BTGOon
BitGo Holdings (Ondo Tokenized) · tracks BTGO · Stock
$7.87 on Jupiter · +5.13% vs BTGO
Who can buy: anyone with an account at an exchange that lists it (the exchange’s own checks apply), though the terms bar US persons. Redeeming with the issuer: only holders who pass the issuer’s KYC and are not US persons. Terms →
The five things to know first
Shareholder rights you get
- Dividends: Passed through by the issuer
- Voting: Only if the issuer decides
- Reports & meetings: No
- Splits: Not stated
- Takeovers: Only if the issuer decides
◐ passed through by the issuer · ◌ only if the issuer decides · ✕ no · ? not stated
Recent material changes (model assessment)
25 Sep 2026 · warning Ondo Global Markets (a listed source): 10 lines added, 8 removed · mentions redemptionThis API docs page now introduces a new product line, 'Ondo Intelligent Portfolios,' alongside Ondo Stocks…
This API docs page now introduces a new product line, 'Ondo Intelligent Portfolios,' alongside Ondo Stocks…
Diff →25 Sep 2026 · warning Ondo Global Markets (a listed source): 24 lines added, 24 removed · mentions custodyNew disclosure clarifies BlackRock only provides nondiscretionary model portfolio strategies and has no…
New disclosure clarifies BlackRock only provides nondiscretionary model portfolio strategies and has no…
Diff →
A model's reading of each document diff. It is not a legal conclusion. 4 in the last 30 days, with the diffs →
Why the health checks say: this token warning, programme caution
MarketwarningPrice tracking · 3/6 checks judged; 3 unknown
ControlwarningTrading pause · 3/3 checks judged; 0 unknown
Legal / evidencecautionLegal evidence review · 1/1 checks judged; 0 unknown
DeFi composabilitycautionDeFi enforceability · 1/1 checks judged; 0 unknown
Claim vs observed reality
20 Sep 2026 · warning README implies Pyth validates GM-token prices; the code uses an issuer-written stock priceA holder should not read “Pyth” as independent validation of the referenced share price. Both the executable quote and its stock-price sanity anchor remain inside Ondo’s operational trust boundary.
Scope: programme-wide implementation conflict
Published claim
The official programme README advertises “Price validation via Pyth oracle feeds with sanity checks” as a programme-wide oracle integration.
- Ondo GM Solana README · checked
Observed reality
For GM stocks, the signed quote is checked against OracleSanityCheck.last_price, which Ondo role key 5NC6Q8… writes directly. The published source uses Pyth PriceUpdateV2 only in the separate USDC peg check—not as an independent equity-price oracle.
- GM token-manager source · checked
- Sanity-check admin source · checked
Why it mattersA holder should not read “Pyth” as independent validation of the referenced share price. Both the executable quote and its stock-price sanity anchor remain inside Ondo’s operational trust boundary.
What resolves itResolved when the programme README limits the Pyth claim to the USDC peg check, or deployed GM-token code independently validates the referenced equity price against a Pyth equity feed.
Observed
What you own
- How close to owning the share
- 2 of 4 — a secured claim on collateral
- Legal form
- Structured note
Evidence
confirmedAn Ondo tokenized stock is a structured note: a debt instrument issued by Ondo Global Markets (BVI) Limited…
Ondo Stocks — Legal & Regulatory (docs) ·section 'What is an Ondo tokenized stock?'· read - What the holder owns
- The holder owns an unsecured-in-form but collateral-secured debt claim on Ondo Global Markets (BVI) Limited —…
Evidence
confirmedAlpaca's Instant Tokenization Network (ITN) allows authorized participants to convert supported underlying…
docs.ondo.finance ·section 'ITN Integration'· read - Issuing entity
- Ondo Global Markets (BVI) Limited — BVI business company, bankruptcy-remote SPV, 90.01% owned by Flux Finance…
Evidence
confirmedThe Issuer was incorporated as a British Virgin Islands business company in the British Virgin Islands on…
Sales Terms of Ondo Global Markets (BVI)… ·p. 130, s. 13.1 'Incorporation and…· read - Jurisdiction
- British Virgin Islands
Evidence
confirmedThe Issuer is a private, no par value company incorporated under the laws of the British Virgin Islands with…
Sales Terms of Ondo Global Markets (BVI)… ·p. 151, Annex 1 'Key Information' -> Registered…· read - Governing law
- Swiss law governs the form/transfer/cancellation of the tokens as…
Evidence
confirmedNotwithstanding the above, and for the avoidance of doubt, the various agreements with ser- vice providers…
Sales Terms of Ondo Global Markets (BVI)… ·p. 128, s. 10.28 'Governing Law and Arbitration'· read - Regulatory status
- Not a registered US offering. Tokens sold only outside the US under Regulation S; issuer not registered as an…
Evidence
confirmedwould make Ondo Stocks the first issuer of transferable tokenized stocks to be subject to the SEC’s reporting…
Ondo: Ondo Global Markets files (confidential)… ·blog post body; the page's JSON-LD gives…· read - Redemption
- yes. Holder, jurisdiction, route and fee conditions are below.
