Eligibility file · Note

rTokens (Reality, Bitget’s issuance platform; listed on CoinGecko as ”rStock”)

What the client owns

The holder has an unsecured contractual claim on the issuer for a redemption or sale amount. The holder does not own the share or a beneficial interest in it and has no vote. Third-party synthetic: A note or swap that pays like the security and carries no rights in it.

Who may hold it

Not offered to US persons. First purchase minimum not stated. Only persons outside the United States who are not US persons under Rule 902 of Regulation S, not acting for a US person, and not placing the order from the United States. Anyone who buys from or redeems with the issuer must pass its KYC, AML and wallet screening; a buyer on a secondary market may hold the token but may not redeem until the issuer approves it as an Eligible User. Reality does not publish its list of barred countries; it says it shows the list during account opening. No minimum is stated; the issuer may issue fractions. Bitget Wallet and Bitget are the retail venues.

Who can freeze or claw back

Arbitrum rCRCL: can freeze a holder, pause transfers, mint, change the code (allowlist, clawback unverified).
Morph rCRCL: can freeze a holder, pause transfers, mint, change the code (allowlist, clawback unverified).

How a holder redeems

Redeem with the issuer in its window. An Eligible User sells the rToken back to Reality through the Reality platform or a partner venue; the issuer sells the share through Alpaca and pays stablecoins (USDT or USDC), Monday to Friday. The issuer may instead deliver the share, a substitute asset or another digital asset, may defer or reject a request, and gives no settlement deadline. A holder who bought on a secondary market must first be approved as an Eligible User. Settles in USDT, USDC.

This file replaced an earlier version on 2026-09-27. Superseded to add control readings on chains the file listed without one, so a wallet holding the token there matches the file and the daily watch reads it. The terms and the claim model did not change. Earlier versions.

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: rTokens (Reality, Bitget group) Not approved

Issuer

BG El Salvador, S.A. de C.V. (El Salvador; CNAD digital asset service provider register PSAD-0047), trading as Reality within the Bitget group; Mana Remittance Limited as custodian; Alpaca Securities LLC as broker-dealer

Registration

Regulation S, offshore

Official record

No transfer agent

Instruments

rCRCL rMSTR rGOOGL rMU rINTC rSNDK rMRNA rSTRC

Chains

Arbitrum, Morph

Reviewed

2026-09-27

Next review

2027-03-27

Other programs tokenize the same securities. Every version side by side: CRCL, MSTR, GOOGL, MU, INTC, SNDK, MRNA, STRC.

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

The holder has an unsecured contractual claim on the issuer for a redemption or sale amount. The holder does not own the share or a beneficial interest in it and has no vote.

“Each rToken is a blockchain-recorded tokenized debt instrument issued by the Issuer which represents an unsecured contractual claim against Issuer for:”

Reality Terms and Conditions (last updated 11 September 2026) · Clause 7.2, rTokens as Debt Instruments · words found 2026-09-23

Who may hold it

No US persons and no one in the United States; the terms bar resale to a US person unless the resale is registered or exempt.

“not ”US persons” as defined in Rule 902 of Regulation S under the US Securities Act of 1933”

Reality Terms and Conditions (last updated 11 September 2026) · Important Notice (p. 1) · words found 2026-09-23

First purchase minimum

No minimum is stated; the issuer may issue fractional tokens.

“The Issuer may issue fractional rTokens where the applicable Underlying Asset can be valued or transferred in fractional units.”

Reality Terms and Conditions (last updated 11 September 2026) · Clause 9.9, Fractional rTokens · words found 2026-09-23

Who it may be transferred to

The terms allow a transfer only if the issuer judges it compliant, and a transferee cannot redeem or collect income until the issuer onboards it; the contract itself lets any unfrozen wallet send.

“A Holder may transfer rTokens only if the transfer, in the Issuer’s opinion:”

Reality Terms and Conditions (last updated 11 September 2026) · Clause 13.3, Transfer Restrictions · words found 2026-09-23

How a holder redeems

Redemption is a request the issuer may accept or refuse, settled in the share, stablecoins or a substitute asset at the issuer’s choice, with no guaranteed deadline.

“Any stated settlement period is an estimate only and is not a guaranteed settlement deadline.”

