Assets/NVDAX

NVIDIA xStock

NVDAX

NVIDIA stock

EquityRWABacked Assets

NVDAx is an xStocks tokenized-equity product tracking NVIDIA Corporation Common Stock. Regulated third-party custody holds one real share per token.

Read more

NVDAx is an xStocks tokenized-equity product tracking NVIDIA Corporation Common Stock. Regulated third-party custody holds one real share per token.

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

◇

Underlying

NVIDIA stock

30d return

+8.63%

◫

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

✓

Proof of reserves

XStocks publishes collateral proof of reserves through its DeFi portal; the evidence does not identify the attestation provider

Sources · 1
docs.xstocks.fi ↗
“Proof of reserves is publicly available.”

Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — The cited FAQ states that collateral backing is publicly verifiable and that proof-of-reserves information is available through the xStocks DeFi portal. The archived evidence names no attestation prov | anthropic: confirmed — The archived FAQ directly supports both components of the claim. It states 'Proof of reserves information is available through the xStocks DeFi portal' and 'Collateral backing is publicly verifiable,'

NVDAX price

$224.68

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

8.63% 30d return

$11,262.60

+$1,262.60
Jul 7, 26Jul 15, 26Jul 22, 26

$10,494.16

+$494.16

$11,964.78

+$1,964.78

$11,900.63

+$1,900.63

$12,276.81

+$2,276.81

$2,219,585.88

+$2,209,585.88

As of Aug 7, 2026 · source: Kamino API

Returns

As of August 7, 2026

1 mo

3 mo

6 mo

YTD

1 yr

Since inception

NVDAX

+8.63%

+1.06%

+3.03%

+2.46%

+1.72%

+52.07%

Benchmark

Benchmark unavailable

1 mo
NVDAX+8.63%
Benchmark unavailable—
3 mo
NVDAX+1.06%
Benchmark unavailable—
6 mo
NVDAX+3.03%
Benchmark unavailable—
YTD

1 mo

3 mo

6 mo

YTD

1 yr

Since inception

NVDAX

+8.63%

+3.20%

+19.65%

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

Issuer
Ownership

Kraken

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.

Service providers

Alpaca Securities LLC

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 ↗

Filings & disclosures

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

Terms of service: xStocks Terms of Service, undated; https://xstocks.fi/documents/xstocks-terms-of-service.pdf.

xstocks.fi

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.

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.”

Verifier note: panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — The archived xStocks content expressly states that xStocks are unavailable to residents of the United States, United Kingdom, Canada, Australia, or sanctioned jurisdictions, directly supporting the cl | anthropic: confirmed — The archived xstocks.fi page contains verbatim the first claimed quote: 'xStocks are not available to residents of the United States, United Kingdom, Canada, Australia, or sanctioned jurisdictions.' I

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.”

Verifier note: panel 2/3 confirmed (sourceDomains=1) | trimmed uncited claims (1) and re-confirmed | gpt: unsupported — The archived xStocks issuer/marketing page expressly states that PEDLS-CY offers xStocks to eligible EU/EEA customers and describes PEDLS-CY as a Cyprus investment firm authorized and regulated under | anthropic: confirmed — The archived disclaimer on https://xstocks.fi states verbatim: 'In the European Union / European Economic Area, xStocks are offered to eligible customers via Payward Europe Digital Solutions (CY) Ltd. | gpt: confirmed — The archived xStocks content expressly states that, in the EU/EEA, xStocks are offered to eligible customers through Payward Europe Digital Solutions (CY) Ltd. It also identifies PEDLS-CY as a Cyprus

✓

Custodian

Holds the underlying, independent of the issuer.

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.”

Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — The cited FAQ states that collateral backing is publicly verifiable and that proof-of-reserves information is available through the xStocks DeFi portal. The archived evidence names no attestation prov | anthropic: confirmed — The archived FAQ directly supports both components of the claim. It states 'Proof of reserves information is available through the xStocks DeFi portal' and 'Collateral backing is publicly verifiable,'

Opsec

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

Freeze authority
JDq14BWv…FdxJNs
Mint authority
7Pt9tkct…xrtaCj
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
Program ID
None
Sources · 1
Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
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

Issuer narrative: xStocks are permissionless and freely transferable.

On-chain configuration: authorities can freeze accounts, override holdings, pause activity, and execute custom transfer logic.

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”

panel 2/3 confirmed (sourceDomains=2, disputed) | trimmed uncited claims (2) and re-confirmed | gpt: unsupported — The narrative identifies the requested apparent conflict: xStocks markets tokens as permissionless and freely transferable, while the cited NVDAx mint exposes delegate, freeze-related, pause, and tran | anthropic: confirmed — The claim identifies a precise conflict answering the SLOT QUESTION: the narrative control claim ('permissionless and freely transferable') versus the current on-chain configuration. Each material ele | gpt: confirmed — The sources establish a precise narrative-versus-configuration conflict for NVDAx: xStocks markets the tokens as “permissionless and freely transferable,” while the current Solana mint configuration h

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.”

Verifier note: panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — The FAQ explicitly states that collateral backing is publicly verifiable and that proof-of-reserves information is available through the xStocks DeFi portal. This supports both the named monitoring so | anthropic: confirmed — The cited FAQ explicitly states 'Proof of reserves is publicly available' and, under 'Is there proof of reserves?', 'Collateral backing is publicly verifiable. Proof of reserves information is availab

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

    Minimum5000
  • 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

    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

    Evidence ID dd1f6572, cited to support the NVIDIA common-stock concentration claim, does not appear in the provided corpus. Only b26da5f8 (Alpaca custodian) is present, which supports the custody-dependency half but not the underlying-concentration assertion.