- Transfer restrictions
- allowlist no · KYC to hold no · US persons excluded yes · mechanism freeze-authority
Evidence
confirmed"extension":"defaultAccountState","state":{"accountState":"initialized"}
Solana mainnet RPC ·rpc:getAccountInfo gEGtLTPNQ7jcg25zTetkbmF7teoDL…· readconfirmedOndo's tokenized stocks are ERC20 compliant and transferable, so they can be held by any smart contracts or…
docs.ondo.finance ·section 'Can any type of wallet or account hold…· readconfirmedIN PARTICULAR, THE TOKENS ARE NOT FOR DISTRIBUTION TO ANY PERSON IN THE UNITED STATES, TO ANY PERSON…
Sales Terms of Ondo Global Markets (BVI)… ·p. 7, cover legend 'REGULATORY STATUS OF THE…· readconfirmed"freezeAuthority":"51QVCuHfL1FeNjd8BDeffCKhCcAYoULnVB3yjNhShiuK"
Solana mainnet RPC ·rpc:getAccountInfo gEGtLTPNQ7jcg25zTetkbmF7teoDL…· read - How far the token is the official record
- 2 of 4 — the chain is the official record and the token moves without anyone’s approval
| Right | For the token holder | Why |
|---|---|---|
| Dividends | Passed through by the issuer | Reinvested into the stock, net of withholding tax; your displayed balance grows.Source: docs.ondo.finance · section 'How are dividends handled?' · “Dividends are automatically invested back into the referenced stock and reflected in token pricing.” |
| Voting | Only if the issuer decides | You can state a voting preference through Broadridge; Ondo does not have to follow it.Source: docs.ondo.finance · section 'Does this mean the tokenholder does not actually own the underlying asset?' · “you do not have shareholder voting rights, shareholder information rights or other shareholder rights from the issuer of the underlying securities.” |
| Reports & meetings | No | No shareholder information rights.Source: docs.ondo.finance · section 'Does this mean the tokenholder does not actually own the underlying asset?' · “you do not have shareholder voting rights, shareholder information rights or other shareholder rights” |
| Splits | Not stated | Ondo's documentation covers dividends and earnings only; other corporate actions are 'to be provided'.Source: docs.ondo.finance · section 'What about other corporate actions?' · “More information about other corporate actions will be provided soon.” |
| Takeovers | Only if the issuer decides | The issuer may replace the underlying stock or call and redeem the whole series; you can redeem before it ends.Source: cdn.sanity.io · p. 71, s. 6 'Information Concerning the Tokens' · “exercise its Issuer Call Option or replace the Underlying held as Collateral.” |
Can a holder redeem?
- Contractual right
- YesDocumented
- Eligible holder and route
- Documented
Programme term expressly applies across the product set, including BTGOon.
Only 'Onboarded Purchasers' who have completed the issuer's full KYC and satisfy the eligibility criteria (non-US person, not a Prohibited Person, and in several jurisdictions professional/accredited-investor status). KYC is an express condition precedent to redemption, so a secondary-market buyer may hold a token it cannot redeem. Onboarding was institutional-only at the time of the Solana launch, with retail 'coming soon'.
Accordingly, there is a risk that a person acquiring Tokens on secondary markets will not meet such due…
Source: Ondo Stocks — Secondary Market Restrictions… ·section on secondary-market acquirers and… - KYC / AML
- YesDocumented
- Minimum
- Documented
Programme term expressly applies across the product set, including BTGOon.
$1.00 USD to invest or redeem
- Fees
- Documented
Programme term expressly applies across the product set, including BTGOon.