Reality Terms and Conditions (last updated 11 September 2026) · Clause 17.5, Settlement Timing · words found 2026-09-23

Who keeps the official record

When the chain and the issuer’s own register differ, the register governs who is owed a redemption, a dividend or a sale amount.

“the Issuer’s register shall control for purposes of determining legal entitlement to Redemption, Attributable Income, rToken Sale Amounts and other contractual rights”

Reality Terms and Conditions (last updated 11 September 2026) · Clause 13.1, Issuer’s Register as Definitive Record · words found 2026-09-23

What the issuer says it can freeze or take back

The issuer may freeze, burn, pause, reverse transfers and migrate tokens; on Arbitrum a 3-of-5 Safe can freeze any wallet and a single key can pause the token.

“mint, activate, transfer, burn, cancel, freeze, restrict, pause, disable, migrate, upgrade or replace”

Reality Terms and Conditions (last updated 11 September 2026) · Clause 13.5, Token Administration Powers · words found 2026-09-23

Fact	Answer
Who onboards the holder	issuer
Voting rights	None
Distributions	cash
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
rCRCL	Arbitrum	Yes	Yes	Unverified	Unverified	Yes	0x129ea4ddb91c836f89dfa9ef8102f9e505dfc4ba (TokenManager, read from minter())
rCRCL	Morph	Yes	Yes	Unverified	Unverified	Yes	unverified

Arbitrum rCRCL: 3 contract reads, 0 functions in verified source, 2026-09-23

Read from the chain

eip1967.beacon=0x9a570740faf9c77255e389a7bccb7d460a5f4948
0x9a570740faf9c77255e389a7bccb7d460a5f4948.implementation()=0x5d2247b7f6e5b09fcfd59042acaea805cb84bc53
paused()=false

Morph rCRCL: 9 contract reads, 0 functions in verified source, 2026-09-27

Read from the chain

paused()=0x0000000000000000000000000000000000000000
totalSupply()=0x0000000000000000000000061cce838f8795f200
decimals()=0x0000000000000000000000000000000000000012
isFrozen(dead)=0x0000000000000000000000000000000000000000
eip1967.implementation=0x0000000000000000000000000000000000000000
eip1967.admin=0x0000000000000000000000000000000000000000
eip1967.beacon=0x203c21db4e68defc5301b329a1716b053f863793
beacon.implementation()=0xaad14dacf1c6eb91d093450d3fbfb0b0de3467e5
codehash(0x4413dc75387e63a46a0a77307e884164427797c3)=0x5eb0bb27fb8408b1fcfe88868939c83d40576e7fe89a28cff1258353b5cf76f8=codehash(42161:0x861a85a78c371bc0a02675bbe00a4cbc0826b421)

Where it trades

Venue	Kind
Reality platform (realityfinance.xyz), BG El Salvador, S.A. de C.V.	issuer primary
Bitget (Stocks 2.0)	exchange
Bitget Wallet Stocks, routing to Arbitrum and Morph	dex

Redemption

Route	Settlement	Settles in
Redeem with the issuer in its window	An Eligible User sells the rToken back to Reality through the Reality platform or a partner venue; the issuer sells the share through Alpaca and pays stablecoins (USDT or USDC), Monday to Friday. The issuer may instead deliver the share, a substitute asset or another digital asset, may defer or reject a request, and gives no settlement deadline. A holder who bought on a secondary market must first be approved as an Eligible User.	USDT, USDC
Secondary market only; no issuer redemption	Sell on Bitget, in Bitget Wallet, or in any Arbitrum or Morph pool; prices and fees are the venue’s.	USDT, USDC

Review triggers

The beacon 0x9a570740faf9c77255e389a7bccb7d460a5f4948 points at a new implementation, or its owner Safe 0x7fd7a3af05065fceebbda0b021206943423e4fdc changes threshold or signers
Reality publishes verified source for implementation 0x5d2247b7f6e5b09fcfd59042acaea805cb84bc53, or the source shows a burn or transfer from another holder’s wallet
CONFIGURER_ROLE freezes any holder address, or OPERATOR_ROLE pauses any rToken or calls emergencyWithdraw
Reality publishes rToken Details for a series that change the issuer, add segregation or a trust, or change the settlement asset
The issuer exercises an Issuer Call Option on any series, or suspends or defers redemptions
The custodian (Mana Remittance Limited) or the broker-dealer (Alpaca Securities LLC) changes
The Terms change the Reg S restriction or the governing law, or rTokens open to US persons
Ketju becomes able to read the Morph contracts, or rTokens issue on a chain other than Arbitrum and Morph

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 revised this file once since filing it. Ketju keeps each earlier version as published, with the reason for the change.

