Assets/NVDAX

NVIDIA xStock

NVDAX

Overview

NVDAX price

$206.80

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

$10,609.80

+$609.80
Jul 4, 26Jul 12, 26Jul 20, 26Jul 27, 26Aug 4, 26
$11K$10.8K$10.5K$10.2K$9.91K$9.63K

$10,417.05

+$417.05
May 4, 26May 27, 26Jun 19, 26Jul 12, 26Aug 4, 26
$12.2K$11.6K$11K$10.4K$9.88K$9.31K

$11,656.60

+$1,656.60
Feb 4, 26Mar 21, 26May 6, 26Jun 20, 26Aug 4, 26
$14K$13K$12K$11K$9.8K$8.8K

$11,087.86

+$1,087.86
Jan 1, 26Feb 24, 26Apr 19, 26Jun 11, 26Aug 4, 26
$13K$12K$11K$10K$9.3K$8.4K

$11,488.87

+$1,488.87
Aug 4, 25Nov 3, 25Feb 3, 26May 5, 26Aug 4, 26
$14K$13K$12K$11K$9.7K$8.7K

$2,067,996.84

+$2,057,996.84
Jul 11, 25Oct 16, 25Jan 22, 26Apr 29, 26Aug 4, 26
$3M$2M$1M$900K$300K-$300K

As of Aug 4, 2026 · source: Kamino API

Returns

As of August 4, 2026

1 mo

3 mo

6 mo

YTD

1 yr

Since inception

NVDAX

+6.10%

-0.20%

+3.14%

+1.47%

+1.16%

+51.73%

Benchmark

3M T-BILL

+0.32%

+0.30%

+0.30%

+0.30%

+0.30%

+0.30%

1 mo
NVDAX+6.10%
3M T-BILL+0.32%
3 mo
NVDAX-0.20%
3M T-BILL+0.30%
6 mo
NVDAX+3.14%
3M T-BILL+0.30%
YTD

1 mo

3 mo

6 mo

YTD

1 yr

Since inception

NVDAX

+6.10%

-0.61%

+20.37%

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.

Transfer restrictions
The freeze authority can freeze Solana token accounts. A transfer hook executes custom logic on every transfer.Disputed
More
Sources · 3

incomplete

explorer.solana.com ↗
“Freeze Authority JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs”
explorer.solana.com ↗
“Allow the token program to execute custom instruction logic on every token transfer”
explorer.solana.com ↗
“Enables the authority to make new token accounts as frozen by default upon creation”

Verifier note: panel 2/3 confirmed (sourceDomains=1, disputed) | gpt-family: unsupported — The cited Explorer content is not among the assigned evidence. It identifies a freeze authority and an enabled transfer hook, but the supplied assigned regulator and issuer-document evidence does not | anthropic-family: confirmed — The fetched Solana Explorer page (onchain evidence, a required class) directly supports both parts of the claim. It lists a set Freeze Authority (JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs) and a De | kimi-family: confirmed — The archived explorer snapshot lists an active Freeze Authority (JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs) on the Token-2022 mint, which by Solana token semantics can freeze token accounts, and ad

✓

Independent validators

Third-party checks on the operation.

Admin powers
Separate authorities control minting and freezing. A permanent delegate can transfer or burn any holder's tokens.Disputed
More

Pausable configuration can halt transfers, mints, and burns.

Sources · 4

incomplete

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”

Verifier note: panel 2/3 confirmed (sourceDomains=1, disputed) | gpt-family: unsupported — goal-fit: The explorer supports distinct mint and freeze authority addresses and confirms that Permanent Delegate and Pausable Config are enabled with the stated capabilities. However, the narrative d | anthropic-family: confirmed — The slot concerns admin powers/control authorities over the token, and this claim directly addresses that. All material facts are supported by the fetched Solana explorer (onchain) source, which is wi | kimi-family: confirmed — Every material claim is directly supported by the archived Solana Explorer page for the NVDAx Token-2022 mint. (1) 'Separate authorities control minting and freezing' is supported: the Mint Authority