    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”

    Verifier note: panel 2/2 confirmed (sourceDomains=2, disputed) | gpt: confirmed — The Kraken source states that NVDAx represents NVIDIA Corporation common stock, is backed 1:1 by actual NVIDIA shares, and provides indirect exposure to that single underlying, supporting underlying-e | anthropic: confirmed — The claim answers the SLOT QUESTION (underlying concentration and custody dependency). Kraken confirms NVDAx is a tokenized share representing NVIDIA Corporation Common Stock, backed 1:1 by real NVIDI

  • 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

    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.”

    Verifier note: panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The cited xStocks FAQ supports the U.S. and prohibited-jurisdiction restriction, while Kraken’s disclosure supports that regulatory status varies by jurisdiction and that users may lack government com | anthropic: confirmed — goal-fit: The claim answers the slot question on restricted investors and regulatory protections/impact on holders. The US/prohibited-jurisdiction exclusion is verbatim-supported by the xStocks FAQ ('

  • 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 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.”

    Verifier note: panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The sources collectively support the material claims: RWA.xyz identifies Alpaca Securities LLC as NVDAx’s custodian; Kraken states that regulated third-party custody providers hold the fully backing t | anthropic: confirmed — The claim addresses the SLOT QUESTION directly: a custodian failure impairing backing access. Material claims are supported by the union of sources. rwa.xyz lists 'Custodian / Legal Identifier: Alpaca

  • 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

    The slot targets credit/counterparty exposure inside the backing. The second sentence pivots to 'regulated third-party custody,' duplicating risk_custodian rather than addressing credit. The credible answer ('equity, not loan exposure — no material credit risk') is fine, but the grounding conflates two distinct slots.

    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”

    Verifier note: panel 2/2 confirmed (sourceDomains=2, disputed) | gpt: confirmed — The sources support both material points and answer the slot question. RWA.xyz classifies NVDAx as “Equity” in the “Stocks” asset class, while Kraken describes it as a tokenized stock backed 1:1 by NV | anthropic: confirmed — goal-fit: The slot asks about credit exposure inside the backing and counterparties whose failure hits holders. The claim answers this by asserting the backing is equity (not a loan/credit instrument)

  • 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

  • Supply and mint authority

    Raw keypair
    More
    Sources · 3
    JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
    Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
    7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
  • Networks

    Solana
    More
    Sources · 2
    Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
    7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
  • Canonical deployment

    Solana hosts a native Token-2022 NVDAx issue at Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh, not a bridged representation.Disputed
    More
    Sources · 4

    Unsupported scope: 'canonical' designation not backed by evidence.

    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.”

    Verifier note: panel 2/2 confirmed (sourceDomains=3, disputed) | gpt: confirmed — The Solana explorer identifies Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh as the NVIDIA xStock token and shows Token-2022 activity. The issuer documentation states that xStocks use SPL Token-2022 on | anthropic: confirmed — All three source classes converge on the claimed value. The Solana explorer confirms the mint Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh is the 'NVIDIA xStock (Xs…Eh)' token operated via the 'Token-2

Documents

Term sheet (issuer PDF)
final terms and issue summary: Current issuer-hosted Final Terms Nr 19 for NVDAx, ISIN CH1436219195
2026-08-07
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
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
Underlying issuerFilled-verifiedRegulator
Holder's claimFilled-verifiedIssuer-docs
Corporate-action passthroughRejected-retryIssuer-docs
Final terms documentRejected-retryLegal-terms, issuer-docs
Transfer restrictionsFilled-verifiedIssuer-docs
NetworksRejected-retryAggregator, issuer-docs
Canonical deploymentFilled-verifiedIssuer-docs, aggregator
Bridge providerEmptyIssuer-docs
Bridge custodyEmptyNone
Oracle dependenciesEmptyNone
Supply and mint authorityEmptyOnchain
Key managementEmptyNone
Incident responseRejected-retryIssuer-docs
Monitoring and attestationFilled-verifiedIssuer-docs, audit
Bridge & oracleRejected-retryNone
What it isFilled-verifiedAggregator, issuer-docs
How it worksFilled-verifiedAggregator, onchain, issuer-docs
CategoryFilled-verifiedAggregator, issuer-docs
CompositionRejected-retryIssuer-docs, onchain
Structure & qualityFilled-verifiedIssuer-docs, aggregator
Yield sourceRejected-retryIssuer-docs
Yield mechanicsFilled-verifiedAggregator, issuer-docs
Legal entityFilled-verifiedRegistry, aggregator
What the issuer doesFilled-verifiedIssuer-docs, aggregator, registry
LaunchedRejected-retryAggregator, issuer-docs
Operating historyFilled-verifiedIssuer-docs
Service providersFilled-verifiedLegal-terms, audit, aggregator, issuer-docs
RegimeFilled-verifiedIssuer-docs, regulator
VehicleRejected-retryIssuer-docs, aggregator
Bankruptcy remoteEmptyAggregator, issuer-docs
If the issuer failsRejected-retryIssuer-docs
CustodiansRejected-retryRegulator, issuer-docs
AttestationsFilled-verifiedIssuer-docs
Attestation frequencyEmptyNone
AuditsRejected-retryAudit
Admin powersFilled-verifiedIssuer-docs
UpgradeabilityEmptyNone
Mint authorityFilled-verifiedNone
Freeze authorityFilled-verifiedNone
Fee scheduleRejected-retryAggregator, issuer-docs
Exit pathsFilled-verifiedIssuer-docs, aggregator
Underlying / economicFilled-verifiedIssuer-docs
Credit / counterpartyFilled-verifiedIssuer-docs, legal-terms
Issuer failureFilled-verifiedNone
CustodianFilled-verifiedLegal-terms, issuer-docs
Hack / smart contractFilled-verifiedNone
RegulatoryFilled-verifiedIssuer-docs
Exit riskRejected-retryAggregator, issuer-docs
Who can hold/mintFilled-verifiedAggregator, issuer-docs
Source documentsFilled-verifiedLegal-terms, issuer-docs

Evidence gaps

Reserve composition — searched, not found: The corpus identifies 1:1 NVIDIA-share backing but provides no dated reserve report, valuation basis, residual assets, or reconciled asset shares.

