Tokenized equities are blockchain-based tokens that give you price exposure to real-world assets, including publicly traded US stocks and ETFs, as well as private companies. You can buy, sell, and hold them in Phantom using crypto, just like other tokens.
They are not actual shares. They are onchain tokens issued by third parties that track the price of the 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.
PreStocks availability may vary by region. Tokenized equities aren't available in some regions, including the US, UK, France, Netherlands, and Germany. For more information, see Feature availability by region.
Tokenized stocks
Tokenized stocks give you price exposure to publicly traded US equities and ETFs, such as Nvidia, Apple, or the S&P 500.
Here's what tokenized stocks look like in Phantom, depending on the issuer:
- xStocks
- Token symbol:
ACMEx(xsuffix) - Token name: "ACME xStocks"
- Token symbol:
- Ondo:
- Token symbol:
ACMEon(onsuffix) - Token name: "ACME (Ondo Tokenized)"
- Token symbol:
xStocks live on Solana and Ethereum. Ondo tokenized stocks live on Ethereum.
Some tokenized stocks may offer dividends, but these are generally reinvested into the token rather than paid out in cash. The exact approach depends on the issuer, so always review their documentation for specifics.
Browser extension
- Click Explore in the lower right.
- Go to Lists → Tokenized Stocks.
- Click any tokenized stock, then click Swap.
- In the You Pay field, select the token you want to spend, such as SOL, ETH, or another supported token.
- Click Swap Now.
Mobile app
- Tap Explore in the lower right.
- Go to Lists → Tokenized Stocks.
- Tap any tokenized stock, then tap Buy.
- In the You Pay field, select the token you want to swap, such as your Cash account balance, SOL, or another supported token.
- Tap Buy now.
PreStocks
PreStocks (also referred to as pre-IPO) are Solana-native tokens that give you price exposure to private companies before they potentially go public, such as SpaceX, OpenAI, Anthropic, Kalshi, and xAI.
They don't 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.
Here's what PreStocks tokens look like in Phantom, for example:
- 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.
Browser extension
- Click Explore in the lower right.
- Search for "PreStocks."
- Click any PreStocks token, then click Swap.
- In the You Pay field, select the token you want to spend, such as SOL, ETH, or another supported token.
- Click Swap Now.
Mobile app
- Tap Explore in the lower right.
- Search for "PreStocks."
- Go to Lists → Tokenized Stocks.
- Tap any PreStocks token, then tap Buy.
- In the You Pay field, select the token you want to swap, such as your Cash account balance, SOL, or another supported token.
- Tap Buy now.
FAQ
General
Are tokenized stocks available to trade everywhere?
No. Tokenized stocks aren't available to trade for customers in 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 don't receive shareholder rights like 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 (SPV).
Holding the token does not give you ownership of the underlying stock or equity.
Can I trade tokenized equities 24/7?
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 or during events like 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 them like any other token.
How are tokenized equities different from traditional equities?
Tokenized equities differ from stocks held through a broker:
- No voting rights or governance.
- 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:
Where can I learn more?
- 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.
One reason is how dividends are handled. Instead of paying dividends in cash, issuers typically reinvest them into the token:
- xStocks increase your token balance.
- Ondo adjusts the token's value over time (one token may represent more than one share).
Prices may also differ due to onchain liquidity, spreads, and trading conditions.
Do I receive dividends?
Some tokenized stocks reflect dividends, but usually not as cash payouts. Depending on the issuer:
- Your token balance may increase (xStocks). Example: If ACMEx is $100 and declares a $10 dividend, your balance increases from 1.00 to 1.10 tokens (each still tracking ~$100).
- The token's value may adjust over time (Ondo). Example: If ACMEon is $100 and declares a $10 dividend, your balance stays at 1.00, but the token now represents 1.10 shares (worth ~$110).
How are tokenized stocks backed?
Tokenized stocks are typically backed 1:1 by the underlying stock or ETF, held by a licensed custodian.
How do tokenized stocks track real-world prices?
They 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.
How do PreStocks track the price of the underlying company?
PreStocks tokens are backed 1:1 by SPVs holding real 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 price. This means the price updates less frequently than a publicly traded stock and may not reflect real-time changes in company value. Large price movements typically 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 mint and sell tokens, increasing supply
- If prices are too low, they buy and redeem tokens, reducing supply
This helps keep prices aligned with real-world valuations. It is important to note, though, token prices may loosely reflect price per share of the referenced company and may also trade at prices that differ significantly from the price per share 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 or receiving.
- Custody: You self-custody the token, which means you are responsible for maintaining access to your account or private keys. The issuer holds the stock or equity.
- Issuer risk: For certain reasons, such as legal, security, business, or operational, issuers may freeze, transfer, burn, refund, or migrate tokens.
- Investor protections: Investor protections may not apply like 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.
Important: Tokenized stocks are not brokerage accounts. Do your own research and trade only what you are comfortable risking.
Additional terms
Tokenized equities are not actual stocks. They are blockchain-based instruments issued by third parties that provide exposure to the performance of the 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.