetyllä tavalla.”
    Canonical deployment
    Solana hosts a Token-2022 issuance at mint Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh.Unverified
    More
    Sources · 3
    app.rwa.xyz ↗
    “Solana Native Distributed token-2022”
    explorer.solana.com ↗
    “Transaction History | Token | NVIDIA xStock (Xs…Eh)”
    explorer.solana.com ↗
    “Token-2022 Program: Transfer Checked”
    Operating history
    Backed evolved its bTokens into xStocks while retaining the same underlying exposure. NVDAx began on June 20, 2025.Unverified
    More

    Kraken later introduced optional weekly xStock rewards, but the corpus provides no announcement date.

    Sources · 3
    backed.fi ↗
    “xStocks are the next evolution of bTokens — same underlying exposure, now with greater liquidity, adoption, and onchain utility.”
    app.rwa.xyz ↗
    “Inception Date 06/20/2025”
    blog.kraken.com ↗
    “With Opt-In Rewards, we reward you on a weekly basis for holding those xStocks on the platform.”
    Token extensions
    3 Sensitive extensionsUnverified
    More
    Sources · 1
    Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
    Issuer ownership
    Backed announced that it became part of Kraken on December 2, 2025.Unverified
    More
    Sources · 2
    backed.fi ↗
    “Backed Joins Kraken We become part of Kraken to push tokenized equities to the next stage December 2, 2025”
    backed.fi ↗
    “We become part of Kraken to push tokenized equities to the next stage”
    Custodian
    Alpaca Securities holds the backing shares under a custody arrangement that excludes Kraken.Disputed
    More
    Sources · 2
    app.rwa.xyz ↗
    “Custodian Legal Identifier Alpaca Securities LLC 0001702580”
    kraken.com ↗
    “Ulkopuoliset talletuslaitokset suojaavat kaikki perustana olevat osakkeet siten kuin on sovittu säilytyssopimuksessa, jossa Kraken ei ole osapuolena.”
    Key people
    Mark Greenberg is Kraken’s Global Head of Consumer and is publicly tied to xStocks rewards, not Backed’s legal issuer.Unverified
    More
    Sources · 1
    blog.kraken.com ↗
    “said Mark Greenberg, Kraken Global Head of Consumer.”
    Credit / counterparty
    NVDAx depends on Alpaca Securities holding the NVIDIA shares that collateralize each token.Disputed
    More
    Sources · 2
    app.rwa.xyz ↗
    “Custodian Legal Identifier Alpaca Securities LLC 0001702580”
    kraken.com ↗
    “Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
    Source documents
    Solana Explorer contract record, accessed 2026-08-04: https://explorer.solana.com/address/Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh/token-extensionsUnverified
    More
    Sources · 1
    explorer.solana.com ↗
    “### Token-2022 Mint Refresh Raw Download Address Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh”
    Source documents
    Final terms, date undisclosed, original-source URL unavailable in the corpus; titled Backed Assets Final Terms Nr 19 (NVDAx).Disputed
    More
    Sources · 1
    app.rwa.xyz ↗
    “Backed Assets Final Terms Nr 19 (NVDAx)”
    Source documents
    Product page, date undisclosed, https://www.kraken.com/mx/xstocks/nvdaxDisputed
    More
    Sources · 3
    kraken.com ↗
    “Hyväksytyt asiakkaat voivat nyt sijoittaa tokenisoituihin osakkeisiin ja ETF:iin. Lataa Kraken-sovellus, niin pääset alkuun.”
    kraken.com ↗
    “Kun sijoitat xStockeihin, kuten NVDAx, pääomaasi kohdistuu riski ja voit menettää koko summan, jonka olet sijoittanut mihin tahansa ostamaasi xStockiin.”
    kraken.com ↗
    “xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
    Issuer failure
    NVDAx gives holders indirect NVIDIA exposure without ownership, voting, information, or other shareholder rights.Disputed
    More
    Sources · 3
    kraken.com ↗
    “NVDAx on xStocks-tuote. Kaupankäynti näillä tuotteilla mahdollistaa epäsuorat sijoitukset pörssinoteerattujen yritysten osakkeisiin, mutta ilman omistusta perustana olevasta NVIDIA Corporation Common Stock -osakkeesta.”
    kraken.com ↗
    “Näin ollen tokenisoidun NVIDIA (NVDAx) -tuotteen omistajilla ei ole omistajan oikeuksia kunkin tokenin perustana olevaan osakkeeseen nähden, eikä heillä ole oikeutta saada mitään tietoja kyseisen yrityksen osakkeen liikkeellelaskijalta.”
    kraken.com ↗
    “xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
    Exit paths
    Token holders can exit through Raydium or Jupiter swaps on Solana, subject to available market liquidity.Disputed
    More
    Sources · 2
    explorer.solana.com ↗
    “Raydium Clmm: Swap V2”
    explorer.solana.com ↗
    “Associated Token Program: Create Idempotent Jupiter: Route Token Program: Transfer Checked”
    Unilateral changes
    The token program permits its authority to update the multiplier that scales displayed token amounts.Unverified
    More
    Sources · 1
    explorer.solana.com ↗
    “Allows the token program to scale the UI amount of the token by an updatable multiplier”
    Minimum investment
    1000Unverified
    More
    Sources · 1
    sec.gov ↗
    “|Principal Amount|$1,000 per Note|”
    Exit paths
    Backed charges 0.50% of market price, subject to a $100 minimum fee, for direct redemption.Disputed
    More
    Sources · 1
    app.rwa.xyz ↗
    “Redemption fee is 0.50% of market price with a minimum of USD 100.”
    Holdings
    NVDAx references NVIDIA Corporation common stock as its sole disclosed underlying holding.Unverified
    More
    Sources · 2
    app.rwa.xyz ↗
    “Tokenized version of NVIDIA Corporation.”
    coinmarketcap.com ↗
    “NVDAX is a blockchain-based digital token that tracks the price of NVIDIA Corporation (NVDA) stock, providing crypto market participants with a compliant bridge to traditional equity markets.”
    Holdings
    NVIDIA Corporation equity provides the referenced exposure under the disclosed 1:1 collateralization model.Unverified
    More
    Sources · 3
    app.rwa.xyz ↗
    “Tokenized version of NVIDIA Corporation.”
    coinmarketcap.com ↗
    “NVDAX is a blockchain-based digital token that tracks the price of NVIDIA Corporation (NVDA) stock, providing crypto market participants with a compliant bridge to traditional equity markets.”
    coinmarketcap.com ↗
    “Price tracking is maintained through this 1:1 collateralization and arbitrage mechanisms, with oracles feeding real-time stock data on-chain.”

    Run operations

    Issuer entity f70188e0-f174-4fd1-a5f1-a932060a61bb · last updated 2026-08-09T23:30:12.366Z

    Underlying issuer entity 640efa44-6951-4556-9874-47f2dd11e22a · last updated 2026-08-07T11:22:15.876Z

    0 source channels auto-trusted this run (revocable in Autoresearch)

    ingest · ingest · ok

    plan · plan · ok

    synthesize · synthesize · ok

    Coverage

    33 of 44 fields verified · 0 unverified · 0 not found

    Run 2026-08-09T22:29:19.889Z · done · cost $0.00

    Automated research, human-reviewed. Verify against source documents before credit decisions.

    NVDAX+20.16%
    Benchmark unavailable—
    1 yr
    NVDAX+22.66%
    Benchmark unavailable—
    Since inception
    NVDAX+22310.56%
    Benchmark unavailable—