URA

Reference & premium

Reference source

ondo-implied

Reference price

$43.03

Underlying market

open

How the reference is derived

marketCap / sharesOutstanding from the Ondo asset registry; no publish…

After-hours premium

Premium while open

-2.42%

Trades measured

75 open / 0 closed

Reference used

ondo-implied

Window

21 Sep 2026 17:49 UTC → 21 Sep 2026 18:47 UTC

Depth, volume, activity

Venues

1 DEX pair(s) · 0 exchange market(s)

Holder concentration

Top 1 / 5 / 20, unlabelled owners only

57.8% / 80.0% / 94.3%

Top 1 / 5 / 20, raw

57.8% / 76.6% / 94.3%

Distinct owners in the top 20

16

Frozen accounts in the top 20

0

Supply

30,234.50

DeFi composability

A contract can hold and transfer the token, but possession alone gives the lender no direct ordinary-course right against the trust. Realising value depends on a market sale or deposit into an eligible Backpack account, while the issuer can pause, rebase or remove the token from the escrow account.

Template: BVI bare-trust entitlement recognised through the Backpack/Trek Forge structure · token-2022 · pausable + clawback + rebase. “Can recover” means an issuer has the capability, not a duty to act.

Open the complete technology + legal template →

Verification

Strength

0 of 5 — none

Type

None

§

confirmed

The Company will provide or make available to Tokenholders periodic information or statements regarding their…

drive.google.com · p. 11, cl. 4.8 · read 17 Sep 2026

Machine-readable

no

Venues

DEX pools

Exchange markets

No exchange market reported.

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.

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

What if…

30 documented3 inferred1 unknown4 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.

• Holder

  • documentedMy private keys are stolen and the tokens are moved. Can they be recovered, frozen or reissued?

    Nothing comes back. The issuer states plainly that it cannot recover, replace or reimburse lost tokens, and that a transfer procured by theft or fraud cannot…

    [1] · p. 4, RISK OF LOSING ACCESS TO TOKENS — Wallet… · read 18 Sep 2026

  • 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?

    No recourse, and the pre-emptive defence is weak: the issuer disclaims all liability for fraud losses and tells you to verify things yourself, while Backpack…

    [1] · p. 5, CYBERSECURITY AND FRAUD RISKS — Fraud and… · read 18 Sep 2026

  • documentedI die. Can my heirs claim the tokens, transfer them or redeem them? Is a probate process recognised?

    For a position sitting in a Backpack account there is a real estate route: the account is frozen on evidence of death and unlocked only when a fiduciary opens…

    [2] · s. 22.2 Death of Account Holder, p. 32 · read 18 Sep 2026

  • documentedA court orders my tokens transferred, frozen or seized (divorce, judgment, bankruptcy of the holder). Can the issuer comply, and will it?

    Yes, and the power is pre-wired on both layers. Contractually the Company may blacklist, freeze or restrict transfer and redemption when directed by a…

    [3] · p. 15, cl. 8.2 · read 18 Sep 2026

  • 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 exit. No US person may be registered as beneficiary, redeem, receive distributions or require the Company to recognise…

    [3] · p. 10, cl. 4.1(c) · read 18 Sep 2026

  • documentedI am in, or become subject to, a sanctioned jurisdiction or list. Are my tokens frozen, seized, redeemable?

    Frozen rather than seized, immediately and without notice, for as long as the designation lasts: the Company may stop dealing with you and your tokens until…

    [3] · p. 12, cl. 5.1(e) ("Sanctioned Persons Event") · read 18 Sep 2026

• Wallet or venue

  • documentedThe venue or broker where I hold the tokens goes bankrupt. Are the tokens mine or the venue's estate?

    It depends entirely on which of the three forms you hold, and the issuer says so. A token position recorded only on an exchange's internal ledger makes you an…

    [1] · p. 6, Third-Party and Service Provider Risks · read 18 Sep 2026

  • documentedThe venue delists the token or halts trading. Where can I sell, and can I withdraw to self-custody?

    Backpack may suspend or disable the tokenization service for any or all Approved Assets, with or without notice, "for any reason whatsoever", including leaving…

    [4] · s. C Modifications to the Services, p. 1-2 · read 18 Sep 2026

• 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?

    On broad, self-judged grounds, with notice optional and no appeal published anywhere. The stated triggers are association with a Prohibited Person or…

    [3] · p. 15, cl. 8.2 · read 18 Sep 2026

  • 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?

    It may whenever it judges a transfer incomplete, erroneous or contrary to the terms, or on the compliance grounds in cl. 8.2, and it accepts no liability for…

    [3] · p. 11, cl. 4.5 · read 18 Sep 2026

  • inferredThe 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?