Issuer ownership — searched, not found: The corpus contains no dated primary evidence establishing Kraken's acquisition of xStocks or the resulting ownership chain.

Backers — searched, not found: The corpus names no investors or financial backers of Backed Assets or xStocks.

Key people — searched, not found: The corpus provides no anchored evidence covering xStocks or Backed's founders, current leadership, departures, or dated role changes.

Incidents & track record — searched, not found: The corpus contains no incident history or sourced statement establishing that no issuer or token incidents are known.

Tax treatment — searched, not found: The corpus provides no disclosed NVDAx tax classification, pass-through treatment, K-1 treatment, or entity-level tax treatment.

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

Bar list — searched, not found: A serialized bar list does not apply to equity collateral, and the corpus identifies no equivalent share-position schedule.

Vault custody — searched, not found: Physical-vault custody does not apply to shares; the corpus does not identify depositories, account locations, or inspection procedures.

Bridge custody — searched, not found: The corpus identifies CCIP but provides no lock, burn-and-mint, contract, signer, or collateral-control configuration.

Oracle dependencies — searched, not found: The corpus mentions real-time stock-data oracles but identifies no provider, feed, settlement dependency, or failure behavior.

Supply and mint authority — searched, not found: The corpus identifies a Solana mint-authority address but not its controlling entity, program, multisig, or signer arrangement.

Upgradeability — searched, not found: The corpus provides no upgrade authority, proxy configuration, or upgrade delay.

Unilateral changes — searched, not found: The corpus provides no specific issuer power to change fees, limits, or eligibility without holder consent.

Key management — searched, not found: The corpus provides no signer identities, multisig thresholds, key-custody arrangements, geographic distribution, or timelocks.

Authority multisig — searched, not found: The corpus provides no deterministic multisig program, threshold, member count, or controlling account.

Bridge configuration — searched, not found: The corpus provides no deterministic CCIP program or authority accounts.

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

Caps / gates — searched, not found: The corpus does not disclose redemption caps, notice periods, or treatment above any gate.

In-kind redemption — searched, not found: The corpus does not establish redemption into physical NVIDIA shares or its eligibility and settlement terms.

Issuer failure — searched, not found: The corpus provides no qualifying issuer-insolvency disclosure describing holder recovery or surviving claims.

Bridge & oracle — searched, not found: The corpus provides no qualifying disclosure of bridge or oracle failure consequences.

Minimum investment — searched, not found: The corpus discloses a $5,000 redemption minimum but no direct initial subscription minimum.

Rejected facts

Custodians
Alpaca Securities LLC holds the underlying shares as named custodian. Kraken says regulated third-party custodians hold fully collateralizing shares.Disputed
More

Kraken is not party to the custody agreements. The corpus does not identify account segregation or Alpaca’s specific regulator or charter.

Sources · 3

ev:1bc9bf76 lists 'BitGo, Alpaca Securities' as the custody institutions; the value should name both.

ev:b26da5f8 provides 'Alpaca Securities LLC / 0001702580'.

app.rwa.xyz ↗
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
kraken.com ↗
“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; substance and goal-fit review required | panel 1/2 confirmed (sourceDomains=2, disputed) | gpt: confirmed — RWA.xyz identifies Alpaca Securities LLC as NVDAx’s custodian and provides legal identifier 0001702580. Kraken states that NVDAx is fully backed by traditional shares held by a regulated third-party c | anthropic: contradicted — The positive components are supported: RWA.xyz lists "Custodian / Legal Identifier: Alpaca Securities LLC / 0001702580" (Alpaca as named custodian); the Kraken page states xStocks including NVDAx are

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

Broaden to note NVDAx is a transferable SPL/ERC-20 token; Kraken is one venue, with secondary trading on other exchanges and DeFi.

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.”

Verifier note: lost head-to-head to incumbent 4db6a4b9-5290-4779-bf44-fc134ea0d6dd: The incumbent directly covers acquisition, value accrual, and exit, while adding the specifically supported optional weekly Kraken holding rewards. Its cited evidence independently supports eligibility, payment methods, NVIDIA-linked value changes, weekly rewards, wallet withdrawal, Kraken sales, and fee-bearing Backed redemption.

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).”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The claimed privacy notice does not answer the slot question because “privacy notice” is not one of the requested document types (prospectus, terms, attestation, audit, or fact-sheet). Moreo | anthropic: confirmed — The archived xStocks Terms of Service verbatim references the Privacy Notice at the exact claimed URL (https://xstocks.com/documents/xstocks-privacy-policy.pdf) and names it the 'Privacy Notice,' conf

Source documents
Issuer documentation: Dividends and Stock Splits, date unavailable; https://docs.xstocks.fi/docs/dividends-and-stock-splits.Disputed
More
Sources · 1

States 'date unavailable,' but the sole cited evidence 547bca76 records the page was 'last updated 2 months ago' — a relative date (~June 2026 given the 2026-08-07 as-of) that was omitted.

docs.xstocks.fi ↗
“Dividends and Stock Splits | xStocks Docs”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source confirms the title and original xStocks Docs URL, but the claimed classification “Issuer documentation” is not one of the requested document types (prospectus, terms, attestation, | anthropic: confirmed — The SLOT QUESTION asks for document_<name> = type, date, and source URL. The claim gives type='Issuer documentation' (issuer-docs), date='unavailable', and the URL https://docs.xstocks.fi/docs/dividen

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 .”

