Assets/NVDAX

NVIDIA xStock

NVDAX
Tokenized-EquityBacked Assets

NVDAx is an xStocks tokenized-equity product tracking NVIDIA Corporation Common Stock. A regulated third-party custodian holds one real share per token; holders lack shareholder rights but may redeem through Backed.

Read more

NVDAx is an xStocks tokenized-equity product tracking NVIDIA Corporation Common Stock. A regulated third-party custodian holds one real share per token; holders lack shareholder rights but may redeem through Backed.

Sources · 4

Backing and rights denial are supported (b4ecdd00, 7f01b56b, 152d74db); drop the redemption assertion and the phantom citation.

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 ↗
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”

Verifier note: panel 2/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The sources support that NVDAx is an xStocks blockchain token representing indirect exposure to NVIDIA common stock, is backed 1:1 by real shares held with a regulated third-party custodian, and confe | anthropic: confirmed — Every material element answers the SLOT QUESTION and is supported by the union of the fetched Kraken pages. What it is: 'Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake ... joka edustaa NVIDIA Corpora

Overview

30d return

+12.22%

NVDAX price

$219.63

◇

Category

Tokenized-Equity

◫

Collateralization ratio

100%

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.”

Verifier note: re-adjudicated 2026-08-04T18:24:33.889Z from rejected status | panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The archived Kraken content expressly states that each NVDAx token is linked 1:1 to real NVIDIA shares held by a third-party custodian and that NVDAx is fully backed by traditional shares. This direct | anthropic: confirmed — The claim collateralization_ratio = 100% is a restatement of a 1:1 backing ratio, which directly answers the SLOT QUESTION. The Kraken source states each NVDAx token 'on sidottu suhteessa 1:1 oikeisii

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

12.22% 30d return

$11,267.88

+$1,267.88
Jul 5, 26Jul 13, 26Jul 21, 26

$11,176.34

+$1,176.34

$12,783.10

+$2,783.10

$11,775.59

+$1,775.59

$12,326.79

+$2,326.79

$2,196,264.49

+$2,186,264.49

As of Aug 5, 2026 · source: Kamino API

Returns

As of August 5, 2026

1 mo

3 mo

6 mo

YTD

1 yr

Since inception

NVDAX

+12.22%

+1.26%

+2.85%

+2.33%

+1.76%

+52.28%

Benchmark

Benchmark unavailable

1 mo
NVDAX+12.22%
Benchmark unavailable—
3 mo
NVDAX+1.26%
Benchmark unavailable—
6 mo
NVDAX+2.85%
Benchmark unavailable—
YTD

1 mo

3 mo

6 mo

YTD

1 yr

Since inception

NVDAX

+12.22%

+3.84%

+18.39%

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”

Verifier note: recovered from reshaped fact a6320386-0520-4cf6-b4ca-fb4946f63e95

Portfolio overview

Pool-wide metrics

Structure & quality

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.”

Verifier note: panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — The fetched pages disclose that each NVDAx token is backed 1:1 by actual NVIDIA Corporation Common Stock held by a third-party custodian and further state that NVDAx is fully collateralized by traditi | anthropic: confirmed — The concentration claim is directly supported: both sources state each NVDAx token is pegged 1:1 to real NVIDIA Corporation Common Stock held by a third-party custodian, and that xStocks are 'fully co

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.”

Verifier note: re-adjudicated 2026-08-04T18:24:33.889Z from rejected status | panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The archived Kraken content expressly states that each NVDAx token is linked 1:1 to real NVIDIA shares held by a third-party custodian and that NVDAx is fully backed by traditional shares. This direct | anthropic: confirmed — The claim collateralization_ratio = 100% is a restatement of a 1:1 backing ratio, which directly answers the SLOT QUESTION. The Kraken source states each NVDAx token 'on sidottu suhteessa 1:1 oikeisii

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”).”

Verifier note: re-adjudicated 2026-08-04T18:19:28.801Z from rejected status | panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The CoinMarketCap content states that each NVDAX token is backed 1:1 by real NVIDIA shares, while the SEC filing identifies NVDA as NVIDIA Corporation common stock. The CoinMarketCap page has a public | anthropic: confirmed — The value asserts the holding is NVIDIA Corporation common stock, disclosed as 1:1 backing, with no as-of/disclosure date. Both cited sources support the stated pieces. The SEC FWP confirms verbatim '

Issuer

Backed Assets

owned by KrakenIssuer
Ownership

Kraken

Backed developed xStocks as the successor to bTokens, preserving underlying exposure while expanding liquidity and onchain utility. The announced range exceeded 55 tokenized stocks and ETFs.

Structural credibility

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

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.

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

{"domains":["coinmarketcap.com","rwa.xyz","backed.fi"]}

Filings & disclosures

Source documents from the issuer, hosted at the original source.

Underlying-company Form 10-Q, filed 2026-05-20 for the period ended 2026-04-26; SEC filing index.

sec.gov

Legal & regulatory structure

Independent layers of protection — the legal wrapper, the asset custodian, and third-party validators.

✓

Legal wrapper

Protects holders if the issuer fails.

Regime
NVDAx operates under Liechtenstein's Blockchain Act and FMA framework. Kraken states xStocks lack local securities-regulator registration.
More
Sources · 2
app.rwa.xyz ↗
“Regulatory Framework Liechtenstein Blockchain Act FMA - Liechtenstein Financial Market Authority”
blog.kraken.com ↗
“Neither this product nor xStocks are or will be registered with any other local securities regulators.”

Verifier note: panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — RWA.xyz identifies NVDAx’s regulatory framework as the Liechtenstein Blockchain Act and the Liechtenstein Financial Market Authority (FMA). Kraken separately states that neither its Opt-In Rewards pro | anthropic: confirmed — Both quotes match the archived sources and answer the slot question about the regulatory regime/licenses. The RWA.xyz page lists under 'Regulatory Framework': 'Liechtenstein Blockchain Act' and 'FMA -

Transfer restrictions
Kraken restricts NVDAx purchases to eligible retail clients in supported countries. The freeze authority can freeze token accounts.Disputed
More

The transfer hook executes custom logic on every transfer.

Sources · 4

Incorporate the default-frozen-account whitelist mechanism; distinguish venue purchase eligibility from on-chain transfer restrictions.

kraken.com ↗
“Vain Krakenin yksityisasiakkaat tietyissä maissa voivat ostaa xStocks-tuotteita, joihin NVDAx lukeutuu.”
explorer.solana.com ↗
“Freeze Authority JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs”
explorer.solana.com ↗
“Enables the authority to make new token accounts as frozen by default upon creation”
explorer.solana.com ↗
“Allow the token program to execute custom instruction logic on every token transfer”

Verifier note: panel 2/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — The sources support that Kraken limits NVDAx purchases to retail clients in specified countries and that the enabled transfer hook runs custom instruction logic on every transfer. However, the cited e | anthropic: confirmed — All three components answer the slot question (restricted jurisdictions, freezable, transfer-control) and are supported by assigned issuer-docs evidence (a required class). (1) The Kraken NVDAx page s | kimi: confirmed — All three parts of the claim are directly supported by the cited archived sources. (1) The Kraken page states in Finnish 'Vain Krakenin yksityisasiakkaat tietyissä maissa voivat ostaa xStocks-tuotteit

Opsec

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

Freeze authority
JDq14BWv…FdxJNs
Mint authority
7Pt9tkct…xrtaCj
Token extensions
[{"name":"permanentDelegate","config":{"state":{"delegate":"5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq"}}},{"name":"defaultAccountState","config":{"state":{"accountState":"initialized"}}},{"name":"transferHook","config":{"state":{"authority":"5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq","programId":null}}}]
More
Sources · 1
Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh

Verifier note: restored by head-to-head over 1cf1a524-0029-44c2-b6b7-94cf676f2888: The new claim directly lists three named security-relevant Token-2022 extensions and their observed configuration, while the incumbent only gives a vague count. Both cite equally weak evidence with no quote, so the new claim is more specific.

