Tokenized stocks · Opening Bell by Superstate

HSDT

Solana Company tokenized common stock (Superstate Opening Bell) · Stock

You own the registered share itself, subject to the official shareholder register.Eligible holders can redeem through the issuer. The issuer or its operator can reclaim or freeze tokens on-chain.

What you own

Claim depth
rung 4 of 4 — registered share
Legal form
Registered share
§
confirmed
These are not derivatives or representations; they are Galaxy Digital Class A Common Stock, with all the…
www.sec.gov · paragraph 4, Galaxy Digital 8-K Exhibit 99.1… · read
What the holder owns
The holder owns the actual registered common share of the listed company — not a derivative, receipt or SPV…
§
confirmed
keyFacts:{Disclosures:a,"Eligible investors":"Global*","Transfer agents":"Equity Stock Transfer and…
superstate.com · public FWDI asset page, embedded page payload… · read
Issuing entity
Superstate Services LLC (Delaware LLC, 205 W 28th Street Floor 8, New York, NY 10001) acting as 'Digital…
§
confirmed
Full Name of Registrant: Superstate Services LLC 3(a)(i). Previous name, if being amended: 3(b). Financial…
www.sec.gov · Form TA-1/A item 3(a), filed 2026-03-25… · read
Jurisdiction
Delaware LLC, principal offices New York, NY, USA. Issuers are…
§
confirmed
This Digital TRANSFER AGENCY AGREEMENT (this "Agreement") is entered into as of August 8, 2025 (the…
www.sec.gov · preamble, Digital Transfer Agency Agreement… · read
Governing law
New York law (Superstate Transfer Agent & Terms of Service Agreement §12…
§
confirmed
Superstate is a registered Transfer Agent with the SEC pursuant to Section 17A of the Securities Exchange Act…
superstate.com · s.5.1 SEC Registration and Compliance · read
Regulatory status
Fully regulated US path. The underlying security is registered common stock of an SEC-reporting…
§
confirmed
1(e)(i). File Number: 084-06972 Submission Contact Information The registrant may provide a
www.sec.gov · Form TA-1/A item 1(e)(i), filed 2026-03-25 · read
Redemption
yes — Any allowlisted holder with an approved Superstate account. 'Burn to… · rails: Send tokens to the published equity burn address on Solana… · fees: Superstate charges no processing fee for burn/transfer; the holder pays…
§
confirmed
Tokens can be converted back into book-entry shares. Some investors may choose to do this in order to then…
docs.superstate.com · docs llms-full.txt, Tokenized equities page… · read
confirmed
* Available to eligible investors. Not available in jurisdictions subject to U.S. sanctions Get
superstate.com · public FWDI asset page, Disclaimers footnote to… · read
confirmed
In the Burn to book-entry modal, you can see instructions for how to burn your tokens by sending them to a…
docs.superstate.com · docs llms-full.txt, Tokenized equities page… · read
confirmed
Superstate Services does not charge you any fees for its provided services. If there are other fees being…
superstate.com · s.4.1 Superstate Services Fees · read
Transfer restrictions
allowlist yes · KYC to hold yes · US persons excluded no · mechanism program-mediated
§
confirmed
Superstate shall create, update, and maintain an Allowlist, and ensure that the smart contract(s) underlying…
www.sec.gov · Schedule A s.3.4 Allowlist · read
confirmed
Prior to adding a digital wallet or decentralized exchange pool to the Allowlist, Superstate shall have…
www.sec.gov · Schedule A s.3.4 Allowlist · read
confirmed
* Available to eligible investors. Not available in jurisdictions subject to U.S. sanctions Get
superstate.com · public FWDI asset page, Disclaimers footnote to… · read
confirmed
Once an account has been thawed by the Allowlist program, that account is able to freely transfer between…
docs.superstate.com · docs llms-full.txt, Smart contracts page… · read
Dividends
cash
§
confirmed
Such payment will be made in cash or additional Shares (or other agreed to form, such as stablecoins, in the…
www.sec.gov · Schedule A s.4.1 Dividends · read
Voting
full
§
confirmed
As requested by the Issuer, the Digital Transfer Agent will coordinate with the RTA to enable shareholder…
www.sec.gov · Schedule A s.3.3 Shareholder Communication… · read
Ledger maturity
Level 0 · score -2

Reference & premium

Underlying market
closed

After-hours premium

No session split yet — this needs a full session of tape on both sides of the underlying market's open.

