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Tokenized stocks
A tokenized stock is an onchain token that tracks an equity or ETF. The legal wrapper varies by issuer, and holders are usually not shareholders of the underlying company.
Updated 17 Aug 2026. Rights described from issuer documents only. Where we have not read the documents, we say so.
A tokenized stock is an onchain token that tracks an equity or ETF. The token lives in a wallet, moves on a blockchain, and follows a price. What it entitles the holder to is decided by the legal wrapper the issuer chose, not by the fact that it is a token.
That is the part most coverage skips. “Tokenized” is not one legal thing. Some products give economic exposure and nothing else. Some are issued under a prospectus with a named issuer and a jurisdiction. Two tokens with the same ticker on the same chain can owe their holders different things.
Koi is not a broker, not an issuer, and not Robinhood. There is no buy button on this page and no ranking of venues. These notes exist because the question people ask — do I own the stock — has an answer that lives in issuer documents nobody links to.
The products people mean
When someone says “tokenized stocks” they usually mean one of a handful of named products. Robinhood Stock Tokens are a specific instrument with a specific issuer, and they are not a template for the category. Where we have not read another issuer’s documents, the row below says so instead of guessing.
| Product | Issuer and wrapper | What the holder gets | Where to check |
|---|---|---|---|
| Robinhood Stock Tokens | Robinhood Assets (Jersey) Limited (“RHJ”), which also acts as the tokenizer. RHJ describes them as tokenised debt securities. | Economic exposure to an underlying US share or ETF. Not the share itself. No legal or beneficial rights in it and no claim against its issuer. Standard ERC-20, live on Robinhood Chain. Not registered under US securities law and not available to US persons. | Stock Tokens docs and the RHJ prospectus |
| Kraken xStocks | A named competitor in the same category. We have not verified the issuer or the legal wrapper. | Not described here. We are not going to characterize someone else’s instrument secondhand. | Kraken’s own documentation |
| Ondo and other RWA issuers | A category rather than one product. Equity-linked tokens from RWA issuers each carry their own wrapper. | Varies by issuer. Rights differ product to product, so read them one at a time. | Each issuer’s own documents |
The gaps are deliberate. An explainer that fills them with plausible sentences is the reason people think every tokenized stock works the same way.
What a holder does not get by default
Voting. Shareholder rights. A claim on the company whose ticker is printed on the token. A claim on the issuer of the underlying security. None of that comes along with a price-tracking token unless an issuer wrote it into its own documents, and the products people trade most do not.
Do not flatten the category in the other direction either. There are wrappers in the world that pass through more than price. We are not going to name which ones without reading them, and neither should a thread that starts with “basically you own the stock.”
The Robinhood case is unusually well documented and unusually blunt: economic exposure, no legal or beneficial rights, tokenised debt securities, not for US persons. The full breakdown is here.
Where these things trade
Issuance and listing are separate jobs. A token is created in a primary market, usually restricted to vetted participants, and then trades in a secondary market where anyone technically able to hold the token can. That is why “where to buy tokenized stocks” has a different answer than “who can mint them,” and why jurisdiction decides most of it.
Robinhood’s tokens run on Robinhood Chain, which is a permissionless Ethereum L2 — meaning the chain will happily carry a contract that has nothing to do with any issuer. Being on the same chain as a regulated instrument is not a credential.
Koi does not issue, list, or sell tokenized stocks, and has not announced a product on that chain. We are not going to publish a “best place to buy” table for an instrument whose availability depends on where you live.
Where this sits in RWAs
Tokenized stocks are one branch of real-world assets onchain. Tokenized treasuries are a different branch with a different asset behind them — government debt, a yield, and a redemption story that has nothing to do with an equity price. They get lumped together in the same articles and they are not the same trade.
Derivatives are a third route to the same price. Perps track an asset without anyone tokenizing it, with funding rates and liquidation instead of an issuer and a prospectus. Different risk, same chart.
Questions people actually type
Do tokenized stocks mean you own the stock?
Usually no. It depends on the wrapper, and Robinhood Stock Tokens specifically give economic exposure without any legal or beneficial rights in the underlying security. If a product claims otherwise, the claim should be in its issuer documents, not in its marketing.
Do they come with voting rights?
Not by default. Voting sits with the registered holder of the underlying security, and a token only carries what its issuer wrote down.
Are they the same as tokenized treasuries?
No. Treasuries are a different real-world asset with different cash flows and their own wrappers. Same category page, different instrument.
Where do you buy them?
From the venues that list them, subject to where you live. Koi is not one of those venues and does not rank them.
Sources
Questions
What is a tokenized stock?
A tokenized stock is an onchain token that tracks the price of an equity or ETF, issued under a legal wrapper that differs from product to product.
Do tokenized stocks mean you own the stock?
Usually no — it depends on the wrapper, and Robinhood Stock Tokens specifically give economic exposure without any legal or beneficial rights in the underlying security.
Are Robinhood Stock Tokens the same as owning the stock?
No — they are tokenised debt securities issued by Robinhood Assets (Jersey) Limited that give economic exposure to an underlying US share or ETF without legal or beneficial rights in it.
Do tokenized stocks come with voting rights?
Not by default — voting and other shareholder rights sit with the registered holder of the underlying security, and a token only carries what its issuer documents say it carries.
Where can you buy tokenized stocks?
A small number of venues issue or list them and eligibility depends on your jurisdiction; Koi is not a venue, does not list them, and does not recommend one.
Are tokenized stocks the same as tokenized treasuries?
No — tokenized treasuries are a different real-world asset, backed by government debt rather than tracking an equity, and issued under their own wrappers.