Assets/NVDAX

NVIDIA xStock

NVDAX
Tokenized-EquityBacked Assets

NVDAx is an xStocks tokenized-equity product tracking NVIDIA Corporation Common Stock. Regulated third-party custody holds one real share per token.

Read more

NVDAx is an xStocks tokenized-equity product tracking NVIDIA Corporation Common Stock. Regulated third-party custody holds one real share per token.

Sources · 4

Backing and rights denial are supported (b4ecdd00, 7f01b56b, 152d74db); drop the redemption assertion and the phantom citation.

kraken.com ↗
“Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita. Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”

Verifier note: panel 2/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The sources support that NVDAx is an xStocks blockchain token representing indirect exposure to NVIDIA common stock, is backed 1:1 by real shares held with a regulated third-party custodian, and confe | anthropic: confirmed — Every material element answers the SLOT QUESTION and is supported by the union of the fetched Kraken pages. What it is: 'Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake ... joka edustaa NVIDIA Corpora

Overview

30d return

+12.22%

NVDAX price

$219.63

◇

Category

Tokenized-Equity

◫

Collateralization ratio

100%

Sources · 3
kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
coinmarketcap.com ↗
“Price tracking is maintained through this 1:1 collateralization and arbitrage mechanisms, with oracles feeding real-time stock data on-chain.”

Verifier note: re-adjudicated 2026-08-04T18:24:33.889Z from rejected status | panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The archived Kraken content expressly states that each NVDAx token is linked 1:1 to real NVIDIA shares held by a third-party custodian and that NVDAx is fully backed by traditional shares. This direct | anthropic: confirmed — The claim collateralization_ratio = 100% is a restatement of a 1:1 backing ratio, which directly answers the SLOT QUESTION. The Kraken source states each NVDAx token 'on sidottu suhteessa 1:1 oikeisii

Performance

Growth

Growth of $10,000 over 1 month

Growth

Growth of $10,000 over 3 months

Growth

Growth of $10,000 over 6 months

Growth

Growth of $10,000 over year to date

Growth

Growth of $10,000 over 1 year

Growth

Growth of $10,000 over all history

12.22% 30d return

$11,267.88

+$1,267.88
Jul 5, 26Jul 13, 26Jul 21, 26

$11,176.34

+$1,176.34

$12,783.10

+$2,783.10

$11,775.59

+$1,775.59

$12,326.79

+$2,326.79

$2,196,264.49

+$2,186,264.49

As of Aug 5, 2026 · source: Kamino API

Returns

As of August 5, 2026

1 mo

3 mo

6 mo

YTD

1 yr

Since inception

NVDAX

+12.22%

+1.26%

+2.85%

+2.33%

+1.76%

+52.28%

Benchmark

Benchmark unavailable

1 mo
NVDAX+12.22%
Benchmark unavailable—
3 mo
NVDAX+1.26%
Benchmark unavailable—
6 mo
NVDAX+2.85%
Benchmark unavailable—
YTD

1 mo

3 mo

6 mo

YTD

1 yr

Since inception

NVDAX

+12.22%

+3.84%

+18.39%

The underlying

Underlying issuer

NVIDIA Corporation

More
Sources · 2
kraken.com ↗
“Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita.”
sec.gov ↗
“NVIDIA CORPORATION 2788 SAN TOMAS EXPRESSWAY SANTA CLARA, CALIFORNIA 95051 (408) 486-2000”

Verifier note: recovered from reshaped fact a6320386-0520-4cf6-b4ca-fb4946f63e95

Portfolio overview

Pool-wide metrics

Structure & quality

Backing concentrates entirely in NVIDIA Corporation Common Stock. Equity backing has no disclosed duration, maturity, or credit rating.
More
Sources · 2
kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita. Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”

Verifier note: panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — The fetched pages disclose that each NVDAx token is backed 1:1 by actual NVIDIA Corporation Common Stock held by a third-party custodian and further state that NVDAx is fully collateralized by traditi | anthropic: confirmed — The concentration claim is directly supported: both sources state each NVDAx token is pegged 1:1 to real NVIDIA Corporation Common Stock held by a third-party custodian, and that xStocks are 'fully co

Collateralization

100%
More
Sources · 3
kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”
coinmarketcap.com ↗
“Price tracking is maintained through this 1:1 collateralization and arbitrage mechanisms, with oracles feeding real-time stock data on-chain.”

Verifier note: re-adjudicated 2026-08-04T18:24:33.889Z from rejected status | panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The archived Kraken content expressly states that each NVDAx token is linked 1:1 to real NVIDIA shares held by a third-party custodian and that NVDAx is fully backed by traditional shares. This direct | anthropic: confirmed — The claim collateralization_ratio = 100% is a restatement of a 1:1 backing ratio, which directly answers the SLOT QUESTION. The Kraken source states each NVDAx token 'on sidottu suhteessa 1:1 oikeisii

Portfolio composition

1 holdings · sorted by weight

Nvda common stock
NVIDIA Corporation common stock; disclosed as 1:1 backing, with no disclosure date provided
More
Sources · 2
coinmarketcap.com ↗
“Price tracking is maintained through this 1:1 collateralization and arbitrage mechanisms, with oracles feeding real-time stock data on-chain.”
sec.gov ↗
“The common stock of NVIDIA Corporation (Ticker: NVDA) (the “Company”).”

Verifier note: re-adjudicated 2026-08-04T18:19:28.801Z from rejected status | panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The CoinMarketCap content states that each NVDAX token is backed 1:1 by real NVIDIA shares, while the SEC filing identifies NVDA as NVIDIA Corporation common stock. The CoinMarketCap page has a public | anthropic: confirmed — The value asserts the holding is NVIDIA Corporation common stock, disclosed as 1:1 backing, with no as-of/disclosure date. Both cited sources support the stated pieces. The SEC FWP confirms verbatim '

Issuer

Backed Assets

Issuer
Ownership

Kraken

Backed issues fully collateralized tokenized securities through xStocks for exchange, wallet, and decentralized-finance access. xStocks initially targeted more than 55 stocks and ETFs.

Structural credibility

Shared legal identity, ownership, people, incidents, and channels.

Key people

Adam Levi co-founded Backed. Backed appointed Yotam Katznelson CTO and Erwan Mismaque COO; the corpus provides no appointment dates or current-status confirmation.

Service providers

Alpaca Securities LLC

Incidents

NVIDIA settled SEC disclosure-control charges on May 6, 2022, without admitting or denying findings, and paid a $5.5 million penalty.

Official channels

{"domains":["coinmarketcap.com","rwa.xyz","backed.fi"]}

Filings & disclosures

Source documents from the issuer, hosted at the original source.

Underlying-company Form 10-Q, filed 2026-05-20 for the period ended 2026-04-26; SEC filing index.

sec.gov

Legal & regulatory structure

Independent layers of protection — the legal wrapper, the asset custodian, and third-party validators.

✓

Legal wrapper

Protects holders if the issuer fails.

Regime
NVDAx operates under Liechtenstein's Blockchain Act and FMA framework. Kraken states xStocks lack local securities-regulator registration.
More
Sources · 2
app.rwa.xyz ↗
“Regulatory Framework Liechtenstein Blockchain Act FMA - Liechtenstein Financial Market Authority”
blog.kraken.com ↗
“Neither this product nor xStocks are or will be registered with any other local securities regulators.”

Verifier note: panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — RWA.xyz identifies NVDAx’s regulatory framework as the Liechtenstein Blockchain Act and the Liechtenstein Financial Market Authority (FMA). Kraken separately states that neither its Opt-In Rewards pro | anthropic: confirmed — Both quotes match the archived sources and answer the slot question about the regulatory regime/licenses. The RWA.xyz page lists under 'Regulatory Framework': 'Liechtenstein Blockchain Act' and 'FMA -

Transfer restrictions
Kraken restricts NVDAx purchases to eligible retail clients in supported countries. The freeze authority can freeze token accounts.Disputed
More

The transfer hook executes custom logic on every transfer.

Sources · 4

Incorporate the default-frozen-account whitelist mechanism; distinguish venue purchase eligibility from on-chain transfer restrictions.

kraken.com ↗
“Vain Krakenin yksityisasiakkaat tietyissä maissa voivat ostaa xStocks-tuotteita, joihin NVDAx lukeutuu.”
explorer.solana.com ↗
“Freeze Authority JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs”
explorer.solana.com ↗
“Enables the authority to make new token accounts as frozen by default upon creation”
explorer.solana.com ↗
“Allow the token program to execute custom instruction logic on every token transfer”

Verifier note: panel 2/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — The sources support that Kraken limits NVDAx purchases to retail clients in specified countries and that the enabled transfer hook runs custom instruction logic on every transfer. However, the cited e | anthropic: confirmed — All three components answer the slot question (restricted jurisdictions, freezable, transfer-control) and are supported by assigned issuer-docs evidence (a required class). (1) The Kraken NVDAx page s | kimi: confirmed — All three parts of the claim are directly supported by the cited archived sources. (1) The Kraken page states in Finnish 'Vain Krakenin yksityisasiakkaat tietyissä maissa voivat ostaa xStocks-tuotteit

Opsec

Current onchain authority configuration first, followed by documented operational controls.

Freeze authority
JDq14BWv…FdxJNs
Mint authority
7Pt9tkct…xrtaCj
Bridge configuration
None
Sources · 3
Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
Authority multisig
None
Sources · 3
Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh
7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
Unilateral changes
The token program permits an authority to update its displayed-amount multiplier. Kraken may change optional reward rates and restrict service access.Disputed
More
Sources · 4

Unsupported actor and scope: evidence 3e460aa8 says the multiplier is updatable, but does not identify the authority or establish that the issuer or Kraken may update it. It also does not describe a term change without holder consent.

Product conflation: the changeable reward rate concerns the optional Opt-In Rewards program, while discretionary account eligibility and suspension concern Kraken services. The evidence does not establish that these are unilateral changes to NVDAx terms, fees, limits, or eligibility by the issuer.

explorer.solana.com ↗
“Allows the token program to scale the UI amount of the token by an updatable multiplier”
blog.kraken.com ↗
“Reward rates are subject to change.”
kraken.com ↗
“Even if you meet the Conditions, we may, in our sole discretion, determine that you are not eligible to have an account or use the services .”
kraken.com ↗
“We may, in our discretion, determine that it is necessary or appropriate to temporarily suspend or even terminate your account.”