Bridge configuration
None
Sources · 3
Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
Authority multisig
None
Sources · 3
Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
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

Unsupported actor and scope: evidence 3e460aa8 says the multiplier is updatable, but does not identify the authority or establish that the issuer or Kraken may update it. It also does not describe a term change without holder consent.

Product conflation: the changeable reward rate concerns the optional Opt-In Rewards program, while discretionary account eligibility and suspension concern Kraken services. The evidence does not establish that these are unilateral changes to NVDAx terms, fees, limits, or eligibility by the issuer.

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.”

Verifier note: re-adjudicated 2026-08-05T23:37:48.449Z from rejected status | panel 2/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The Solana Explorer confirms that NVDAx has an updatable UI-amount multiplier, but this does not establish what the issuer may change under its terms, identify the authority as the issuer, o | anthropic: confirmed — All four claimed quotes are present verbatim (or near-verbatim) in the archived sources and support the composed value. The Solana Explorer's Scaled UI Amount Config entry states 'Allows the token pro | kimi: confirmed — Each sub-claim is directly supported by archived content. (1) The Solana explorer snapshot states the Scaled UI Amount extension 'Allows the token program to scale the UI amount of the token by an upd

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

Add the freeze-by-default and updatable-multiplier powers; state that no multisig/timelock/committee gating is evidenced.

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”

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

    Cannot be substantiated against the provided evidence; at minimum incomplete.

    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.”

    Verifier note: re-adjudicated 2026-08-04T18:24:43.116Z from rejected status | panel 2/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support redemption through Backed and a redemption fee of 0.50% of market price with a USD 100 minimum fee. However, the claim does not fully answer the required exit-path slot: | anthropic: confirmed — The SLOT QUESTION asks for the redemption path facts (method, timing, minimum, fee). This claim describes the Backed redemption path, so it is goal-fit. The Kraken source confirms the method: 'Tokenie | kimi: confirmed — Method is supported: the archived Kraken page states in Finnish that token holders can redeem xStock products through Backed for an additional fee ('Tokenien haltijat voivat lunastaa xStock-tuotteitaa

  • kraken sale

    Kraken clients…
    Kraken clients can sell NVDAx for U.S. dollars, cryptocurrency, or stablecoins on Kraken.Disputed
    More
    Sources · 1

    Unsupported.

    kraken.com ↗
    “Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”

    Verifier note: panel 2/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The Kraken page states the sale method, but the claim does not cover settlement timing, minimum, caps/gates, or fees as required for the exit-path slot. Additionally, evidence class mismatch | anthropic: confirmed — The archived Kraken NVDAx page contains the claimed quote verbatim in its redemption FAQ ('Voinko lunastaa...'): 'Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksu | kimi: confirmed — The cited Kraken NVDAx page states verbatim (in Finnish) that token holders can 'sell them for U.S. dollars, cryptocurrency, or stablecoins directly on the Kraken platform' ('myydä niitä Yhdysvaltojen

Risks & protections

  • Concentration

    Each NVDAx token depends on one NVIDIA share and the regulated third-party custodian holding it

    ⌄
    Each NVDAx token depends on one NVIDIA share and the regulated third-party custodian holding it.Disputed
    More
    Sources · 2

    Remove unless backing and dependency evidence is supplied.

    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.”

    Verifier note: panel 2/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The source states that each NVDAx token is linked 1:1 to real NVIDIA common stock, that xStocks including NVDAx are fully backed by traditional shares, and that those shares are held by a regulated th | anthropic(sub:gpt): confirmed — The source states that each NVDAx token is linked 1:1 to real NVIDIA common stock and that all xStocks, including NVDAx, are fully backed by traditional shares held by a regulated third-party custodia [duplicate actual family allowed by substitution]

  • 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

    One of two cited IDs (29b83c9b) is absent from the corpus. The remaining 67a5e87c is a proxy-statement compensation disclosure (export controls triggering Stretch Compensation Plan goal adjustments), not NVIDIA's own business-risk disclosure. The slot requires grounding in the issuer's risk disclosures; a comp-plan footnote is weak, indirect support for 'the underlying business deteriorates.'

    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”

    Verifier note: panel 2/3 confirmed (sourceDomains=2, disputed) | gpt-family: unsupported — evidence class mismatch | anthropic-family: confirmed — Both material claims are supported by the fetched sources (judged against the union). CoinMarketCap confirms 'NVDAX is a blockchain-based digital token that tracks the price of NVIDIA Corporation (NVD | kimi-family: confirmed — Both material claims are supported by the union of fetched sources, and the load-bearing risk claim rests on required-class evidence. The SEC proxy statement (regulator class, assigned evidence) expli

  • Regulatory

    HSBC filed the offering under Rule 433

    ⌄
    HSBC filed the offering under Rule 433. Regulators have neither approved nor disapproved the Notes.
    More
    Sources · 2
    sec.gov ↗
    “Filed Pursuant to Rule 433 Registration No. 333-277211 June 18, 2026 FREE WRITING PROSPECTUS”
    sec.gov ↗
    “Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy of this document”

    Verifier note: panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — The SEC-hosted filing identifies the document as a free writing prospectus filed pursuant to Rule 433 under Registration No. 333-277211. It also expressly states that neither the SEC nor any state sec | anthropic: confirmed — Both material claims are supported by the fetched FWP. Page 1 shows 'Filed Pursuant to Rule 433 Registration No. 333-277211' confirming HSBC filed the offering under Rule 433, and the disclosure 'Neit

  • 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

    Issuer risk is answerable only for HSBC USA Inc. or Ethena Labs, not for the claimed entities.

    app.rwa.xyz ↗
    “Offered by xStocks”
    coinmarketcap.com ↗
    “The token is a "tracker certificate" issued by entities like Backed Finance.”

    Verifier note: re-adjudicated 2026-08-04T18:21:54.023Z from rejected status | panel 2/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources identify xStocks as the platform, Backed Assets as the issuer, and NVDAx as a tracker certificate, but they do not explain what holders lose or what rights, collateral, custody a | anthropic: confirmed — Both cited quotes are accurate. RWA.xyz states "Offered by xStocks" and lists the Issuer as "Backed Assets" (a Backed Finance entity, domiciled Jersey under the Liechtenstein Blockchain Act). CoinMark | kimi: confirmed — Every material element is supported by the union of sources: (1) 'tracker certificate' is verbatim in the CoinMarketCap source ('The token is a "tracker certificate" issued by entities like Backed Fin

  • Custodian

    Alpaca Securities custody failure could impair the NVIDIA shares backing NVDAx

    ⌄
    Alpaca Securities custody failure could impair the NVIDIA shares backing NVDAx.Disputed
    More
    Sources · 2

    Unsupported by provided evidence.

    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.”

