Tokenized stocks · Ondo Global Markets

IEIon

iShares 3-7 Year Treasury Bond ETF (Ondo Tokenized) · tracks IEI · Fixed income

You own a claim secured over collateral — not the underlying share itself.Eligible holders can redeem through the issuer. The issuer or its operator can freeze or pause tokens on-chain.

What you own

Claim depth
rung 2 of 4 — secured claim on collateral
Legal form
Structured note
§
confirmed
An Ondo tokenized stock is a structured note: a debt instrument issued by Ondo Global Markets (BVI) Limited…
docs.ondo.finance · 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 —…
§
confirmed
while you have the right to redeem your tokens for the then-value of the underlying assets, and while you…
docs.ondo.finance · section 'Does this mean the tokenholder does… · read
Issuing entity
Ondo Global Markets (BVI) Limited — BVI business company, bankruptcy-remote SPV, 90.01% owned by Flux Finance…
§
confirmed
The Issuer was incorporated as a British Virgin Islands business company in the British Virgin Islands on…
cdn.sanity.io · p. 130, s. 13.1 'Incorporation and… · read
Jurisdiction
British Virgin Islands
§
confirmed
The Issuer is a private, no par value company incorporated under the laws of the British Virgin Islands with…
cdn.sanity.io · p. 151, Annex 1 'Key Information' -> Registered… · read
Governing law
Swiss law governs the form/transfer/cancellation of the tokens as…
§
confirmed
Notwithstanding the above, and for the avoidance of doubt, the various agreements with ser- vice providers…
cdn.sanity.io · 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…
§
confirmed
In the EEA/EU, a base prospectus relating to the Ondo Stocks has been approved by the Financial Market…
ondo.finance · page footer disclosure 'Important Information… · read
Redemption
yes — Only 'Onboarded Purchasers' who have completed the issuer's full KYC and… · rails: On-chain atomic mint/redeem against USDon (the platform stablecoin), with… · fees: Sales Terms define Purchaser Fees owed to the Issuer for issuance AND…
§
confirmed
The Purchasers can redeem the Tokens on any Business Day for the Settlement Currency as cash and/or upon the…
cdn.sanity.io · p. 74, s. 6.6 'Procedure for the Exercise of… · read
confirmed
Accordingly, there is a risk that a person acquiring Tokens on secondary markets will not meet such due…
docs.ondo.finance · section on secondary-market acquirers and… · read
confirmed
All Ondo tokenized stocks purchased from the Ondo Stocks platform are purchased with…
docs.ondo.finance · section 'What forms of payment can I use to… · read
confirmed
The consequence of this is that the amount of any dividend reinvested in the underlying asset is net of any…
docs.ondo.finance · section on withholding tax · read
Transfer restrictions
allowlist no · KYC to hold no · US persons excluded yes · mechanism freeze-authority
§
confirmed
"extension":"defaultAccountState","state":{"accountState":"initialized"}
api.mainnet-beta.solana.com · rpc:getAccountInfo gEGtLTPNQ7jcg25zTetkbmF7teoDL… · read
confirmed
Ondo'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… · read
confirmed
IN PARTICULAR, THE TOKENS ARE NOT FOR DISTRIBUTION TO ANY PERSON IN THE UNITED STATES, TO ANY PERSON…
cdn.sanity.io · p. 7, cover legend 'REGULATORY STATUS OF THE… · read
confirmed
"freezeAuthority":"51QVCuHfL1FeNjd8BDeffCKhCcAYoULnVB3yjNhShiuK"
api.mainnet-beta.solana.com · rpc:getAccountInfo gEGtLTPNQ7jcg25zTetkbmF7teoDL… · read
Dividends
reinvested
§
confirmed
"extension":"scaledUiAmountConfig","state":{"authority":"9foMHsSDq7nMg4WPusSz9eY7tyxyukqborA8GyU5cUxD","multip…
api.mainnet-beta.solana.com · rpc:getAccountInfo gEGtLTPNQ7jcg25zTetkbmF7teoDL… · read
Voting
preference-passthrough
§
confirmed
The voting capabilities are “rights to express preferences to the issuer of Ondo GM Tokens regarding voting…
www.ledgerinsights.com · article body, 'Ondo adds voting for tokenized… · read
Ledger maturity
Level 2 · score 2

Reference & premium

Reference source
ondo-implied
Reference price
$114.24
On-chain price (Jupiter)
$114.39
Premium
+0.13%
How the reference is derived
marketCap / sharesOutstanding from the Ondo asset registry; no publish…

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)
Holders
1
Market cap
$0.55

Holder concentration

Top 1 / 5 / 20, unlabelled owners only
100.0% / 100.0% / 100.0%
Top 1 / 5 / 20, raw
100.0% / 100.0% / 100.0%
Distinct owners in the top 20
5
Frozen accounts in the top 20
0
Supply
0.00
OwnerShare
2kENfm…f65c100.00%
5fFhww…b1eP0.00%
DSqMPM…tqds0.00%
ttcZfm…bNDq0.00%
9BB7Tt…mUPG0.00%