Verifier note: re-adjudicated 2026-08-05T23:37:48.449Z from rejected status | panel 2/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The Solana Explorer confirms that NVDAx has an updatable UI-amount multiplier, but this does not establish what the issuer may change under its terms, identify the authority as the issuer, o | anthropic: confirmed — All four claimed quotes are present verbatim (or near-verbatim) in the archived sources and support the composed value. The Solana Explorer's Scaled UI Amount Config entry states 'Allows the token pro | kimi: confirmed — Each sub-claim is directly supported by archived content. (1) The Solana explorer snapshot states the Scaled UI Amount extension 'Allows the token program to scale the UI amount of the token by an upd

Admin powers
Address 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj controls minting. Address JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs controls freezing.Disputed
More

A permanent delegate can transfer or burn tokens from any account. The pausable configuration can halt transfers, minting, and burning.

Sources · 5

Add the freeze-by-default and updatable-multiplier powers; state that no multisig/timelock/committee gating is evidenced.

explorer.solana.com ↗
“Mint Authority 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj”
explorer.solana.com ↗
“Freeze Authority JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs”
explorer.solana.com ↗
“Extensions defaultAccountState permanentDelegate transferHook metadataPointer confidentialTransferMint pausableConfig scaledUiAmountConfig tokenMetadata”
explorer.solana.com ↗
“Delegates permanent authority to a specific address that can transfer or burn tokens from any account holding this token”
explorer.solana.com ↗
“Allows the token program to pause all interactions including transfers, mints, and burns”

Redemption

The settlement ladder for exiting your position.

  • Backed

    Holders can…
    Holders can redeem NVDAx through Backed for an additional 0.50% fee, subject to a USD 100 minimum fee.Disputed
    More
    Sources · 2

    Cannot be substantiated against the provided evidence; at minimum incomplete.

    kraken.com ↗
    “Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
    app.rwa.xyz ↗
    “Redemption fee is 0.50% of market price with a minimum of USD 100.”

    Verifier note: re-adjudicated 2026-08-04T18:24:43.116Z from rejected status | panel 2/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support redemption through Backed and a redemption fee of 0.50% of market price with a USD 100 minimum fee. However, the claim does not fully answer the required exit-path slot: | anthropic: confirmed — The SLOT QUESTION asks for the redemption path facts (method, timing, minimum, fee). This claim describes the Backed redemption path, so it is goal-fit. The Kraken source confirms the method: 'Tokenie | kimi: confirmed — Method is supported: the archived Kraken page states in Finnish that token holders can redeem xStock products through Backed for an additional fee ('Tokenien haltijat voivat lunastaa xStock-tuotteitaa

  • Kraken sale

    Kraken clients…
    Kraken clients can sell NVDAx for U.S. dollars, cryptocurrency, or stablecoins on Kraken.Disputed
    More
    Sources · 1

    Unsupported.

    kraken.com ↗
    “Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”

    Verifier note: panel 2/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The Kraken page states the sale method, but the claim does not cover settlement timing, minimum, caps/gates, or fees as required for the exit-path slot. Additionally, evidence class mismatch | anthropic: confirmed — The archived Kraken NVDAx page contains the claimed quote verbatim in its redemption FAQ ('Voinko lunastaa...'): 'Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksu | kimi: confirmed — The cited Kraken NVDAx page states verbatim (in Finnish) that token holders can 'sell them for U.S. dollars, cryptocurrency, or stablecoins directly on the Kraken platform' ('myydä niitä Yhdysvaltojen

Risks & protections

  • Concentration

    Each NVDAx token depends on one NVIDIA share and the regulated third-party custodian holding it

    ⌄
    Each NVDAx token depends on one NVIDIA share and the regulated third-party custodian holding it.Disputed
    More
    Sources · 2

    Remove unless backing and dependency evidence is supplied.

    kraken.com ↗
    “Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
    kraken.com ↗
    “Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”

    Verifier note: panel 2/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The source states that each NVDAx token is linked 1:1 to real NVIDIA common stock, that xStocks including NVDAx are fully backed by traditional shares, and that those shares are held by a regulated th | anthropic(sub:gpt): confirmed — The source states that each NVDAx token is linked 1:1 to real NVIDIA common stock and that all xStocks, including NVDAx, are fully backed by traditional shares held by a regulated third-party custodia [duplicate actual family allowed by substitution]

  • Underlying / economic

    NVDAx tracks NVIDIA stock, whose business faces export-control risk affecting H20 products

    ⌄
    NVDAx tracks NVIDIA stock, whose business faces export-control risk affecting H20 products.Disputed
    More
    Sources · 2

    One of two cited IDs (29b83c9b) is absent from the corpus. The remaining 67a5e87c is a proxy-statement compensation disclosure (export controls triggering Stretch Compensation Plan goal adjustments), not NVIDIA's own business-risk disclosure. The slot requires grounding in the issuer's risk disclosures; a comp-plan footnote is weak, indirect support for 'the underlying business deteriorates.'

    coinmarketcap.com ↗
    “NVDAX is a blockchain-based digital token that tracks the price of NVIDIA Corporation (NVDA) stock, providing crypto market participants with a compliant bridge to traditional equity markets.”
    sec.gov ↗
    “due to the imposition of additional export controls on the Company’s H20 products during the first half of Fiscal 2026”

    Verifier note: panel 2/3 confirmed (sourceDomains=2, disputed) | gpt-family: unsupported — evidence class mismatch | anthropic-family: confirmed — Both material claims are supported by the fetched sources (judged against the union). CoinMarketCap confirms 'NVDAX is a blockchain-based digital token that tracks the price of NVIDIA Corporation (NVD | kimi-family: confirmed — Both material claims are supported by the union of fetched sources, and the load-bearing risk claim rests on required-class evidence. The SEC proxy statement (regulator class, assigned evidence) expli

  • Regulatory

    HSBC filed the offering under Rule 433

    ⌄
    HSBC filed the offering under Rule 433. Regulators have neither approved nor disapproved the Notes.
    More
    Sources · 2
    sec.gov ↗
    “Filed Pursuant to Rule 433 Registration No. 333-277211 June 18, 2026 FREE WRITING PROSPECTUS”
    sec.gov ↗
    “Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy of this document”

    Verifier note: panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — The SEC-hosted filing identifies the document as a free writing prospectus filed pursuant to Rule 433 under Registration No. 333-277211. It also expressly states that neither the SEC nor any state sec | anthropic: confirmed — Both material claims are supported by the fetched FWP. Page 1 shows 'Filed Pursuant to Rule 433 Registration No. 333-277211' confirming HSBC filed the offering under Rule 433, and the disclosure 'Neit

  • Issuer failure

    NVDAx holders depend on xStocks and Backed Finance entities issuing the tracker certificate representing NVIDIA exposure

    ⌄
    NVDAx holders depend on xStocks and Backed Finance entities issuing the tracker certificate representing NVIDIA exposure.Disputed
    More
    Sources · 2

    Issuer risk is answerable only for HSBC USA Inc. or Ethena Labs, not for the claimed entities.

    app.rwa.xyz ↗
    “Offered by xStocks”
    coinmarketcap.com ↗
    “The token is a "tracker certificate" issued by entities like Backed Finance.”

    Verifier note: re-adjudicated 2026-08-04T18:21:54.023Z from rejected status | panel 2/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources identify xStocks as the platform, Backed Assets as the issuer, and NVDAx as a tracker certificate, but they do not explain what holders lose or what rights, collateral, custody a | anthropic: confirmed — Both cited quotes are accurate. RWA.xyz states "Offered by xStocks" and lists the Issuer as "Backed Assets" (a Backed Finance entity, domiciled Jersey under the Liechtenstein Blockchain Act). CoinMark | kimi: confirmed — Every material element is supported by the union of sources: (1) 'tracker certificate' is verbatim in the CoinMarketCap source ('The token is a "tracker certificate" issued by entities like Backed Fin

  • Custodian

    Alpaca Securities custody failure could impair the NVIDIA shares backing NVDAx

    ⌄
    Alpaca Securities custody failure could impair the NVIDIA shares backing NVDAx.Disputed
    More
    Sources · 2

    Unsupported by provided evidence.

    app.rwa.xyz ↗
    “Custodian Legal Identifier Alpaca Securities LLC 0001702580”
    kraken.com ↗
    “Ulkopuoliset talletuslaitokset suojaavat kaikki perustana olevat osakkeet siten kuin on sovittu säilytyssopimuksessa, jossa Kraken ei ole osapuolena.”

    Verifier note: re-adjudicated 2026-08-04T18:27:28.412Z from rejected status | panel 3/3 confirmed (sourceDomains=2, disputed) | gpt: confirmed — RWA.xyz identifies Alpaca Securities LLC as NVDAx’s custodian, and Kraken states that NVDAx is backed 1:1 by NVIDIA shares held by an external custodian under a custody agreement. Therefore, the state | anthropic: confirmed — The SLOT QUESTION concerns a custodian/operational provider failing and impairing backing assets, and the claim (Alpaca custody failure could impair the NVIDIA shares backing NVDAx) directly addresses | kimi: confirmed — RWA.xyz explicitly lists 'Custodian — Alpaca Securities LLC' (Legal Identifier 0001702580) and 'Traditional Broker — Alpaca Securities' for NVDAx, and Kraken confirms that the underlying NVIDIA shares

  • Credit / counterparty

    HSBC USA Inc

    ⌄
    HSBC USA Inc. bears payment obligations.
    More

    Investors face unsecured issuer credit risk without FDIC insurance or bank guarantees.

    Sources · 3
    sec.gov ↗
    “All payments on the Notes are subject to the credit risk of HSBC USA Inc.”
    sec.gov ↗
    “The purchaser of a Note will acquire a senior unsecured debt security of HSBC USA Inc. linked to the Reference Asset as described below.”
    sec.gov ↗
    “Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value”

    Verifier note: restored by head-to-head over 578abcd3-f897-403d-8341-84ec7388cc15: The new claim directly identifies HSBC USA Inc. as the counterparty whose failure threatens all payments and precisely characterizes holders' exposure as senior unsecured issuer credit risk. Its cited SEC evidence expressly supports the payment obligation, unsecured status, and absence of FDIC insurance or bank guarantees. The incumbent identifies Alpaca Securities LLC as custodian but does not establish from its evidence the legal nature or consequences of Alpaca's failure for holders.