    Verifier note: re-adjudicated 2026-08-04T18:27:28.412Z from rejected status | panel 3/3 confirmed (sourceDomains=2, disputed) | gpt: confirmed — RWA.xyz identifies Alpaca Securities LLC as NVDAx’s custodian, and Kraken states that NVDAx is backed 1:1 by NVIDIA shares held by an external custodian under a custody agreement. Therefore, the state | anthropic: confirmed — The SLOT QUESTION concerns a custodian/operational provider failing and impairing backing assets, and the claim (Alpaca custody failure could impair the NVIDIA shares backing NVDAx) directly addresses | kimi: confirmed — RWA.xyz explicitly lists 'Custodian — Alpaca Securities LLC' (Legal Identifier 0001702580) and 'Traditional Broker — Alpaca Securities' for NVDAx, and Kraken confirms that the underlying NVIDIA shares

  • Credit / counterparty

    HSBC USA Inc

    ⌄
    HSBC USA Inc. bears payment obligations.
    More

    Investors face unsecured issuer credit risk without FDIC insurance or bank guarantees.

    Sources · 3
    sec.gov ↗
    “All payments on the Notes are subject to the credit risk of HSBC USA Inc.”
    sec.gov ↗
    “The purchaser of a Note will acquire a senior unsecured debt security of HSBC USA Inc. linked to the Reference Asset as described below.”
    sec.gov ↗
    “Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value”

    Verifier note: restored by head-to-head over 578abcd3-f897-403d-8341-84ec7388cc15: The new claim directly identifies HSBC USA Inc. as the counterparty whose failure threatens all payments and precisely characterizes holders' exposure as senior unsecured issuer credit risk. Its cited SEC evidence expressly supports the payment obligation, unsecured status, and absence of FDIC insurance or bank guarantees. The incumbent identifies Alpaca Securities LLC as custodian but does not establish from its evidence the legal nature or consequences of Alpaca's failure for holders.

  • 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

    Unsupported by provided evidence.

    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”

Onchain transparency

Token

Mint address
Xsc9qv…mx9qEh

Chain

Network
Solana

Networks & bridges

  • Canonical deployment

    Solana hosts a native Token-2022 issue at mint Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh. The Solana instance is not identified as bridged.
    More
    Sources · 3
    app.rwa.xyz ↗
    “Solana Native Distributed token-2022”
    explorer.solana.com ↗
    “### Token-2022 Mint Refresh Raw Download Address Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh”
    explorer.solana.com ↗
    “## NVIDIA xStock NVDAx”

    Verifier note: panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The Solana Explorer identifies mainnet address Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh as the Token-2022 mint for NVIDIA xStock (NVDAx). RWA.xyz independently lists the Solana NVDAx deployment as | anthropic: confirmed — The RWA.xyz asset page for NVDAx lists the Solana row with Tokenization Type 'Native' and Token Standard 'token-2022', explicitly labeling it as native (not bridged). The Solana Explorer page confirms

Documents

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
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
Research appendix

Plan fulfillment

SlotStatusClasses covered
what it isrejected-retryaggregator, onchain
how it worksrejected-retryaggregator, onchain
token categoryrejected-retryaggregator
holder claimemptynone
underlying compositionrejected-retryaggregator, onchain
underlying structureemptynone
yield sourceemptynone
yield mechanicsemptynone
collateralization ratioemptyonchain
holdingrejected-retrynone
issuer entityrejected-retryaggregator, legal-terms
issuer businessrejected-retryaggregator
launch dateemptynone
operating historyemptynone
backers investorsemptynone
service providersrejected-retrylegal-terms, onchain
key peopleemptynone
issuer incidentsemptynone
regulatory regimeemptynone
legal vehicleemptynone
bankruptcy remoteemptynone
holder rights on failureemptynone
tax treatmentemptynone
transfer restrictionsemptynone
custodiansrejected-retryregulator
attestationsemptynone
attestation frequencyemptynone
auditsemptynone
admin powersemptynone
upgradeabilityemptynone
unilateral changesemptynone
feeemptynone
redemption pathemptynone
redemption minimumemptynone
settlement timeemptynone
redemption capemptynone
risk underlyingemptynone
risk creditemptynone
risk issueremptynone
risk custodianemptynone
risk hackemptynone
risk regulatoryemptynone
risk redemption gateemptynone
risk depegemptynone
risk concentrationemptynone
eligible investorsemptynone
min investmentemptynone
onboarding requirementsemptynone
documentemptynone

Evidence gaps

holder claim — searched, not found: The corpus does not establish the holder's enforceable legal ownership, redemption right, or creditor status.

underlying structure — searched, not found: The corpus provides no dated disclosure of custody concentration, share class, liquidity, or structural restrictions.

yield source — searched, not found: The corpus establishes possible external DeFi uses but no intrinsic NVDAx yield or dated yield-strategy timeline.

yield mechanics — searched, not found: The corpus provides no evidence of NAV accrual, rebasing, distributions, or required staking.

collateralization ratio — searched, not found: The corpus reports 1:1 collateralization but provides no qualifying attestation, audit, or on-chain verification.

holding nvidia stock — searched, not found: The corpus lacks a qualifying dated holding-level attestation, audit, or issuer disclosure.

issuer entity — searched, not found: The corpus names xStocks, Backed Finance, and Final Terms Nr 19 but not the exact issuing legal entity.

launch date — searched, not found: The corpus provides no qualifying dated launch announcement or issuer disclosure.

operating history — searched, not found: The corpus provides no dated operating duration, milestone history, or nonvolatile issuer scale disclosure.

backers investors — searched, not found: The corpus identifies no investors or financial backers of the issuer.

key people — searched, not found: The corpus identifies neither the founding team nor current leadership, including dated departures or role changes.

issuer incidents — searched, not found: The corpus provides no regulator, audit, issuer, or aggregator evidence addressing incidents.

regulatory regime — searched, not found: The corpus provides no qualifying regulator or legal-terms evidence.

legal vehicle — searched, not found: The corpus provides no qualifying legal-terms or registry evidence.

bankruptcy remote — searched, not found: The corpus does not establish bankruptcy remoteness or its mechanism.

holder rights on failure — searched, not found: The corpus does not establish holder claims or insolvency priority.

tax treatment — searched, not found: The corpus provides no disclosed tax treatment.

transfer restrictions — searched, not found: The corpus does not establish eligibility, freezing, or jurisdictional restrictions.

attestations — searched, not found: The corpus provides no qualifying reserve attestation.

attestation frequency — searched, not found: The corpus provides no attestation frequency or latest attestation date.

audits <name> — searched, not found: The corpus provides no qualifying fund or smart-contract audit.

admin powers — searched, not found: The corpus does not identify administrators, privileged powers, or control processes.

upgradeability — searched, not found: The corpus does not establish contract upgradeability, authority, or delay.

unilateral changes — searched, not found: The corpus provides no legal terms governing unilateral changes.

fee <name> — searched, not found: No fee has assigned qualifying legal-terms or issuer-docs evidence.

redemption path direct — searched, not found: The corpus discloses a redemption fee but not the method, settlement timing, minimum, or caps.

redemption minimum — searched, not found: The corpus does not disclose the smallest direct redemption amount.

settlement time — searched, not found: The corpus does not disclose standard direct-redemption settlement timing.

redemption cap — searched, not found: The corpus does not disclose redemption caps, windows, gates, or notice periods.

risk underlying — searched, not found: The corpus contains no qualifying issuer, regulator, or audit disclosure about underlying-asset risk.

risk credit — searched, not found: The corpus identifies backing institutions but does not disclose qualifying credit-risk analysis.

risk issuer — searched, not found: The corpus contains no qualifying disclosure about issuer failure or holder recovery.

risk custodian — searched, not found: The corpus identifies custodians but does not disclose consequences of custodian or provider failure.

risk hack — searched, not found: The corpus identifies smart-contract functions but does not disclose attack surfaces or security controls.

risk regulatory — searched, not found: The corpus contains no qualifying disclosure about registration, restrictions, or regulatory-action impacts.

risk redemption gate — searched, not found: The corpus does not disclose redemption gates or stressed-exit treatment.

risk depeg — searched, not found: The corpus describes price tracking but not depeg causes or historical deviations.

risk concentration — searched, not found: The corpus does not quantify or assess concentration in backing, venues, or operational dependencies.

eligible investors — searched, not found: The corpus does not disclose direct minting or redemption eligibility or excluded jurisdictions.

min investment — searched, not found: The corpus discloses a minimum subscription fee, not a minimum investment.

onboarding requirements — searched, not found: The corpus does not disclose KYC, KYB, whitelisting, thresholds, or onboarding timing.

document final terms — searched, not found: The corpus names the governing final terms but provides neither its date nor original-source URL.