Risks & protections

  • 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

  • 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: panel 2/2 confirmed (sourceDomains=1) | gpt: confirmed — The assigned SEC-filed prospectus establishes that HSBC USA Inc. is the issuer, the Notes are its senior unsecured debt securities, all payments are subject to its credit risk, and the Notes are neith | anthropic: confirmed — The claim answers the SLOT QUESTION (credit exposure inside the backing; the counterparty whose failure hits holders is HSBC USA Inc.). All material claims are supported by the fetched SEC FWP: 'All p

  • Hack / smart contract

    Token authorities can freeze accounts, pause interactions, transfer or burn holdings, and change displayed amounts

    ⌄
    Token authorities can freeze accounts, pause interactions, transfer or burn holdings, and change displayed amounts.Disputed
    More
    Sources · 4

    All four cited IDs (dd2a9b6d, 83822bc7, c5169eaa, 3e460aa8) are absent from the corpus. The corpus does contain Token-2022 extension evidence (196c87b7, 527d5330, b6241a39), but that evidence does not describe freeze/pause/transfer/burn/change-displayed-amount authorities; 527d5330 describes holder-opt-in confidential transfers (encrypted balances visible to holder and auditor), which is not an issuer seizure control. The claim is both unsupported by cited evidence and mischaracterizes the extension evidence that is present.

    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”

Onchain transparency

Token

Mint address
Xsc9qv…mx9qEh

Chain

Network
Solana

Contracts & controls

Admin powers
Separate authorities control minting and freezingDisputed
More

Pausable configuration can halt transfers, mints, and burns.

Sources · 4

incomplete

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”

Verifier note: panel 2/3 confirmed (sourceDomains=1, disputed) | gpt-family: unsupported — goal-fit: The explorer supports distinct mint and freeze authority addresses and confirms that Permanent Delegate and Pausable Config are enabled with the stated capabilities. However, the narrative d | anthropic-family: confirmed — The slot concerns admin powers/control authorities over the token, and this claim directly addresses that. All material facts are supported by the fetched Solana explorer (onchain) source, which is wi | kimi-family: confirmed — Every material claim is directly supported by the archived Solana Explorer page for the NVDAx Token-2022 mint. (1) 'Separate authorities control minting and freezing' is supported: the Mint Authority

Documents

Filing
Underlying-company Form 10-Q, filed 2026-05-20 for the period ended 2026-04-26; SEC filing index.
2026-05-20
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 Form 10-Q, filed 2026-05-20 for the period ended 2026-04-26; SEC filing index.Filing · 2026-05-20
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
what it isrejected-retryaggregator, onchain, issuer-docs
how it worksrejected-retryaggregator, issuer-docs
token categoryrejected-retryaggregator, onchain
holder claimrejected-retryaggregator, onchain
underlying compositionrejected-retryaggregator
underlying structurerejected-retrynone
yield sourceemptynone
yield mechanicsrejected-retryaggregator
collateralization ratiorejected-retryonchain
holdingrejected-retrynone
issuer entityrejected-retryaggregator, legal-terms
issuer businessrejected-retryaggregator
launch dateemptynone
operating historyemptynone
backers investorsemptynone
service providersfilled-verifiedlegal-terms
key peopleemptynone
issuer incidentsemptynone
regulatory regimeemptynone
legal vehiclerejected-retrynone
bankruptcy remoteemptynone
holder rights on failureemptynone
tax treatmentemptynone
transfer restrictionsfilled-verifiedissuer-docs
custodiansrejected-retryregulator
attestationsemptynone
attestation frequencyemptynone
auditsemptynone
admin powersfilled-verifiedissuer-docs
upgradeabilityemptynone
unilateral changesrejected-retryissuer-docs
feeemptynone
redemption pathrejected-retryregulator
redemption minimumemptynone
settlement timeemptyregulator
redemption capemptynone
risk underlyingfilled-verifiedregulator
risk creditfilled-verifiedregulator
risk issuerrejected-retryregulator
risk custodianrejected-retryregulator
risk hackfilled-verifiedregulator, issuer-docs, audit
risk regulatoryfilled-verifiedregulator
risk redemption gateemptynone
risk depegrejected-retryregulator
risk concentrationrejected-retryregulator
eligible investorsfilled-verifiedregulator
min investmentrejected-retryregulator
onboarding requirementsrejected-retryregulator
documentfilled-verifiedregulator