  • Hack / smart contract

    NVDAx exposes holders to mint, freeze, pause, transfer-hook, and permanent-delegate authority risks on Solana

    ⌄
    NVDAx exposes holders to mint, freeze, pause, transfer-hook, and permanent-delegate authority risks on Solana.Disputed
    More
    Sources · 5

    Unsupported by provided evidence.

    explorer.solana.com ↗
    “Mint Authority 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj”
    explorer.solana.com ↗
    “Freeze Authority JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs”
    explorer.solana.com ↗
    “Delegates permanent authority to a specific address that can transfer or burn tokens from any account holding this token”
    explorer.solana.com ↗
    “Allows the token program to pause all interactions including transfers, mints, and burns”

Onchain transparency

Token

Mint address
Xsc9qv…mx9qEh

Chain

Network
Solana

Networks & bridges

  • Canonical deployment

    Solana hosts a native Token-2022 issue at mint Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh. The Solana instance is not identified as bridged.
    More
    Sources · 3
    app.rwa.xyz ↗
    “Solana Native Distributed token-2022”
    explorer.solana.com ↗
    “### Token-2022 Mint Refresh Raw Download Address Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh”
    explorer.solana.com ↗
    “## NVIDIA xStock NVDAx”

    Verifier note: panel 2/2 confirmed (sourceDomains=2) | gpt: confirmed — The Solana Explorer identifies mainnet address Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh as the Token-2022 mint for NVIDIA xStock (NVDAx). RWA.xyz independently lists the Solana NVDAx deployment as | anthropic: confirmed — The RWA.xyz asset page for NVDAx lists the Solana row with Tokenization Type 'Native' and Token Standard 'token-2022', explicitly labeling it as native (not bridged). The Solana Explorer page confirms

Documents

Document
Underlying-company proxy statement for NVIDIA's June 24, 2026 annual meeting; filed with the SEC.
2026-05-12
Document
SEC cease-and-desist order, May 6, 2022, https://www.SEC.gov/files/litigation/admin/2022/33-11060.pdf
2022-05-06
Underlying-company proxy statement for NVIDIA's June 24, 2026 annual meeting; filed with the SEC.Document · 2026-05-12
SEC cease-and-desist order, May 6, 2022, https://www.SEC.gov/files/litigation/admin/2022/33-11060.pdfDocument · 2022-05-06
Research appendix

Plan fulfillment

SlotStatusClasses covered
Underlying issuerFilled-verifiedRegistry, aggregator
Holder's claimFilled-verifiedIssuer-docs
Corporate-action passthroughRejected-retryIssuer-docs
Final terms documentRejected-retryLegal-terms
Transfer restrictionsFilled-verifiedIssuer-docs
NetworksRejected-retryAggregator, issuer-docs
Canonical deploymentFilled-verifiedAggregator, issuer-docs
Bridge providerEmptyNone
Bridge custodyEmptyNone
Oracle dependenciesEmptyNone
Supply and mint authorityEmptyOnchain, issuer-docs
Key managementEmptyNone
Incident responseRejected-retryIssuer-docs
Monitoring and attestationEmptyNone
Bridge & oracleRejected-retryNone
What it isFilled-verifiedAggregator, issuer-docs
How it worksFilled-verifiedAggregator, onchain, issuer-docs
CategoryFilled-verifiedAggregator, issuer-docs
CompositionRejected-retryIssuer-docs, onchain
Structure & qualityFilled-verifiedIssuer-docs
Yield sourceRejected-retryIssuer-docs
Yield mechanicsFilled-verifiedIssuer-docs, aggregator
Legal entityFilled-verifiedRegistry, aggregator
What the issuer doesFilled-verifiedIssuer-docs, aggregator
LaunchedRejected-retryAggregator, issuer-docs
Operating historyFilled-verifiedIssuer-docs
Service providersFilled-verifiedLegal-terms, audit, aggregator, issuer-docs
RegimeFilled-verifiedRegulator, aggregator, issuer-docs
VehicleRejected-retryAggregator, legal-terms, issuer-docs
Bankruptcy remoteEmptyAggregator
If the issuer failsRejected-retryIssuer-docs
CustodiansRejected-retryRegulator, legal-terms, issuer-docs
AttestationsEmptyNone
Attestation frequencyEmptyNone
AuditsRejected-retryAudit
Admin powersFilled-verifiedIssuer-docs, audit
UpgradeabilityEmptyNone
Mint authorityFilled-verifiedIssuer-docs
Freeze authorityFilled-verifiedIssuer-docs
Fee scheduleRejected-retryAggregator, issuer-docs
Exit pathsFilled-verifiedIssuer-docs
Underlying / economicFilled-verifiedIssuer-docs, regulator
Credit / counterpartyFilled-verifiedRegulator
Issuer failureFilled-verifiedRegulator, issuer-docs
CustodianFilled-verifiedNone
Hack / smart contractFilled-verifiedNone
RegulatoryFilled-verifiedIssuer-docs, regulator
Exit riskRejected-retryNone
Who can hold/mintFilled-verifiedAggregator, issuer-docs
Source documentsFilled-verifiedLegal-terms, issuer-docs, regulator

Evidence gaps

Yield source — searched, not found: The corpus describes weekly Kraken rewards but does not identify their economic funding source or retained spread.

Issuer ownership — searched, not found: The corpus contains no anchored evidence establishing Kraken's acquisition date, ownership terms, or current ownership of xStocks or Backed Assets.

Backers — searched, not found: The corpus identifies no investors or financial backers of Backed Assets or xStocks.

Key people — searched, not found: The corpus identifies neither Backed's founding team nor current xStocks leadership, departures, or dated role changes.

Incidents & track record — searched, not found: The corpus provides no evidence supporting either identified incidents or a sourced statement that none are known.

Vehicle — searched, not found: The corpus identifies Jersey domicile and Final Terms Nr 19 but not the issuing entity or legal wrapper.

Tax treatment — searched, not found: The corpus provides no disclosed tax treatment.

Attestations — searched, not found: The corpus identifies an auditor but provides no reserve-attestation report.

Attestation frequency — searched, not found: The corpus provides no independent reserve-attestation frequency or latest attestation date.

Bar list — searched, not found: NVDAx is equity-backed; the corpus provides no serialized bar list.

Vault custody — searched, not found: NVDAx is equity-backed; the corpus identifies no physical vault custody chain.

Bridge provider — searched, not found: The corpus documents native deployments but identifies no bridge provider.

Bridge custody — searched, not found: The corpus identifies no bridge-locked collateral, controlling contracts, or signers.

Oracle dependencies — searched, not found: The corpus mentions real-time stock-data oracles but names no provider, contracts, or failure behavior.

Upgradeability — searched, not found: The corpus does not establish contract upgradeability, administrator, or delay.

Unilateral changes — searched, not found: The corpus does not specify which terms the issuer may change without holder consent.

Key management — searched, not found: The corpus identifies authority addresses but not signer identities, thresholds, custody, or timelocks.

Monitoring and attestation — searched, not found: The corpus identifies no real-time proof-of-reserves or monitoring feed.

Authority multisig — searched, not found: The corpus does not identify a multisig program, threshold, member count, or controlling account.

Bridge configuration — searched, not found: The corpus does not identify a bridge program or bridge authority accounts.

Minimum — searched, not found: The corpus does not disclose the smallest direct redemption amount processed by Backed.

Settlement — searched, not found: The corpus does not disclose standard direct-redemption settlement timing.

Caps / gates — searched, not found: The corpus does not disclose direct-redemption caps, windows, notice periods, or excess-request treatment.

Credit / counterparty — searched, not found: The corpus does not establish credit exposure inside NVDAx backing; HSBC-note evidence concerns a different instrument.

Issuer failure — searched, not found: The corpus does not disclose NVDAx holder recovery or collateral survival following issuing-entity insolvency, fraud, or abandonment.

Custodian — searched, not found: The corpus identifies Alpaca Securities but does not disclose insolvency treatment, asset segregation, recovery mechanics, or provider concentration.

Minimum investment — searched, not found: The corpus does not disclose a minimum initial NVDAx subscription; USD 100 evidence describes a minimum fee.

Rejected facts

Holder's claim
Redemption right linked to NVIDIA common stock, without ownership or shareholder rights in the underlying shares.Disputed
More
Sources · 3

Frame as an unsecured tracker-certificate claim on Backed carrying a redemption right, with no ownership/shareholder/information rights (ev:152d74db, ev:89421d0d).

kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
kraken.com ↗
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
kraken.com ↗
“Näin ollen tokenisoidun NVIDIA (NVDAx) -tuotteen omistajilla ei ole omistajan oikeuksia kunkin tokenin perustana olevaan osakkeeseen nähden, eikä heillä ole oikeutta saada mitään tietoja kyseisen yrityksen osakkeen liikkeellelaskijalta.”

Verifier note: WARNING: evidence class mismatch; substance and goal-fit review required | panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The Kraken page confirms that NVDAx holders do not own the underlying NVIDIA shares or receive shareholder rights, and says holders can redeem xStocks through Backed for a fee. It does not e | anthropic: confirmed — The source directly supports both components of the holder_claim, which answers the slot question (the holder owns a redemption right, not the shares). Redemption right: 'Tokenien haltijat voivat luna

Source documents
Each xStock has a base prospectus specifying investment fees; date and original-source URL are unstated.Unverified
More
Sources · 1
kraken.com ↗
“kaikista xStockeihin tehtävistä sijoituksista peritään maksu kunkin xStockin perusesitteessä esitetyllä tavalla.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The Kraken product page states that fees are charged as described in each xStock's base prospectus, but it does not identify a specific prospectus, provide its date, or give an original-sour | anthropic: confirmed — The archived Kraken NVDAx page contains the claimed quote verbatim in the redemption FAQ: "kaikista xStockeihin tehtävistä sijoituksista peritään maksu kunkin xStockin perusesitteessä esitetyllä taval

Source documents
XStocks Privacy Notice governs personal-data processing; date unstated; https://xstocks.com/documents/xstocks-privacy-policy.pdf.Unverified
More
Sources · 1
xstocks.fi ↗
“Our Privacy Notice, available at <u>[https://xstocks.com/documents/xstocks-privacy-policy.pdf](https://xstocks.com/documents/xstocks-privacy-policy.pdf)</u> ("**Privacy** **Notice**") governs our collection, processing and transfer of any Personal Data (as such term is defined in the Privacy Notice).”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The Terms of Service supports that the linked Privacy Notice governs collection, processing, and transfer of personal data, and it states the claimed URL. However, the claim does not provide | anthropic: confirmed — The archived xStocks Terms of Service verbatim contains the quoted sentence: 'Our Privacy Notice, available at https://xstocks.com/documents/xstocks-privacy-policy.pdf ("Privacy Notice") governs our c

Corporate-action passthrough
NVDAx holders lack underlying-share ownership and information rights; the corpus does not establish other corporate-action treatment.Disputed
More
Sources · 3

Ground solely on 992c4705 and mark the rest unknown.

kraken.com ↗
“Näin ollen tokenisoidun NVIDIA (NVDAx) -tuotteen omistajilla ei ole omistajan oikeuksia kunkin tokenin perustana olevaan osakkeeseen nähden, eikä heillä ole oikeutta saada mitään tietoja kyseisen yrityksen osakkeen liikkeellelaskijalta.”
kraken.com ↗
“Näin ollen tokenisoidun NVIDIA (NVDAx) -tuotteen omistajilla ei ole omistajan oikeuksia kunkin tokenin perustana olevaan osakkeeseen nähden, eikä heillä ole oikeutta saada mitään tietoja kyseisen yrityksen osakkeen liikkeellelaskijalta.”
kraken.com ↗
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — The claim's material assertions are that NVDAx holders (1) lack ownership rights in the underlying share and (2) lack information rights, and (3) that the corpus does not establish other corporate-act

