Registered common share maintained by Superstate as transfer agent

What this analysis covers

4 current token addresses across 4 underlyings inherit this analysis.

• EXODstock
• FWDIstock
• GLXYstock
• HSDTstock

Exceptions: none recorded. An asset-specific conclusion must be shown here before it overrides the inherited template.

Traceable conclusions

Each conclusion carries its classification, exact supporting words, source authority, location, governing law, holder scope and review date. A document saying something is not the same as an independently observed outcome.

Evidence confidence

Confidence is stated per conclusion type. It is not collapsed into one score.

Complete claim chain

Possessing the token is only the first link. Each intermediary can add a separate contract, governing law and failure dependency.

Parties that can interrupt or enforce the chain

Jurisdiction and holder eligibility

A wallet may be technically able to receive a token while its owner is contractually ineligible, unable to redeem, or excluded from rights under the governing documents.

Insolvency and enforcement

Bankruptcy remote

yes

Security interest

no

Security holder

—

Recorded priority

none

Collateral ratio

1:1

Collateral composition

shares

Rehypothecation

undisclosed

On-loan amount disclosed

—

Segregation / trust evidence

—

Omnibus / commingling evidence

—

Perfection / priority evidence

—

Custodian lien / set-off evidence

—

Who can enforce

The person recognised on the official share register has shareholder standing; the token and transfer-agent process determine whether the wallet holder is that person.

Holder standing

The holder owns the actual registered common share of the listed company — not a derivative, receipt or SPV claim. The Digital Transfer Agency Agreement defines 'Tokenized Shares' as 'Issuer's Book-Entry Shares represented by digital tokens recorded on the Solana blockchain', and the holder is a holder of record in their own name (Superstate maintains name, physical address and taxpayer ID per Schedule A §3.1) — there is no Superstate nominee, street-name or custodian layer. Forward Industries' 10-K: 'All issued shares, regardless of form, represent identical rights.' Schedule B of the Exodus agreement lists the in-scope security as the same class with the same CUSIP (30209R106, NYSE American) as the listed stock; Superstate's own instrument API publishes the ordinary CUSIP for each tokenized equity.

A contractual label such as “segregated”, “trust” or “first priority” is not treated as a court-tested insolvency result unless the dossier records that authority.

Corporate actions

Registered shareholder process

Dividends

cash

Voting

full

Other corporate actions

Dividends: on Board declaration the issuer instructs the RTA with declaration/ex/record/payment dates and amount per share; payment is 'in cash or additional Shares (or other agreed to form, such as stablecoins, in the future), at the election of each shareholder' and Superstate coordinates with the RTA to process dividends, payments and tax forms (Digital Transfer Agency Agreement Schedule A §4). Note that FWDI, GLXY, EXOD and HSDT do not currently pay dividends, so the pathway is untested in practice. Voting/proxy: the tokenized holder is a holder of record, and Superstate 'will coordinate with the RTA to enable shareholder communication and proxy material distribution' (Schedule A §3.3); there is no on-chain voting. Splits: applied at the mint via the Token-2022 ScaledUiAmount multiplier, and exposed publicly as equity_info.current_split_multiplier in the instruments API. Lost shareholders: Superstate performs Rule 17Ad-17 services; escheat stays with the issuer/RTA (Schedule A §5).

Registration supports shareholder rights, but the operational channel for a token-held position must still be documented.

Redemption path

Available

yes

Eligibility

Any allowlisted holder with an approved Superstate account. 'Burn to book-entry' converts tokens back to book-entry shares; those can then be DRS-transferred to a traditional brokerage and sold on Nasdaq. Available to eligible investors globally ('Global*', excluding jurisdictions subject to US sanctions); accredited-investor status is NOT required.

Route

Send tokens to the published equity burn address on Solana (2u8YwJTykTreziHBN5QwE7Bi2SyN8M2MicCscthtph9E — the same burn address for all Solana equities), then the book-entry balance updates in the Superstate portal; a transfer authorization form plus a DRS transfer moves the shares to a broker. Note: burning equity tokens does NOT trigger a cash payout (unlike the funds) — you must sell on a DEX or move the shares to a broker to realise value.

KYC

yes

Minimum

unknown

Fees

Superstate charges no processing fee for burn/transfer; the holder pays Solana network fees and any fees charged by the Recordkeeping Transfer Agent or the receiving broker-dealer (Terms §4.2, §4.3).

Timing / SLA

—

Notes

—

Source authority and precedence

The conclusion follows the highest-authority source applicable to the specific product, holder and issue. A technical capability cannot create a legal right, and marketing cannot override operative terms.

1. 1
   Mandatory law, court orders and official registers

   These can override private terms and determine legal title, perfection, insolvency priority or eligibility.

