The Register · tokenized COIN
What a tokenized COIN holder owns
9 tokens issued by 9 programs track Coinbase Global, Inc. Class A, and each gives the holder something different. Ketju has a file on 9 of them; each row below links to the file, which quotes the issuer.
What the holder owns
2 versions on file give the holder a claim on a real share that a custodian holds in its own name, with no vote:bStocks, Anchored aStocks. 7 versions are notes or swaps that pay like the share and carry no rights in it: xStocks, Ondo Global Markets, bTokens, rTokens, Robinhood Stock Tokens, ST0x tokenized stocks and ETFs, Dinari dShares. None gives the holder the Coinbase Global, Inc. Class A share itself, and none carries SIPC protection in the wallet.
Who may hold it
No version on file is offered to US persons.
Who can freeze it
In 4 of the 9 programs with a readable contract, one private key can freeze, pause, or claw back holders’ tokens, or grant that power: xStocks, bTokens, Robinhood Stock Tokens, Dinari dShares.
Every version, side by side
| Version | What the holder has | Control | ||||
|---|---|---|---|---|---|---|
| Token | Program | Owns | Who may hold | Redemption | Freeze key held by | Market cap |
| COINB | bStocks | Third-party custodial | Not offered to US persons | Redeem in kind | Ketju found a freeze power but not who holds it | $17M |
| COINX | xStocks | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A single key | $13M |
| COINON | Ondo Global Markets | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | An account only a program can sign for | $9M |
| bCOIN | bTokens | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A single key | $9M |
| RCOIN | rTokens | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | Ketju found a freeze power but not who holds it | $3M |
| COIN | Robinhood Stock Tokens | Third-party synthetic | Not offered to US persons | Secondary market only; no issuer redemption | A single key | $2M |
| wtCOIN | ST0x tokenized stocks and ETFs | Third-party synthetic | Not offered to US persons | Secondary market only; no issuer redemption | A 3-of-6 multisig | $391K |
| COIN | Dinari dShares | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A contract run by a single key | $56K |
| ACOIN | Anchored aStocks | Third-party custodial | Not offered to US persons | Redeem with the issuer in its window | Ketju found no freeze or claw-back power | $742 |
Market cap is CoinGecko’s figure on 2026-09-24, for the token itself and not for the share it tracks. The “Freeze key held by” column shows the weakest key that can freeze, pause, or claw back a holder, or grant that power, as Ketju read it from the chain.
Kinds of claim
- Third-party custodial
- A custodian’s security entitlement in the form of a token; the holder’s claim is against the custodian. bStocks, Anchored aStocks.
- Third-party synthetic
- A note or swap that pays like the security and carries no rights in it. xStocks, Ondo Global Markets, bTokens, rTokens, Robinhood Stock Tokens, ST0x tokenized stocks and ETFs, Dinari dShares.