Final terms document
Backed Assets Final Terms Nr 19 governs NVDAx; the corpus does not supply its date, issuer identifier, or original registry URL.Unverified
More
Sources · 1
app.rwa.xyz ↗
“Terms Backed Assets Final Terms Nr 19 (NVDAx)”

Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — The archived app.rwa.xyz/assets/NVDAx page explicitly lists under the 'Terms' field: 'Backed Assets Final Terms Nr 19 (NVDAx)', directly matching the claimed quote and confirming this is the governing | gpt: unsupported — evidence class mismatch

Source documents
Kraken published its xStocks Opt-In Rewards announcement on April 2, 2026.Unverified
More
Sources · 2
blog.kraken.com ↗
“April 2, 2026”
blog.kraken.com ↗
“Your xStocks continue to be 1:1 backed by the underlying equities, and are available to be traded or withdrawn off the Kraken platform seamlessly.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited Kraken page supports that the xStocks Opt-In Rewards announcement is dated April 2, 2026, and contains the quoted 1:1-backing statement. However, a product announcement is not one | anthropic: confirmed — The archived page at the cited URL displays the byline date "April 2, 2026" for the article titled "Introducing xStocks Opt-In Rewards," confirming Kraken published this announcement on that date. Bot

Source documents
The xStocks terms state that Backed Finance and affiliates do not offer tokenized equities directly to the public.Unverified
More
Sources · 1
xstocks.fi ↗
“Tokenized equities are NOT offered by us or by any affiliated entity of ours directly to the public.”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited legal terms explicitly state that tokenized equities are not offered by Backed Finance or its affiliates directly to the public, but the claim does not answer the slot question, wh | anthropic: unsupported — goal-fit: The quote is verbatim-accurate — Section 7.1 of the terms states "Tokenized equities are NOT offered by us or by any affiliated entity of ours directly to the public" — so the claim is factu

Source documents
Backed publishes legal documentation and prohibited-country lists through its original legal-documentation library.Unverified
More
Sources · 1
backed.fi ↗
“For a full list of prohibited and restricted countries and review of legal documentation, please visit, https://www.assets.backed.fi/legal-documentation .”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited Backed article confirms that a legal-documentation library exists and directs readers there for legal documents and prohibited/restricted-country lists, but it does not identify on | anthropic: confirmed — The archived press release contains the exact claimed quote verbatim: "For a full list of prohibited and restricted countries and review of legal documentation, please visit, https://www.assets.backed

Source documents
Backed Assets Final Terms Nr 19 (NVDAx) is the identified governing instrument terms document; its date is unavailable.Disputed
More
Sources · 2

Keep 8b9288f1 only.

app.rwa.xyz ↗
“Terms Backed Assets Final Terms Nr 19 (NVDAx)”
app.rwa.xyz ↗
“Backed Assets Final Terms Nr 19 (NVDAx)”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The RWA.xyz aggregator identifies “Backed Assets Final Terms Nr 19 (NVDAx)” under “Terms,” but the evidence does not provide the document’s date or a URL at the original issuer/legal source. | anthropic: confirmed — The archived RWA.xyz NVDAx page displays under the 'Terms' heading exactly 'Backed Assets Final Terms Nr 19 (NVDAx)', matching both claimed quotes verbatim. This identifies it as the governing terms i

Onboarding
Kraken buyers must open an account, confirm eligibility, complete verification, and satisfy applicable jurisdiction-specific requirements.Unverified
More
Sources · 3
kraken.com ↗
“Avaa Kraken-sovellus ja vahvista kelpoisuutesi ja suorita tilin varmennuksen vaiheet.”
kraken.com ↗
“In addition, you may be required to comply with additional requirements to open an account or use the services in the jurisdiction in which you are located.”
kraken.com ↗
“Even if you meet the Conditions, we may, in our sole discretion, determine that you are not eligible to have an account or use the services .”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The sources support high-level individual account eligibility, identity verification, and possible jurisdiction-specific requirements, but they do not answer the requested KYC/KYB thresholds | anthropic: unsupported — goal-fit: The SLOT QUESTION asks for KYC/KYB requirements, specific thresholds, and turnaround time to get whitelisted. While the fetched sources do support the claim's generic onboarding narrative (t

Who can hold/mint
Direct investment is limited to Professional Investors; Kraken sales serve approved retail clients only in eligible countries.Unverified
More
Sources · 4
app.rwa.xyz ↗
“Eligible Investors Professional Investor”
kraken.com ↗
“Vain Krakenin yksityisasiakkaat tietyissä maissa voivat ostaa xStocks-tuotteita, joihin NVDAx lukeutuu.”
kraken.com ↗
“Hyväksytyt asiakkaat voivat nyt sijoittaa tokenisoituihin osakkeisiin ja ETF:iin.”
kraken.com ↗
“Maantieteellisiä rajoituksia saatetaan soveltaa.”

Verifier note: panel 1/3 confirmed (sourceDomains=2) | gpt: unsupported — The RWA.xyz aggregator labels the primary market “Professional Investor,” but no qualifying legal, regulatory, or issuer document establishes that direct mint/redeem access is limited accordingly. Kra | anthropic: confirmed — The claim splits into two testable parts, both of which the fetched content directly supports and both of which speak to the slot question (investor class for direct mint/redeem vs. secondary holding, | gpt: unsupported — goal-fit: The cited material does not establish a complete eligible-investor rule for direct mint/redemption versus secondary holding. RWA.xyz, an aggregator, labels primary-market eligibility as “Pro

Depeg / liquidity
Closed stock-market hours, redemption friction, and impaired arbitrage can move NVDAx secondary prices away from underlying-share value.Disputed
More
Sources · 3

Limit to closed-market-hours divergence per 87ccfb07; add fee drag from 5968bde4.

kraken.com ↗
“niillä voidaan käydä kauppaa ympäri vuorokauden viitenä päivänä viikossa niillä maantieteellisillä alueilla, joissa näitä tuotteita on saatavana.”
kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
coinmarketcap.com ↗
“Price tracking is maintained through this 1:1 collateralization and arbitrage mechanisms, with oracles feeding real-time stock data on-chain.”

Verifier note: panel 0/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources establish that NVDAx trades outside traditional market hours, redemption through Backed incurs an additional fee, and arbitrage is intended to maintain price tracking. They do no | anthropic: unsupported — The claim addresses the SLOT QUESTION (factors pushing secondary price away from NAV/peg), so it is goal-fit. However, the material causal assertion is not supported. The sources supply only isolated

Bridge & oracle
False, stale, or unavailable oracle prices could disrupt tracking and arbitrage because on-chain pricing relies on stock-data feeds.Disputed
More
Sources · 1

Mark unknown absent oracle-mechanism evidence.

coinmarketcap.com ↗
“Price tracking is maintained through this 1:1 collateralization and arbitrage mechanisms, with oracles feeding real-time stock data on-chain.”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — The cited CMC AI page supports only that oracles feed real-time stock data on-chain as part of price tracking. It does not establish that pricing depends on those feeds, nor that false, stale, or unav | anthropic: confirmed — The claim's material basis — that on-chain pricing relies on stock-data feeds via oracles — is directly and verbatim supported: the CMC source states 'Price tracking is maintained through this 1:1 col

Hack / smart contract
Privileged Solana authorities can freeze, pause, transfer, burn, mint, or modify token behavior if compromised or abused.Disputed
More
Sources · 7

Mark risk_hack unknown, or ground only in what the corpus shows.

explorer.solana.com ↗
“Mint Authority 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj”
explorer.solana.com ↗
“Freeze Authority JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs”
explorer.solana.com ↗
“Delegates permanent authority to a specific address that can transfer or burn tokens from any account holding this token”
explorer.solana.com ↗
“Enables the authority to make new token accounts as frozen by default upon creation”
explorer.solana.com ↗
“Allows the token program to pause all interactions including transfers, mints, and burns”
explorer.solana.com ↗
“Allows the token program to scale the UI amount of the token by an updatable multiplier”
explorer.solana.com ↗
Concentration
NVDAx concentrates economic exposure in one company, NVIDIA, while third-party custody concentrates operational dependence.Disputed
More
Sources · 2

Drop the custody-concentration clause or re-cite the single-issuer point to present evidence.

kraken.com ↗
“Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita.”
app.rwa.xyz ↗
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”

Verifier note: lost head-to-head to incumbent 83e2b3f7-591d-4172-863c-49ef1bbe32c6: The incumbent directly identifies the dependency concentration: each NVDAx token is backed 1:1 by one NVIDIA share held by a regulated third-party custodian. Its cited evidence expressly supports both the 1:1 relationship and custodial dependence, whereas the new claim's assertion of concentrated operational dependence is not directly established by its custodian listing.

Exit risk
Backed discloses direct redemption but the corpus provides no caps, windows, notice periods, or stressed-exit procedures.Disputed
More
Sources · 1

Reframe as 'no redemption-gate terms disclosed' without asserting a disclosed direct-redemption channel.

kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited Kraken FAQ confirms that holders may redeem xStocks through Backed for an additional fee, but it does not answer what happens during simultaneous mass exits. It provides no qualify | anthropic: confirmed — The claim has two material parts, both supported by the sole fetched source (Kraken NVDAx page). (1) Direct redemption via Backed is disclosed: the FAQ states token holders can redeem xStocks 'Backed-

Regulatory
Jurisdictional restrictions and uneven regulation can remove access and leave holders without governmental compensation or regulatory safeguards.Unverified
More
Sources · 3
kraken.com ↗
“Jotkin kryptotuotteet ja -markkinat ovat säätelemättömiä. Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
kraken.com ↗
“Krakenin eri tuotteiden ja palvelujen sääntelyn tila vaihtelee lainkäyttöalueittain, eikä sinulla välttämättä ole valtion myöntämien korvausten tai sääntelyyn perustuvien suojatoimien antamaa turvaa.”
kraken.com ↗
“Maantieteellisiä rajoituksia saatetaan soveltaa.”

Verifier note: lost head-to-head to incumbent 130c7c88-84bf-496b-bc1e-8ff18545fb41: The incumbent directly addresses registration status and regulatory approval, naming HSBC, SEC and state securities commissions, Rule 433, Registration No. 333-277211, and June 18, 2026, with precise SEC-filed evidence. The new claim addresses geographic restrictions and absent protections but is comparatively vague about jurisdictions, restricted investors, specific regulatory actions, and holder impact.