2. 2
   Product-specific final terms and operative agreements

   The document governing this product or series controls over a general description, subject to mandatory law.

3. 3
   Base prospectus and binding programme terms

   These govern the programme except where valid product-specific terms supplement or disapply them.

4. 4
   On-chain state

   Authoritative for what the program and current keys can technically do, but not by itself for legal ownership or enforceability.

5. 5
   Official operating documentation and attestations

   Evidence of process or reserves; it cannot silently enlarge rights excluded by the controlling legal documents.

6. 6
   Marketing, press and third-party descriptions

   Useful context only. A conflict is resolved in favour of the higher-authority source and remains visibly recorded.

Recorded conflicts and corrections

• custodyVerification.notes · contradicted-corrected

  RESOLVES the dossier open question about the 0.1, and CORRECTS one number. The labelled on-chain positions sum to 4,124,326.0 + 3,156,493.1 + 0.1 = 7,280,819.2, exactly the API circulating_supply, while getTokenSupply on the mint returned 7,280,819.100000 at slot 447827016 the same day: the 0.1 is a register position labelled AdminSeed-Kamino for which no token was ever minted, not a display artefact. Reproduced on 2026-09-17, a day after the dossier first measured it, and the same +0.1 holds on GLXY (api 13,399.282876 vs chain 13,399.182876) while EXOD and HSDT match exactly. CORRECTION: total_balance is 8,723,436.100000, not the 8,732,937.10 the dossier recorded as FWDI total_supply — the dossier figure is arithmetically impossible against its own same-day components (7,280,819.20 tokenized + 1,442,616.90 book-entry = 8,723,436.10). Note also that the page renders its Solana row as 7,280,819.10 (the chain figure) while its own embedded labels sum to 7,280,819.20, so the asset page disagrees with itself as well as with the API.

  source ↗
• transferRestrictions.allowlist · contradicted-corrected

  THE ISSUER'S OWN DOCUMENT IS WRONG; the value stays true. Superstate's Transfer Agent and Terms of Service Agreement tells a Direct Issuance Program purchaser that the shares carry no transfer restrictions. Two harder sources say otherwise: the Digital Transfer Agency Agreement Schedule A s.3.4 (claimed above) requires the smart contracts to be programmed so that Tokenized Shares 'may only be transferred to or held by digital wallet addresses of persons or decentralized exchange pools on the Allowlist', and the chain itself carries DefaultAccountState = Frozen on the FWDI and HSDT mints (verified 2026-09-16), so a new token account cannot receive anything until the Allowlist program thaws it. On-chain state governs: the restriction is enforced by code regardless of what the Terms say, and s.14.5's own next sentence concedes a multi-day conversion path off-chain. Read most charitably, s.14.5 means the shares carry no securities-law legend or lock-up — but as written it is a statement a holder could rely on and be wrong.

  source ↗
• keyGovernance.freeze · contradicted-corrected

  CORRECTED hot-key -> program. The shared freeze authority / permanent delegate returns null from getAccountInfo: zero lamports, never initialized, no private key can exist for it — the same shape the dossier itself reads as a program CPI signer for Securitize. Corroborated by the docs ("The Allowlist Program is the Freeze Authority for Superstate Tokens"), by the 0xMacro audit’s trust model, and by the dossier’s own proven thaw transaction. The residual risk is not a hot key but the Allowlist program’s single upgrade authority 2ccHdavxJ3eZ4aUy39sHmykFhiKkuvtomyRLRULrwkMA (a funded system account, 2.58 SOL), which is recorded separately.

• keyGovernance.delegate · contradicted-corrected

  CORRECTED hot-key -> program. An independent auditor states the permanent delegate is the Allowlist Program itself, and the chain agrees: permanentDelegate == freezeAuthority == 2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x, which getAccountInfo resolves to null. The dossier’s own keyGovernance.evidence already flagged this tension; the value now matches the evidence.

  source ↗
• parties.parents · contradicted-corrected

  The dossier leaves parties.parents empty, but the TA-1/A names one: Superstate Inc. is the 100% owner of Superstate Services LLC (relationship start 2024-12-05), and item 9(a) names Alexander Zozos as Manager. Left as an empty list only because the securities issuers, not Superstate, are the subject of the dossier’s parent field elsewhere in this dataset; recorded here so the omission is deliberate and sourced rather than unexamined.

  source ↗
• products[2] · contradicted-corrected

  CORRECTION: the dossier listed EXOD among "Live equities (2026-09-16)" and flagged only HSDT as non-operational. The API shows EXOD with BOTH is_token_enabled_any_chain and is_trade_enabled_any_chain false, last updated 2026-05-13 — so it was already disabled on the dossier’s own observation date. Its mint holds 60.000000 tokens (chain and API agree). products[2] now marks EXOD token/trade-disabled; FWDI and GLXY are the only two instruments with both flags true.

  source ↗

Document register

“Not structured” is a visible evidence gap: a date in a title is not silently promoted into metadata.