Control surface & key governance

Clawback
no
Freeze authority
51QVCu…hiuK
Pausable
yes
Paused right now
no
Allowlist
no
Transfer hook
no
Mint authority
Program
§
confirmed
"mintAuthority":"9foMHsSDq7nMg4WPusSz9eY7tyxyukqborA8GyU5cUxD","supply":"16689440637617"
api.mainnet-beta.solana.com · rpc:getAccountInfo gEGtLTPNQ7jcg25zTetkbmF7teoDL… · read
Freeze authority held by
Multisig
§
confirmed
"Program SQDS4ep65T869zMMBKyuUq6aD6EgTu8psMjkvj52pCf invoke [1]","Program log: Instruction…
api.mainnet-beta.solana.com · tx 5pKQL7J4NV4qS4WfprNbCo9kFigGRYSY7aeBQV64Pc11a… · read
Permanent delegate
Unknown
§
confirmed
"extension":"defaultAccountState","state":{"accountState":"initialized"}},{"extension":"confidentialTransferMi…
api.mainnet-beta.solana.com · rpc:getAccountInfo gEGtLTPNQ7jcg25zTetkbmF7teoDL… · read
Rebase authority
Program
§
confirmed
"extension":"scaledUiAmountConfig","state":{"authority":"9foMHsSDq7nMg4WPusSz9eY7tyxyukqborA8GyU5cUxD","multip…
api.mainnet-beta.solana.com · rpc:getAccountInfo gEGtLTPNQ7jcg25zTetkbmF7teoDL… · read
Evidence
stocks/findings.md (Authority keys in practice / Multisig evidence, 2026-09-16): one mint authority, PDA-like…

Verification

Strength
3 of 5 — daily agent
Type
Daily verification agent
§
confirmed
Based on account data and reports submitted by Issuer or otherwise independently accessed by the Verification…
cdn.sanity.io · p. 105, s. 8.1(b) 'Daily Reporting' · read
Agent
Ankura Trust Company, LLC (New Hampshire LLC, 140 Sherman Street, 4th…
§
confirmed
Ankura 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…
§
confirmed
No later than fifteen (15) days after the end of each calendar month, the Issuer shall provide, or cause to…
cdn.sanity.io · p. 106, s. 8.2(a) 'Monthly Reporting' · read
Machine-readable
no
Evidence
www.dropbox.com/scl/fo/jzkrw308mrhsasauqrjqq/AJxJak0F90kcwkADSN3DCD4?rlkey=nik1v5slekrzx5fbi0zan5sk3&dl=0

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.

Ondo price
$116.23
Implied underlying price
$114.24
Trading paused
yes
Tradeable
no
Market open
no
Session
closed
Off-hours tradable
no
Next open

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 — Ondo Global Markets13 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.Holdernon-US persons, KYC-verified platformusers, accredited investorsWallet or venueJupiterToken program and keysno party namedToken issuerOndo Global Markets (BVI) LimitedTokenization providerOndo Finance, Flux FinanceTransfer agentno party namedSecurity agent or trusteeno party namedCustodian or prime brokerAlpaca Securities, BitGo Trust CompanyAttestor or oracleAnkura Trust CompanyUnderlying companyno party namedReference marketno party namedLaw, regulator and courtsFMA Liechtenstein, SECSolana networkno party namedOwnership of the underlying — documented evidence, attested verificationSecurity interest — documented evidence, self-reported 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, self-reported 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=structured-note…

    • legalFormconfirmed
    • holderClaimconfirmed
    • underlyingCustodianconfirmed
    • collateral.ratioconfirmed
    • collateral.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.existsconfirmed
    • securityInterest.holderconfirmed
    • securityInterest.priorityconfirmed
    • bankruptcyRemoteconfirmed
  • Issuance and redemptiondocumented · self-reported

    Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Only 'Onboarded Purchasers' who have…

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

    Transfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=no; transferRestrictions.kycToHold=no…

    • transferRestrictions.allowlistconfirmed
    • transferRestrictions.kycToHoldconfirmed
    • transferRestrictions.mechanismconfirmed
    • keyGovernance.freezeconfirmed
    • keyGovernance.delegateconfirmed
    • 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=reinvested…

    • 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=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…

    • 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 · self-reported

    Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=Not a registered US offering…

    • regulatoryStatusconfirmed
    • governingLawconfirmed
    • transferRestrictions.usPersonsExcludedconfirmed
    • documentsno claim

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

What if…

34 documented2 inferred2 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://cdn.sanity.io/files/8k2tqa6n/production/f22c30e6d14a8000abc4e1ad6f62d6cb41dc3da0.pdf
  2. https://docs.ondo.finance/official-domains
  3. https://docs.ondo.finance/ondo-stocks/secondary-market-restrictions · archived copy
  4. https://docs.ondo.finance/ondo-stocks/legal-and-regulatory · archived copy
  5. https://docs.ondo.finance/ondo-stocks/fees-and-taxes · archived copy

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

Health rules

CheckStatusValueThresholdsInputsWhat it says
Price trackinggood0.127≤ 1 % good · ≤ 3 % caution · > 3 % warningreference source: ondo-implied · reference price: 114 · age seconds: — · market open: — · usd price: 114on-chain price is 0.13 % above the ondo-implied price
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 concentrationwarning100≤ 25 % good · ≤ 50 % caution · > 50 % warningtop1 share pct excluding labels: 100 · top5 share pct excluding labels: 100 · top20 share pct excluding labels: 100 · top1 share pct: 100 · excluded: — · distinct owners top20: 5the largest unlabelled wallet holds 100 % of supply
Reserve verificationgood3strength ≥ 3 good · strength 1–2 caution · strength 0 warningcustody type: daily-verification-agent · machine readable: no · verification label: daily agentverification strength 3/5 — daily agent
Authority keysgood—a multisig or a program good · a hot key cautionmint: program · freeze: multisig · delegate: unknown · rebase: program3 of 4 authorities held by a multisig or a program, none by a hot key
Trading pausewarning—not paused good · paused warningcontrol paused: no · issuer api paused: yestrading is paused at the issuer
Frozen accountsgood0none in the top 20 good · ≥ 1 in the top 20 cautionfrozen accounts top20: 0 · top20 count: 5no 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