Depth, volume, activity

Venues
0 DEX pair(s) · 0 exchange market(s)

Holder concentration

Top 1 / 5 / 20, unlabelled owners only
— / — / —
Top 1 / 5 / 20, raw
— / — / —
Distinct owners in the top 20
20
Frozen accounts in the top 20
0
Supply
0.00
OwnerShare
FwzQNq…U4Nd—
E86oqp…9gSG—
GkLxRT…VdCv—
66z8tt…NxvH—
PcUsdf…1NJT—

Control surface & key governance

Clawback
yes
Freeze authority
2Yq4T3…pM7x
Pausable
no
Allowlist
yes
Transfer hook
no
Mint authority
Hot key
§
confirmed
owner 11111111111111111111111111111111, space 0, lamports 4574425367, executable false
no URL recorded · rpc:getAccountInfo CWdsNnEuCYzxBjjd9dxvhYuatVHY2… · read
Freeze authority held by
Program
§
contradicted-corrected
{"context":{"apiVersion":"4.3.0-rc.0","slot":447827131},"value":null}
no URL recorded · rpc:getAccountInfo 2Yq4T3mPNfjtEyTxSbRjRKqLf1pwb… · read
Permanent delegate
Program
§
contradicted-corrected
The Allowlist Program allows for token burning by leveraging the PermanentDelegate Token Extension and…
0xmacro.com · 0xMacro 'Superstate A-7' audit, Specification >… · read
Rebase authority
Hot key
§
confirmed
"extension":"scaledUiAmountConfig","state":{"authority":"CWdsNnEuCYzxBjjd9dxvhYuatVHY2cGsMNNJcKsGFSqq","multip…
api.mainnet-beta.solana.com · rpc:getAccountInfo 7GzQgf6DPo6ZANjnbhe9tNCpkGTv3… · read
Evidence
stocks/findings.md (Superstate on-chain profile, 2026-09-16): re-read 2026-09-17: the per-mint MINT…

Verification

Strength
5 of 5 — register
Type
Transfer agent register
§
confirmed
Master Security holder File means the database shareholder record of ownership maintained by the RTA…
www.sec.gov · s.1.10 Definitions · read
Agent
Superstate Services LLC (SEC-registered digital transfer agent, File No…
§
confirmed
Superstate shall coordinate all Transfer Agency Services with the Issuer and the Issuer’s RTA to ensure…
www.sec.gov · Schedule A s.2 Coordination Responsibilities · read
Frequency
continuous / real-time (the on-chain mint supply is the tokenized portion…
§
confirmed
there may be a delay in processing that may result in a discrepancy. To the extent there is a discrepancy…
superstate.com · s.8 Disclaimer of Warranties · read
Machine-readable
yes
Evidence
superstate.com/assets/fwdi

Venues

DEX pools

No DEX pool reported.

Exchange markets

No exchange market reported.

Issuer API

The issuer's own numbers, not an independent price, and read at the issuerApi 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.

Issuing entity the API names
Solana Company
CUSIP
42328V876
Equity type
Common
Allowlist type
Public
Total supply
0.00
Circulating supply
0.00
Token / trade / minting enabled
no / no / yes

Trust chain

Thirteen actors stand between you and the company, and nine rights flows run between them. A lane’s colour is how well the link is evidenced and its line style is how it was verified; neither is typed by hand. An actor nobody fills keeps its seat, because an empty one is the finding.

Trust chain — Opening Bell by Superstate13 actors between a holder and the company, 9 rights flows drawn as lanes; colour is how well the link is evidenced, line style is how it was verified.Holderallowlisted wallets, KYC-verified platformusersWallet or venueKamino, NasdaqToken program and keysno party namedToken issuerForward Industries, Galaxy Digital, ExodusMovement, Solana CompanyTokenization providerSuperstateTransfer agentSuperstate, Equity Stock TransferSecurity agent or trusteeno party namedCustodian or prime brokerTurnkeyAttestor or oracle0xMacroUnderlying companyForward Industries, Galaxy Digital, ExodusMovement, Solana CompanyReference marketno party namedLaw, regulator and courtsSECSolana networkno party namedOwnership of the underlying — documented evidence, attested verificationSecurity interest — documented evidence, attested verificationIssuance and redemption — documented evidence, self-reported verificationTransfer and control — documented evidence, onchain verificationDividends and cash entitlements — documented evidence, onchain verificationVoting and information rights — documented evidence, attested verificationCorporate actions — documented evidence, onchain verificationPrice and reserve verification — documented evidence, attested verificationRegulatory permission and disclosure — documented evidence, attested verification
Colour — who said so
  • documented — the source’s own words, read and quoted
  • inferred — our reading of the structure, not the source’s words
  • asserted — written down, nobody has 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 — not verifiable from where we stand
  • Ownership of the underlyingdocumented · attested

    Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=registered-share…

    • legalFormconfirmed
    • holderClaimconfirmed
    • underlyingCustodianconfirmed
    • collateral.ratioinference
    • collateral.compositionconfirmed
  • Security interestdocumented · attested

    Security interest: Token issuer → Security agent or trustee → Holder. securityInterest.exists=no; securityInterest.priority=none; bankruptcyRemote=yes

    • securityInterest.existsunverified
    • securityInterest.holderunverified
    • securityInterest.priorityunverified
    • bankruptcyRemoteconfirmed
  • Issuance and redemptiondocumented · self-reported

    Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Any allowlisted holder with an…

