Coinbase Tokenized Stock (certificates by Coinbase Onchain SPV Ltd, ADGM, ”c” tickers on Base)
In plain words on RIADeFi: Coinbase Tokenized Stock, explained.
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: Coinbase Tokenized Stock (Coinbase Onchain SPV, Base) Not approved
Other programs tokenize the same securities. Every version side by side: NVDA, GOOGL, META, AAPL, MSFT, AMZN, SPCX, SNDK.
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- What the holder owns
A pro rata beneficial interest in the shares the SPV holds on trust at Alpaca. The holder does not own the share itself.
“Each Security represents a pro rata beneficial interest in the Deposited Property (as a whole) attributable to the Securities held by the Issuer on trust for Holders in accordance with the Terms and Conditions.”
Coinbase Onchain SPV Ltd, Prospectus for NVIDIA certificates (FSRA approved 4 August 2026) · Summary, Section C, Type (p. 14) · words found 2026-09-23
- Who may hold it
No US persons, and no one in the United States, may acquire or hold the certificates.
“THE SECURITIES MAY NOT BE ACQUIRED, HELD, OFFERED, SOLD, RESOLD, TRANSFERRED, DELIVERED, OR OTHERWISE MADE AVAILABLE, DIRECTLY OR INDIRECTLY, IN THE U.S.”
Coinbase Onchain SPV Ltd, Prospectus for NVIDIA certificates (FSRA approved 4 August 2026) · Section 14.1(a), General sales restrictions (p. 72) · words found 2026-09-23
- First purchase minimum
There is no minimum: creation orders have none, and certificates are acquired in fractions.
“Securities may be created and acquired in fractional amounts.”
Coinbase Onchain SPV Ltd, Prospectus for NVIDIA certificates (FSRA approved 4 August 2026) · Summary, Section D (p. 18) · words found 2026-09-23
- Account types
Only Authorised Participants create certificates; everyone else buys on chain and must be vested to redeem.
“Persons other than Authorised Participants do not participate in the Offer and may not place creation orders for Securities with the Issuer.”
Coinbase Onchain SPV Ltd, Prospectus for NVIDIA certificates (FSRA approved 4 August 2026) · Summary, Section D (p. 17) · words found 2026-09-23
- Who it may be transferred to
Tokens move on Base, but a transfer passes title only when Onchain Marketplace Ltd records it in the Legal Register.
“The transfer of tokens on a Blockchain Network does not by itself constitute a legally effective transfer of title to Securities unless and until the relevant transfer is reflected in the Legal Register”
Coinbase Onchain SPV Ltd, Prospectus for NVIDIA certificates (FSRA approved 4 August 2026) · Terms and Conditions, Condition 3.1 (PDF p. 82) · words found 2026-09-23
- How a holder redeems
Only Vested Holders may redeem; a buyer on chain must first pass the Tokenisation Entity’s checks.
“Unvested Holders shall not be entitled to redeem Securities or withdraw Underlying.”
Coinbase Onchain SPV Ltd, Prospectus for NVIDIA certificates (FSRA approved 4 August 2026) · Terms and Conditions, Condition 5.1 (PDF p. 85) · words found 2026-09-23
- Who keeps the official record
The Legal Register kept by Onchain Marketplace Ltd is the record of title and prevails over the chain; a buyer on chain is not on it until vested.
“The Legal Register constitutes the definitive and exclusive record of legal title to the Securities.”
Coinbase Onchain SPV Ltd, Prospectus for NVIDIA certificates (FSRA approved 4 August 2026) · Section 12.8(c), Legal Register and finality of title (p. 59) · words found 2026-09-23
- What the issuer says it can freeze or take back
The Tokenisation Entity can blacklist, freeze and pause without the holder, and may cancel certificates.
“The smart contract governing the Securities includes blacklist, freeze, and pause functions operable by the Tokenisation Entity in its capacity as CSD”
Coinbase Onchain SPV Ltd, Prospectus for NVIDIA certificates (FSRA approved 4 August 2026) · Section 4, Risk factors (p. 25) · words found 2026-09-23
| Fact | Answer |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Token | Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|---|
| NVDAc | Base | Yes | Yes | Yes | Yes | No | A single key holds the admin key. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Token | Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|---|
| NVDAc | Base | Admin role | grant and revoke these powers | a single key | 0x3846…72b1 |
Base NVDAc: 0 contract reads, 5 functions in verified source, 2026-09-23
- updatePolicy in Base’s B20 interface (a chain precompile at 0xb200…108c)
- updatePolicy in Base’s B20 interface (a chain precompile at 0xb200…108c)
- pause in Base’s B20 interface (a chain precompile at 0xb200…108c)
- burnBlocked in Base’s B20 interface (a chain precompile at 0xb200…108c)
- mint in Base’s B20 interface (a chain precompile at 0xb200…108c)
Where it trades
| Venue | Kind |
|---|---|
| Coinbase Onchain SPV Ltd, through Authorised Participants (creation fee 0.01%) | issuer primary |
| Decentralized exchanges on Base | dex |
No Tokenized Securities Venue lists this token. Secondary trading, if any, is outside the exemption.
