The Register · tokenized DRAM
What a tokenized DRAM holder owns
5 tokens issued by 5 programs track Roundhill Memory ETF. They share a ticker and little else. 5 are on file; each row below links the file with the issuer’s own words.
What the holder owns
3 versions on file give the holder a claim on a real share that a custodian holds, not the share in the holder’s own name, and no vote: bStocks, Backpack Securities stock tokens, Anchored aStocks. 2 versions are notes or swaps that pay like the share and carry no rights in it: Ondo Global Markets, rTokens. None gives the holder the Roundhill Memory ETF 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 none of the 5 programs with a readable contract does a single private key decide whether a holder can be frozen.
Every version, side by side
| Version | What the holder has | Control | ||||
|---|---|---|---|---|---|---|
| Token | Program | Owns | Who may hold | Exit | Freeze key held by | Market cap |
| DRAMB | bStocks | Third-party custodial | Not offered to US persons | Redeem in kind | A power exists; its holder was not read | $20M |
| DRAMON | 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 | $2M |
| RDRAM | rTokens | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A power exists; its holder was not read | $2M |
| DRAM | Backpack Securities stock tokens | Third-party custodial | Not offered to US persons | Redeem in kind | An account only a program can sign for | $914K |
| ADRAM | Anchored aStocks | Third-party custodial | Not offered to US persons | Redeem with the issuer in its window | No freeze or claw-back power read | None stated |
Market cap is CoinGecko’s figure on 2026-09-24, for the token itself, not the share it tracks. “Freeze key held by” names the weakest key that can freeze, pause, or claw back a holder, or grant that power, read from the chain.
What the difference means
- Third-party custodial
- A custodian’s security entitlement formatted as a token; the claim runs against the intermediary. bStocks, Backpack Securities stock tokens, Anchored aStocks.
- Third-party synthetic
- A note or swap that pays like the security and carries no rights in it. Ondo Global Markets, rTokens.