The Register · tokenized SNXX
What a tokenized SNXX holder owns
2 tokens issued by 2 programs track Tradr 2X Long SNDK ETF, and each gives the holder something different. Ketju has a file on 2 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. One version is a note or swap that pays like the share and carries no rights in it: rTokens. None gives the holder the Tradr 2X Long SNDK 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 2 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 | Redemption | Freeze key held by | Market cap |
| SNXXB | bStocks | Third-party custodial | Not offered to US persons | Redeem in kind | Ketju found a freeze power but not who holds it | $3M |
| RSNXX | 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 | $95K |
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.
- Third-party synthetic
- A note or swap that pays like the security and carries no rights in it. rTokens.