Evidence gaps

holder claim — searched, not found: The corpus calls NVDAx a tracker certificate but does not establish the holder's precise legal ownership or enforceable redemption claim.

underlying composition — searched, not found: The corpus provides no dated issuer disclosure, attestation, or audit showing the underlying instruments and weights.

underlying structure — searched, not found: The corpus provides no qualifying disclosure of custody structure, concentration terms, or other underlying structural characteristics.

yield source — searched, not found: The corpus establishes possible third-party DeFi use but does not disclose an inherent NVDAx yield source or spread allocation.

collateralization ratio — searched, not found: An aggregator states 1:1 collateralization, but the corpus lacks the required attestation, audit, or on-chain backing verification.

issuer entity — searched, not found: The corpus references Backed Finance and Backed Assets Final Terms Nr 19 but does not identify the exact issuing legal entity.

issuer business — searched, not found: The corpus identifies xStocks as the offeror but lacks dated official evidence establishing its current business and strategy evolution.

launch date — searched, not found: The corpus contains no qualifying issuer document or official announcement establishing NVDAx's launch date.

operating history — searched, not found: The corpus contains no dated official history, milestone record, or non-volatile scale disclosure for the issuer.

backers investors — searched, not found: The corpus contains no qualifying evidence naming the issuer's investors or backers.

key people — searched, not found: The corpus contains no official evidence covering the issuer's founding team, current leadership, departures, or dated role changes.

issuer incidents — searched, not found: The corpus contains no qualifying evidence establishing issuer or NVDAx incidents, or confirming that none are known.

regulatory regime — searched, not found: The corpus does not establish NVDAx's offering regime, exemptions, or issuer licenses.

legal vehicle — searched, not found: The corpus does not establish the holder-protection vehicle or its jurisdiction.

bankruptcy remote — searched, not found: The corpus does not establish bankruptcy remoteness or an asset-segregation mechanism.

holder rights on failure — searched, not found: The corpus does not establish holder claims, asset control, or creditor priority after issuer failure.

tax treatment — searched, not found: The corpus does not disclose NVDAx's tax structure or holder reporting.

transfer restrictions — searched, not found: The corpus does not establish eligibility, whitelist, or jurisdictional transfer restrictions.

attestations — searched, not found: The corpus identifies no independent reserve attestation provider or publication location.

attestation frequency — searched, not found: The corpus establishes neither an attestation schedule nor a latest attestation date.

audits <name> — searched, not found: The corpus identifies no fund or smart-contract audit with a firm, scope, and date.

upgradeability — searched, not found: The corpus does not establish contract upgrade authority or delay.

unilateral changes — searched, not found: An updatable display multiplier does not establish issuer rights to change contractual terms without holder consent.

fee <name> — searched, not found: The corpus states subscription and redemption rates but does not identify who charges them.

redemption minimum — searched, not found: The corpus discloses a $100 minimum redemption fee but no minimum redemption amount.

settlement time — searched, not found: The corpus provides no NVDAx direct-redemption settlement time.

redemption cap — searched, not found: The corpus provides no NVDAx redemption caps, windows, gates, or notice periods.

risk credit — searched, not found: The corpus does not establish the NVDAx holder's legal credit claim against the issuer or backing intermediaries.

risk regulatory — searched, not found: The corpus does not establish NVDAx registration status, jurisdictional restrictions, or token-specific regulatory consequences.

risk redemption gate — searched, not found: The corpus provides no evidence about NVDAx redemption liquidity under simultaneous holder exits.

eligible investors — searched, not found: The corpus does not identify eligible direct subscribers, secondary holders, or excluded jurisdictions for NVDAx.

min investment — searched, not found: The corpus discloses a minimum subscription fee, not a minimum investment amount.

onboarding requirements — searched, not found: The corpus provides no NVDAx-specific KYC, KYB, whitelisting, threshold, or onboarding-time requirements.

Rejected facts

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

Onboarding
Ethena requires KYC, AML checks, and protocol permissioning before users can mint USDe.Unverified
More
Sources · 1
sec.gov ↗
“Following KYC and AML checks and once otherwise permissioned, users may mint USDe by transferring their digital assets (specifically, USDC or USDT) to the Ethena Protocol’s minting smart contract to serve as backing for USDe.”

