You can trade tokenized equities in Phantom using crypto. Tokenized equities are blockchain-based tokens that provide price exposure to real-world assets, including publicly traded US stocks and ETFs, as well as private companies.

Tokenized equities are not actual shares. They are onchain tokens issued by third parties that track the price of an underlying asset using decentralized oracles and live market data feeds. Their price, liquidity, and availability depend on the issuer and may differ from traditional markets.

Before you start #

Review these details before buying or selling tokenized equities in Phantom:

• Tokenized equities do not give you ownership of actual shares or shareholder rights.
• Tokenized equities are issued by third parties, not Phantom.
• Availability, liquidity, trading hours, and dividend handling depend on the issuer.
• Tokenized stocks are not available to customers in some regions, including the US, UK, France, Netherlands, and Germany.
• Trading tokenized equities involves risk, including the potential loss of principal.

Tokenized stocks #

Tokenized stocks give you price exposure to publicly traded US equities and ETFs, such as Nvidia, Apple, or the S&P 500.

Tokenized stocks may appear differently in Phantom depending on the issuer:

• xStocks
  • Token symbol: ACMEx (x suffix)
  • Token name: "ACME xStocks"
• Ondo
  • Token symbol: ACMEon (on suffix)
  • Token name: "ACME (Ondo Tokenized)"

xStocks are available on Solana and Ethereum. Ondo tokenized stocks are available on Ethereum.

Some tokenized stocks may reflect dividends, but they are generally not paid out in cash. The exact approach depends on the issuer, so review the issuer's documentation before trading.

Mobile app #

To trade a tokenized stock in the mobile app, follow these steps:

1. Open the Explore tab.
2. Under Lists, tap Stocks.
3. Open any token in the list, then tap Buy.
4. Enter the amount and choose your payment method.
5. Confirm.

Browser extension #

To trade a tokenized stock in the browser extension, follow these steps:

1. Click the magnifying glass icon (Explore) in the lower right.
2. Under Top Lists, click Tokenized Stocks.
3. Open any token in the list, then click Swap.
4. Enter the amount and choose your payment method.
5. Confirm.

PreStocks #

PreStocks, also referred to as pre-IPO tokens, are Solana-native tokens that provide price exposure to private companies before they potentially go public, such as SpaceX, OpenAI, Anthropic, Kalshi, and xAI.

PreStocks do not represent real shares or provide shareholder rights. Instead, they track a company's private market valuation and can be traded based on the issuer's terms. PreStocks are tradable 24/7 on Solana DEXs, including Jupiter, Raydium, and Meteora.

PreStocks may appear in Phantom like this:

• Token symbol: ACME
• Token name: "ACME PreStocks"

These tokens are independently issued by PreStocks. Phantom provides access to these tokens but does not issue them. Review PreStocks Terms of Service before purchasing.

Mobile app #

To trade a PreStocks token in the mobile app, follow these steps:

1. Open the Explore tab.
2. Under Lists, tap PreStocks.
3. Open a token, then tap Buy.
4. Enter the amount and choose your payment method.
5. Confirm.

Browser extension #

To trade a PreStocks token in the browser extension, follow these steps:

1. Click the magnifying glass icon (Explore) in the lower right.
2. Search for PreStocks.
3. Open a token, then click Swap.
4. Enter the amount and choose your payment method.
5. Confirm.

FAQ #

General #

Are tokenized stocks available to trade everywhere? #

No. Tokenized stocks are not available to customers in some regions, including the US, UK, France, Netherlands, and Germany. PreStocks availability is subject to regional restrictions. See Feature availability by region for details.

Am I buying real shares? #

No. Tokenized equities do not give you ownership of real shares. They are onchain tokens that provide price exposure to an underlying asset. You can track price movements and trade them, but you do not receive shareholder rights such as voting.

For PreStocks, tokens track the private market valuation of a company rather than publicly traded shares.

Who holds my tokenized equities? #

You self-custody tokenized equities in your Phantom wallet. The underlying equities are held by the issuer's licensed custodian. For PreStocks, exposure is held through a special purpose vehicle, or SPV.

Holding the token does not give you ownership of the underlying stock or equity.

Can I trade tokenized equities 24/7? #

Trading availability depends on the issuer:

• xStocks trade 24/7.
• Ondo tokenized stocks follow US market hours, 24/5, with pre-market, core, post-market, and overnight sessions. There may be short pauses between sessions, corporate actions, or holidays. Overnight liquidity may be lower. You can check current trading availability at status.ondo.finance.
• PreStocks trade 24/7 on Solana DEXs.

Can I transfer tokenized equities that I hold? #

Yes. You can transfer tokenized equities like other tokens, subject to issuer terms, regional restrictions, and network availability.