Verifier note: panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources confirm that the linked repository contains the Base Prospectus, related Final Terms, and country-restriction information, but the claim describes the repository as a whole. It d | anthropic: confirmed — Both cited sources are present in the archive and support the claim exactly. xStocks.fi states 'the Base Prospectus and related Final Terms for xStocks at https://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)”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The RWA.xyz asset page labels the terms as “Backed Assets Final Terms Nr 19 (NVDAx),” but it is an aggregator page, not the original legal-terms document. The fetched content provides neithe | anthropic: confirmed — The archived RWA.xyz NVDAx page lists under the 'Legal & Regulatory' > 'Terms' field exactly 'Backed Assets Final Terms Nr 19 (NVDAx)', matching both claimed quotes verbatim. The claim characterizes t

Onboarding
Kraken buyers must open an account, confirm jurisdictional eligibility, and complete verification. Direct retail redemption requires issuer KYC.Disputed
More
Sources · 4

Evidence ID 32bf86c3 (cited for the Kraken account-opening step) is not in the provided corpus. The remaining IDs (096f0401, 8d85d45f, c1a3c7bc) support jurisdictional-eligibility and KYC but not the specific 'open an account' verification workflow as narrated.

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 .”

Verifier note: panel 1/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support Kraken account creation, eligibility checks, account verification, and issuer KYC for direct retail redemption. However, the value omits the documented $5,000 issuer-rede | anthropic: confirmed — The slot question asks about KYC/KYB requirements (thresholds, turnaround to get whitelisted), and this claim is squarely about onboarding/verification requirements — goal-fit for the KYC-requirements

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

RWA.xyz identifies professional investors as eligible for direct investment.

xStocks documentation permits retail users to redeem directly after KYC and meeting the $5,000 minimum.

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.”

Verifier note: panel 1/3 confirmed (sourceDomains=3, disputed) | gpt: unsupported — The issuer FAQ and Kraken page support that retail users may redeem directly subject to KYC and a $5,000 minimum, and that Kraken retail customers in eligible countries may buy NVDAx. However, no qual | anthropic: confirmed — Each component maps to a source and directly answers the slot question (investor classes for direct mint/redeem vs secondary). (1) 'Primary investment is limited to professional investors' — RWA.xyz P | gpt: unsupported — The issuer FAQ supports retail direct redemption only subject to both KYC and a $5,000 minimum, while Kraken supports secondary purchases by retail clients only in certain permitted countries. The cla

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.”

Verifier note: panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources support that primary-market issuance and redemption can align xStocks with underlying assets, but they do not identify crypto-market volatility as a cause of NVDAx price divergen | anthropic: unsupported — The two quotes are both accurately reproduced in the archived sources (Kraken's 'Kryptomarkkinoiden arvaamaton luonne voi johtaa varojen menetykseen.' and the xStocks issuance/redemption passage), so

Exit risk
Direct redemption requires KYC and $5,000. A $100 minimum fee burdens smaller exits.Unverified
More

Disclosed evidence provides no caps or timing.

Sources · 3
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.”
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 0/3 confirmed (sourceDomains=3) | gpt: contradicted — The KYC and $5,000 direct-redemption threshold and the 0.50% fee with a $100 minimum are supported. However, the assertion that the disclosed evidence provides no timing is contradicted: issuer docume | anthropic: unsupported — goal-fit: The SLOT QUESTION asks what happens when everyone redeems at once — caps, redemption windows, notice periods, gating. The claim's material facts are all individually well-supported by the un | kimi: contradicted — KYC and the $5,000 direct-redemption minimum are supported by the xStocks FAQ, and the $100 minimum redemption fee is supported by rwa.xyz. However, the claim that 'disclosed evidence provides no caps

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

All five cited evidence IDs (fa0c23d3, b2d2d1c0, dd2a9b6d, 83822bc7, c5169eaa) are absent from the provided evidence corpus. The specific claims that privileged Solana authorities can freeze accounts, pause transfers, or permanently transfer/burn tokens are therefore unverifiable against any supplied 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 ↗
“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 identifies NVDAx and specifies a broader, evidence-supported Solana attack surface: mint, freeze, pause, permanent-delegate, and transfer-hook authority risks. The new claim omits the named asset and transfer-hook risk, and its assertion that authorities can permanently transfer tokens is less precise than its cited evidence, which describes a permanent authority able to transfer or burn them.

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.”

Verifier note: lost head-to-head to incumbent 5d6612ac-f08e-4cc8-8332-cf5ded0f456c: The incumbent directly links NVDAx’s tracked value to a specific deterioration risk in NVIDIA’s underlying business: additional export controls affecting named H20 products during Fiscal 2026. NVIDIA’s own SEC filing supports that concrete risk. The new claim establishes only generic price exposure and possible total loss, without identifying any business or yield-source deterioration that would cause the loss.