    No document addresses key custody, multisig, rotation or incident response, and the issuer insures nothing. Structurally the exposure is as wide as Token-2022…

    [1] · p. 5, No Insurance; p. 3, Cryptographic and… · read 18 Sep 2026

  • inferredThe 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?

    One key decides. The program holding every mint, freeze, pause and delegate authority is BPF-upgradeable with a single upgrade authority, no audit is…

    [1] · p. 3, RISKS RELATING TO BLOCKCHAIN TECHNOLOGY… · read 18 Sep 2026

  • documentedThe multiplier or supply adjustment is set wrongly (too high, too low, late). Who corrects it, and who bears the trades made in between?

    The party that sets the ratio also disclaims responsibility for getting it wrong, and may correct its own records: no Covered Party or Tokenization Party has…

    [4] · s. 4(f) Representations, Warranties, Agreement… · read 18 Sep 2026

• 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?

    On paper the shares are trust property held on bare trust in a separate pool per Approved Asset, with no cross-recourse and recourse limited to that pool — so…

    [3] · p. 17, cl. 10.12 · read 18 Sep 2026

  • 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 no notice period and no redemption window. The Company may change, suspend or discontinue any aspect of the Protocol or token services at any time…

    [3] · p. 19, cl. 16.5 · read 18 Sep 2026

  • documentedThe issuer is acquired or its control changes (as Backed was by Kraken). Do my terms change, and can I redeem at that point?

    The trustee can hand the arrangement to someone else on notice alone: no holder consent, no put, and no change-of-control clause anywhere in the five…

    [3] · p. 20, cl. 17 ASSIGNMENT · read 18 Sep 2026

  • documentedThe backing turns out to be short (as with the SpaceX xStocks unwind). Who bears the loss, and how is it allocated among holders?

    The loss is yours, shared pro rata across that pool, with no top-up obligation, no reserve and no recourse to the Company's own assets or to any other Approved…

    [3] · p. 8, cl. 3.5(e) (repeated at cl. 10.12, p. 17) · read 18 Sep 2026

  • documentedI ask to redeem and the issuer refuses or delays (KYC not accepted, minimum not met, gate). What are my rights?

    You have almost no rights, by design. In the ordinary course you cannot redeem at all: only Trek Forge may submit a request to the trustee, and on-chain…

    [4] · s. 1.13 No Liability, p. 10 · read 18 Sep 2026

  • documentedThe issuer changes the terms after I bought. Can it, unilaterally? With what notice? Do I get to exit first?

    Yes, unilaterally. A materially adverse amendment takes effect at least ten calendar days after posting, and in that window a Tokenholder "may submit a…

    [3] · p. 19, cl. 16.1 (with cl. 16.2) · read 18 Sep 2026

• 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?

    This is the failure the structure is built around, and the only one that can make you a beneficiary. Backpack's permanent cessation, insolvency, or a…

    [3] · p. 2, cl. 1.3(a)-(c) · read 18 Sep 2026

• 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 to fail. SPCX is not a registered share with a book-entry register: it is a digital receipt for a beneficial…

    [3] · p. 4-5, cl. 1.18 'Tokenholder'; verified by… · read 18 Sep 2026

• Security agent or trustee

  • n/aThe security agent or trustee resigns, fails or is conflicted. Who enforces the pledge for holders?

    No security interest exists, so there is no pledge to enforce and no security agent, collateral agent or security trustee that could resign or be conflicted. A…

    [3] · p. 17, cl. 10.12; cl. 1.18; verified by grep… · read 18 Sep 2026

• 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?

    You carry it. The Risk Disclosure says a custodian's, broker's or venue's insolvency may leave your tokens "worthless, irredeemable or non-transferable", and…

    [1] · p. 5, UNDERLYING ASSET, REDEMPTION, AND ISSUER… · read 18 Sep 2026

  • unknownThe underlying is lent out or rehypothecated and the borrower defaults. What backs my token then?

    We could not establish whether the SpaceX shares behind SPCX may be lent or rehypothecated. Nothing in the binding documents permits or forbids it: they allow…

    [3] · p. 7, cl. 3.4; p. 8, cl. 3.5(c)-(e) · read 18 Sep 2026

• Attestor or oracle

  • n/aThe proof-of-reserve or attestation is wrong, stale or stops. Who is liable, and what does the issuer do?

    The case cannot arise because nothing is attested. There is no proof-of-reserve feed, no periodic attestation, no auditor report and no reserve endpoint for…

    [3] · p. 11, cl. 4.8 (the only reporting clause in… · read 18 Sep 2026

• Underlying company

  • inferredThe company is acquired or merged, for cash or for shares. What do I receive, and when?