Underlying / economic
NVDAx can lose its entire value when NVIDIA shares deteriorate because the token tracks the underlying stock.Unverified
More
Sources · 3
kraken.com ↗
“xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
kraken.com ↗
“Kyllä. Kun sijoitat xStockeihin, kuten NVDAx, pääomaasi kohdistuu riski ja voit menettää koko summan, jonka olet sijoittanut mihin tahansa ostamaasi xStockiin.”
sec.gov ↗
“Investing in our securities involves a high degree of risk.”

Verifier note: lost head-to-head to incumbent 5d6612ac-f08e-4cc8-8332-cf5ded0f456c: The incumbent directly ties NVDAx’s value exposure to NVIDIA stock and identifies a specific issuer-disclosed business risk: additional export controls on NVIDIA’s H20 products during fiscal 2026. The new claim establishes only generic stock-tracking and total-loss risk, without citing a specific deterioration in NVIDIA’s business or yield source.

In-kind redemption
The corpus does not establish redemption into registered NVIDIA shares or any physical commodity.Disputed
More
Sources · 2

Re-cite to 992c4705 for the no-underlying-share-ownership basis.

kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
kraken.com ↗
“Näin ollen tokenisoidun NVIDIA (NVDAx) -tuotteen omistajilla ei ole omistajan oikeuksia kunkin tokenin perustana olevaan osakkeeseen nähden, eikä heillä ole oikeutta saada mitään tietoja kyseisen yrityksen osakkeen liikkeellelaskijalta.”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The corpus supports only that holders may redeem xStocks through Backed for an additional fee; it does not identify any physical commodity, state whether redemption produces registered NVIDI | anthropic: contradicted — The FAQ directly addresses redemption. Under "Voinko lunastaa ostamiani tokenisoituja NVIDIA -tuotteita perustana oleviksi osakkeiksi?" (Can I redeem my tokenized NVIDIA products into the underlying s

Exit paths
Kraken holders can withdraw NVDAx to compatible blockchain wallets; withdrawal is not disclosed as direct share redemption.Unverified
More
Sources · 2
kraken.com ↗
“Voit nostaa NVDAx -tokeneitasi mihin tahansa yhteensopivaan lohkoketjulompakkoon.”
blog.kraken.com ↗
“Your xStocks continue to be 1:1 backed by the underlying equities, and are available to be traded or withdrawn off the Kraken platform seamlessly.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: contradicted — The wallet-withdrawal method is supported: Kraken states that NVDAx can be withdrawn to any compatible blockchain wallet. However, the same NVDAx page expressly discloses a separate path to redeem xSt | anthropic: confirmed — The claim asserts (1) Kraken holders can withdraw NVDAx to compatible blockchain wallets, and (2) that this withdrawal is not disclosed as direct share redemption. Both cited quotes are verbatim-accur

Exit paths
Token holders can redeem through Backed for an additional fee; disclosed timing, minimums, caps, and fee amounts remain unspecified.Disputed
More
Sources · 2

Downgrade to fee-on-investment fact (79022b20) or mark the Backed redemption path unverified.

kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
kraken.com ↗
“kaikista xStockeihin tehtävistä sijoituksista peritään maksu kunkin xStockin perusesitteessä esitetyllä tavalla.”

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — The Kraken page supports only that token holders may redeem xStocks through Backed for an additional fee. It does not establish the complete redemption-path fact required by the slot: no settlement ti | anthropic: confirmed — The archived Kraken NVDAx page (Finnish) states verbatim: 'Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta)...' — i.e., token holders can redeem their xStocks | gpt: unsupported — goal-fit: The Kraken page states that token holders can redeem xStocks through Backed for an additional fee, so the narrow statement is reproduced. However, it does not provide the settlement timing,

Exit paths
Kraken holders can sell NVDAx for dollars, cryptocurrency, or stablecoins; disclosed timing, minimums, caps, and fees remain unspecified.Disputed
More
Sources · 2

Restrict the value to what 87ccfb07 supports (tradability during market hours) or mark the sale currencies unknown.

kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
kraken.com ↗
“niillä voidaan käydä kauppaa ympäri vuorokauden viitenä päivänä viikossa niillä maantieteellisillä alueilla, joissa näitä tuotteita on saatavana.”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: contradicted — The archived Kraken page expressly supports the sale method: token holders may sell xStocks directly on Kraken for U.S. dollars, cryptocurrency, or stablecoins. However, it contradicts the assertion t | anthropic: confirmed — The archived Kraken NVDAx page (Finnish) states verbatim: 'Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptova

Vehicle
Backed Finance’s Jersey-domiciled NVDAx arrangement uses Backed Assets Final Terms Nr 19.Unverified
More
Sources · 3
app.rwa.xyz ↗
“Backed Assets Final Terms Nr 19 (NVDAx)”
xstocks.fi ↗
“Nothing in these Terms creates any agency, employment, joint venture, or partnership relationship between you and Backed Finance or enables you to act on behalf of Backed Finance.”
app.rwa.xyz ↗
“Domicile Jersey, Channel Islands Regulatory Framework Liechtenstein Blockchain Act FMA - Liechtenstein Financial Market Authority Dispute Resolution Country Jersey, Channel Islands”

Verifier note: panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources identify Backed Assets as issuer, Jersey as domicile and dispute-resolution country, and “Backed Assets Final Terms Nr 19 (NVDAx)” as the applicable terms. They do not identify t | anthropic: confirmed — The rwa.xyz asset page for NVDAx explicitly states the value as claimed: under 'Terms' it reads 'Backed Assets Final Terms Nr 19 (NVDAx)', the Issuer is 'Backed Assets', and 'Domicile' is 'Jersey, Cha

Fee schedule
The issuer charges 0.50% of market price for redemptions, subject to a USD 100 minimum.Unverified
More
Sources · 1
app.rwa.xyz ↗
“Redemption fee is 0.50% of market price with a minimum of USD 100.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The aggregator states a 0.50% redemption fee with a USD 100 minimum, but it does not state that the issuer charges the fee. It also is not a qualifying legal-terms or issuer-docs source. | anthropic: confirmed — The archived RWA.xyz page for NVDAx states verbatim under the Primary Market section: 'Redemption fee is 0.50% of market price with a minimum of USD 100,' with Redemption Fees listed as 0.50%. This ma

Fee schedule
The issuer charges 0.50% of market price for subscriptions, subject to a USD 100 minimum.Unverified
More
Sources · 1
app.rwa.xyz ↗
“Subscription fee is 0.50% of market price with a minimum of USD 100.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The aggregator states a 0.50% subscription fee based on market price, with a USD 100 minimum, but it does not state that the issuer charges the fee. It is also not a qualifying legal-terms o | anthropic: confirmed — The archived source's Subscription Description states verbatim: "Subscription fee is 0.50% of market price with a minimum of USD 100." matching the claimed rate (0.50% of market price) and the USD 100

Incident response
The Pausable Config permits an authority to pause all transfers, mints, and burns.Unverified
More
Sources · 1
explorer.solana.com ↗
“### Pausable Config Enabled Allows the token program to pause all interactions including transfers, mints, and burns”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source confirms that Pausable Config is enabled and can pause transfers, mints, and burns, but it does not disclose incident-response procedures, the responsible authority, activation cr | anthropic: confirmed — The archived explorer page for NVIDIA xStock (Xsc9...qEh) lists pausableConfig among the token-2022 extensions and, under '### Pausable Config / Enabled', states verbatim: 'Allows the token program to

Admin powers
Configured authorities can pause transfers, mints, and burns. A permanent delegate can transfer or burn tokens from any holder account.Unverified
More
Sources · 2
explorer.solana.com ↗
“### Pausable Config Enabled Allows the token program to pause all interactions including transfers, mints, and burns”
explorer.solana.com ↗
“### Permanent Delegate Enabled Delegates permanent authority to a specific address that can transfer or burn tokens from any account holding this token”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The explorer confirms that pausable-config and permanent-delegate extensions are enabled and describes their powers, but it does not identify the pause authority or permanent-delegate addres | anthropic: confirmed — Both material claims are supported by the archived Solana Explorer page for NVIDIA xStock (NVDAx). The Pausable Config extension is Enabled with the description that it 'Allows the token program to pa

Canonical deployment
Solana hosts a Token-2022 issuance at mint Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh.Unverified
More
Sources · 3
app.rwa.xyz ↗
“Solana Native Distributed token-2022”
explorer.solana.com ↗
“Transaction History | Token | NVIDIA xStock (Xs…Eh)”
explorer.solana.com ↗
“Token-2022 Program: Transfer Checked”

Verifier note: lost head-to-head to incumbent 83e91502-7ffb-43b7-8781-c73d5076604d: The incumbent directly answers every part of the slot: Solana is the canonical chain, it gives the exact mint, and it explicitly classifies the instance as a native Token-2022 issue rather than bridged. Its own evidence supports the native designation, mint address, token standard, and NVIDIA xStock identity. The new claim gives the mint and Token-2022 issuance but does not itself clearly state the canonical-chain or native-versus-bridged conclusion.

Networks
NVDAx has native deployments on Solana, Ethereum, Arbitrum, Ink, HyperEVM, Optimism, BNB Chain, and Mantle.Unverified
More
Sources · 8
app.rwa.xyz ↗
“Optimism Native Distributed ERC-20”
app.rwa.xyz ↗
“BNB Chain Native Distributed ERC-20”
app.rwa.xyz ↗
“Mantle Native Distributed ERC-20”
app.rwa.xyz ↗
“Solana Native Distributed token-2022”
app.rwa.xyz ↗
“Ethereum Native Distributed ERC-20”
app.rwa.xyz ↗
“Arbitrum Native Distributed ERC-20”
app.rwa.xyz ↗
“Ink Native Distributed ERC-20”
app.rwa.xyz ↗
“HyperEVM Native Distributed ERC-20”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — The RWA.xyz aggregator states that NVDAx is native on all eight listed networks, but aggregator evidence is not an accepted evidence class for this slot. The supplied record contains neither issuer do | anthropic: confirmed — The rwa.xyz NVDAx page lists exactly eight networks in its Tokens table, each marked 'Native': Solana (token-2022), Ethereum, Arbitrum, Ink, HyperEVM, Optimism, BNB Chain, and Mantle (all ERC-20). Thi

Audits
Grant Thornton Cayman is the named auditor; the corpus does not disclose audit scope or date.Unverified
More
Sources · 1
app.rwa.xyz ↗
“Auditor Grant Thornton (Cayman)”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source names Grant Thornton (Cayman) as auditor, but it provides neither the audit scope nor an audit date. Therefore, it does not answer the slot question requiring scope + date for eac | anthropic: unsupported — goal-fit: The slot question requires one fact per audit giving scope + date (fund audits AND smart-contract audits). The archived source confirms only 'Auditor: Grant Thornton (Cayman)' — the firm nam

Custodians
Alpaca Securities LLC, legal identifier 0001702580, is the named custodian. Regulated third-party custodians hold the backing shares.Disputed
More
Sources · 2

Custodians include BitGo and Alpaca Securities per 1bc9bf76; shares held under a custody agreement to which Kraken is not a party (f4417bb2, 7fc97370).

app.rwa.xyz ↗
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
kraken.com ↗
“Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”

Verifier note: panel 1/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources identify Alpaca Securities LLC as custodian and display 0001702580 as its “Legal Identifier”; Kraken separately states that fully backing traditional shares are held by a regulat | anthropic: confirmed — The RWA.xyz archived page explicitly lists under Service Providers 'Custodian / Legal Identifier: Alpaca Securities LLC / 0001702580', matching the claimed custodian name and identifier verbatim (it a

Transfer restrictions
Transfers may occur only to non-United States persons.Disputed
More
Sources · 2

Transfer restrictions include on-chain freezability (defaultAccountState frozen-by-default per e0f55683) in addition to the US-person prohibition.

xstocks.fi ↗
“(i) may not be offered, sold or delivered within the US to, or for the account or benefit of U.S. Persons”
xstocks.fi ↗
“(ii) may be offered, sold or otherwise delivered at any time only to transferees that are Non-U.S Persons.”

