The Register · tokenized NBIS
What a tokenized NBIS holder owns
5 tokens issued by 5 programs track Nebius, and each gives the holder something different. Ketju has a file on 5 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. 3 versions are notes or swaps that pay like the share and carry no rights in it: Ondo Global Markets, rTokens, Robinhood Stock Tokens. None gives the holder the Nebius 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 1 of the 5 programs with a readable contract, one private key can freeze, pause, or claw back holders’ tokens, or grant that power: Robinhood Stock Tokens.
Every version, side by side
| Version | What the holder has | Control | ||||
|---|---|---|---|---|---|---|
| Token | Program | Owns | Who may hold | Redemption | Freeze key held by | Market cap |
| NBISB | bStocks | Third-party custodial | Not offered to US persons | Redeem in kind | Ketju found a freeze power but not who holds it | $6M |
| NBISON | 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 | $5M |
| RNBIS | 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 | $655K |
| NBIS | Robinhood Stock Tokens | Third-party synthetic | Not offered to US persons | Secondary market only; no issuer redemption | A single key | $285K |
| ANBIS | 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 | $557 |
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. Ondo Global Markets, rTokens, Robinhood Stock Tokens.