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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source confirms that holders may sell NVDAx on Kraken for U.S. dollars, cryptocurrencies, or stablecoins, and separately states 24/5 trading availability. However, the required exit-path | anthropic: confirmed — goal-fit: the claim describes the Kraken-sale exit path (method: sell NVDAx for USD, crypto, or stablecoins directly on Kraken) plus its trading availability, which answers the method portion of the r

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

Value states 'Timing and caps remain undisclosed,' which is accurate, but the RWA page evidence for the subscription side (060ee847 'Subscription Time Daily', 06886160 base assets USD) is not leveraged to note the primary-market operates on a daily cadence — a possible directional hint for redemption processing that is left entirely unaddressed.

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.”

Verifier note: panel 0/2 confirmed (sourceDomains=3, disputed) | gpt: contradicted — The issuer FAQ supports direct issuer redemption for retail users after KYC and a $5,000 minimum. However, it expressly discloses issuer redemption availability as 24/5, aligned with underlying U.S. m | anthropic: contradicted — Most components check out: rwa.xyz lists the issuer as Backed Assets, and the xStocks issuer FAQ confirms retail users may redeem directly with the issuer subject to KYC and a $5,000 minimum transacti

Fee schedule
The issuer reports a 0% performance fee.Unverified
More
Sources · 1
app.rwa.xyz ↗
“Management Fees 0 % Performance Fees 0 %”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The aggregator states “Performance Fees 0%,” but the slot requires both the rate and who charges it in the value text. The claim attributes the report to “the issuer,” while the cited page i | anthropic: confirmed — The archived RWA.xyz page for NVDAx explicitly lists 'Performance Fees 0 %' in both the Key Facts section and the Fees section, directly supporting the claimed 0% performance fee rate. The value addre

Fee schedule
The issuer reports a 0% management fee.Unverified
More
Sources · 1
app.rwa.xyz ↗
“Management Fees 0 % Performance Fees 0 %”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The aggregator states “Management Fees 0%,” but the required value must also identify who charges the fee. It does not establish that the issuer charges or reports this fee, and no qualifyin | anthropic: confirmed — The archived RWA.xyz page for NVDAx explicitly lists 'Management Fees 0 %' in both the Key Facts section and the Fees section, directly supporting the claimed 0% management fee rate. This answers the

Fee schedule
The issuer charges 0.50% of market price for 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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The aggregator states a 0.50% redemption fee based on market price, subject to a USD 100 minimum, but it does not state that the issuer charges this fee. The required evidence classes are le | anthropic: confirmed — The archived RWA.xyz page for NVDAx states verbatim under Redemption Description: "Redemption fee is 0.50% of market price with a minimum of USD 100," and lists Redemption Fees as 0.50%. This matches

Fee schedule
The issuer charges 0.50% of market price for 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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The aggregator states a 0.50% subscription fee with a USD 100 minimum, but it does not state that the issuer charges the fee. The required value must identify who charges it, and no qualifyi | anthropic: confirmed — The source verbatim states under Primary Market: 'Subscription fee is 0.50% of market price with a minimum of USD 100.' and lists Subscription Fees 0.50%. The rate and USD 100 minimum match exactly. T

Incident response
XStocks recommends venues pause token interactions around multiplier activations, including approximately 15 minutes before and after activation.Disputed
More
Sources · 1

Mislabels routine corporate-action guidance as incident response.

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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The issuer documentation confirms a recommended preventive pause of all token interactions for approximately 15 minutes before and after scheduled multiplier activations. However, this is op | anthropic: confirmed — The archived issuer-docs page contains the claimed quote verbatim: 'we recommend that trading venues and protocols pause all interactions with the token for a brief window (e.g., 15 minutes) before an

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”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source confirms that the mint has permanent-delegate, default-account-state, pausable-config, and transfer-hook extensions with the stated capabilities. However, the claim does not ident | anthropic: unsupported — goal-fit: The four enumerated capabilities (permanent-delegate transfers/burns, default-frozen accounts, global pausing, custom transfer-hook logic) are each fully and accurately supported by the Sola

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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The issuer documentation explicitly supports native issuance on TON and other EVM-compatible networks, but the claim does not list every documented chain as required. The FAQ identifies Ethe | anthropic: confirmed — The issuer FAQ (docs.xstocks.fi/docs/frequently-asked-questions) states verbatim: 'xStocks are issued natively on Ethereum, Solana, Arbitrum, Mantle, TON, Ink, and other EVM-compatible networks.' This

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)”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source identifies Grant Thornton (Cayman) as NVDAx's auditor, but it provides neither the audit scope nor an audit date. Therefore, it does not answer the slot question requiring one aud | anthropic: unsupported — goal-fit: The source confirms the auditor identity ('Auditor: Grant Thornton (Cayman)'), so the bare fact is evidence-supported. But the SLOT QUESTION requires audits_<firm> = scope + date (fund audit

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.”

Verifier note: lost head-to-head to incumbent 62e03dac-2d9e-49c6-a28c-668152f47353: The incumbent directly addresses all three aspects: purchase restrictions by client type and supported country, a named on-chain freeze authority with default-frozen account capability, and transfer-hook logic on every transfer. Its evidence is more specific and comprehensive than the new claim, which addresses transfer permissionlessness and issuance/redemption whitelisting but provides no freeze or jurisdiction details.

If the issuer fails
NVDAx holders have no ownership, voting, information, or other shareholder rights in NVIDIA shares.Unverified
More
Sources · 2
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.”

Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The Kraken page supports the narrow proposition that NVDAx holders do not own the underlying NVIDIA shares and lack the shares’ voting, information, and other shareholder rights. However, th | anthropic: unsupported — goal-fit: The SLOT QUESTION asks for the mechanics of an issuer failure — who controls the assets in insolvency, what claim NVDAx holders would have, and who ranks ahead of them in the waterfall. The

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”

Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources state that Backed Assets (JE) Limited is a Jersey private limited company and issues xStocks, but they do not establish that this company is the legal wrapper protecting holders | anthropic: confirmed — The xstocks.fi footer states verbatim: 'xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company)', directly supporting the issuing legal vehicle and its Jersey private limit

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.”

Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — The xStocks website states that xStocks are offered to eligible Kraken customers via PDSL and that PDSL is licensed by the Bermuda Monetary Authority to conduct digital-asset business. However, the sl | anthropic: confirmed — The archived xstocks.fi disclaimer states verbatim that xStocks are 'offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset busin | gpt: unsupported — The source states that PDSL offers xStocks to eligible Kraken customers, while EU/EEA customers are served through PEDLS-CY. The unqualified claim that PDSL offers xStocks to “eligible customers” omit

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”

Verifier note: panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources support NVIDIA common stock as the sole stated backing, 1:1 token-to-share backing, and custody by a regulated external custodian. The narrative also appropriately identifies the | anthropic: confirmed — The claim answers the SLOT QUESTION: it names the reserve asset class (100% NVIDIA Corporation Common Stock), its share (1:1 / full backing), and flags valuation basis and dated attestation as undiscl

Service providers
Alpaca Securities LLC; Grant Thornton (Cayman); Maerki Baumann & Co. AG; Payward Europe Digital Solutions (CY) Ltd.; Payward Digital Solutions Ltd.Unverified
More
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.”

Verifier note: panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The RWA.xyz content directly identifies Alpaca Securities LLC as custodian, Grant Thornton (Cayman) as auditor, and Maerki Baumann & Co. AG as paying agent. The Kraken sources identify Paywa | anthropic: confirmed — Each named service provider appears verbatim in the cited sources. The rwa.xyz NVDAx page lists 'Custodian ... Alpaca Securities LLC 0001702580', 'Auditor Grant Thornton (Cayman)', and 'Paying Agent M

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 cited aggregator states an “Inception Date” of 06/20/2025, but it does not state that the token/product launched on that date. No qualifying blog announcement or issuer documentation est | anthropic: confirmed — The archived RWA.xyz page for NVIDIA xStock (NVDAx) lists 'Inception Date 06/20/2025' under Key Facts, which directly corresponds to the claimed launch_date of 2025-06-20. Inception date for a tokeniz

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.”

Verifier note: registry: superseded

Legal entity
Backed AssetsUnverified
More
Sources · 1
app.rwa.xyz ↗
“Issuer Backed Assets Issuer LEI 984500001AB7C6C7F577”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited aggregator labels the issuer as “Backed Assets,” but it does not provide the issuer’s full legal entity name required by this slot, such as “Backed Assets (JE) Ltd.” No qualifying | anthropic: confirmed — The archived RWA.xyz asset page for NVDAx contains a 'Legal & Regulatory' section with the field 'Issuer' whose value is stated verbatim as 'Backed Assets', matching the claimed issuer_entity exactly,

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.”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source states that each NVDAx token is linked 1:1 to real NVIDIA common shares and that xStocks are fully collateralized by custodied traditional shares. However, it provides no dated ho | anthropic: unsupported — The two claimed quotes appear verbatim in the archived Kraken FAQ, and they do support the descriptive backing: each NVDAx token is pegged 1:1 to real NVIDIA Corporation Common Stock held by a regulat

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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The archived page explicitly states 1:1 backing and full collateralization by underlying shares held by a regulated third-party custodian, supporting a disclosed 100% backing ratio. However, | anthropic: confirmed — The source states each NVDAx token is pegged 1:1 to real NVIDIA shares held by a third-party custodian ('sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin') and that all xSt

Yield mechanics
Eligible Kraken clients must opt in to receive weekly rewards paid as additional units of the same xStock.Disputed
More
Sources · 4

Separate the two: state the token itself accumulates (does not distribute) income, and note the Opt-In Rewards is a distinct, optional Kraken-platform program.

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.”

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 NVDAx, and token-quantity growth rather than NAV accrual. Its cited evidence supports each mechanism, and it is more specific than the new claim’s generic reference to the same xStock.

Yield source
NVDAx economics primarily reflect NVIDIA share-price changes. Kraken separately offers weekly Opt-In Rewards, but the corpus does not disclose their funding source.Unverified
More
Sources · 3
kraken.com ↗
“xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
blog.kraken.com ↗
“With Opt-In Rewards, we reward you on a weekly basis for holding those xStocks on the platform.”
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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources support that NVDAx tracks NVIDIA share-price changes and that Kraken separately pays weekly Opt-In Rewards. However, they do not identify the rewards’ economic funding source or | anthropic: confirmed — The slot concerns where NVDAx yield economically originates and who captures spread. The narrative answers this directly and honestly. Material claim 1 — NVDAx economics primarily reflect NVIDIA share

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.”

Verifier note: lost head-to-head to incumbent 4cb29b25-b096-4bc9-a811-9404af9ade57: The incumbent directly addresses the full slot by identifying complete concentration in NVIDIA Corporation Common Stock and explicitly covering the absence of disclosed duration, maturity, and credit rating. Its own evidence supports the 1:1 single-name equity backing. The new claim addresses concentration only and is therefore less complete.

Composition
NVDAx is backed exclusively by NVIDIA Corporation common shares at one share per token. A regulated external custodian holds the shares.Unverified
More

The corpus provides no dated holdings statement.