How are tokenized equities different from traditional equities? #

Tokenized equities differ from stocks held through a broker in several ways:

• No voting rights or governance rights.
• Self-custodied in your crypto wallet.
• Purchased using crypto, with no broker or bank account needed.
• Fractional access, with no need to buy full shares.
• No ownership of the underlying equity.

Features may vary by issuer. Review the issuer's terms before purchasing:

• xStocks Terms of Service
• Ondo Terms of Service
• PreStocks Terms of Service

Where can I learn more? #

You can learn more from each issuer:

• xStocks: xstocks.com
• Ondo: ondo.finance
• PreStocks: prestocks.com

Tokenized stocks #

What equities are available? #

xStocks and Ondo tokenized stocks cover a range of major US stocks and ETFs. The exact list depends on the issuer, and availability may vary based on your region and local regulations.

Why does the price sometimes differ from the real stock? #

Tokenized stocks are designed to track real equities, but prices may differ from traditional markets due to liquidity, spreads, trading conditions, and how the issuer handles dividends.

Dividend handling may vary by issuer:

• xStocks may increase your token balance.
• Ondo may adjust the token's value over time. One token may represent more than one share.

Do I receive dividends? #

Some tokenized stocks may reflect dividends, but usually not as cash payouts. Dividend handling depends on the issuer:

• Your token balance may increase for xStocks. For example, if ACMEx is $100 and declares a $10 dividend, your balance may increase from 1.00 to 1.10 tokens, with each token still tracking about $100.
• The token's value may adjust over time for Ondo. For example, if ACMEon is $100 and declares a $10 dividend, your balance may stay at 1.00, but the token may represent 1.10 shares worth about $110.

How are tokenized stocks backed? #

Tokenized stocks are typically backed 1:1 by the underlying stock or ETF, held by a licensed custodian. The exact structure depends on the issuer.

How do tokenized stocks track real-world prices? #

Tokenized stocks use decentralized oracles and market data feeds. Issuers are responsible for maintaining price alignment, which may not always be exact.

PreStocks #

What companies are available as PreStocks? #

PreStocks currently offers tokens for various private companies, such as SpaceX, OpenAI, Anthropic, Kalshi, and xAI. Availability may change over time.

How do PreStocks track the price of the underlying company? #

PreStocks tokens are backed 1:1 by SPVs holding private company equity. The token price reflects the company's most recently known valuation, sourced from secondary market transactions, funding rounds, and other available data points.

Because private companies are not listed on public exchanges, there is no continuously traded public price. This means the price may update less frequently than a publicly traded stock and may not reflect real-time changes in company value. Large price movements may occur around major news events, such as funding rounds, valuation updates, or shifts in market sentiment.

According to PreStocks, prices are kept in line through arbitrage:

• If prices are too high, arbitrageurs may mint and sell tokens, increasing supply.
• If prices are too low, arbitrageurs may buy and redeem tokens, reducing supply.

This process may help keep prices aligned with real-world valuations. However, token prices may only loosely reflect the price per share of the referenced company and may differ significantly from prices in other secondary markets.

Do PreStocks pay dividends? #

No. PreStocks represent private companies that do not pay dividends.

Risks #

Trading tokenized equities involves risk. Review the following before trading:

• Volatility: Tokenized equities track the underlying equity, which may be volatile.
• No voting rights: Tokenized equity holders do not have shareholder privileges.
• Dividend eligibility: Dividend behavior varies by issuer. PreStocks do not pay dividends.
• Regional restrictions: Some regions may be blocked from purchasing, trading, or receiving tokenized equities.
• Custody: You self-custody the token, which means you are responsible for maintaining access to your account and private keys. The issuer or its custodian holds the stock or equity.
• Issuer risk: For legal, security, business, or operational reasons, issuers may freeze, transfer, burn, refund, or migrate tokens.
• Investor protections: Investor protections may not apply the same way they do in traditional brokerages.
• Delegation mechanics: Some tokenized stocks may include smart contract-level delegate permissions that enable actions like transfers or burns. These are controlled by the issuer and reflected transparently onchain.
• PreStocks liquidity: As Solana-native tokens traded on DEXs, liquidity may vary depending on market conditions.

Additional terms #

Tokenized equities are not actual stocks. They are blockchain-based instruments issued by third parties that provide exposure to the performance of underlying assets. While they track price movements and mechanics of the underlying securities, they do not confer ownership rights or shareholder benefits. They are available in select jurisdictions only.

Phantom has partnerships with third-party issuers of tokenized equities. Phantom only provides the platform for you to view, buy, and sell these tokens. Each tokenized equity is governed solely by the terms set by its issuer. Phantom has no control over those terms and does not guarantee any rights, returns, or liquidity.

Trading tokenized stocks involves risk, including the potential loss of principal, and may not be suitable for all users. The value of tokenized stocks may fluctuate significantly, may not reflect the per-share price of the underlying equity, and past performance is not indicative of future results.