    • redemption.availableconfirmed
    • redemption.eligibilityconfirmed
    • redemption.railsconfirmed
    • redemption.feesconfirmed
    • redemption.kycconfirmed
    • redemption.minimumunverified
  • Transfer and controldocumented · onchain

    Transfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=yes; transferRestrictions.kycToHold=yes…

    • transferRestrictions.allowlistconfirmed
    • transferRestrictions.kycToHoldconfirmed
    • transferRestrictions.mechanismconfirmed
    • keyGovernance.freezecontradicted-corrected
    • keyGovernance.delegatecontradicted-corrected
    • knownExtensionsno claim
  • Dividends and cash entitlementsdocumented · onchain

    Dividends and cash entitlements: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. dividends=cash…

    • dividendsconfirmed
    • corporateActionsconfirmed
    • keyGovernance.rebaseconfirmed
  • Voting and information rightsdocumented · attested

    Voting and information rights: Underlying company → Custodian or prime broker → Token issuer → Transfer agent → Holder. voting=full

    • votingconfirmed
  • Corporate actionsdocumented · onchain

    Corporate actions: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. corporateActions=Dividends: on Board…

    • corporateActionsconfirmed
    • keyGovernance.rebaseconfirmed
  • Price and reserve verificationdocumented · attested

    Price and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=exchange-nbbo…

    • pricing.referenceMarketconfirmed
    • pricing.arbitrageableconfirmed
    • custodyVerification.typeconfirmed
    • custodyVerification.agentconfirmed
    • custodyVerification.frequencyconfirmed
  • Regulatory permission and disclosuredocumented · attested

    Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=Fully regulated US path. The…

    • regulatoryStatusconfirmed
    • governingLawconfirmed
    • transferRestrictions.usPersonsExcludedconfirmed
    • documentsno claim

The fields behind each grade, with their values, on the issuer panel

What if…

26 documented8 inferred1 unknown3 n/a

The same 38 questions are put to every issuer, so a gap is visible as a gap. An outcome is never invented. The quote behind each answer, the cases and where we looked are on the issuer panel.

Sources
  1. https://superstate.com/terms · archived copy
  2. https://www.sec.gov/Archives/edgar/data/1859392/000185939225000052/galaxyxsuperstateoblaunchf.htm · archived copy
  3. https://www.sec.gov/Archives/edgar/data/1821534/000182153426000009/digitaltransferagencyagree.htm · archived copy
  4. https://0xmacro.com/library/audits/superstate-7 · archived copy
  5. https://www.sec.gov/Archives/edgar/data/38264/000168316825009068/forward_i10k-093025.htm · archived copy
  6. https://docs.superstate.com/investors/smart-contracts · archived copy
  7. https://www.sec.gov/Archives/edgar/data/1610853/000110465926037194/hsdt-20251231x10k.htm · archived copy
  8. https://api.superstate.com/v2/instruments · archived copy

Full answers, with the quotes, the notes and where we looked, on the issuer panel

Health rules

CheckStatusValueThresholdsInputsWhat it says
Price trackingnot measured—≤ 1 % good · ≤ 3 % caution · > 3 % warningreference source: — · reference price: — · age seconds: — · market open: no · usd price: —no reference price for the underlying share, so the premium cannot be measured
Pool liquiditynot measured—≥ $100,000 good · ≥ $10,000 caution · < $10,000 warningliquidity usd: — · dex pairs: 0no venue reports liquidity
Organic flownot measured—≥ 10 % organic and ≤ 25 trades/trader good · one of the two fails caution · both fail warningorganic share pct: — · trades per trader: — · trades24: —no 24 h trade count reported, so there is no flow to judge
Failed swapsnot measured—≤ 20 % good · ≤ 50 % caution · > 50 % warningpools: — · pools counted: 0 · signatures seen: — · failed tx: —no swap pool was sampled for this mint
Holder concentrationnot measured—≤ 25 % good · ≤ 50 % caution · > 50 % warningtop1 share pct excluding labels: — · top5 share pct excluding labels: — · top20 share pct excluding labels: — · top1 share pct: — · excluded: — · distinct owners top20: 20no unlabelled holder carries a measurable share (the mint may have a supply of 0)
Reserve verificationgood5strength ≥ 3 good · strength 1–2 caution · strength 0 warningcustody type: transfer-agent-register · machine readable: yes · verification label: registerverification strength 5/5 — register, machine-readable
Authority keyscaution—a multisig or a program good · a hot key cautionmint: hot-key · freeze: program · delegate: program · rebase: hot-keymint, rebase authority held by a hot key
Trading pausenot measured—not paused good · paused warningcontrol paused: — · issuer api paused: —neither the mint nor an issuer API reports a pause state
Frozen accountsgood0none in the top 20 good · ≥ 1 in the top 20 cautionfrozen accounts top20: 0 · top20 count: 20no frozen account in the top 20
Venue spreadnot measured—≤ 2 % good · ≤ 5 % caution · > 5 % warningvenue spread pct: — · venue spread low: — · venue spread high: — · venues priced: 0only 0 venue prices this token, so there is no spread to measure