About
About
A claim-identity bureau for tokenized stocks
We classify each tokenized name by what the holder actually owns, mark it against the correct NAV, and measure the gap. On-chain last is not NAV. A tracker is not the share. We label the claim and measure the gap.
What we do
Each wrapper gets a signed claim class: the share itself, a custodial entitlement, a note or tracker linked to the share, or a synthetic.
The on-chain last against the correct NAV. When the NAV is stale we say so, and never call the on-chain print official.
The premium in basis points, how it behaves when the cash market is shut, and what happens if the token is posted as collateral.
The instrument is not one instrument
same ticker, four claims| Class | What the holder has | Live examples |
|---|---|---|
| Issuer-native share | The security itself, recorded on a ledger | SECZ, Figure |
| Custodial entitlement | A claim on shares held in custody | Coinbase c-names |
| Note or tracker | A creditor's claim on a vehicle that holds or references the share | Ondo notes, xStocks certificates |
| Synthetic | A payoff contract, no ownership | Perpetuals, some “stock tokens” |
Only an issuer-native token is the share. Everything else references it, and fails in a different court when something goes wrong.
What the research says about 24/7 stocks
Dombrowski and Arshadi, 2026The chain is open at night; the market is not. “Always-on stocks” is today an infrastructure claim, not a price-discovery fact. The Office runs the same test on every name.
How the desk works
- Classes are signed by the desk. A ticker suffix is a hint, never a class. A name we have not signed says so.
- Every story is labelled. Desk (written by us) or Wire (drafted from a cited feed), and by what it changes for a holder.
- SportFi is a separate book. Fan tokens are utility tokens; the announced club equity token is a security. Neither is mixed into the tokenized-stock book.
- The public record is free. The Office, where the registry is worked with history, flags and simulations, is Pro.