Coinbase Tokenized Stock (certificates by Coinbase Onchain SPV Ltd, ADGM, ”c” tickers on Base)
Research and shelf status are on the memo: Coinbase Tokenized Stock (Coinbase Onchain SPV, Base) Adverse research finding
Other programs tokenize the same securities. Every version side by side: NVDA, GOOGL, META, AAPL, MSFT, AMZN, SPCX, SNDK.
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- What the holder owns
A pro rata beneficial interest in the shares the SPV holds on trust at Alpaca; not 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
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 the Legal Register records it.
“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 | What the file records |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| Token | Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|---|
| NVDAc | Base | Yes | Yes | Yes | Yes | No | Admin key: a single key. |
Who holds the keys
Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| 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.
How it exits
| Path | 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 | Sell on decentralized exchanges on Base; no onboarding is needed to trade, but the contract blocks sanctioned addresses. | 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; the file is re-read once it activates, and any holder of that role is a clawback key
- 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
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.
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