Rejected facts

Source documents
Backed Assets Final Terms Nr 19 (NVDAx) is the instrument's governing terms document.Unverified
More
Sources · 1
app.rwa.xyz ↗
“Terms Backed Assets Final Terms Nr 19 (NVDAx)”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited RWA.xyz page identifies “Backed Assets Final Terms Nr 19 (NVDAx)” under Terms, but the slot requires the document type, date, and URL at the original source. The evidence is an agg | anthropic: confirmed — The archived page from https://app.rwa.xyz/assets/NVDAx displays, under the 'Legal & Regulatory' section, a 'Terms' field with the exact value 'Backed Assets Final Terms Nr 19 (NVDAx)'. This directly

Regulatory
Kraken may apply geographic restrictions that prevent some investors from accessing NVDAx.Unverified
More
Sources · 1
kraken.com ↗
“Maantieteellisiä rajoituksia saatetaan soveltaa.”

Verifier note: lost head-to-head to incumbent 130c7c88-84bf-496b-bc1e-8ff18545fb41: The incumbent directly addresses registration status and regulatory approval, naming HSBC, SEC and state securities commissions, Rule 433, Registration No. 333-277211, and June 18, 2026. Its cited evidence explicitly supports these details. The new claim concerns restricted investors but is vague about affected jurisdictions and investors.

Exit risk
NVDAx subscriptions occur daily. Kraken may apply geographic restrictions.Disputed
More
Sources · 2

app.rwa.xyz ↗
“Subscription Time Daily”
kraken.com ↗
“Maantieteellisiä rajoituksia saatetaan soveltaa.”

Verifier note: re-adjudicated 2026-08-05T23:36:35.151Z from rejected status | panel 0/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The cited sources support daily subscriptions and possible geographic restrictions, but those facts do not answer the slot question about redemption caps, gating mechanisms, redemption windo | anthropic: unsupported — goal-fit: Both quotes are individually accurate — the RWA.xyz page does show "Subscription Time / Daily" (and "Redemption Time / Daily"), and the Kraken page footer does contain "Maantieteellisiä rajo | kimi: unsupported — goal-fit: the claim is factually true but does not answer the slot question, which asks about redemption gates — caps, windows, notice periods, and what happens under mass exit. RWA.xyz supports 'Subs

Final terms document
Backed Assets Final Terms Nr 19 (NVDAx) governs NVDAx.Disputed
More
Sources · 1

app.rwa.xyz ↗
“Terms Backed Assets Final Terms Nr 19 (NVDAx)”

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — The archived content from the cited source (https://app.rwa.xyz/assets/NVDAx) contains, under the 'Terms' heading in the Legal & Regulatory section, the exact string 'Backed Assets Final Terms Nr 19 ( | gpt: unsupported — evidence class mismatch

If the issuer fails
Third-party depositories control the underlying shares under custody agreements excluding Kraken. Holders lack ownership of those shares.Unverified
More

The creditor waterfall remains undisclosed.

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 ↗
“Kyllä. Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Ulkopuoliset talletuslaitokset suojaavat kaikki perustana olevat osakkeet siten kuin on sovittu säilytyssopimuksessa, jossa Kraken ei ole osapuolena.”

Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources support third-party custody under an agreement to which Kraken is not a party and support that token holders do not own, or receive shareholder rights in, the underlying shares. | anthropic: confirmed — Every material claim is supported by the fetched Kraken NVDAx pages (union of sources). (1) 'Third-party depositories control the underlying shares under custody agreements excluding Kraken' is direct

Vehicle
The NVDAx issuer is domiciled in Jersey, Channel Islands. Payward Digital Solutions Ltd., a Bermuda exempted company, provides Annex J xStocks services.Unverified
More
Sources · 2
app.rwa.xyz ↗
“Domicile Jersey, Channel Islands Regulatory Framework Liechtenstein Blockchain Act FMA - Liechtenstein Financial Market Authority Dispute Resolution Country Jersey, Channel Islands”
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.”

Verifier note: re-adjudicated 2026-08-05T23:36:15.271Z from rejected status | panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources identify the issuer’s domicile as Jersey and Payward Digital Solutions Ltd. as the Bermuda company providing Annex J services, but they do not identify the legal wrapper protecti | anthropic: unsupported — goal-fit: The SLOT QUESTION asks for the legal wrapper protecting holders (LP, trust, SPV, foundation) and its jurisdiction. The claim's quotes are individually supported — the RWA.xyz page does state

Admin powers
Token authorities can freeze new accounts, transfer or burn holder tokens, pause activity, execute transfer hooks, and rescale displayed balances.Disputed
More
Sources · 5

Unsupported by provided evidence; the capability claims collapse if the extensions list is not evidenced.

explorer.solana.com ↗
“Allows the token program to scale the UI amount of the token by an updatable multiplier”
explorer.solana.com ↗
“Allows the token program to pause all interactions including transfers, mints, and burns”
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 ↗
“Allow the token program to execute custom instruction logic on every token transfer”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source confirms that the mint has enabled freeze/default-frozen, permanent-delegate, pausable, transfer-hook, and scaled-UI extensions, and it identifies mint and freeze-authority addres | anthropic: unsupported — goal-fit: Every capability listed in the claim is directly and accurately supported by the fetched Solana Explorer page. The five quotes match verbatim: scaledUiAmountConfig ('Allows the token program

Custodians
Regulated institutions, including BitGo and Alpaca Securities, hold backing NVDA shares. Kraken is not party to their custody agreement.Disputed
More
Sources · 4

Drop the missing id and add the segregation detail the slot mandates, or note segregation as undisclosed.

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.”
kraken.com ↗
“Kyllä. 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”

Verifier note: re-adjudicated 2026-08-05T23:48:11.481Z from rejected status | panel 1/3 confirmed (sourceDomains=3, disputed) | gpt: unsupported — goal-fit: The sources support Alpaca Securities LLC as custodian, describe the third-party custodian generically as regulated, mention BitGo only in a caution-labeled CMC AI example, and state that Kr | anthropic: confirmed — The claim is a custody-attribution list, and every item is supported by the union of the fetched sources — it directly answers the SLOT QUESTION (who holds the underlying, their regulated status, and | kimi: unsupported — Alpaca Securities is well supported (RWA.xyz names 'Alpaca Securities LLC' as Custodian; CMC also names it), and Kraken's own page confirms Kraken is not a party to the custody agreement. BitGo, howev