Sales Terms define Purchaser Fees owed to the Issuer for issuance AND redemption of up to 0.1% of the market price of the Underlyings; no separate redemption fee is advertised in the docs, and Ondo also retains the spread between the quoted token price and the price at which it trades the underlying. Ondo charges no fee for mint/redeem through Alpaca's ITN channel. Investor pays gas. Dividends are reinvested net of 30% US withholding tax on the BVI issuer.
The consequence of this is that the amount of any dividend reinvested in the underlying asset is net of any…
Source: docs.ondo.finance ·section on withholding tax - Timing and settlement asset
- Documented
Programme term expressly applies across the product set, including BTGOon.
On-chain atomic mint/redeem against USDon (the platform stablecoin), with USDC atomically swapped 1:1 to/from USDon via a stablecoin swapper (users are not whitelisted for that swap by default). Requires an off-chain signed attestation (secp256k1) from the Ondo GM API quoting price and amount, submitted to the on-chain program by a whitelisted address. For an ordinary Onboarded Purchaser redemption is for cash/stablecoin only, and the Sales Terms exclude physical delivery and bar any conversion into certificated, uncertificated or book-entry securities. Separately, Alpaca's Instant Tokenization Network lets authorized participants mint from, and redeem into, the underlying securities in a linked Alpaca brokerage account on Ethereum and BNB Chain (no Ondo fee for ITN mint/redeem). Bank wire redemption not supported.
Supported networks: Conversions are live now on Ethereum and BNB Chain.
Source: ondo.finance ·section describing Alpaca's Instant… - Route currently available
- YesDocumented
- Successful redemption independently observed
- Observed
Observed on-chain for the programme route (RTXon, OKLOon, NVDAon), not for BTGOon itself. From a one-off scan of 2026-09-22 to 2026-09-23.
3 completed redemptions observed on solana between 22 Sep 2026 23:31 UTC and 23 Sep 2026 18:18 UTC. Atomic and single-transaction: the whitelisted holder submits an Ondo-signed secp256k1 attestation (price, amount, expiry); the program burns the GM token from the holder account, mints USDon to the holder and, for USDC, moves that USDon into the program vault and pays USDC 1:1 from the vault. Burn, not a transfer to the issuer. Redeemers are whitelisted wallets whose beneficial identity is unpublished; only six redeemed in the window and one (DSqMPM…) made 132 of the 219 redemptions, so these may be onboarded institutions, market makers or a distribution partner rather than retail holders. An observed redemption proves the route executes for whitelisted wallets; it does not prove that any given secondary-market holder can pass onboarding.
- Recurring on-chain scan (programme)
- Redemptions observed on-chain: last on 2026-09-25 (recurring scan from 2026-09-23). The count comes from the one-off scan of 2026-09-22 to 2026-09-23 until this scan covers that window.Observed
- Secondary-market exit
- YesObserved
See it drawn step by step: Ondo Global Markets: redemption in one transaction →
Markets, premium & holders
Reference & premium
- Reference source
- Ondo’s implied price
- Reference price
- $7.49
- Underlying market
- closed at
- On-chain price (Jupiter)
- $7.87
- Premium
- +5.13%
- How the reference is derived
- Ondo’s asset registry: market capitalisation divided by shares outstanding. It carries no publish time, so the reference’s age is unknown.
History
Daily observations from RWA Sonar’s snapshots. A gap is a missing measurement, not a zero. Vertical markers are recorded evidence or control changes.
Loading daily history…
When the market is closed
No Solana lending market we track takes this token as collateral (Kamino, Jupiter Lend, Nest and Loopscale checked; Project 0 and Save list no stock token).
Where prices come from
Pyth’s prices for the stock and the token
- Pyth feeds
- Equity.US.BTGO/USD
6540ed…c311the stock - US market (Pyth schedule)
- closed at
- Stock price on Pyth
- no Pyth price account for Equity.US.BTGO/USD on Solana (shards 0 and 1 read )
Prices read from Solana at slot 450518943, : Pyth’s push-oracle price accounts; publish times are Pyth’s own. Lenders’ price sources: each market’s on-chain oracle settings.