Verifier note: lost head-to-head to incumbent 62e03dac-2d9e-49c6-a28c-668152f47353: The incumbent directly addresses all three parts of the slot: purchase restrictions by supported country, a named on-chain freeze authority with default-frozen account capability, and a transfer hook executing logic on every transfer. Its own evidence is more specific and comprehensive than the new claim, which only establishes a Non-U.S.-Person transfer restriction.

If the issuer fails
Holders lack ownership, voting, information, and other shareholder rights. Holders may redeem through Backed for an additional fee.Disputed
More
Sources · 2

The failure waterfall is under-answered; relevant custody/collateralization evidence exists but is unused here.

kraken.com ↗
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”
kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”

Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited Kraken pages support that xStock holders lack rights in the underlying shares and may redeem through Backed for an additional fee during ordinary operations. They do not walk throu | anthropic: unsupported — goal-fit: The SLOT QUESTION asks specifically about an issuer-failure scenario — who controls the assets on failure, what claim holders have in that event, and who ranks ahead of them in the priority/

Regime
XStocks remain unregistered with United States securities regulators.Disputed
More
Sources · 2

Regime spans Liechtenstein regulatory framework, Jersey domicile/dispute resolution, and Swiss governing law.

app.rwa.xyz ↗
“Regulatory Framework Liechtenstein Blockchain Act FMA - Liechtenstein Financial Market Authority”
xstocks.fi ↗
“xStocks are not registered under the U.S. Securities Act of 1933 or with any securities regulatory authority of any State or other jurisdiction of the US”

Verifier note: lost head-to-head to incumbent 634639a6-15bb-4914-ad88-7873f3940f33: The incumbent more completely answers the slot by naming both the applicable Liechtenstein Blockchain Act/FMA framework and the lack of local securities-regulator registration. Its cited evidence directly supports both elements, whereas the new claim addresses only U.S. non-registration and omits the governing regime.

Service providers
Alpaca Securities LLC; Grant Thornton (Cayman); Maerki Baumann & Co. AG; Payward Digital Solutions Ltd.Unverified
More
Sources · 4
app.rwa.xyz ↗
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
app.rwa.xyz ↗
“Auditor Grant Thornton (Cayman)”
app.rwa.xyz ↗
“Paying Agent Maerki Baumann & Co. AG”
blog.kraken.com ↗
“Opt-in Rewards on xStocks are offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority.”

Verifier note: panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The RWA.xyz page identifies Alpaca Securities LLC as custodian, Grant Thornton (Cayman) as auditor, and Maerki Baumann & Co. AG as paying agent, although it is an aggregator rather than a qu | anthropic: unsupported — goal-fit: The slot asks for named custodians, administrators, auditors, and banks serving the NVDAx product. Three of the four entities are directly confirmed by RWA.xyz as service providers to NVDAx:

Operating history
Backed evolved its bTokens into xStocks while retaining the same underlying exposure. NVDAx began on June 20, 2025.Unverified
More

Kraken later introduced optional weekly xStock rewards, but the corpus provides no announcement date.

Sources · 3
backed.fi ↗
“xStocks are the next evolution of bTokens — same underlying exposure, now with greater liquidity, adoption, and onchain utility.”
app.rwa.xyz ↗
“Inception Date 06/20/2025”
blog.kraken.com ↗
“With Opt-In Rewards, we reward you on a weekly basis for holding those xStocks on the platform.”

Verifier note: panel 0/3 confirmed (sourceDomains=3) | gpt: contradicted — The sources support the evolution of bTokens into xStocks with the same underlying exposure, NVDAx’s June 20, 2025 inception date, and weekly opt-in rewards. However, the claim that the corpus provide | anthropic: contradicted — The bTokens-to-xStocks evolution and same underlying exposure are supported by the Backed article ('xStocks are the next evolution of bTokens — same underlying exposure...'), and NVDAx's 06/20/2025 in | kimi: contradicted — Two of three sub-claims hold: the backed.fi page contains 'xStocks are the next evolution of bTokens — same underlying exposure' (in the archived page content) and rwa.xyz lists NVDAx Inception Date 0

Launched
2025-06-20Unverified
More
Sources · 1
app.rwa.xyz ↗
“Inception Date 06/20/2025”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited aggregator states an “Inception Date” of 06/20/2025, but it does not establish that this was the token/product launch date. No qualifying issuer document or launch announcement is | anthropic: confirmed — The archived rwa.xyz page for NVIDIA xStock (NVDAx) lists 'Inception Date 06/20/2025', which directly corresponds to the product's launch date. This matches the claimed launch_date of 2025-06-20 (06/2

What the issuer does
Backed developed xStocks as tokenized versions of stocks and ETFs. The announced range exceeded 55 products and integrated with Kraken and Solana applications.Unverified
More

NVDAx provides tokenized exposure to NVIDIA Corporation.

Sources · 3
backed.fi ↗
“Backed is thrilled to unveil xStocks, a new line of over 55 tokenized stocks and ETFs, set to launch soon on Kraken and integrated with Solana’s best DeFi apps.”
backed.fi ↗
“xStocks are the next evolution of bTokens — same underlying exposure, now with greater liquidity, adoption, and onchain utility.”
app.rwa.xyz ↗
“Tokenized version of NVIDIA Corporation.”

Verifier note: registry: superseded

Legal entity
Backed AssetsUnverified
More
Sources · 1
app.rwa.xyz ↗
“Issuer Backed Assets Issuer LEI 984500001AB7C6C7F577”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — The cited aggregator labels the issuer as “Backed Assets,” but no registry, legal-terms, or regulator evidence is provided to establish that this is the issuer’s complete legal entity name rather than | anthropic: confirmed — The cited source (app.rwa.xyz/assets/NVDAx) explicitly lists under Legal & Regulatory: 'Issuer / Backed Assets / Issuer LEI / 984500001AB7C6C7F577'. The claimed issuer_entity value 'Backed Assets' mat

Holdings
100% Of disclosed collateral; one NVIDIA Corporation common share backs each NVDAx token. The corpus provides no disclosure date.Unverified
More
Sources · 2
kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports that each NVDAx token is backed 1:1 by an NVIDIA Corporation common share and describes NVDAx as fully collateralized by traditional shares held by a regulated third-part | anthropic: confirmed — The source directly states the value: 'Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hall

Collateralization
100%Disputed
More
Sources · 2

Add the maintaining mechanism (1:1 custodied-share collateralization plus arbitrage) alongside the 100% figure.

kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”

Verifier note: lost head-to-head to incumbent 637dca3c-6231-45cb-9bb7-ba68b3570e9a: Both claims directly answer the slot with the same 100% backing ratio and substantially identical Kraken evidence describing 1:1 backing by custodian-held NVIDIA shares. The incumbent additionally cites evidence identifying arbitrage and oracle price feeds as maintenance mechanisms. Because its own evidence is more specific and complete—and ties favor the incumbent—the incumbent wins.

Yield mechanics
Eligible opted-in Kraken holders receive weekly rewards paid in NVDAx.Disputed
More
Sources · 4

Distinguish the token's accumulating income from the separate opt-in Kraken rewards program (via Payward Digital Solutions Ltd.).

app.rwa.xyz ↗
“Use Of Income Accumulates”
blog.kraken.com ↗
“With Opt-In Rewards, we reward you on a weekly basis for holding those xStocks on the platform.”
blog.kraken.com ↗
“Receive rewards paid in the same xStock you hold, so your position steadily grows over time”
blog.kraken.com ↗
“Opt-in Rewards on xStocks are offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority.”

Verifier note: lost head-to-head to incumbent 4b3f33ac-08c9-4039-97a5-18f55b0b066f: The incumbent more directly distinguishes the yield mechanism—weekly same-token rewards that increase NVDAx quantity rather than NAV—and identifies the required opt-in step and eligible Kraken customers. Its cited evidence supports the weekly frequency, same-xStock payment, and eligibility. The new claim is less specific about the NAV-versus-distribution distinction, while its additional 'Accumulates' evidence creates ambiguity.

Structure & quality
A regulated external custodian holds the NVIDIA shares. The single-stock collateral creates full concentration in NVIDIA Corporation common stock.Unverified
More
Sources · 2
kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”

Verifier note: lost head-to-head to incumbent 4cb29b25-b096-4bc9-a811-9404af9ade57: The incumbent directly addresses all requested dimensions: full concentration in NVIDIA Corporation Common Stock and the absence of disclosed duration, maturity, or credit rating. The new claim supports concentration and regulated custody but does not address duration, maturity, or credit quality.

Reserve composition
NVIDIA Corporation common stock represents 100% of disclosed collateral at a 1:1 token-to-share ratio. The corpus discloses no residual categories or valuation basis.Unverified
More
Sources · 2
kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source identifies NVIDIA Corporation common stock as the backing asset and states a 1:1 token-to-share relationship and full collateralization. However, it does not disclose a reserve-co | anthropic: confirmed — The claim directly answers the SLOT QUESTION (reserve asset class, share, valuation basis, residual categories). Both quoted passages appear verbatim in the archived source: 'Jokainen digitaalinen NVD

Composition
NVIDIA Corporation common stock provides the disclosed backing. Each NVDAx token corresponds 1:1 to custodied shares.Unverified
More

The corpus provides no disclosure date.