    No document covers a merger of the referenced company. The machinery that exists points one way: anything the pool receives that is not the Approved Asset is…

    [4] · s. 1.5 Dividends and Distributions, p. 8; s… · read 18 Sep 2026

  • documentedThe company is delisted or goes private. Does the token terminate, and at what value?

    On the brokerage leg a delisting leaves you able to close the position and nothing more. For the token there is no termination clause and no final-valuation…

    [6] · FAQ, 'What happens if a company I hold is… · read 17 Sep 2026

  • documentedThe company goes bankrupt. Do I take part in the shareholder recovery, or does the token just go to zero?

    Because the trustee holds real Class A shares rather than a promise, a SpaceX bankruptcy is passed through rather than cut off: whatever those shares recover…

    [3] · p. 8, cl. 3.5(c) · read 18 Sep 2026

  • 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 is by ratio, not by balance: your token count stays the same, the pool's unit count changes, and the redemption rate moves with it — the ToS works a…

    [4] · s. 1.8(b) Deposits onto the Platform, p. 9-10 · read 18 Sep 2026

  • 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 as cash: the trustee must apply it to buying more units of the same asset, so it reaches you only as a better redemption ratio…

    [3] · p. 9, cl. 3.7 · read 18 Sep 2026

  • documentedWho withholds tax on dividends, at what rate, and can I reclaim under a treaty? Who reports my holding to tax authorities?

    Withholding happens above you and is never quantified. Dividends are reinvested "net of any applicable fees, expenses, or withholdings", and Backpack says it…

    [2] · s. 19.1 Taxes, p. 28 · read 18 Sep 2026

  • 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?

    SPCX references Space Exploration Technologies Corp. Class A common stock, which has been listed on Nasdaq since 2026-06-12, so there is no pre-IPO liquidity…

    [4] · risk bullet 8, p. 5 (unlisted Approved Assets) · read 18 Sep 2026

  • documentedCan I vote the shares, and if not, who does? Do I receive shareholder information?

    No, and there is no proxy path. The trustee votes the pooled shares only on instructions from "the relevant Tokenholder", a term the terms define as the person…

    [3] · p. 9, cl. 3.9 (with the cl. 1.18 definition of… · read 18 Sep 2026

• Reference market

  • documentedThe reference market is closed, halted or the oracle is stale. What price applies to trading, redemption and margin?

    Redemption does not depend on a price at all: the conversion is a pro rata slice of the pool computed in units, so a closed market or a stale oracle cannot…

    [5] · section 'Why Pricing Can Change Outside Regular… · read 17 Sep 2026

• 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?

    Access and redemption can be suspended or cancelled, with no compensation clause and no holder consent. The one thing regulatory action can do for you is open…

    [3] · p. 2, cl. 1.3(e) · read 18 Sep 2026

  • documentedThe law changes: the token is reclassified, banned in my jurisdiction or the issuer's exemption ends. What happens to my holding?

    A reclassification lands on you. The product's stated basis is that the token is not a security or a SIBA "investment" and is distributed outside the United…

    [1] · p. 6, REGULATORY AND TAX RISKS — Changing Law… · read 18 Sep 2026

  • documentedI have a dispute. Where do I sue or arbitrate, under which law, and can I join others (class action, collective redress)?

    Three private forums, each excluding collective redress, and none in your own courts. Against the trustee: confidential BVI IAC arbitration before a sole…

    [3] · p. 19, cl. 15.2 (with cl. 15.3 waiver) · read 18 Sep 2026

• Solana network

  • documentedSolana halts or forks. What happens to a redemption request, a corporate action or a deadline that falls in the outage?

    Your entitlement survives, your ability to act does not. The record that confers rights is off-chain — the Company's internal register of beneficiaries, which…

    [1] · p. 3, Network and Protocol Events · read 18 Sep 2026

Sources

1. https://drive.google.com/file/d/1Bw7oNVFsrqu8SE41-xAIJfPJnhdNnNms/view · archived copy
2. https://drive.google.com/file/d/1R1-MTQYGcWj5qk4q9vJcAsMwDwGP5Bok/view · archived copy
3. https://drive.google.com/file/d/1stJoNwPAOaHDbFmL72OGSkAxyCf-_RCo/view · archived copy
4. https://drive.google.com/file/d/1NK498yjlZRuy6FUjJ0tc9WMbNG1sxk9u/view · archived copy
5. https://support.backpack.exchange/backpack-securities/stock-trading-hours-and-fees · archived copy
6. https://support.backpack.exchange/backpack-securities/faqs · archived copy

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

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