Depth, volume, activity
- Volume 24 h
- $148.46
- Flow 24 h
- 1 trades · 1 traders · 1.0 per trader
- Venues
- 0 DEX pair(s) · 2 exchange market(s) · exchange data as of
- Last exchange trade seen
- on Ondo Stocks · exchange data as of
- Holders
- 27
- Market cap
- $18.3k
Holder concentration
- Top 1 / 5 / 20, unlabelled owners only
- 89.5% / 98.1% / 100.0%
- Top 1 / 5 / 20, raw
- 89.5% / 98.1% / 100.0%
- Distinct owners in the top 20
- 20
- Frozen accounts in the top 20
- 0
- Supply
- 2,323.18
| Owner | Share |
|---|---|
AuGbaX…RR2y | 89.51% |
ARv53a…c7dB | 3.10% |
4GyZ71…aAqG | 2.98% |
Aqs9Vi…uza9 | 1.80% |
51WarE…c9Za | 0.75% |
Control surface & key governanceFreeze, pause, forced transfer and authority keys
Observed issuer powers
- Mint authority
9foMHs…cUxD- Freeze authority
Chm9dc…EVCc- Permanent delegate
- None observed
- Paused right now
- no
- Rebase-authority governance
- Program
Evidence
confirmedauthority signer 5AzscwfVv7bJtmtYNc41mM68gVFzQKjGoy64GZoukgGn; role UpdateMultiplierRole; Program log…
Solana mainnet RPC ·rpc:getProgramAccounts XzTT4XB8m7sLD2xi6snefSasa…· read - Evidence
- Finalized Solana account and transaction decoding, 2026-09-20. Mint/pause/scaled-UI authority…
Exact-token protocol supportSource listings, observed markets and proof limits
Evidence available now
None source-listed. No exact-mint integration was found in the protocol registries, live pools and asset-specific products checked. This is not proof that private or unindexed contracts do not use the token.
What could work in DeFi?
DeFi composability
No source-listed collateral route
No checked protocol source currently lists this exact token as programmatic collateral.
A protocol can custody and seize the token without a holder allowlist, but must support Token-2022 rebases and the possibility of a pause or account freeze. The lender can sell the token; direct note redemption remains KYC-gated and issuer-mediated.
Lockable with Token-2022 support
On-chain seizure works; redemption is gated
No checked protocol currently lists this exact token as programmatic collateral.
Conditional: issuer redemption requires KYC/AML, so a smart contract cannot redeem on its own.
No exact-token DEX pool is confirmed; an autonomous market exit is not established.
Template: BVI structured note with collateral security-agent structure · token-2022 · pausable + rebase. “Can recover” means the issuer is able to act, with no duty to act.
Open the complete technology + legal template →
Can a protocol account hold and release it?
Lockable with Token-2022 support
No default-frozen allowlist or permanent delegate is active, so a program-controlled account can hold the token. The protocol must account for scaled balances and cannot assume withdrawals remain possible during a mint pause or account freeze.
Can the lender seize and realise value?
On-chain seizure works; redemption is gated
The protocol can transfer or sell the balance after default while transfers are open. A lender seeking cash redemption must satisfy the issuer's KYC/AML process, so autonomous liquidation depends on secondary-market depth rather than an unconditional redemption rail.
Can the transfer be stopped or reversed?
The issuer can stop, but not directly reverse
The pause and freeze authorities can immobilise affected accounts and halt transfers. No permanent delegate is present, so the observed mint controls do not themselves let the issuer extract a stolen balance; cancellation or reissue would require a separate legal and operational process.
Can a stranded balance be recovered?
Freezing does not unlock a stranded account
The issuer can freeze the inaccessible account but cannot transfer from it with the observed extensions. Recovery would require an evidenced cancellation/reissue process outside the escrow contract, and none is treated here as automatic.
Evidence, scenarios & technical detail
Verification
- Strength
- 3 of 5 — daily agent
- Type
- Daily verification agent
Evidence
confirmedBased on account data and reports submitted by Issuer or otherwise independently accessed by the Verification…
Sales Terms of Ondo Global Markets (BVI)… ·p. 105, s. 8.1(b) 'Daily Reporting'· read - Agent
- Ankura Trust Company, LLC (New Hampshire LLC, 140 Sherman Street, 4th…
Evidence
confirmedAnkura Trust Company, LLC, in its capacity as Verification Agent under the Sales Terms of Ondo
www.dropbox.com ·'Daily Report - Ondo Stocks -…· read - Frequency
- Daily, per Business Day, measured as of 8:00pm ET — but on a multi-day…
Evidence
confirmedNo later than 11:59 pm GMT on the third (3rd) Business Day after each Business Day (such third (3rd) Business…
Sales Terms of Ondo Global Markets (BVI)… ·p. 105, s. 8.1(a) 'Daily Reporting'· read - Machine-readable
- no
- Evidence
- www.dropbox.com/scl/fo/jzkrw308mrhsasauqrjqq/AJxJak0F90kcwkADSN3DCD4?rlkey=nik1v5slekrzx5fbi0zan5sk3&dl=0
Venues
DEX pools (DexScreener)
No DEX pool reported.
