MSFT underlying vs MSFT tokenized wrappers

Underlying ticker

MSFT

Underlying company name

Microsoft

Token name

Microsoft • Robinhood Token

Token symbol

MSFT

Onchain asset id

0x00000000000000000000000000000000307bb0113ca54f93adf80f4ff2bf681a

Asset status

Active

What the token is, in law

An over-the-counter derivative contract with Robinhood Europe, UAB, regulated under MiFID II. The holder's rights come from that contract; the blockchain token represents them. One token per underlying share or unit.

Issuing entity and supervisor

Robinhood Europe, UAB — a Lithuanian investment firm, legal entity code 306377915, supervised by the Bank of Lithuania. Not the US broker-dealer.

Canonical contract address

0xe93237C50D904957Cf27E7B1133b510C669c2e74

Chain id

4663

Chain

Robinhood Chain

Registry uniqueness check

Unique. Exactly 1 whitelisted asset carries the ticker MSFT across 96 assets, so the ticker binds unambiguously to the contract address above. A look-alike token using the same ticker would not appear in this registry.

Corporate actions in feed

None. The feed carried 13 processed actions registry-wide and none referenced MSFT.

Current multiplier (shares per token)

1.000000000000000000

Pending multiplier change

Not established.

Full lifetime corporate-action history

Not established.

How corporate actions are applied

By amending the derivative contract and rebasing the token. That rebasing is what the shares-per-token multiplier in the API expresses.

Bid

456.59 USD

Ask

456.69 USD

Quote as-of

2026-07-30T18:40:04.254389266Z

Trading halt

Not halted at quote time.

Underlying daily trading volume

86114801

Underlying daily range

416.48 – 458.69 USD

Token mint/burn volume

84.199

Mint/burn volume in USD

38448.63136

Price basis

Raw underlying-equity bid/ask, not multiplier-adjusted. Multiply by the current multiplier above for the token-equivalent value.

True secondary-market depth

There is no secondary market to have depth in. The token is non-transferable and non-assignable: minted when the derivative is opened, burned when it is closed. No resting order book, no realised secondary transfer volume. Every entry and exit is bilateral with Robinhood Europe at the then-quoted price of the underlying.

Underlying tradability by session

Market: whole tradable, fractional tradable · Extended: whole tradable, fractional tradable · Overnight: whole tradable, fractional tradable

Country and investor eligibility

Not established.

Permitted investor category

Retail clients, as defined by Lithuania's Law on Markets in Financial Instruments transposing MiFID II — but only informed ones: the KID restricts the product to retail investors with specific knowledge and experience of similar products who can bear a total loss.

Venue fees

Entry 0.10% and exit 0.10% of the amount, stated as the most that will be charged. Management, administrative, operating and transaction costs are all stated at 0.00% per year, and there is no performance fee. The document's own worked example: EUR 20 total cost on EUR 10,000 held for one year.

Currency-conversion fee

0.10% per transaction on the euro value of the executed FX, charged on the way in and on the way out — this is what the KID's entry and exit costs are. The fee schedule states no other Classic Stock Token trading fee applies. Neither document discloses a spread inside the EUR/USD rate itself.

Token-holder legal rights

No ownership of the underlying share and no shareholder rights — no vote, no proxy, no claim to the share. What the holder has is a contractual claim against Robinhood Europe, UAB, and nothing else.

Redemption for underlying shares

No. Cash-settled only. Exit is a buy-back by Robinhood Europe at the then-quoted price of the underlying, less fees, requested through the app — the token can never be exchanged for a share.

Bankruptcy treatment

Unsecured single-counterparty exposure to Robinhood Europe, UAB. The KID states the Product is not covered by an investor compensation or deposit insurance scheme; no collateral pool, no security trustee, no ring-fenced pool of NVIDIA shares is described. Read alongside rights.investorInsuranceScheme, which reports the firm-level scheme the issuer publishes separately.

Dividend treatment

Dividend amounts pass through as a contractual right under the derivative — not as a shareholder dividend — and the document states they are not guaranteed.