Networks
NVDAx deploys natively on Solana, Ethereum, Arbitrum, Ink, HyperEVM, Optimism, BNB Chain, and Mantle.Unverified
More
Sources · 8
app.rwa.xyz ↗
“Solana Native Distributed token-2022”
app.rwa.xyz ↗
“Ethereum Native Distributed ERC-20”
app.rwa.xyz ↗
“Arbitrum Native Distributed ERC-20”
app.rwa.xyz ↗
“Ink Native Distributed ERC-20”
app.rwa.xyz ↗
“HyperEVM Native Distributed ERC-20”
app.rwa.xyz ↗
“Optimism Native Distributed ERC-20”
app.rwa.xyz ↗
“BNB Chain Native Distributed ERC-20”
app.rwa.xyz ↗
“Mantle Native Distributed ERC-20”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — The archived RWA.xyz aggregator lists all eight networks as “Native,” but no fetched issuer documentation, verified on-chain deployment evidence, or audit substantiates those entries. Aggregator-only | anthropic: confirmed — The rwa.xyz NVDAx page's Tokens table lists exactly the eight networks in the claim — Solana (token-2022), Ethereum, Arbitrum, Ink, HyperEVM, Optimism, BNB Chain, and Mantle — each labeled 'Native' wi

Legal entity
Backed FinanceUnverified
More
Sources · 2
coinmarketcap.com ↗
“The token is a "tracker certificate" issued by entities like Backed Finance.”
app.rwa.xyz ↗
“Inception Date 06/20/2025”

Verifier note: panel 0/2 confirmed (sourceDomains=2) | gpt: contradicted — The legal-entity-specific source identifies the issuer as “Backed Assets,” not “Backed Finance.” The CoinMarketCap wording—“issued by entities like Backed Finance”—is vague, non-exclusive, and does no | anthropic: contradicted — The claim sets issuer_entity = 'Backed Finance'. The authoritative RWA.xyz registry explicitly lists the Issuer as 'Backed Assets' (with Issuer LEI 984500001AB7C6C7F577, domicile Jersey, Channel Islan

Service providers
Alpaca Securities LLC — custodian of underlying shares.Disputed
More
Sources · 1

Remove Alpaca; the only named service/distribution entity in the corpus is Payward Europe Digital Solutions (CY) Ltd.

app.rwa.xyz ↗
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”

Verifier note: lost head-to-head to incumbent 179e9f92-04a4-4fb9-8047-4e5bcf2bebb1: Both claims directly identify Alpaca Securities LLC as custodian and cite identical evidence supporting legal identifier 0001702580. The new claim adds 'of underlying shares,' which its evidence does not expressly support. With evidence quality otherwise tied, the incumbent wins.

Operating history
NVDAx began on June 20, 2025.Unverified
More
Sources · 2
app.rwa.xyz ↗
“Inception Date 06/20/2025”
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.”

Verifier note: re-adjudicated 2026-08-05T23:37:04.574Z from rejected status | panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: RWA.xyz lists NVDAx’s product inception date as 06/20/2025, but this does not establish how many years the issuer, Backed Assets, has operated. Backed’s May 22, 2025 announcement only says x | anthropic: confirmed — The RWA.xyz archived page for NVDAx explicitly lists 'Inception Date 06/20/2025', directly supporting the claim that NVDAx's operating history began on June 20, 2025. This answers the SLOT QUESTION ab

Launched
2025-06-20Unverified
More
Sources · 1
app.rwa.xyz ↗
“Inception Date 06/20/2025”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The only fetched content is an aggregator page stating an “Inception Date” of 06/20/2025. It neither explicitly identifies that date as the token/product launch date nor provides evidence fr | anthropic: confirmed — The archived RWA.xyz page for NVIDIA xStock (NVDAx) lists 'Inception Date 06/20/2025', which matches the claimed launch_date of 2025-06-20. Inception date directly answers the slot question of when th

Holdings
100% of disclosed backing consists of NVIDIA Corporation Common Stock at one share per NVDAx token.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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports that each NVDAx token is backed 1:1 by NVIDIA Corporation Common Stock and that NVDAx is fully collateralized by traditional shares. However, the atomic holding value omi | anthropic: confirmed — Both cited quotes appear verbatim in the archived Kraken NVDAx page. The source states each NVDAx token is pegged 1:1 to real NVIDIA Corporation Common Stock shares held by a third-party custodian ('s

Yield mechanics
Kraken credits opted-in holders weekly in the same xStock. Disclosed evidence does not establish automatic NAV accrual or rebasing.Unverified
More
Sources · 1
blog.kraken.com ↗
“With Opt-In Rewards, we reward you on a weekly basis for holding those xStocks on the platform.”

Verifier note: lost head-to-head to incumbent 4b3f33ac-08c9-4039-97a5-18f55b0b066f: The incumbent directly specifies the required opt-in step, weekly frequency, payment in the same xStock, and an increase in token quantity rather than NAV. Its own cited evidence supports opt-in eligibility, weekly rewards, and same-xStock payment, making it more specific and better supported.

Yield source
Holder returns primarily reflect NVIDIA share-price changes and applicable dividends. Kraken separately offers opt-in rewards, but disclosed evidence does not identify their economic source.Disputed
More
Sources · 3

Consolidate into one resolution.

kraken.com ↗
“xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support that NVDAx tracks the underlying NVIDIA share value, is 1:1 backed, and can provide applicable dividends; they also support a separate opt-in program paying up to 1% week | anthropic: confirmed — goal-fit: the claim directly answers the slot question about the economic source of holder returns — it states the primary return is NVIDIA share-price movement plus applicable dividends, and specific

Reserve composition
NVIDIA Corporation Common Stock represents 100% of disclosed backing at a one-share-per-token valuation basis. No residual reserve category is disclosed.Disputed
More
Sources · 2

Resolve — either state the qualified backing with its lack of dated attestation, or mark unknown, not both.

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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source supports NVIDIA Corporation Common Stock as the disclosed backing and a 1:1 share-per-token basis, with no other reserve category stated. However, neither the claim nor the cited | anthropic: confirmed — The claim answers the SLOT QUESTION on reserve composition: asset class = NVIDIA Corporation Common Stock, disclosed share = 100%, valuation basis = one share per token (1:1), residual = none disclose

Composition
Each NVDAx represents exposure to one NVIDIA Corporation Common Stock share held by a third-party custodian.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 ↗
“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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources support that each NVDAx is backed 1:1 by NVIDIA Corporation Common Stock held by a regulated third-party custodian. However, the narrative does not provide the required as-of dat | anthropic: confirmed — Both fetched Kraken sources contain the quoted text verbatim: each NVDAx token is pegged 1:1 to real NVIDIA Corporation Common Stock shares held by an external (third-party) custodian ('sidottu suhtee

Underlying issuer
NVIDIA CorporationDisputed
More
Sources · 2

Drop the phantom citation.

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.”
sec.gov ↗
“NVIDIA CORPORATION 2788 SAN TOMAS EXPRESSWAY SANTA CLARA, CALIFORNIA 95051 (408) 486-2000”

Verifier note: lost head-to-head to incumbent 20d99bbd-99a2-4cbf-930b-dc84c43b2a33: Both claims directly provide the identical legal entity name, NVIDIA Corporation, and each is supported by its own Kraken and SEC evidence. Because specificity and evidentiary quality are tied, the incumbent wins.

Category
tokenized-equityDisputed
More
Sources · 2

Recite b4ecdd00 only, or add a real id.

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 ↗
“Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita.”

Verifier note: lost head-to-head to incumbent 865bc0f1-a45a-4ce2-a357-03b2c23c50bf: Both claims identically classify the underlying asset as tokenized-equity and cite identical evidence naming NVIDIA Corporation Common Stock and 1:1 backing by custodied shares. Quality is tied, so the incumbent wins.

Token extensions
3 sensitive extensionsUnverified
More
Sources · 1
Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh

Verifier note: lost head-to-head to incumbent a27ea24f-02e0-4dca-8d1a-d9b7c9ee5dfa: The new claim directly lists three named security-relevant Token-2022 extensions and their observed configuration, while the incumbent only gives a vague count. Both cite equally weak evidence with no quote, so the new claim is more specific.