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 a 1:1 link to NVIDIA common shares and states that xStocks are fully collateralized by traditional shares held by a regulated external custodian. However, it provides nei | anthropic: confirmed — Every material claim is supported by the Kraken NVDAx page. The source states each NVDAx token is pegged 1:1 to real NVIDIA Corporation Common Stock ('sidottu suhteessa 1:1 oikeisiin NVIDIA Corporatio

Underlying issuer
NVIDIA CorporationUnverified
More
Sources · 1
sec.gov ↗
“NVIDIA CORP ORATION (Exact name of registrant as specified in its charter) Delaware 94-3177549”

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 has SEC evidence supporting it. Because claim quality is tied, the incumbent wins under the stated tie-break rule.

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.”

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 cited Kraken page supports that NVDAx holders do not own the underlying NVIDIA shares and lack shareholder, voting, and information rights. However, it does not establish the affirmative | anthropic: confirmed — The slot asks what the holder legally owns; the claim asserts the token conveys no ownership or shareholder rights in the underlying NVIDIA shares. The archived Kraken NVDAx page supports this verbati

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.”

Verifier note: lost head-to-head to incumbent 865bc0f1-a45a-4ce2-a357-03b2c23c50bf: Both claims directly classify NVDAx as tokenized equity, but the incumbent's own evidence is more specific: it identifies NVIDIA Corporation Common Stock, states a 1:1 backing ratio, and specifies that the underlying shares are held by a third-party custodian. With equal classification and stronger supporting detail, the incumbent wins.

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.”

Verifier note: lost head-to-head to incumbent 926f5146-b25b-4b5d-af78-f079397c08fe: The incumbent directly addresses the token, holder rights, and backing, while adding the specifically supported redemption right through Backed and regulated third-party custody. Its cited evidence supports each material statement, making it more specific than the new claim’s general description of indirect economic exposure.

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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The Kraken product page states that fees are charged as described in each xStock's base prospectus, but it does not identify a specific prospectus, provide its date, or give an original-sour | anthropic: confirmed — The archived Kraken NVDAx page contains the claimed quote verbatim in the redemption FAQ: "kaikista xStockeihin tehtävistä sijoituksista peritään maksu kunkin xStockin perusesitteessä esitetyllä taval

Corporate-action passthrough
NVDAx holders lack underlying-share ownership and information rights; the corpus does not establish other corporate-action treatment.Disputed
More
Sources · 3

Ground solely on 992c4705 and mark the rest unknown.

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 ↗
“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 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — The claim's material assertions are that NVDAx holders (1) lack ownership rights in the underlying share and (2) lack information rights, and (3) that the corpus does not establish other corporate-act

Final terms document
Backed Assets Final Terms Nr 19 governs NVDAx; the corpus does not supply its date, issuer identifier, or original registry URL.Unverified
More
Sources · 1
app.rwa.xyz ↗
“Terms Backed Assets Final Terms Nr 19 (NVDAx)”

Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — The archived app.rwa.xyz/assets/NVDAx page explicitly lists under the 'Terms' field: 'Backed Assets Final Terms Nr 19 (NVDAx)', directly matching the claimed quote and confirming this is the governing | gpt: unsupported — evidence class mismatch

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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited Kraken page supports that the xStocks Opt-In Rewards announcement is dated April 2, 2026, and contains the quoted 1:1-backing statement. However, a product announcement is not one | anthropic: confirmed — The archived page at the cited URL displays the byline date "April 2, 2026" for the article titled "Introducing xStocks Opt-In Rewards," confirming Kraken published this announcement on that date. Bot

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.”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited legal terms explicitly state that tokenized equities are not offered by Backed Finance or its affiliates directly to the public, but the claim does not answer the slot question, wh | anthropic: unsupported — goal-fit: The quote is verbatim-accurate — Section 7.1 of the terms states "Tokenized equities are NOT offered by us or by any affiliated entity of ours directly to the public" — so the claim is factu

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 .”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited Backed article confirms that a legal-documentation library exists and directs readers there for legal documents and prohibited/restricted-country lists, but it does not identify on | anthropic: confirmed — The archived press release contains the exact claimed quote verbatim: "For a full list of prohibited and restricted countries and review of legal documentation, please visit, https://www.assets.backed

Bridge & oracle
False, stale, or unavailable oracle prices could disrupt tracking and arbitrage because on-chain pricing relies on stock-data feeds.Disputed
More
Sources · 1

Mark unknown absent oracle-mechanism evidence.

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 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — The cited CMC AI page supports only that oracles feed real-time stock data on-chain as part of price tracking. It does not establish that pricing depends on those feeds, nor that false, stale, or unav | anthropic: confirmed — The claim's material basis — that on-chain pricing relies on stock-data feeds via oracles — is directly and verbatim supported: the CMC source states 'Price tracking is maintained through this 1:1 col

Concentration
NVDAx concentrates economic exposure in one company, NVIDIA, while third-party custody concentrates operational dependence.Disputed
More
Sources · 2

Drop the custody-concentration clause or re-cite the single-issuer point to present evidence.

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”

Verifier note: lost head-to-head to incumbent 83e2b3f7-591d-4172-863c-49ef1bbe32c6: The incumbent directly identifies the dependency concentration: each NVDAx token is backed 1:1 by one NVIDIA share held by a regulated third-party custodian. Its cited evidence expressly supports both the 1:1 relationship and custodial dependence, whereas the new claim's assertion of concentrated operational dependence is not directly established by its custodian listing.

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.”

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, with precise SEC-filed evidence. The new claim addresses geographic restrictions and absent protections but is comparatively vague about jurisdictions, restricted investors, specific regulatory actions, and holder impact.