Verifier note: panel 1/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — The Ethena Labs SEC submission directly states: 'Following KYC and AML checks and once otherwise permissioned, users may mint USDe by transferring their digital assets...' This is an issuer-doc/regula | gpt: unsupported — evidence class mismatch

Concentration
NVDAx concentrates underlying exposure in one company, NVIDIA Corporation, whose common stock trades under NVDA.Disputed
More
Sources · 2

These two facts are the only NVDA-linked evidence present, and they belong to the HSBC USA Autocallable Notes.

sec.gov ↗
“The common stock of NVIDIA Corporation (Ticker: NVDA) (the “Company”).”
sec.gov ↗
“The common stock of the Company trades on150 the Nasdaq Global Select Market under the symbol “NVDA.””

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — The SEC filing establishes that the described HSBC notes have a single Reference Asset—NVIDIA Corporation common stock—and that the stock trades under NVDA. However, it never identifies or discusses “ | anthropic: confirmed — The SEC free writing prospectus (regulator-class, an assigned required evidence class) directly states the Reference Asset is 'The common stock of NVIDIA Corporation (Ticker: NVDA) (the "Company").' a | gpt: unsupported — goal-fit: The SEC-filed prospectus supports that NVIDIA Corporation common stock trades on the Nasdaq Global Select Market under “NVDA,” but this identification fact does not address concentration in

Depeg / liquidity
NVDAx can diverge from NVDA value if collateralization, oracle pricing, or arbitrage mechanisms fail.Disputed
More
Sources · 1

The only peg-mechanism evidence in the corpus is USDe's delta-neutral hedging (f1fb26e4), which the synthesis ignores.

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=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — The only fetched source (CoinMarketCap, an aggregator — which is an accepted class, so there is no evidence-class mismatch) describes the three mechanisms — 1:1 collateralization with a regulated cust

Hack / smart contract
Transfers can be paused, and a permanent delegate can transfer or burn holders' tokens.Disputed
More
Sources · 2

No on-chain attack-surface or admin-key disclosure for any NVDAx token exists in the evidence.

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”

Verifier note: lost head-to-head to incumbent 28bb2e66-a9f3-45f1-9f1b-98e0dd2e53d8: The incumbent more fully answers the attack-surface slot by identifying four distinct authority capabilities, each supported by its own cited evidence: default account freezing, pausing, permanent-delegate transfers or burns, and an updatable UI-amount multiplier.

Custodian
NVDAx holders face operational exposure to Alpaca Securities, the identified custodian of backing shares.Disputed
More
Sources · 2

The only custody-related disclosures in the corpus concern the Ethena Protocol's digital-asset custodians (ef136578) and self-custody (b2a91d55).

app.rwa.xyz ↗
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”
coinmarketcap.com ↗
“real NVDA shares are held in custody by regulated institutions (e.g., BitGo, Alpaca Securities).”

Verifier note: panel 0/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch. The claim that Alpaca Securities LLC is the identified custodian of NVDAx's backing shares is factually corroborated by the fetched sources — RWA.xyz explicitly lists 'Custodi

Issuer failure
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: panel 0/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The claim identifies xStocks and Backed-related issuer dependence but does not explain what holders lose or what survives if the issuer fails, commits fraud, or walks away. | anthropic: unsupported — evidence class mismatch

Underlying / economic
NVDAx loses value when NVIDIA common stock declines because the token tracks NVDA.Disputed
More
Sources · 2

Underlying-value risk in the corpus belongs to the HSBC Notes, not to a Backed/xStocks token.

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 ↗
“The common stock of NVIDIA Corporation (Ticker: NVDA) (the “Company”).”

Verifier note: panel 0/2 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The CoinMarketCap source supports that NVDAX tracks NVDA and is reportedly backed 1:1 by NVIDIA shares, so an NVDA decline would ordinarily create downward price exposure. However, the slot | anthropic: unsupported — goal-fit: The SLOT QUESTION asks about the token losing value because its underlying BUSINESS or YIELD SOURCE deteriorates (rate moves, funding-rate flips, loan losses), grounded in the issuer's risk

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

Unilateral changes
The scaled UI amount authority can change the token's displayed amount through an updatable multiplier without evidenced holder consent.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 0/2 confirmed (sourceDomains=1) | gpt: unsupported — goal-fit: The cited explorer content describes a technical Token-2022 capability to update the multiplier used for displayed UI amounts. It does not answer what the issuer may change without holder co | anthropic: unsupported — evidence class mismatch

Admin powers
The permanent delegate can transfer or burn tokens from any holder account. The pausable authority can halt transfers, mints, and burns.Disputed
More
Sources · 2

admin_powers should also list the updatable scaled-UI multiplier authority per ev:3e460aa8.