Canonical deployment
Solana hosts a native, non-bridged Token-2022 mint at Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh; cross-chain canonical status remains unresolved.Unverified
More
Sources · 2
explorer.solana.com ↗
“### Token-2022 Mint Refresh Raw Download Address Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh”
coinmarketcap.com ↗
“Smart contracts on supported blockchains govern the minting and burning of tokens.”

Verifier note: re-adjudicated 2026-08-05T23:40:33.351Z from rejected status | panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The Solana Explorer confirms that Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh is a mainnet Token-2022 mint for NVIDIA xStock. However, neither source identifies the canonical chain or explic | anthropic: unsupported — The Solana Explorer archive confirms a Token-2022 mint (NVIDIA xStock / NVDAx) at Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh, with its own mint authority (7pt9tk...), freeze authority, current supply

Transfer restrictions
xStocks exclude United States users and impose additional geographic restrictions.Disputed
More
Sources · 1

Misreading/overscope. Evidence 4eb9fc8e is specifically about the 'Opt-In Rewards' product availability ('Not available in the US and other geographic restrictions apply'), not xStocks transfer or holding restrictions generally. Generalizing a rewards-availability note into a blanket 'xStocks exclude United States users' transfer restriction overstates what the single cited item supports.

blog.kraken.com ↗
“Not available in the US and other geographic restrictions apply.”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited disclaimer confirms that the xStocks Opt-In Rewards product is unavailable in the US and subject to other geographic restrictions, but it does not establish transfer restrictions f | anthropic: unsupported — goal-fit: The quote 'Not available in the US and other geographic restrictions apply.' is verbatim-accurate in the source, but its subject is the Opt-In Rewards program (offered via Payward Digital So

Regime
xStocks are not registered with local securities regulators; product regulation and protections vary by jurisdiction.Disputed
More
Sources · 2

Omission. The slot explicitly asks for 'licenses held', but the synthesis ignores available licensing evidence: Payward entities regulated by the Central Bank of Ireland (d4f29fca, be22ea22, 61b05368, c3f55d18) and Payward Services Limited authorised as an FCA Electronic Money Institution FRN 1010381 (1b9d447a). At minimum the distributor regulatory status should be noted.

blog.kraken.com ↗
“Neither this product nor xStocks are or will be registered with any other local securities regulators.”
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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — Both claimed quotes appear verbatim in the archived source content. The Kraken blog post explicitly states: "Neither this product nor xStocks are or will be registered with any other local securities

Structure & quality
The reserve concentrates entirely in NVIDIA Corporation Common Stock. Equity has no maturity or stated credit quality.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 ↗
“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.”

Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — The sources support 1:1 backing by NVIDIA Corporation Common Stock held by a third-party custodian and describe NVDAx as fully collateralized, supporting single-name concentration. They also state no | anthropic: confirmed — The claim answers the SLOT QUESTION on concentration, maturity, and credit quality. Concentration: both sources state each NVDAx token is backed 1:1 by NVIDIA Corporation Common Stock held by a third- | gpt: unsupported — goal-fit: The sources support 1:1 backing by NVIDIA Corporation Common Stock and disclose no credit rating. However, the narrative omits the underlying’s duration/maturity profile, so it does not full

Holder's claim
Indirect economic exposure with no ownership, voting, information, or other shareholder rights in the underlying shares.Disputed
More
Sources · 3

Omits the legal wrapper: ev 6e15ea26 characterizes the token as a 'tracker certificate' issued by Backed Finance. 'Indirect economic exposure' captures the economics but not what the holder legally owns (a certificate / issuer claim). Slot asks specifically what the holder legally owns.

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 ↗
“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 ↗
“Sijoittaminen xStockeihin ei ole sama asia kuin jos sijoittaisit suoraan perustana olevaan osakkeeseen.”

Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The Kraken page supports indirect price exposure and the absence of ownership, voting, information, and other shareholder rights in the underlying shares. However, it does not answer what th | anthropic: confirmed — The archived Kraken NVDAx page directly supports every element of the holder_claim. It states investment enables indirect exposure without ownership of the underlying share ('Kaupankäynti näillä tuott

Onboarding
Investors must open a Kraken account, confirm jurisdictional eligibility, and complete account verification before purchasing NVDAx.Disputed
More
Sources · 1

Remove unless onboarding evidence is supplied.

kraken.com ↗
“Avaa Kraken-sovellus ja vahvista kelpoisuutesi ja suorita tilin varmennuksen vaiheet.”

Verifier note: lost head-to-head to incumbent f8459483-e1f3-4aeb-809d-79df70c31e4f: Both claims directly address KYC/KYB steps and cite identical evidence, but the new claim adds 'jurisdictional' eligibility, which its evidence does not explicitly support. The incumbent more precisely matches its cited evidence; ties also favor the incumbent.

Who can hold/mint
Kraken permits verified retail clients in eligible countries to buy NVDAx; disclosed materials do not define direct-redemption eligibility.Disputed
More
Sources · 2

Remove unless the cited eligibility materials are supplied.

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.”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source supports only Kraken secondary-purchase eligibility: retail clients in certain permitted countries must complete account verification. It does not identify investor classes, accre | anthropic(sub:gpt): unsupported — goal-fit: The source describes eligibility to buy NVDAx through Kraken—retail clients in certain countries who complete account verification—but does not establish investor classes, KYC tiers, or excl [duplicate actual family allowed by substitution]

Depeg / liquidity
Fees can make NVDAx redemption value underperform direct ownership of NVIDIA shares.Disputed
More
Sources · 1

Do not use this evidence alone as a depeg-risk candidate.

kraken.com ↗
“Näin ollen xStock-omistustesi arvo lunastushetkellä voi olla pienempi kuin potentiaalinen tuotto, jonka olisit voinut saada, jos olisit omistanut perustana olevia yrityksen osakkeita saman ajanjakson ajan.”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited issuer page explicitly supports that xStock fees can make NVDAx redemption value lower than the potential return from holding NVIDIA shares directly. However, this concerns redempt | anthropic(sub:gpt): unsupported — goal-fit: The cited Kraken issuer page explicitly supports that xStock fees can make NVDAx’s value at redemption lower than the potential return from directly owning NVIDIA shares. However, this conce [duplicate actual family allowed by substitution]

Hack / smart contract
Solana authorities can freeze accounts, pause transfers, and transfer or burn holders' NVDAx tokens.Disputed
More
Sources · 3

Remove unless token-control evidence is supplied and identify the actual authority rather than attributing powers generically to Solana.

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”

Verifier note: lost head-to-head to incumbent d1707b6b-18dc-45a2-9588-f2893c8ba9ad: The incumbent directly addresses Solana's on-chain attack surface and is broader and better supported by its own evidence: it identifies mint and freeze authorities and documents pause, permanent-delegate, and transfer-hook capabilities. The new claim is narrower, and its frozen-by-default evidence does not by itself establish a general authority to freeze existing holder accounts.

Custodian
Alpaca Securities holds the backing shares under a custody arrangement that excludes Kraken.Disputed
More
Sources · 2

Remove unless custody and failure-impact evidence is supplied.

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.”

Verifier note: lost head-to-head to incumbent 59672b84-8dc1-44ac-9980-a5843fee064d: The incumbent directly answers the failure-risk slot by stating that failure of the named custodian, Alpaca Securities, could impair the NVIDIA shares backing NVDAx. Its evidence identifies Alpaca Securities LLC and legal identifier 0001702580 as custodian and confirms that third-party custodians safeguard the underlying shares under an agreement excluding Kraken. The new claim describes the custody arrangement but does not state the consequence of provider failure.