Firm-level investor insurance

Robinhood Europe, UAB participates in Lithuania's Insurance System of Liabilities to Investors, coverage limit EUR 22,000, payable within three months of an insured event; loss of investment value is excluded. This is a firm-level scheme. The KID states separately that this Product is not covered by an investor compensation scheme. EquityLayer does not reconcile the two — both are reproduced as published, and which one governs a Stock Token claim is not settled by the documents reviewed.

Custody and segregation

The derivative positions sit in individual client accounts, segregated from other clients and from Robinhood Europe's own holdings, with no right of use absent explicit consent. Note what this does and does not cover: it is segregation of the derivative position. No pool of underlying NVIDIA shares held for token holders is described anywhere in the documents reviewed.

Underlying ticker

Not established.

Underlying company name

Not established.

Token symbol

Not established.

Issuer

Backed Assets (JE) Limited — a Jersey private limited company acting as a dedicated issuance vehicle, registered with the Jersey Financial Services Commission, trading as xStocks.

Onchain asset id

Not established.

Asset status

Not established.

What the token is, in law

An open-ended tracker certificate — a debt instrument of the issuer, securitised as a ledger-based security (Registerwertrecht) under art. 973d of the Swiss Code of Obligations. Not a share, not a fund unit, and it pays no interest. The token is the certificate.

Canonical contract address

Not established.

Chain

Not established.

Chain id

Not established.

Registry uniqueness check

Not established.

Corporate actions in feed

Not established.

Current multiplier (shares per token)

Not established.

Pending multiplier change

Not established.

Full lifetime corporate-action history

Not established.

How corporate actions are applied

Through 'Adjustment Events'. Splits, delistings, capital increases and special dividends all qualify. The issuer decides — at its own discretion, without investor consent — whether one has occurred and what adjustment to make. No fixed formula is published.

Bid

Not established.

Ask

Not established.

Quote as-of

Not established.

Trading halt

Not established.

Underlying daily trading volume

Not established.

Token mint/burn volume

Not established.

True secondary-market depth

Not established.

Underlying tradability by session

Not established.

Country and investor eligibility

Excluded outright: US persons and any US address, jurisdictions where distribution would be unlawful (the prospectus names North Korea, Syria and Iran), and FATF call-for-action jurisdictions. Permitted distribution rests on the FMA Liechtenstein approval notified into 29 named EEA states. Investor category is narrowed too: under Jersey's SPB Order the Products may be issued only to a Professional Investor or to someone who has acknowledged the SPB Order investment warning, and subscription or redemption with the issuer requires passing KYC/AML.

Transfer controls on the token

Freely transferable peer to peer, with one carve-out: the smart contract may block addresses flagged as sanctioned, screened by a third-party oracle. The tokenizer — not the holder — controls the mint, burn, pause and contract-update functions.

Venue fees

Not established.

Token-holder legal rights

A creditor claim against the issuer, secured on collateral allocated to that specific product — not share ownership. No vote, no dividend as a shareholder, no pre-emption, no claim on the underlying shares themselves, and no residual claim on the issuer once the pro-rata realisation proceeds have been paid.

Redemption for underlying shares

A holder-initiated redemption right does exist — the Investor Put Option, exercisable at any time by submitting a Redemption Order to the issuer — but it settles in cash or cryptocurrency, never in shares: physical delivery of the underlying is excluded. Settlement runs to T+5 after the issuer receives the tokens, minus Investor Fees, and only after the holder passes KYC/AML; the issuer may reject a redemption on negative findings.

Bankruptcy treatment

Segregated, product-specific collateral with an independent Security Agent holding a lien for investors. Issuer insolvency is a Realization Event: the Security Agent realises that product's collateral and distributes Net Realization Proceeds pro rata to its holders. But holders rank behind the Security Agent, the Custodian and the Paying Account Provider, whose fee and cost claims come out first, and there is no residual claim on the issuer afterwards.