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”

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source confirms that the mint has enabled permanent-delegate and pausable-config extensions and describes their powers. However, it does not identify the addresses or entities holding th | anthropic: confirmed — Both material assertions map verbatim to the archived Solana Explorer token-extensions page for NVIDIA xStock (mint Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh). The Permanent Delegate extension reads

Custodians
Regulated institutions such as BitGo and Alpaca Securities hold real NVDA shares backing NVDAx.Disputed
More
Sources · 1

Value is supported but partial; segregation model and regulator/charter are not established by the evidence.

coinmarketcap.com ↗
“real NVDA shares are held in custody by regulated institutions (e.g., BitGo, Alpaca Securities).”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch

Legal entity
Available evidence attributes NVDAx issuance to Backed Finance and identifies xStocks as the offeror.Unverified
More
Sources · 3
coinmarketcap.com ↗
“The token is a "tracker certificate" issued by entities like Backed Finance.”
app.rwa.xyz ↗
“Backed Assets Final Terms Nr 19 (NVDAx)”
app.rwa.xyz ↗
“Offered by xStocks”

Verifier note: panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — goal-fit: The legal-terms-class evidence identifies the issuer only as “Backed Assets,” not “Backed Finance,” and does not state the issuer’s exact legal vehicle or legal form. It separately supports | anthropic: unsupported — The offeror portion is confirmed by the registry ('Offered by xStocks'). However the issuer portion is imprecise/mismatched against the required-class evidence. The rwa.xyz registry and the legal-term

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: panel 0/3 confirmed (sourceDomains=2) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — evidence class mismatch

Service providers
Alpaca Securities LLC serves as a custodian for the product.Disputed
More
Sources · 1

remove

app.rwa.xyz ↗
“Custodian Legal Identifier Alpaca Securities LLC 0001702580”

Verifier note: lost head-to-head to incumbent 179e9f92-04a4-4fb9-8047-4e5bcf2bebb1: Both claims directly identify Alpaca Securities LLC as custodian and cite identical supporting evidence, but the incumbent is more specific because it includes legal identifier 0001702580.

Yield mechanics
Holders may deploy NVDAx in third-party DeFi protocols to pursue yield.Disputed
More
Sources · 1

unknown

coinmarketcap.com ↗
“Beyond simple price exposure, NVDAX can be used in decentralized finance protocols for lending, borrowing, or earning yield.”

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The aggregator says NVDAX can be used in third-party DeFi protocols for lending, borrowing, or earning yield, but it does not answer how yield reaches holders—NAV accrual, rebase, or distrib | anthropic: unsupported — evidence class mismatch

Category
rwa-otherUnverified
More
Sources · 2
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.”
app.rwa.xyz ↗
“Tokenized version of NVIDIA Corporation.”

Verifier note: panel 0/2 confirmed (sourceDomains=2) | gpt: unsupported — evidence class mismatch | anthropic: contradicted — The slot classifies by the nature of the underlying asset. Both cited sources unambiguously identify the underlying as NVIDIA Corporation common stock: CMC AI states NVDAX 'tracks the price of NVIDIA

How it works
Investors can subscribe at market price subject to a 0.50% fee and USD 100 minimum. NVDAx tracks NVIDIA stock-price movements.Unverified
More

Investors can redeem subject to equivalent fees or trade through supported secondary markets.