Underlying / economic
NVDAx holders can lose their entire investment when NVIDIA shares decline.Disputed
More
Sources · 2

Do not infer total-loss exposure from the supplied evidence.

kraken.com ↗
“xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
kraken.com ↗
“Kun sijoitat xStockeihin, kuten NVDAx, pääomaasi kohdistuu riski ja voit menettää koko summan, jonka olet sijoittanut mihin tahansa ostamaasi xStockiin.”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The issuer confirms that NVDAx value tracks the underlying NVIDIA shares and that investors can lose their entire investment. However, it does not say that a decline in NVIDIA shares—without | anthropic(sub:gpt): unsupported — goal-fit: Kraken supports that NVDAx gains or loses value relative to NVIDIA shares and that an investor can lose the entire amount invested. However, the claim does not identify deterioration in NVID [duplicate actual family allowed by substitution]

Exit paths
Holders sell NVDAx on Kraken for US dollars, cryptocurrency, or stablecoins.Disputed
More
Sources · 1

Remove unless evidence establishes both the sale mechanism and its treatment as an exit path under this slot.

kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source expressly supports the stated Kraken sale method and settlement assets, but the value does not fully answer the required exit-path slot: it omits settlement timing, minimum, caps/ | anthropic(sub:gpt): unsupported — goal-fit: The source explicitly supports the method: holders may sell xStocks directly on Kraken for U.S. dollars, cryptocurrency, or stablecoins. However, the value does not answer the required exit- [duplicate actual family allowed by substitution]

Exit paths
Holders redeem NVDAx through Backed for a 0.50% fee, subject to a USD 100 minimum fee.Disputed
More
Sources · 2

Remove unless the cited evidence is supplied and directly supports the full path, including method, settlement timing, minimum, caps or gates, and fee.

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.”

Verifier note: lost head-to-head to incumbent 8eb417b3-99ad-47e8-8546-4ecb0854264a: The claims are substantively equivalent and cite identical evidence. Both identify Backed, the 0.50% redemption fee, and the USD 100 minimum fee, while neither covers settlement timing or caps/gates. Because quality is tied, the incumbent wins.

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.”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The Kraken announcement supports that Mark Greenberg is Kraken’s Global Head of Consumer and publicly ties him to xStocks Opt-In Rewards, which answers the slot question. However, it does no | anthropic(sub:gpt): unsupported — goal-fit: The Kraken announcement supports that Mark Greenberg is Kraken’s Global Head of Consumer and publicly ties him to xStocks Opt-In Rewards, which answers the key-people slot. It does not estab [duplicate actual family allowed by substitution]

What the issuer does
Backed develops tokenized securities, including xStocks representing more than 55 stocks and ETFs. xStocks supports Kraken distribution and Solana DeFi integrations.Disputed
More
Sources · 2

Separate announced product scope and planned distribution/integration from established business operations.

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.”

Verifier note: registry: superseded

How it works
Eligible Kraken clients buy NVDAx using dollars, cryptocurrency, or stablecoins. NVIDIA share-price movements drive token value.Disputed
More

Holders exit through Kraken sales, compatible-wallet withdrawals, or fee-bearing Backed redemption.

Sources · 4

Most of the acquisition and redemption lifecycle is unsupported by the supplied evidence.

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 ↗
“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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support eligibility, purchases with USD/crypto/stablecoins, value exposure to NVIDIA share-price movements, Kraken sales, compatible-wallet withdrawals, and fee-bearing Backed re | anthropic(sub:gpt): confirmed — The sources support each lifecycle element: geographically eligible, verified Kraken retail clients can acquire NVDAx using U.S. dollars, cryptocurrency, or stablecoins; NVDAx provides indirect exposu [duplicate actual family allowed by substitution]

Credit / counterparty
NVDAx depends on Alpaca Securities holding the NVIDIA shares that collateralize each token.Disputed
More
Sources · 2

Unsupported and overlaps risk_custodian; not a genuine credit disclosure.

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.”

Verifier note: lost head-to-head to incumbent df757102-e0cc-4da5-a45b-3c05d74c541b: The new claim directly identifies HSBC USA Inc. as the counterparty whose failure threatens all payments and precisely characterizes holders' exposure as senior unsecured issuer credit risk. Its cited SEC evidence expressly supports the payment obligation, unsecured status, and absence of FDIC insurance or bank guarantees. The incumbent identifies Alpaca Securities LLC as custodian but does not establish from its evidence the legal nature or consequences of Alpaca's failure for holders.

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”

Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited Solana Explorer page supports that the address is a Token-2022 mint, but the claim does not provide the key document’s required type (prospectus/terms/attestation/audit/fact-sheet) | anthropic: unsupported — goal-fit: The slot question asks for a key document classified as one of {prospectus/terms/attestation/audit/fact-sheet} with a date and original-source URL. While the archived Solana Explorer page do | kimi: unsupported — goal-fit: the slot requires key documents of type prospectus/terms/attestation/audit/fact-sheet with a date and source URL. The claimed 'document' is a Solana Explorer on-chain Token-2022 mint record,

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

Unverifiable.

app.rwa.xyz ↗
“Backed Assets Final Terms Nr 19 (NVDAx)”

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — The fetched rwa.xyz page for NVDAx contains, under the 'Legal & Regulatory' > 'Terms' field, the exact string 'Backed Assets Final Terms Nr 19 (NVDAx)', matching the claimed quote verbatim. This estab | kimi: unsupported — goal-fit: the slot requires one fact per key document giving type, date, and the URL at the original source; the claim itself concedes date undisclosed and original-source URL unavailable, so it does

Source documents
Product page, date undisclosed, https://www.kraken.com/mx/xstocks/nvdaxDisputed
More
Sources · 3

Internal inconsistency across slots.

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.”

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — goal-fit: The archived content is genuinely this Kraken NVDAx page and all three quoted passages appear verbatim in it, so the quotes themselves are supported. However, the SLOT QUESTION requires each | kimi: confirmed — The archived snapshot is exactly the Kraken NVDAx product page at the claimed URL (kraken.com/mx/xstocks/nvdax), containing product description, FAQ, and risk disclosures — consistent with the claimed

Issuer failure
NVDAx gives holders indirect NVIDIA exposure without ownership, voting, information, or other shareholder rights.Disputed
More
Sources · 3

Wrong slot and unsupported; issuer-failure/what-survives is unanswered.

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.”

Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited Kraken page supports that NVDAx provides indirect NVIDIA exposure without ownership, voting, information, or other underlying-shareholder rights. However, this describes the ordina | anthropic: unsupported — goal-fit: The SLOT QUESTION asks what holders lose and what survives if the issuer itself fails, is fraudulent, or walks away (counterparty/insolvency risk). The claim instead describes the nature of | kimi: unsupported — evidence class mismatch. The claim's substance (indirect exposure; no ownership, voting, information, or other shareholder rights) is accurately reflected on the Kraken NVDAx product page, but that pa

Exit paths
Token holders can exit through Raydium or Jupiter swaps on Solana, subject to available market liquidity.Disputed
More
Sources · 2

Overreach; evidence shows secondary trading occurred, not a redemption mechanism.

explorer.solana.com ↗
“Raydium Clmm: Swap V2”
explorer.solana.com ↗
“Associated Token Program: Create Idempotent Jupiter: Route Token Program: Transfer Checked”

Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited transaction-history snippets show successful Raydium and Jupiter-labeled instructions involving the token, but they do not establish that token holders can exit, identify the swaps | anthropic: unsupported — goal-fit: The slot demands, per disclosed exit path, method + settlement timing + minimum + caps/gates + fee. The claim only asserts that holders can swap on Raydium/Jupiter 'subject to available mark | kimi: unsupported — The archived explorer history shows one successful "Raydium Clmm: Swap V2" and one "Jupiter: Route" transaction touching the token's address, which establishes that the token appears in Raydium/Jupite

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”

Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The explorer confirms that the mint uses an updatable UI-display multiplier, but it does not answer what the issuer may change without holder consent under its legal terms. The cited materia | anthropic: unsupported — evidence class mismatch | kimi: unsupported — evidence class mismatch

What it is
NVDAx is an xStocks tokenized equity tracking NVIDIA Corporation common stock. Each token has 1:1 backing by custodied NVIDIA shares.Unverified
More

Holders receive indirect price exposure and redemption access, but no ownership or shareholder rights in those shares.