Sources · 2
kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“Kaikilla xStocks-tuotteilla, NVDAx mukaan lukien, on täytenä vakuutena perinteiset osakkeet, jotka ovat säännellyn ulkopuolisen säilytyspalvelun hallussa.”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The source supports that NVDAx is backed 1:1 by NVIDIA Corporation common stock held by a third-party custodian and describes xStocks as fully collateralized. However, it provides no as-of d | anthropic: confirmed — The cited Kraken NVDAx page directly supports every material claim: it states each NVDAx token is pegged 1:1 to real NVIDIA Corporation Common Stock held by a third-party custodian ("Jokainen digitaal

Underlying issuer
Backed AssetsUnverified
More
Sources · 1
app.rwa.xyz ↗
“Issuer Backed Assets Issuer LEI 984500001AB7C6C7F577”

Verifier note: panel 1/2 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — The archived content from the cited source app.rwa.xyz/assets/NVDAx explicitly states under the Legal & Regulatory section: 'Issuer / Backed Assets / Issuer LEI / 984500001AB7C6C7F577'. This verbatim

Category
Tokenized-equityUnverified
More
Sources · 2
app.rwa.xyz ↗
“Platform xStocks Tokenization Type Distributed Type Equity”
kraken.com ↗
“Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita.”

Verifier note: lost head-to-head to incumbent 865bc0f1-a45a-4ce2-a357-03b2c23c50bf: Both claims directly classify the underlying asset as tokenized equity, but the incumbent's own evidence is more specific: it states that each NVDAx token is backed 1:1 by actual NVIDIA Corporation common shares held by a third-party custodian. With equal classification and stronger asset-backing detail, the incumbent wins.

How it works
Eligible clients acquire NVDAx through Kraken using dollars, stablecoins, or cryptocurrency. NVDAx gains or loses value relative to NVIDIA shares.Disputed
More

Holders can sell on Kraken, withdraw onchain, or redeem through Backed for a fee.

Sources · 5

Remove the phantom evidence id and drop the 'redeem through Backed for a fee' claim, or replace with the only supported exits (sell on Kraken / withdraw to a self-hosted wallet).

kraken.com ↗
“Hyväksytyt asiakkaat voivat nyt sijoittaa tokenisoituihin osakkeisiin ja ETF:iin. Lataa Kraken-sovellus, niin pääset alkuun.”
kraken.com ↗
“Osta erilaisia tokenisoituja osakkeita käyttämällä kryptovaluuttaa, stablecoineja tai Yhdysvaltojen dollareita.”
kraken.com ↗
“xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
kraken.com ↗
“Kyllä. Voit nostaa NVDAx -tokeneitasi mihin tahansa yhteensopivaan lohkoketjulompakkoon.”
kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”

Verifier note: lost head-to-head to incumbent 4db6a4b9-5290-4779-bf44-fc134ea0d6dd: The incumbent directly covers acquisition, value accrual, and all exit routes, while adding supported specificity that clients must verify eligibility and complete account verification. Its cited evidence also supports the payment methods, market-linked gains or losses, optional weekly holding rewards, Kraken sales, compatible-wallet withdrawals, and fee-bearing Backed redemption.

What it is
NVDAx is an xStocks tokenized equity tracking NVIDIA Corporation common stock. Each token has 1:1 backing from custodied NVIDIA shares.Unverified
More

Holders receive no ownership or shareholder rights in those shares.

Sources · 3
kraken.com ↗
“Tokenisoitu NVIDIA (NVDAx) on tokenisoitu osake – eräänlainen lohkoketjuun perustuva varallisuuslaji, joka edustaa NVIDIA Corporation Common Stock -osakkeita.”
kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”
kraken.com ↗
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”

Verifier note: lost head-to-head to incumbent 926f5146-b25b-4b5d-af78-f079397c08fe: The incumbent directly addresses the token, the holder’s rights and redemption claim, and the backing arrangement. Its own evidence supports 1:1 share backing, regulated third-party custody, absence of shareholder rights, and redemption through the named entity Backed, making it more specific and complete.

Yield source
Holder returns primarily reflect NVIDIA share-price changes and applicable dividends. Kraken separately offers opt-in rewards, but disclosed evidence does not identify their economic source.Disputed
More
Sources · 3

Consolidate into one resolution.

kraken.com ↗
“xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”
blog.kraken.com ↗
“Outside of dividend payments, which are limited to certain stocks and ETFs, most equities generally sit idle in brokerage accounts even as the broader financial system becomes more programmable and dynamic.”
blog.kraken.com ↗
“With Opt-In Rewards, we reward you on a weekly basis for holding those xStocks on the platform.”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support that NVDAx tracks the underlying NVIDIA share value, is 1:1 backed, and can provide applicable dividends; they also support a separate opt-in program paying up to 1% week | anthropic: confirmed — goal-fit: the claim directly answers the slot question about the economic source of holder returns — it states the primary return is NVIDIA share-price movement plus applicable dividends, and specific

Token extensions
3 Sensitive extensionsUnverified
More
Sources · 1
Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh

Verifier note: lost head-to-head to incumbent a27ea24f-02e0-4dca-8d1a-d9b7c9ee5dfa: The new claim directly lists three named security-relevant Token-2022 extensions and their observed configuration, while the incumbent only gives a vague count. Both cite equally weak evidence with no quote, so the new claim is more specific.

Issuer ownership
Backed announced that it became part of Kraken on December 2, 2025.Unverified
More
Sources · 2
backed.fi ↗
“Backed Joins Kraken We become part of Kraken to push tokenized equities to the next stage December 2, 2025”
backed.fi ↗
“We become part of Kraken to push tokenized equities to the next stage”

Verifier note: sibling-consistency: superseded by STRCx evidence

Custodian
Alpaca Securities holds the backing shares under a custody arrangement that excludes Kraken.Disputed
More
Sources · 2

Remove unless custody and failure-impact evidence is supplied.

app.rwa.xyz ↗
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
kraken.com ↗
“Ulkopuoliset talletuslaitokset suojaavat kaikki perustana olevat osakkeet siten kuin on sovittu säilytyssopimuksessa, jossa Kraken ei ole osapuolena.”

Verifier note: lost head-to-head to incumbent 59672b84-8dc1-44ac-9980-a5843fee064d: The incumbent directly answers the failure-risk slot by stating that failure of the named custodian, Alpaca Securities, could impair the NVIDIA shares backing NVDAx. Its evidence identifies Alpaca Securities LLC and legal identifier 0001702580 as custodian and confirms that third-party custodians safeguard the underlying shares under an agreement excluding Kraken. The new claim describes the custody arrangement but does not state the consequence of provider failure.

Exit paths
Holders redeem NVDAx through Backed for a 0.50% fee, subject to a USD 100 minimum fee.Disputed
More
Sources · 2

Remove unless the cited evidence is supplied and directly supports the full path, including method, settlement timing, minimum, caps or gates, and fee.

kraken.com ↗
“Tokenien haltijat voivat lunastaa xStock-tuotteitaan Backed-palvelun kautta (lisämaksusta) tai myydä niitä Yhdysvaltojen dollareita, kryptovaluuttaa tai stablecoineja vastaan suoraan Kraken-alustalla.”
app.rwa.xyz ↗
“Redemption fee is 0.50% of market price with a minimum of USD 100.”

Verifier note: lost head-to-head to incumbent 8eb417b3-99ad-47e8-8546-4ecb0854264a: The claims are substantively equivalent and cite identical evidence. Both identify Backed, the 0.50% redemption fee, and the USD 100 minimum fee, while neither covers settlement timing or caps/gates. Because quality is tied, the incumbent wins.

Key people
Mark Greenberg is Kraken’s Global Head of Consumer and is publicly tied to xStocks rewards, not Backed’s legal issuer.Unverified
More
Sources · 1
blog.kraken.com ↗
“said Mark Greenberg, Kraken Global Head of Consumer.”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The Kraken announcement supports that Mark Greenberg is Kraken’s Global Head of Consumer and publicly ties him to xStocks Opt-In Rewards, which answers the slot question. However, it does no | anthropic(sub:gpt): unsupported — goal-fit: The Kraken announcement supports that Mark Greenberg is Kraken’s Global Head of Consumer and publicly ties him to xStocks Opt-In Rewards, which answers the key-people slot. It does not estab [duplicate actual family allowed by substitution]

Credit / counterparty
NVDAx depends on Alpaca Securities holding the NVIDIA shares that collateralize each token.Disputed
More
Sources · 2

Unsupported and overlaps risk_custodian; not a genuine credit disclosure.

app.rwa.xyz ↗
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
kraken.com ↗
“Jokainen digitaalinen NVDAx -token on sidottu suhteessa 1:1 oikeisiin NVIDIA Corporation Common Stock -osakkeisiin, jotka ovat ulkopuolisen säilytyspalvelun hallussa.”

Verifier note: lost head-to-head to incumbent df757102-e0cc-4da5-a45b-3c05d74c541b: The new claim directly identifies HSBC USA Inc. as the counterparty whose failure threatens all payments and precisely characterizes holders' exposure as senior unsecured issuer credit risk. Its cited SEC evidence expressly supports the payment obligation, unsecured status, and absence of FDIC insurance or bank guarantees. The incumbent identifies Alpaca Securities LLC as custodian but does not establish from its evidence the legal nature or consequences of Alpaca's failure for holders.

Source documents
Solana Explorer contract record, accessed 2026-08-04: https://explorer.solana.com/address/Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh/token-extensionsUnverified
More
Sources · 1
explorer.solana.com ↗
“### Token-2022 Mint Refresh Raw Download Address Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh”

Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited Solana Explorer page supports that the address is a Token-2022 mint, but the claim does not provide the key document’s required type (prospectus/terms/attestation/audit/fact-sheet) | anthropic: unsupported — goal-fit: The slot question asks for a key document classified as one of {prospectus/terms/attestation/audit/fact-sheet} with a date and original-source URL. While the archived Solana Explorer page do | kimi: unsupported — goal-fit: the slot requires key documents of type prospectus/terms/attestation/audit/fact-sheet with a date and source URL. The claimed 'document' is a Solana Explorer on-chain Token-2022 mint record,

Source documents
Final terms, date undisclosed, original-source URL unavailable in the corpus; titled Backed Assets Final Terms Nr 19 (NVDAx).Disputed
More
Sources · 1

Unverifiable.

app.rwa.xyz ↗
“Backed Assets Final Terms Nr 19 (NVDAx)”

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — The fetched rwa.xyz page for NVDAx contains, under the 'Legal & Regulatory' > 'Terms' field, the exact string 'Backed Assets Final Terms Nr 19 (NVDAx)', matching the claimed quote verbatim. This estab | kimi: unsupported — goal-fit: the slot requires one fact per key document giving type, date, and the URL at the original source; the claim itself concedes date undisclosed and original-source URL unavailable, so it does

Source documents
Product page, date undisclosed, https://www.kraken.com/mx/xstocks/nvdaxDisputed
More
Sources · 3

Internal inconsistency across slots.

kraken.com ↗
“Hyväksytyt asiakkaat voivat nyt sijoittaa tokenisoituihin osakkeisiin ja ETF:iin. Lataa Kraken-sovellus, niin pääset alkuun.”
kraken.com ↗
“Kun sijoitat xStockeihin, kuten NVDAx, pääomaasi kohdistuu riski ja voit menettää koko summan, jonka olet sijoittanut mihin tahansa ostamaasi xStockiin.”
kraken.com ↗
“xStockit ovat sijoitus, joten voit kärsiä tappioita tai saada voittoa suhteessa perustana olevan osakkeen arvoon.”