Redemption
| Route | Settlement | Fee | Settles in |
|---|---|---|---|
| Redeem in kind | Vested Holders only: a Redemption Order to Onchain Marketplace Ltd, settled in shares delivered to a brokerage account, in US dollars, or in USDC; redemption fee 0.05%. Unvested Holders may not redeem. | 5 bps | underlying shares, USD, USDC |
| Secondary market only; no issuer redemption | Holders sell on decentralized exchanges on Base. Trading needs no onboarding, but sanctioned addresses cannot transfer under the contract. | USDC |
- The admin 0x38467be00970af18076fd08f6b4cf38ba91572b1 grants PAUSE_ROLE or BURN_BLOCKED_ROLE, points a transfer policy at a blocklist or allowlist, or burns a blocked balance
- Base’s Cobalt upgrade (mainnet due 30 September 2026) adds seizeWithMemo and a SEIZE_ROLE; Ketju will review the file again once it activates, and any holder of that role can then claw back tokens
- The Tokenisation Entity changes the Vesting Conditions, or freezes or cancels certificates
- Custody moves from Alpaca, or a trust challenge arises in an insolvency of the SPV
- A prospectus lapses (the first expire in August 2027) or a supplement changes the terms
- Coinbase opens the certificates to US persons, or lists them on a Coinbase exchange
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
Sources
- Coinbase Onchain SPV Ltd, Prospectus for NVIDIA certificates (FSRA approved 4 August 2026) · primary · accessed 2026-09-23
Supports: issuer, parent and group, certificate is a beneficial interest held on trust, not a direct investment in the share, Legal Register is the record of title, Reg S; US persons may not acquire or hold, Authorised Participants only create; no minimum, Unvested Holders cannot redeem, redemption in kind, USD or USDC, freeze, pause, blacklist, cancel, fees: creation 0.01%, redemption 0.05%, dividends 5%, Alpaca custodian and broker, bare trust over Unvested Securities - Coinbase Onchain SPV Ltd, Prospectus for Meta Platforms certificates (FSRA approved 4 August 2026) · primary · accessed 2026-09-23
Supports: same terms as NVDAc - Coinbase Onchain SPV Ltd, Prospectus for Alphabet certificates (FSRA approved 4 August 2026) · primary · accessed 2026-09-23
Supports: same terms as NVDAc - Coinbase Onchain SPV Ltd, Prospectus for Apple certificates (FSRA approved 4 August 2026) · primary · accessed 2026-09-23
Supports: same terms as NVDAc - Coinbase Onchain SPV Ltd, Prospectus for Microsoft certificates (FSRA approved 3 September 2026) · primary · accessed 2026-09-23
Supports: same terms as NVDAc - Coinbase Onchain SPV Ltd, Prospectus for Amazon certificates (FSRA approved 3 September 2026) · primary · accessed 2026-09-23
Supports: same terms as NVDAc - Coinbase Onchain SPV Ltd, Prospectus for SpaceX certificates (FSRA approved 3 September 2026) · primary · accessed 2026-09-23
Supports: same terms as NVDAc, SpaceX Class A listed on Nasdaq - Coinbase Onchain SPV Ltd, Prospectus for Sandisk certificates (FSRA approved 3 September 2026) · primary · accessed 2026-09-23
Supports: same terms as NVDAc - Base: Stocks on Base (listing of tickers, prospectuses and contracts) · primary · accessed 2026-09-23
Supports: ticker to contract address table, prospectus links, available only outside the US, self-custodial wallet - Base: B20 Native Token Standard (Beryl specification) · primary · accessed 2026-09-23
Supports: B20 tokens are Rust precompiles, roles: admin, mint, burn, burnBlocked, pause, transfer policies (allowlist or blocklist), burnBlocked is the freeze-and-seize path, multiplier - Base: B20 Seize Surface and burnBlocked Deprecation (Cobalt) · primary · accessed 2026-09-23
Supports: seizeWithMemo reassigns a holder’s balance, SEIZE_ROLE, burnBlocked deprecated but callable, Cobalt mainnet 30 September 2026 - Base mainnet eth_call reads of name(), symbol(), totalSupply(), multiplier() and hasRole() on the listed contracts · primary · accessed 2026-09-23
Supports: names and symbols match the listing, DEFAULT_ADMIN_ROLE holder 0x38467be00970af18076fd08f6b4cf38ba91572b1 has no code, multiplier 1.0 on NVDAc