Sources · 5
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.”
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 ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
kraken.com ↗
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”

Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | kimi: confirmed — Every material claim is supported by the archived Kraken page (assigned as issuer-docs, satisfying the required evidence class). The page states NVDAx is an xStocks tokenized share representing NVIDIA

Minimum investment
1000Unverified
More
Sources · 1
sec.gov ↗
“|Principal Amount|$1,000 per Note|”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: “$1,000 per Note” states the principal amount or denomination of each Note, not a minimum initial subscription or purchase requirement. | anthropic: unsupported — evidence class mismatch

Concentration
NVDAx concentrates underlying exposure in one company, NVIDIA Corporation, whose common stock trades under NVDA.Disputed
More
Sources · 2

These two facts are the only NVDA-linked evidence present, and they belong to the HSBC USA Autocallable Notes.

sec.gov ↗
“The common stock of NVIDIA Corporation (Ticker: NVDA) (the “Company”).”
sec.gov ↗
“The common stock of the Company trades on150 the Nasdaq Global Select Market under the symbol “NVDA.””

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — The SEC filing establishes that the described HSBC notes have a single Reference Asset—NVIDIA Corporation common stock—and that the stock trades under NVDA. However, it never identifies or discusses “ | anthropic: confirmed — The SEC free writing prospectus (regulator-class, an assigned required evidence class) directly states the Reference Asset is 'The common stock of NVIDIA Corporation (Ticker: NVDA) (the "Company").' a | gpt: unsupported — goal-fit: The SEC-filed prospectus supports that NVIDIA Corporation common stock trades on the Nasdaq Global Select Market under “NVDA,” but this identification fact does not address concentration in

Exit paths
Backed charges 0.50% of market price, subject to a $100 minimum fee, for direct redemption.Disputed
More
Sources · 1

The corpus contains no redemption-fee data for any NVDAx/Backed product; this candidate must be dropped.

app.rwa.xyz ↗
“Redemption fee is 0.50% of market price with a minimum of USD 100.”

Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — evidence class mismatch

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.”

Verifier note: re-adjudicated 2026-08-05T23:44:56.198Z from rejected status | panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources describe NVDAx as tracking NVIDIA stock and CMC AI says it is backed 1:1 by NVIDIA shares, but neither provides a dated holding disclosure establishing NVIDIA common stock as the | anthropic: confirmed — Both cited sources support that NVDAx's underlying reference is NVIDIA Corporation stock. RWA.xyz states 'Tokenized version of NVIDIA Corporation.' and CoinMarketCap states NVDAX 'tracks the price of

Collateralization
100%Unverified
More
Sources · 1
coinmarketcap.com ↗
“Price tracking is maintained through this 1:1 collateralization and arbitrage mechanisms, with oracles feeding real-time stock data on-chain.”

Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch: The slot requires attestation, audit, or onchain evidence (assigned 4da6a72a=onchain). The only cited source is a CMC AI-generated explainer article on CoinMarketCap, which do | kimi-family: unsupported — evidence class mismatch: the dossier requires attestation, audit, or onchain evidence for ts:underlying/collateralization_ratio, but the archived source is a CoinMarketCap AI-generated explainer artic

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.”

Verifier note: re-adjudicated 2026-08-05T23:41:17.063Z from rejected status | panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources describe NVDAX as tracking NVIDIA stock and being backed 1:1 by NVIDIA shares, but the claimed holding fact provides neither a portfolio weight nor an as-of date, both required b | anthropic: unsupported — The bare description 'Tokenized version of NVIDIA Corporation' is confirmed by RWA.xyz, but the specific claim value hinges on two things the fetched sources do not solidly support. (1) 'NVIDIA Corpor

Run operations

Issuer entity f70188e0-f174-4fd1-a5f1-a932060a61bb · last updated 2026-08-05T22:51:17.263Z

Underlying issuer entity 640efa44-6951-4556-9874-47f2dd11e22a · last updated 2026-08-05T12:34:35.537Z

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

discover · claude · ok · 160s · 55 links

discover · codex · ok · 130s · 88 links

ingest · ingest · weak

plan · plan · ok

synthesize · synthesize · ok

Coverage

26 of 43 fields verified · 0 unverified · 42 not found

Run 2026-08-04T06:47:35.212Z · done · cost $0.00

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

Jul 28, 26
Aug 5, 26
$11.4K$11.1K$10.7K$10.3K$9.96K$9.58K
May 5, 26May 28, 26Jun 20, 26Jul 13, 26Aug 5, 26
$12.3K$11.7K$11.1K$10.6K$9.98K$9.41K
Feb 5, 26Mar 22, 26May 7, 26Jun 21, 26Aug 5, 26
$14K$13K$12K$11K$10K$9.1K
Jan 1, 26Feb 24, 26Apr 19, 26Jun 12, 26Aug 5, 26
$13K$12K$11K$10K$9.3K$8.4K
Aug 5, 25Nov 4, 25Feb 4, 26May 6, 26Aug 5, 26
$14K$13K$12K$11K$9.8K$8.8K
Jul 11, 25Oct 17, 25Jan 22, 26Apr 30, 26Aug 5, 26
$3M$2M$1M$900K$300K-$300K
NVDAX+2.33%
Benchmark unavailable—
1 yr
NVDAX+1.76%
Benchmark unavailable—
Since inception
NVDAX+52.28%
Benchmark unavailable—

+17.76%

+23.27%

+21862.64%

Benchmark

Benchmark unavailable

1 mo
NVDAX+12.22%
Benchmark unavailable—
3 mo
NVDAX+3.84%
Benchmark unavailable—
6 mo
NVDAX+18.39%
Benchmark unavailable—
YTD
NVDAX+17.76%
Benchmark unavailable—
1 yr
NVDAX+23.27%
Benchmark unavailable—
Since inception
NVDAX+21862.64%
Benchmark unavailable—

Verifier note: panel 2/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The on-chain explorer supports the named mint and freeze authorities and the generic capabilities of the enabled permanent-delegate and pausable extensions. However, the narrative does not i | anthropic: confirmed — The claim identifies who holds admin powers over the token, directly answering the slot question about pause/freeze/upgrade powers. Each material claim is supported by the fetched Solana Explorer (onc | kimi: confirmed — All material claims are directly supported by the archived Solana Explorer on-chain snapshot: (1) Mint Authority 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj is shown verbatim on the mint page; (2) Fr

explorer.solana.com ↗
“Allow the token program to execute custom instruction logic on every token transfer”

Verifier note: panel 2/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The archived Solana Explorer evidence identifies NVDAx as a Token-2022 mint with active mint and freeze authorities and shows the permanent-delegate, pausable-config, and transfer-hook extensions as e | anthropic: confirmed — The claim asserts NVDAx exposes holders to mint, freeze, pause, transfer-hook, and permanent-delegate authority risks. This directly addresses the SLOT QUESTION's on-chain attack surface (mint contrac