Exchange markets
Exchange data as of , from CoinGecko. Each 24 h volume covers the 24 h before that time.
| Market | Price | Vol 24 h | Last trade |
|---|---|---|---|
| Gate USDT | $7.86 | $916.14 | |
| Ondo Stocks USDON | $7.97 | $152.99 |
Issuer API
These are the issuer's own numbers, with no independent check. They were read at the issuer APIs time in the footer, which can be hours older than the rest of this card, so a trading status here may disagree with the reference section above.
- Ondo price
- $7.61
- Implied underlying price
- $7.49
- Trading paused
- yes
- Tradeable
- no
- Market open
- no
- Session
- closed
- Off-hours tradable
- no
- Next open
Trust chain
Thirteen actors sit between you and the company, with nine rights flows between them. Colour shows how well each link is evidenced and line style shows how it was verified; both are derived from the data. A role nobody fills stays on the chart, so the gap is visible.
Colour: who said so
- documented — the source’s own words, read and quoted
- inferred — our reading of the structure; no source states it
- asserted — recorded once and not re-checked since
- unknown — nothing found for the fields this link rests on
Line: how it was checked
- onchain — read off the ledger
- attested — a third party vouches for it
- self-reported — only the issuer says so
- none — we cannot verify it
Ownership of the underlyingdocumented · attested
Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=structured-note…
legalFormconfirmedholderClaimconfirmedunderlyingCustodianconfirmedcollateral.ratioconfirmedcollateral.compositionconfirmed
Security interestdocumented · self-reported
Security interest: Token issuer → Security agent or trustee → Holder. securityInterest.exists=yes; securityInterest.holder=Ankura Trust Company, LLC as…
securityInterest.existsconfirmedsecurityInterest.holderconfirmedsecurityInterest.priorityconfirmedbankruptcyRemoteconfirmed
Issuance and redemptiondocumented · self-reported
Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Only 'Onboarded Purchasers' who have…
redemption.availableconfirmedredemption.eligibilityconfirmedredemption.railsconfirmedredemption.feesconfirmedredemption.kycconfirmedredemption.minimumconfirmed
Transfer and controldocumented · onchain
Transfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=no; transferRestrictions.kycToHold=no…
transferRestrictions.allowlistconfirmedtransferRestrictions.kycToHoldconfirmedtransferRestrictions.mechanismconfirmedkeyGovernance.freezeconfirmedkeyGovernance.delegateconfirmedknownExtensionsno claim
Dividends and cash entitlementsdocumented · onchain
Dividends and cash entitlements: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. dividends=reinvested…
dividendsconfirmedcorporateActionsconfirmedkeyGovernance.rebaseconfirmed
Voting and information rightsdocumented · attested
Voting and information rights: Underlying company → Custodian or prime broker → Token issuer → Transfer agent → Holder. voting=preference-passthrough
votingconfirmed
Corporate actionsdocumented · onchain
Corporate actions: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. corporateActions=Voting: since 2026-04-28…
corporateActionsconfirmedkeyGovernance.rebaseconfirmed
Price and reserve verificationdocumented · onchain
Price and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=exchange-nbbo…
pricing.referenceMarketconfirmedpricing.arbitrageableconfirmedcustodyVerification.typeconfirmedcustodyVerification.agentconfirmedcustodyVerification.frequencyconfirmed
Regulatory permission and disclosuredocumented · self-reported
Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=Not a registered US offering…
regulatoryStatusconfirmedgoverningLawconfirmedtransferRestrictions.usPersonsExcludedconfirmeddocumentsno claim
What if…
34 documented2 inferred2 n/a
Every issuer gets the same 38 questions, so missing answers show as gaps. An outcome is never invented. The quote behind each answer, the cases and where we looked are on the issuer panel.
Holder
documentedMy private keys are stolen and the tokens are moved. Can they be recovered, frozen or reissued?
Nothing on-chain can be done for you today. The Sales Terms do provide a lost-token route — a Swiss art. 973h court cancellation followed by…
documentedI still hold my keys but was defrauded: a fake token, a fake redemption site, a social-engineered transfer. Does the issuer or venue offer any recourse?
