The Register · tokenized IBM
What a tokenized IBM holder owns
6 tokens issued by 6 programs track IBM, and each gives the holder something different. Ketju has a file on 6 of them; each row below links to the file, which quotes the issuer.
What the holder owns
One version on file gives the holder a claim on a real share that a custodian holds in its own name, with no vote:bStocks. 5 versions are notes or swaps that pay like the share and carry no rights in it: Ondo Global Markets, xStocks, Robinhood Stock Tokens, rTokens, Dinari dShares. None gives the holder the IBM 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 3 of the 6 programs with a readable contract, one private key can freeze, pause, or claw back holders’ tokens, or grant that power: xStocks, 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 |
| IBMON | 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 | $3M |
| IBMX | xStocks | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A single key | $1M |
| IBMB | bStocks | Third-party custodial | Not offered to US persons | Redeem in kind | Ketju found a freeze power but not who holds it | $753K |
| IBM | Robinhood Stock Tokens | Third-party synthetic | Not offered to US persons | Secondary market only; no issuer redemption | A single key | $588K |
| RIBM | 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 | $112K |
| IBM | Dinari dShares | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A contract run by a single key | $23K |
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 synthetic
- A note or swap that pays like the security and carries no rights in it. Ondo Global Markets, xStocks, Robinhood Stock Tokens, rTokens, Dinari dShares.
- Third-party custodial
- A custodian’s security entitlement in the form of a token; the holder’s claim is against the custodian. bStocks.