Sources · 4
app.rwa.xyz ↗
“Subscription fee is 0.50% of market price with a minimum of USD 100.”
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.”
app.rwa.xyz ↗
“Redemption fee is 0.50% of market price with a minimum of USD 100.”
explorer.solana.com ↗
“Raydium Clmm: Swap V2”

Verifier note: panel 0/1 confirmed (sourceDomains=3) | gpt: contradicted — RWA.xyz states that the minimum primary-market investment is USD 5,000 and that the USD 100 minimum applies to the subscription fee, not the subscription amount. It also limits eligible subscribers to

What it is
NVDAx is a blockchain token designed to track NVIDIA common stock. The token is described as a tracker certificate.Unverified
More

Its price tracking uses stated 1:1 collateralization and arbitrage.

Sources · 3
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 ↗
“The token is a "tracker certificate" issued by entities like Backed Finance.”
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 0/3 confirmed (sourceDomains=1) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — goal-fit: The narrative states what NVDAx is but omits the holder’s actual legal claim and what backs the token, so it does not answer the full slot question. In addition, the only fetched source is a

Source documents
Final terms: Backed Assets Final Terms Nr 19 (NVDAx); date and original-source URL are undisclosed.Disputed
More
Sources · 1

Sole cited ID 991ee3e9 is absent from the corpus. The existence of 'Backed Assets Final Terms Nr 19 (NVDAx)' cannot be verified against the supplied evidence.

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

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt-family: unsupported — The archived RWA.xyz page names “Backed Assets Final Terms Nr 19 (NVDAx)” under Terms, but RWA.xyz is not assigned regulator evidence and does not provide the document date or an original-source URL. | anthropic-family: confirmed — The archived rwa.xyz page for NVDAx contains a 'Terms' field reading exactly 'Backed Assets Final Terms Nr 19 (NVDAx)', matching the claimed quote verbatim. The claim identifies this as the final-term | kimi-family: unsupported — goal-fit: the slot question requires each key document's type, date, and original-source URL. The cited rwa.xyz page confirms only that a document named 'Backed Assets Final Terms Nr 19 (NVDAx)' exist

Credit / counterparty
NVDAx holders depend on the institutions holding the NVIDIA shares supporting the tracker certificate.Disputed
More
Sources · 2

Both cited IDs (6e15ea26, 1bc9bf76) are absent from the corpus. The claim that holders depend on institutions holding NVIDIA shares supporting the tracker certificate has no support in the supplied evidence.

coinmarketcap.com ↗
“The token is a "tracker certificate" issued by entities like Backed Finance.”
coinmarketcap.com ↗
“real NVDA shares are held in custody by regulated institutions (e.g., BitGo, Alpaca Securities).”

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

Vehicle
NVDAx is a tracker certificate governed by Backed Assets Final Terms Nr 19. The corpus does not identify its jurisdiction.Disputed
More
Sources · 2

unverifiable

coinmarketcap.com ↗
“The token is a "tracker certificate" issued by entities like Backed Finance.”
app.rwa.xyz ↗
“Backed Assets Final Terms Nr 19 (NVDAx)”

Verifier note: panel 0/3 confirmed (sourceDomains=2, disputed) | gpt-family: unsupported — goal-fit: “tracker certificate” describes the investment instrument, not the legal wrapper protecting holders (such as an LP, trust, SPV, or foundation). The cited RWA.xyz registry also identifies Bac | anthropic-family: contradicted — The tracker-certificate framing (CMC AI: 'tracker certificate issued by entities like Backed Finance') and the 'Backed Assets Final Terms Nr 19 (NVDAx)' terms reference (rwa.xyz) are both supported. H | kimi-family: unsupported — Two problems. (1) The 'tracker certificate' characterization rests solely on an AI-generated CMC article that hedges — 'issued by entities like Backed Finance' — which is vaguer than claimed and infer

Structure & quality
NVDAx has single-name concentration in NVIDIA common stock. The perpetual equity has no fixed maturity or duration.Unverified
More
Sources · 2
sec.gov ↗
“The common stock of NVIDIA Corporation (Ticker: NVDA) (the “Company”).”
app.rwa.xyz ↗
“Tokenized version of NVIDIA Corporation.”

Verifier note: panel 0/2 confirmed (sourceDomains=2) | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch

What the issuer does
xStocks offers tokenized equity products, including NVDAx, across centralized exchanges and DeFi platforms.Disputed
More
Sources · 2

Issuer of record is Backed (Backed Assets Final Terms Nr 19); xStocks is the distribution brand.

app.rwa.xyz ↗
“Offered by xStocks”
coinmarketcap.com ↗
“NVDAX is part of the broader xStocks ecosystem, traded on centralized exchanges like Gate and BitMart, and integrated into DeFi platforms.”