You bear it. Ondo publishes a canonical domain and social-handle list and tells you to treat anything unlisted as untrusted, and its support scope…
inferredI die. Can my heirs claim the tokens, transfer them or redeem them? Is a probate process recognised?
Your heirs get the tokens only if they get your keys. Nothing in the Sales Terms, Base Prospectus, Final Terms or docs mentions death, heirs, probate…
documentedA court orders my tokens transferred, frozen or seized (divorce, judgment, bankruptcy of the holder). Can the issuer comply, and will it?
The Issuer can comply and says it will. The Sales Terms give the Tokenizer pre-defined authority to rescind putative transfers, to cancel tokens and…
documentedI move to a jurisdiction where the token is not offered (for example I become a US person). Can I keep it, sell it, redeem it?
You keep the token and lose the claim. Becoming a Prohibited Person — most obviously a US person — does not take the tokens out of your wallet, but…
documentedI am in, or become subject to, a sanctioned jurisdiction or list. Are my tokens frozen, seized, redeemable?
Frozen, and not redeemable while frozen. The Sales Terms tell the Purchaser in advance that if an AML or sanctions representation stops being true…
Wallet or venue
documentedThe venue or broker where I hold the tokens goes bankrupt. Are the tokens mine or the venue's estate?
The risk is yours and it is disclosed as yours. The Sales Terms put custody of the tokens "in the sole responsibility of the Purchaser", and warn…
documentedThe venue delists the token or halts trading. Where can I sell, and can I withdraw to self-custody?
You can always withdraw to your own wallet, and that is the point: the token is a plain transferable Token-2022 / ERC-20 asset, so a delisting costs…
Token program and keys
documentedMy token account is frozen by the issuer. On what grounds can that happen, with what notice, and is there an appeal?
Three documented grounds, no documented process. The Tokenizer may freeze after settlement if new information shows a transfer was prohibited under…
documentedThe issuer uses the permanent delegate or a clawback to move or burn my tokens without my signature. When may it, and what do I get?
The clause exists and says you may get nothing — but the mechanism to execute it against your balance does not exist yet. The Tokenizer may cancel…
documentedThe mint, freeze or delegate authority key is compromised or lost. Can tokens be minted without backing, frozen en masse, or seized? Is there a recovery path?
The Sales Terms disclose exactly this scenario and offer no remedy for it: Ondo holds keys that can modify the contracts, create and destroy tokens…
documentedThe token program, a transfer hook or the allowlist program has a bug or is upgraded. Who controls upgrades, and is a migration to a new mint foreseen?
Ondo controls upgrades and a migration is expressly foreseen. The Tokenizer alone may execute the "updating" function, and the Issuer or Tokenizer…
documentedThe multiplier or supply adjustment is set wrongly (too high, too low, late). Who corrects it, and who bears the trades made in between?
You bear it. The Issuer "shall not have any responsibility to the extent permitted by law for any errors or omissions in the calculation of any…
Token issuer
documentedThe token issuer goes bankrupt. Is the underlying segregated from its estate, who enforces my claim, and roughly how long until I see anything?
The collateral is segregated and pledged, but you cannot enforce it and you cannot petition. Only the Security Agent may proceed against the Issuer…
documentedThe issuer decides to stop (as Remora did). What notice do I get, how do I redeem, and what if I miss the window?
You get at least 30 business days' notice and are then redeemed whether you act or not. On a Termination Event of the Issuer's choosing — no reason…
inferredThe issuer is acquired or its control changes (as Backed was by Kraken). Do my terms change, and can I redeem at that point?
Nothing in the documents gives you a put on a change of control, and nothing needs to: your terms are the Sales Terms, which the Issuer can already…
documentedThe backing turns out to be short (as with the SpaceX xStocks unwind). Who bears the loss, and how is it allocated among holders?
Holders bear it, in a defined order. The Asset-to-Obligation Ratio must be at least 100.50% at market close; falling below for 30 consecutive days is…
documentedI ask to redeem and the issuer refuses or delays (KYC not accepted, minimum not met, gate). What are my rights?
Your rights are thin and the discretion is broad. The Issuer may reject a redemption on negative KYC/AML findings "or any other material negative…
documentedThe issuer changes the terms after I bought. Can it, unilaterally? With what notice? Do I get to exit first?