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — goal-fit: The archived content is genuinely this Kraken NVDAx page and all three quoted passages appear verbatim in it, so the quotes themselves are supported. However, the SLOT QUESTION requires each | kimi: confirmed — The archived snapshot is exactly the Kraken NVDAx product page at the claimed URL (kraken.com/mx/xstocks/nvdax), containing product description, FAQ, and risk disclosures — consistent with the claimed

Issuer failure
NVDAx gives holders indirect NVIDIA exposure without ownership, voting, information, or other shareholder rights.Disputed
More
Sources · 3

Wrong slot and unsupported; issuer-failure/what-survives is unanswered.

kraken.com ↗
“NVDAx on xStocks-tuote. Kaupankäynti näillä tuotteilla mahdollistaa epäsuorat sijoitukset pörssinoteerattujen yritysten osakkeisiin, mutta ilman omistusta perustana olevasta NVIDIA Corporation Common Stock -osakkeesta.”
kraken.com ↗
“Näin ollen tokenisoidun NVIDIA (NVDAx) -tuotteen omistajilla ei ole omistajan oikeuksia kunkin tokenin perustana olevaan osakkeeseen nähden, eikä heillä ole oikeutta saada mitään tietoja kyseisen yrityksen osakkeen liikkeellelaskijalta.”
kraken.com ↗
“xStockeihin sijoittavilla ei ole omistusoikeutta perustana oleviin osakkeisiin eikä äänestys- tai tiedonsaantioikeuksia eikä mitään muita oikeuksia, jotka perustana olevan osakkeen omistajalla olisi.”

Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited Kraken page supports that NVDAx provides indirect NVIDIA exposure without ownership, voting, information, or other underlying-shareholder rights. However, this describes the ordina | anthropic: unsupported — goal-fit: The SLOT QUESTION asks what holders lose and what survives if the issuer itself fails, is fraudulent, or walks away (counterparty/insolvency risk). The claim instead describes the nature of | kimi: unsupported — evidence class mismatch. The claim's substance (indirect exposure; no ownership, voting, information, or other shareholder rights) is accurately reflected on the Kraken NVDAx product page, but that pa

Exit paths
Token holders can exit through Raydium or Jupiter swaps on Solana, subject to available market liquidity.Disputed
More
Sources · 2

Overreach; evidence shows secondary trading occurred, not a redemption mechanism.

explorer.solana.com ↗
“Raydium Clmm: Swap V2”
explorer.solana.com ↗
“Associated Token Program: Create Idempotent Jupiter: Route Token Program: Transfer Checked”

Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited transaction-history snippets show successful Raydium and Jupiter-labeled instructions involving the token, but they do not establish that token holders can exit, identify the swaps | anthropic: unsupported — goal-fit: The slot demands, per disclosed exit path, method + settlement timing + minimum + caps/gates + fee. The claim only asserts that holders can swap on Raydium/Jupiter 'subject to available mark | kimi: unsupported — The archived explorer history shows one successful "Raydium Clmm: Swap V2" and one "Jupiter: Route" transaction touching the token's address, which establishes that the token appears in Raydium/Jupite

Unilateral changes
The token program permits its authority to update the multiplier that scales displayed token amounts.Unverified
More
Sources · 1
explorer.solana.com ↗
“Allows the token program to scale the UI amount of the token by an updatable multiplier”

Verifier note: panel 0/3 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The explorer confirms that the mint uses an updatable UI-display multiplier, but it does not answer what the issuer may change without holder consent under its legal terms. The cited materia | anthropic: unsupported — evidence class mismatch | kimi: unsupported — evidence class mismatch

Minimum investment
1000Unverified
More
Sources · 1
sec.gov ↗
“|Principal Amount|$1,000 per Note|”

Verifier note: panel 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: “$1,000 per Note” states the principal amount or denomination of each Note, not a minimum initial subscription or purchase requirement. | anthropic: unsupported — evidence class mismatch

Exit paths
Backed charges 0.50% of market price, subject to a $100 minimum fee, for direct redemption.Disputed
More
Sources · 1

The corpus contains no redemption-fee data for any NVDAx/Backed product; this candidate must be dropped.

app.rwa.xyz ↗
“Redemption fee is 0.50% of market price with a minimum of USD 100.”

Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — evidence class mismatch

Holdings
NVDAx references NVIDIA Corporation common stock as its sole disclosed underlying holding.Unverified
More
Sources · 2
app.rwa.xyz ↗
“Tokenized version of NVIDIA Corporation.”
coinmarketcap.com ↗
“NVDAX is a blockchain-based digital token that tracks the price of NVIDIA Corporation (NVDA) stock, providing crypto market participants with a compliant bridge to traditional equity markets.”

Verifier note: re-adjudicated 2026-08-05T23:44:56.198Z from rejected status | panel 1/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources describe NVDAx as tracking NVIDIA stock and CMC AI says it is backed 1:1 by NVIDIA shares, but neither provides a dated holding disclosure establishing NVIDIA common stock as the | anthropic: confirmed — Both cited sources support that NVDAx's underlying reference is NVIDIA Corporation stock. RWA.xyz states 'Tokenized version of NVIDIA Corporation.' and CoinMarketCap states NVDAX 'tracks the price of

Holdings
NVIDIA Corporation equity provides the referenced exposure under the disclosed 1:1 collateralization model.Unverified
More
Sources · 3
app.rwa.xyz ↗
“Tokenized version of NVIDIA Corporation.”
coinmarketcap.com ↗
“NVDAX is a blockchain-based digital token that tracks the price of NVIDIA Corporation (NVDA) stock, providing crypto market participants with a compliant bridge to traditional equity markets.”
coinmarketcap.com ↗
“Price tracking is maintained through this 1:1 collateralization and arbitrage mechanisms, with oracles feeding real-time stock data on-chain.”

Verifier note: re-adjudicated 2026-08-05T23:41:17.063Z from rejected status | panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The sources describe NVDAX as tracking NVIDIA stock and being backed 1:1 by NVIDIA shares, but the claimed holding fact provides neither a portfolio weight nor an as-of date, both required b | anthropic: unsupported — The bare description 'Tokenized version of NVIDIA Corporation' is confirmed by RWA.xyz, but the specific claim value hinges on two things the fetched sources do not solidly support. (1) 'NVIDIA Corpor

Run operations

Issuer entity f70188e0-f174-4fd1-a5f1-a932060a61bb · last updated 2026-08-07T06:33:36.146Z

Underlying issuer entity 640efa44-6951-4556-9874-47f2dd11e22a · last updated 2026-08-05T12:34:35.537Z

2 source channels auto-trusted this run (revocable in Autoresearch)

discover · claude · ok · 264s · 118 links

discover · codex · ok · 94s · 164 links

resolve · resolve-light · ok · 56 links

ingest · ingest · weak

plan · plan · ok

synthesize · synthesize · ok

Coverage

26 of 43 fields verified · 0 unverified · 27 not found

Run 2026-08-06T19:35:48.528Z · done · cost $0.00

Automated research, human-reviewed. Verify against source documents before credit decisions.

Jul 28, 26
Aug 5, 26
$11.4K$11.1K$10.7K$10.3K$9.96K$9.58K
May 5, 26May 28, 26Jun 20, 26Jul 13, 26Aug 5, 26
$12.3K$11.7K$11.1K$10.6K$9.98K$9.41K
Feb 5, 26Mar 22, 26May 7, 26Jun 21, 26Aug 5, 26
$14K$13K$12K$11K$10K$9.1K
Jan 1, 26Feb 24, 26Apr 19, 26Jun 12, 26Aug 5, 26
$13K$12K$11K$10K$9.3K$8.4K
Aug 5, 25Nov 4, 25Feb 4, 26May 6, 26Aug 5, 26
$14K$13K$12K$11K$9.8K$8.8K
Jul 11, 25Oct 17, 25Jan 22, 26Apr 30, 26Aug 5, 26
$3M$2M$1M$900K$300K-$300K
NVDAX+2.33%
Benchmark unavailable—
1 yr
NVDAX+1.76%
Benchmark unavailable—
Since inception
NVDAX+52.28%
Benchmark unavailable—

+17.76%

+23.27%

+21862.64%

Benchmark

Benchmark unavailable

1 mo
NVDAX+12.22%
Benchmark unavailable—
3 mo
NVDAX+3.84%
Benchmark unavailable—
6 mo
NVDAX+18.39%
Benchmark unavailable—
YTD
NVDAX+17.76%
Benchmark unavailable—
1 yr
NVDAX+23.27%
Benchmark unavailable—
Since inception
NVDAX+21862.64%
Benchmark unavailable—

Verifier note: panel 2/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The on-chain explorer supports the named mint and freeze authorities and the generic capabilities of the enabled permanent-delegate and pausable extensions. However, the narrative does not i | anthropic: confirmed — The claim identifies who holds admin powers over the token, directly answering the slot question about pause/freeze/upgrade powers. Each material claim is supported by the fetched Solana Explorer (onc | kimi: confirmed — All material claims are directly supported by the archived Solana Explorer on-chain snapshot: (1) Mint Authority 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj is shown verbatim on the mint page; (2) Fr

explorer.solana.com ↗
“Allow the token program to execute custom instruction logic on every token transfer”

Verifier note: panel 2/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The archived Solana Explorer evidence identifies NVDAx as a Token-2022 mint with active mint and freeze authorities and shows the permanent-delegate, pausable-config, and transfer-hook extensions as e | anthropic: confirmed — The claim asserts NVDAx exposes holders to mint, freeze, pause, transfer-hook, and permanent-delegate authority risks. This directly addresses the SLOT QUESTION's on-chain attack surface (mint contrac

“Allow the token program to execute custom instruction logic on every token transfer”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — The source confirms live mint and freeze authorities and enabled Token-2022 features permitting minting, account freezing, permanent-delegate transfers/burns, pausing, an updatable UI multiplier, and | anthropic: confirmed — The claim addresses on-chain privileged authorities/upgrade keys, which is squarely within the slot question (on-chain attack surface: mint/redeem, upgrade keys). Every material mechanism is supported