“Tokenized stocks” is a folder name. Inside the folder are at least three products that share a ticker style and almost nothing else.

If you came here from a search bar, you want a price and a comfort that the price means Tesla. This page will not give you comfort. It will give you a way to sort the folder.

Product A — the custodial wrapper

An issuer holds, or arranges for a custodian to hold, the real listed share. It issues a token, usually one-for-one, that a holder can trade on venues the issuer supports. Some programs allow redemption into cash or into the share if you pass the gate. Some do not.

You typically do not sit on the issuer’s share register as an ordinary shareholder of Tesla, Inc. You hold a token issued by someone else. The economic ride can be very close. The legal ride is the documents.

This is the family that filled directories in 2025 and 2026. It is also the family that produces a clean number we care about: the premium or discount of the token print versus the net asset value of the shares behind it.

Product B — the fund or vehicle

The token is a share in a vehicle that holds equities, or a note that promises the return of an equity. You own the vehicle. The vehicle owns the book. Corporate actions arrive the way they arrive in a fund — on the vehicle’s calendar, with the vehicle’s withholding and the vehicle’s errors.

This product is older than the wrapper boom. It is closer to a tokenized ETF than to a tokenized share. Mixing it with Product A in a league table is how “tokenized equities AUM” becomes a slogan.

Product C — the depositary entitlement

This is the new object. A position that already lives at a central depositary is mirrored as a token that is supposed to carry the same CUSIP, the same rights, and — if the exchange rules say so — the same book as the traditional share. The 2025–2026 DTC work, and the exchange rule filings that followed, are aimed at this object.

Product C is the one that can make “the token is the stock” a sentence a transfer agent will sign. It is not the product most retail tickers on public chains were selling in 2025. Treat a wrapper as if it were Product C and you will misread both the risk and the premium.

Why the price is allowed to wander

Cash equities have sessions. Many wrapper venues do not. When New York is closed and a token still prints, the print is a view about the next open, plus whatever inventory and mint window the issuer left on the table.

That view has a unit. We print it in basis points versus NAV, not as “slightly rich.” A name that sits ten basis points through NAV at 11:00 in New York and eighty basis points through NAV at 03:00 in the same name is not “the same stock, 24/7.” It is a wrapper with a clock.

Independent price feeds disagree too. One oracle can be looking at the cash print. Another can be looking at the last wrapper trade. A third can be stale. Multi-oracle consensus is not a decoration. It is how you stop treating a single vendor as the share.

Multi-share tokens and other traps

Some tokens represent more than one share. Their price should look like a multiple. It is not a bug. It is a footnote that destroys a naïve premium if you miss it. Our directory flags this on purpose. A “wide” premium that vanishes after you divide by the share count was never a premium.

Mint and redeem windows close. When they close, arbitrage that looked free on a dashboard becomes a screenshot. We call that phantom arb on the private desk. On this public page it is enough to say: a spread is not an invitation unless someone can still create or cancel the token.

How to use this site for names

/asset is the public directory: sector, live print, NAV, premium in bps, chain, share structure.

/data is the census: how large the book is, where the sectors sit, which names are the outliers today.

/theoffice is the private desk if you want the same name against oracles, heatmaps, and the Agent. Three panels stay open without paying. The rest of that room is a membership.

If you only remember one line: sameness is not a ticker convention. Sameness is a document plus a tight premium plus agreeing marks.