Yes, unilaterally in most cases, and where a vote is required silence counts as a yes. Eight categories of amendment need no consent at all; four —…
Tokenization provider
documentedThe platform operator (the tokenization provider under its services agreement) fails or terminates. Can the issuer operate without it, and can I still redeem?
Named as a termination trigger rather than a continuity problem: if a major service provider stops — brokerage, bank accounts, exchange agent…
Transfer agent
n/aThe transfer agent stops or loses its registration. Is my share still recorded, and can I convert to book-entry form?
There is no transfer agent in this structure and no share register you appear on. The token is a Swiss ledger-based security whose register is the…
Security agent or trustee
documentedThe security agent or trustee resigns, fails or is conflicted. Who enforces the pledge for holders?
There is a replacement mechanism and, unusually, a direct holder remedy. Ankura may resign on 90 days' notice, and the Issuer must remove it if it…
Custodian or prime broker
documentedThe custodian or prime broker holding the shares goes bankrupt. Are the shares client property, insured (SIPC or equivalent), or part of the estate?
Disclosed as a real path to total loss. The Sales Terms say an insolvency of any custodian "may result in delayed or impossible access to some or all…
documentedThe underlying is lent out or rehypothecated and the borrower defaults. What backs my token then?
Lending is prohibited — with a carve-out that changes who the prohibition binds. The custodian may do no securities lending or proprietary…
Attestor or oracle
documentedThe proof-of-reserve or attestation is wrong, stale or stops. Who is liable, and what does the issuer do?
Nobody is liable and a wrong figure is handled privately. Ankura verifies only what the Issuer gives it (plus read-only account access), and…
Underlying company
documentedThe company is acquired or merged, for cash or for shares. What do I receive, and when?
You receive value, not the deal consideration. The note is a total-return tracker whose payable amount changes with the underlying, "including any…
documentedThe company is delisted or goes private. Does the token terminate, and at what value?
The series terminates at a price the Issuer sets. If the exchange announces that the underlying ceases to be traded or publicly quoted and it is not…
documentedThe company goes bankrupt. Do I take part in the shareholder recovery, or does the token just go to zero?
You do not take part as a shareholder; you track the collateral to whatever it is worth. The Sales Terms exclude any dividend, voting or pre-emption…
documentedA split, reverse split, spin-off or rights issue happens. How is it mirrored on-chain, and what happens to the parts that cannot be (a spun-off share, a right)?
Mirroring runs through a single number the Issuer controls: the shares-per-token multiplier, surfaced on Solana and BNB Chain as the Token-2022…
documentedThe company pays a dividend and I do not receive it, or receive less than a shareholder would. Where does it go, and can I claim it?
You never receive a dividend and there is nothing to claim: cash dividends are reinvested into the referenced stock and expressed as an increase in…
documentedWho withholds tax on dividends, at what rate, and can I reclaim under a treaty? Who reports my holding to tax authorities?
The taxpayer of record is the BVI issuer, not you, so the rate is the BVI entity rate: 30% on dividends from US companies, applied before…
n/aFor a private company: the IPO or liquidity event happens, or never happens. What do I receive, and what if the issuer never receives proceeds?
No private-company or pre-IPO exposure exists in this programme, so there is no liquidity event to wait for. Equity underlyings must be admitted to…
documentedCan I vote the shares, and if not, who does? Do I receive shareholder information?
No. Your rights are a creditor's, excluding all attendance, participation and voting rights at any general assembly of the Issuer or of the issuers…
Reference market
documentedThe reference market is closed, halted or the oracle is stale. What price applies to trading, redemption and margin?
The Issuer prices it. On a Market Disruption Event the valuation day is postponed to the next clean business day; if the disruption continues the…
Law, regulator and courts
documentedA regulator acts against the issuer, the provider or a venue (licence revoked, cease-and-desist, enforcement). What happens to my holding?
A regulator forcing the Issuer to stop issuing is an Event of Default, which puts the collateral enforcement machinery in holders' hands — subject to…
documentedThe law changes: the token is reclassified, banned in my jurisdiction or the issuer's exemption ends. What happens to my holding?
Reclassification or illegality is a termination trigger, not a renegotiation. If compliance with the tokens, or any transaction in the underlying…
documentedI have a dispute. Where do I sue or arbitrate, under which law, and can I join others (class action, collective redress)?
You cannot sue the Issuer at all over the notes: only the Security Agent may pursue remedies, and no Purchaser is entitled to proceed directly…
Solana network
documentedSolana halts or forks. What happens to a redemption request, a corporate action or a deadline that falls in the outage?