Verifier note: panel 0/3 confirmed (sourceDomains=2, disputed) | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch | kimi-family: unsupported — evidence class mismatch

Holdings
NVIDIA Corporation common stock; disclosed as 1:1 backing, with no disclosure date provided.Unverified
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: panel 0/3 confirmed (sourceDomains=2) | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch. The dossier plan assigns no evidence of a required class (attestation, audit, issuer-docs) to this slot. The CoinMarketCap page is AI-generated summary content (explicitly "CM | gpt-family: unsupported — evidence class mismatch

Collateralization
100%Unverified
More
Sources · 1
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 0/3 confirmed (sourceDomains=1) | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch: The slot requires attestation, audit, or onchain evidence (assigned 4da6a72a=onchain). The only cited source is a CMC AI-generated explainer article on CoinMarketCap, which do | kimi-family: unsupported — evidence class mismatch: the dossier requires attestation, audit, or onchain evidence for ts:underlying/collateralization_ratio, but the archived source is a CoinMarketCap AI-generated explainer artic

Composition
NVIDIA Corporation common stock provides the disclosed 1:1 backing. The corpus provides no dated reserve breakdown or attestation.Unverified
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: panel 0/3 confirmed (sourceDomains=2) | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch | gpt-family: unsupported — evidence class mismatch

Holder's claim
A tracker certificate linked to NVIDIA common stock.Disputed
More
Sources · 1

State the certificate is a reference-linked instrument (redemption right at fee per add61a33/88ec9728), not direct NVIDIA share ownership.

coinmarketcap.com ↗
“The token is a "tracker certificate" issued by entities like Backed Finance.”

Verifier note: panel 0/4 confirmed (sourceDomains=1, disputed) | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch | kimi-family: unsupported — evidence class mismatch: the slot requires legal-terms evidence establishing the holder's legal claim, but the only cited support (6e15ea26) is aggregator-class CMC AI content. An AI-generated aggrega | gpt-family: unsupported — evidence class mismatch

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: panel 0/3 confirmed (sourceDomains=2) | gpt-family: unsupported — evidence class mismatch | anthropic-family: unsupported — evidence class mismatch | gpt-family: unsupported — evidence class mismatch

Run operations

ingest · ingest · weak

plan · plan · ok

synthesize · synthesize · ok

Coverage

9 of 35 fields verified · 0 unverified · 33 not found

Run 2026-08-04T13:12:40.862Z · done · cost $0.00

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

NVDAX
+1.47%
3M T-BILL+0.30%
1 yr
NVDAX+1.16%
3M T-BILL+0.30%
Since inception
NVDAX+51.73%
3M T-BILL+0.30%

+10.88%

+14.89%

+20579.97%

Benchmark

3M T-BILL

+0.32%

+0.89%

+1.79%

+2.11%

+3.68%

+3.96%

1 mo
NVDAX+6.10%
3M T-BILL+0.32%
3 mo
NVDAX-0.61%
3M T-BILL+0.89%
6 mo
NVDAX+20.37%
3M T-BILL+1.79%
YTD
NVDAX+10.88%
3M T-BILL+2.11%
1 yr
NVDAX+14.89%
3M T-BILL+3.68%
Since inception
NVDAX+20579.97%
3M T-BILL+3.96%
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”

Verifier note: panel 3/3 confirmed (sourceDomains=1, disputed) | gpt-family: confirmed — The on-chain Solana Explorer record shows enabled Permanent Delegate, Default Account State, Pausable Config, and Scaled UI Amount Config extensions. Together they support authority-controlled transfe | anthropic-family: confirmed — Every material mechanism in the claim maps verbatim to the fetched Solana Explorer token-extensions page for NVIDIA xStock (Xsc9...qEh): 'freeze accounts' is backed by the enabled Default Account Stat | kimi-family: confirmed — Every material sub-claim is verbatim-supported by the archived Solana Explorer token-extensions page for this mint: (1) 'freeze accounts' — the mint lists an active Freeze Authority (JDq14...JNs) plus