In-kind redemption
The corpus does not establish redemption into registered NVIDIA shares or any physical commodity.Disputed
More
Sources · 2

Re-cite to 992c4705 for the no-underlying-share-ownership basis.

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.”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The corpus supports only that holders may redeem xStocks through Backed for an additional fee; it does not identify any physical commodity, state whether redemption produces registered NVIDI | anthropic: contradicted — The FAQ directly addresses redemption. Under "Voinko lunastaa ostamiani tokenisoituja NVIDIA -tuotteita perustana oleviksi osakkeiksi?" (Can I redeem my tokenized NVIDIA products into the underlying s

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.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: contradicted — The wallet-withdrawal method is supported: Kraken states that NVDAx can be withdrawn to any compatible blockchain wallet. However, the same NVDAx page expressly discloses a separate path to redeem xSt | anthropic: confirmed — The claim asserts (1) Kraken holders can withdraw NVDAx to compatible blockchain wallets, and (2) that this withdrawal is not disclosed as direct share redemption. Both cited quotes are verbatim-accur

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

Downgrade to fee-on-investment fact (79022b20) or mark the Backed redemption path unverified.

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.”

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — The Kraken page supports only that token holders may redeem xStocks through Backed for an additional fee. It does not establish the complete redemption-path fact required by the slot: no settlement ti | anthropic: confirmed — The archived Kraken NVDAx page (Finnish) states verbatim: 'Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta)...' — i.e., token holders can redeem their xStocks | gpt: unsupported — goal-fit: The Kraken page states that token holders can redeem xStocks through Backed for an additional fee, so the narrow statement is reproduced. However, it does not provide the settlement timing,

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”

Verifier note: lost head-to-head to incumbent 83e91502-7ffb-43b7-8781-c73d5076604d: The incumbent directly answers every part of the slot: Solana is the canonical chain, it gives the exact mint, and it explicitly classifies the instance as a native Token-2022 issue rather than bridged. Its own evidence supports the native designation, mint address, token standard, and NVIDIA xStock identity. The new claim gives the mint and Token-2022 issuance but does not itself clearly state the canonical-chain or native-versus-bridged conclusion.

Audits
Grant Thornton Cayman is the named auditor; the corpus does not disclose audit scope or date.Unverified
More
Sources · 1
app.rwa.xyz ↗
“Auditor Grant Thornton (Cayman)”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source names Grant Thornton (Cayman) as auditor, but it provides neither the audit scope nor an audit date. Therefore, it does not answer the slot question requiring scope + date for eac | anthropic: unsupported — goal-fit: The slot question requires one fact per audit giving scope + date (fund audits AND smart-contract audits). The archived source confirms only 'Auditor: Grant Thornton (Cayman)' — the firm nam

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.”

Verifier note: panel 0/3 confirmed (sourceDomains=3) | gpt: contradicted — The sources support the evolution of bTokens into xStocks with the same underlying exposure, NVDAx’s June 20, 2025 inception date, and weekly opt-in rewards. However, the claim that the corpus provide | anthropic: contradicted — The bTokens-to-xStocks evolution and same underlying exposure are supported by the Backed article ('xStocks are the next evolution of bTokens — same underlying exposure...'), and NVDAx's 06/20/2025 in | kimi: contradicted — Two of three sub-claims hold: the backed.fi page contains 'xStocks are the next evolution of bTokens — same underlying exposure' (in the archived page content) and rwa.xyz lists NVDAx Inception Date 0

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.

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”

Verifier note: sibling-consistency: superseded by STRCx evidence

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.

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]

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

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

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

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 2026-08-07T15:38:49.312Z

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

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

discover · claude · ok · 261s · 44 links

discover · codex · ok · 141s · 28 links

resolve · resolve-light · ok · 33 links

ingest · ingest · weak

plan · plan · ok

synthesize · synthesize · ok

Coverage

29 of 43 fields verified · 0 unverified · 23 not found

Run 2026-08-07T09:23:09.277Z · done · cost $0.00

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

Jul 30, 26
Aug 7, 26
$11.5K$11.1K$10.7K$10.3K$9.86K$9.46K
May 7, 26May 30, 26Jun 22, 26Jul 14, 26Aug 7, 26
$11.4K$10.9K$10.3K$9.81K$9.27K$8.74K
Feb 7, 26Mar 24, 26May 8, 26Jun 22, 26Aug 7, 26
$13K$12K$11K$10K$9.4K$8.4K
Jan 1, 26Feb 24, 26Apr 20, 26Jun 13, 26Aug 7, 26
$13K$12K$11K$10K$9.3K$8.4K
Aug 7, 25Nov 6, 25Feb 5, 26May 7, 26Aug 7, 26
$14K$13K$12K$11K$9.6K$8.7K
Jul 11, 25Oct 17, 25Jan 23, 26Apr 30, 26Aug 7, 26
$3M$2M$1M$900K$300K-$300K
NVDAX+2.46%
Benchmark unavailable—
1 yr
NVDAX+1.72%
Benchmark unavailable—
Since inception
NVDAX+52.07%
Benchmark unavailable—

+19.01%

+22.77%

+22095.86%

Benchmark

Benchmark unavailable

1 mo
NVDAX+8.63%
Benchmark unavailable—
3 mo
NVDAX+3.20%
Benchmark unavailable—
6 mo
NVDAX+19.65%
Benchmark unavailable—
YTD
NVDAX+19.01%
Benchmark unavailable—
1 yr
NVDAX+22.77%
Benchmark unavailable—
Since inception
NVDAX+22095.86%
Benchmark unavailable—
Verifier note:

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