Open questions

• Is the FWDI/HSDT Solana equity token program the same code as the audited Superstate token programs, and has the EQUITY-specific program (and the EVM EquityToken/DIP contracts) had an independent security audit? The published 0xMacro/ChainSecurity audits cover USTB/USCC and the Allowlist; no equity-token audit was located.
• Governance of the admin keys. The Solana Allowlist upgrade authority (2ccHdavxJ3eZ4aUy39sHmykFhiKkuvtomyRLRULrwkMA) and each mint authority are on-curve, system-owned addresses with no multisig program account. Turnkey may enforce an off-chain N-of-M policy, but no threshold, quorum or timelock is disclosed anywhere. Single-key compromise would reach mint, freeze, forced-burn and allowlist writes.
• Which register wins in a dispute? The DTAA makes the RTA's off-chain Master Securityholder File authoritative and Superstate's record 'subsidiary', while the SEC-filed Galaxy 8-K says Superstate 'records legal ownership onchain in real time' and 'the registered shareholder list of Galaxy updates in real-time'. If the chain and the RTA's file disagree, no document located says which controls, or who bears the loss.
• RESOLVED for FWDI and EXOD, open for the rest: FWDI's published CUSIP 349862409 is the ordinary Nasdaq-listed common-stock CUSIP, assigned by Nasdaq when the 1-for-10 reverse split took effect 2024-06-18 (nasdaqtrader.com Equity Corporate Actions Alert #2024-287) — so no separate tokenized tranche. EXOD's 30209R106 is confirmed by Schedule B of the signed agreement. GLXY (36317J209), HSDT (42328V876) and SBET (820014405) were taken from Superstate's own API and not cross-checked against an independent CUSIP source.
• Is there a dividend precedent? DTAA Schedule A §4 sets out a full cash/shares/(future stablecoin) dividend path, but FWDI, GLXY, EXOD and HSDT do not pay dividends, so the path has never been exercised. Likewise no split has occurred (multiplier still 1), so the ScaledUiAmount corporate-action mechanism is untested in production.
• Has proxy voting actually been exercised by a tokenized holder? Schedule A §3.3 only commits Superstate to 'coordinate with the RTA to enable shareholder communication and proxy material distribution' — no record of a tokenized holder voting at a meeting was found.
• Why is HSDT (Solana Company) still at zero supply? The token was deployed 2025-11-14 and the Digital Transfer Agency Agreement is dated 2025-10-17, but the mint supply was 0 on 2026-09-16. Announced but effectively not live; treat HSDT as non-operational for grading.
• What is the real ownership dispersion? 481 Token-2022 accounts exist for the FWDI mint, but ~43% of tokenized supply (3,156,493 FWDI, $19.2M) sits in Kamino, and the public asset page shows an 'AdminSeed-Kamino' label — so the holder count overstates independent economic holders.
• Why is the public API's circulating-supply exactly 0.1 shares above the on-chain mint supply on FWDI and GLXY but exact on EXOD and HSDT? The 0.1 'AdminSeed-Kamino' position on the FWDI asset page is the likely cause, but nothing states whether that 0.1 is a real share in the register with no token, a display artefact, or an unminted placeholder — and no published reconciliation would reveal which.
• RESOLVED: the freeze-authority/permanent-delegate address 2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x is controlled by the Allowlist program, proven on-chain rather than taken from the docs. Transaction 2hYLRFwbxU7DcMxGudfJopFdCT1txbsi4eLa8zAPo47Enp8hyPhLKK6XDbdUFtuHnWFxTuBxYoN1Z3si2dSZFbDy (blockTime 1789052737, i.e. live activity on 2026-09-16) invokes the Allowlist program HFkKyweJDUuGer5KaCst5qZSYD5aapKaD7xzdNaoRtfA, whose inner instructions are Token-2022 getAccountDataSize, System createAccount, initializeImmutableOwner, initializeAccount3 and thawAccount — i.e. the program creates the associated token account with the ImmutableOwner extension and thaws it in one shot, signing as freeze authority via that PDA. Confirms the documented design and confirms ImmutableOwner is applied at the token-account level. What remains open is only the seed derivation (common single seeds did not reproduce the address) and, separately, who controls the program's upgrade authority.
• Superstate's fee to the issuer is $1 per year (DTAA §3.1). Is the commercial arrangement documented elsewhere (equity, warrants, platform fees), and does it create an incentive misalignment for a party that also holds forced-burn authority?