A halt freezes you in place and the Issuer decides what the chain is. Entitlement exists only on the ledger and any transfer not made via the ledger…
Sources
- https://cdn.sanity.io/files/8k2tqa6n/production/f22c30e6d14a8000abc4e1ad6f62d6cb41dc3da0.pdf · archived copy
- https://docs.ondo.finance/official-domains · archived copy
- https://docs.ondo.finance/ondo-stocks/secondary-market-restrictions · archived copy
- https://docs.ondo.finance/ondo-stocks/legal-and-regulatory · archived copy
- https://docs.ondo.finance/ondo-stocks/fees-and-taxes · archived copy
Full answers, with the quotes, notes and primary-document register, in the issuer dossier
Health rules
| Check | Status | Value | Thresholds | Inputs | What it says |
|---|---|---|---|---|---|
| Price tracking | warning | 5.13 | ≤ 1 % good · ≤ 3 % caution · > 3 % warning | reference source: Ondo’s implied price · reference price: 7.49 · age seconds: — · market open: no · usd price: 7.87 | on-chain price is 5.13 % above Ondo’s implied price (underlying market closed) |
| Pool liquidity | not measured | — | ≥ $100,000 good · ≥ $10,000 caution · < $10,000 warning | liquidity usd: — · dex pairs: 0 | no venue reports liquidity |
| Organic flow | good | 1 | ≤ 25 trades/trader, whatever the organic share good · > 25 trades/trader with ≥ 10 % organic caution · > 25 trades/trader and < 10 % organic warning | organic share pct: — · trades per trader: 1 · trades24: 1 | judged on 1 trades per trader alone; the organic share is not reported |
| Failed swaps | not measured | — | ≤ 20 % good · ≤ 50 % caution · > 50 % warning | pools: — · pools counted: 0 · signatures seen: — · failed tx: — | no swap pool was sampled for this mint |
| Holder concentration | warning | 89.5 | ≤ 25 % good · ≤ 50 % caution · > 50 % warning | top1 share pct excluding labels: 89.5 · top5 share pct excluding labels: 98.1 · top20 share pct excluding labels: 100 · top1 share pct: 89.5 · excluded: — · distinct owners top20: 20 | the largest unlabelled wallet holds 89.51 % of supply |
| Legal evidence review | caution | 3 | all required fields sourced and reviewed; reserve strength ≥ 3 good · coverage or review gaps, or reserve strength 1–2 caution · reserve strength 0 warning | custody type: daily-verification-agent · machine readable: no · verification label: daily agent · required fields: 50 · sourced fields: 49 · missing required: 1 · unverified claims: 37 · inferential conclusions: 2 · inference reviewed: 2 · inference unreviewed: 0 | 49/50 required fields sourced; reserve-verification strength 3/5 — daily agent; 1 required field lack evidence; 37 claims await re-checking; 2 reviewed conclusions remain inferential, not source-confirmed |
| DeFi enforceability | caution | — | permissionless custody and default enforcement good · usable with explicit protocol support or eligibility conditions caution · generic escrow or meaningful default enforcement is blocked warning | template id: ondo-global-markets--token-2022-pausable-rebase · escrow: conditional · borrower default: conditional · protocol hack: issuer-can-freeze · access loss: no-onchain-rescue | A protocol can custody and seize the token without a holder allowlist, but must support Token-2022 rebases and the possibility of a pause or account freeze. The lender can sell the token; direct note redemption remains KYC-gated and issuer-mediated. |
| Authority keys | caution | — | every installed path is a multisig, or a program with evidenced multisig upgrade governance good · a hot key caution | mint: program · freeze: multisig · pause: single-signer-multisig · delegate: unknown · transfer fee: — · rebase: hot-key | rebase authority held by a hot key; pause authority requires only one multisig signer |
| Trading pause | warning | — | not paused good · paused warning | control paused: no · issuer api paused: yes · issuer pause reason: — · issuer session: closed | trading is paused at the issuer |
| Frozen accounts | good | 0 | none in the top 20 good · ≥ 1 in the top 20 caution | frozen accounts top20: 0 · top20 count: 20 | no frozen account in the top 20 |
| Venue spread | not measured | — | ≤ 2 % good · ≤ 5 % caution · > 5 % warning | venue spread pct: — · venue spread low: — · venue spread high: — · venues priced: 0 | only 0 venue prices this token, so there is no spread to measure |