Date	Change
2026-09-23	Filed.
2026-09-27	Revised. Superseded to add control readings on chains the file listed without one, so a wallet holding the token there matches the file and the daily watch reads it. The terms and the claim model did not change.

Sources

Reality Terms and Conditions (last updated 11 September 2026) · primary · accessed 2026-09-23
Supports: issuer BG El Salvador, S.A. de C.V., PSAD-0047, rToken is an unsecured tokenized debt instrument, no segregation, no trust, no beneficial interest, custodian Mana Remittance Limited; broker-dealer Alpaca Securities LLC, Reg S; US persons barred, issuer register controls, transfer restrictions and redemption only for Eligible Users, freeze, burn, pause, reverse, migrate powers, Issuer Call Option on 14 Business Days’ notice, Hong Kong law, HKIAC arbitration
Reality documentation: Contracts & Audits · primary · accessed 2026-09-23
Supports: TokenManager 0x129ea4ddb91c836f89dfa9ef8102f9e505dfc4ba (Arbitrum) and 0xf49fcde434cf62b9c69d79269c950d46f9c0810e (Morph), Distributor and CorporateActionOracle addresses, BlockSec and SlowMist audits, April and July 2026, Arbiscan label ”reality”
Reality documentation: Legal & Regulatory · primary · accessed 2026-09-23
Supports: says holders have a contractual beneficial interest in a segregated account (contradicted by the Terms), Category I Financial Services Provider, KYC for purchase and redemption
Reality documentation: Eligibility; Investing, Redemption & Fees; Overview · primary · accessed 2026-09-23
Supports: US persons prohibited, barred-country list shown at account opening, fractional, no minimum, no transfer restrictions or whitelisting (contradicted by the contract and the Terms), dividends in stablecoins; price not rebased
Arbitrum One eth_call reads of name(), symbol(), minter(), totalSupply(), roles and the beacon on the eight contracts (public endpoint arbitrum-one-rpc.publicnode.com) · primary · accessed 2026-09-23
Supports: name() ends ”(Reality Tokenized)”, minter() is the published TokenManager, one beacon 0x9a570740faf9c77255e389a7bccb7d460a5f4948 owned by a 3-of-5 Safe, freezeAccount needs CONFIGURER_ROLE (3-of-5 Safe 0xe6568007db6e9188798ae0b65e5532f14a1abcbb), pause and emergencyWithdraw need OPERATOR_ROLE (single key 0x6c5b3fdab92bd311206e873806cb30e21cd11f00), implementation 0x5d2247b7f6e5b09fcfd59042acaea805cb84bc53 unverified
Morph eth_call reads of name() and minter() on the seven Morph contracts (public endpoint rpc-quicknode.morphl2.io) · primary · accessed 2026-09-23
Supports: name() ends ”(Reality Tokenized)”, minter() is the published Morph TokenManager, Morph supply small next to Arbitrum
Bitget Wallet blog: Reality’s Tokenized U.S. Stocks and ETFs, Now in Bitget Wallet (15 September 2026) · primary · accessed 2026-09-23
Supports: Reality is Bitget’s issuance platform, shares held through Alpaca Securities, not registered shareholders, no vote, Arbitrum and Morph
Bitget Academy: Reality Protocol and rTokens (3 June 2026) · secondary · accessed 2026-09-23
Supports: mint and redeem 24/5 in stablecoins, The Network Firm reserve attestations, sell back to Reality for stablecoins
CoinGecko: Remora Markets Tokenized rStocks category · secondary · accessed 2026-09-23
Supports: Reality tokens filed under a Remora category, homepage realityfinance.xyz, market capitalization used to pick the eight largest

Every file is public. With a subscription, Ketju checks each of your households against the file and checks the file every day. $299 per firm per month, first 30 days free. Start the trial.