Crypto news

Tokenized stocks are a hybrid asset class that requires a dual approach to analysis. On one hand, they are digital certificates mirroring the quotes of real securities, and on the other, they are full-fledged cryptocurrency instruments with their own infrastructure and risks. In this article, I will break down the methodology for evaluating such assets using the xStocks line from the issuer Backed as an example.

Two Levels of Analysis

The key rule I have derived in my practice: multiples must be calculated based on the issuer company of the underlying asset, not the token. This means two objects need to be analyzed simultaneously.

The first level is fundamental business metrics. Revenue, earnings per share, margins, debt burden, and cash flows. The methodologies here are standard for the stock market. For example, Tesla's financial results are driven by car sales, not the trading volume of TSLAX tokens.

The second level is the infrastructure wrapper. Here, the issuer, the location of collateral custody, the possibility of redemption, liquidity depth, and price behavior during non-exchange hours are assessed. No financial multiple measures these parameters, as they characterize not the business but the channel of access to it.

Practical Nuances of Calculations

Let's examine the key points using Tesla as an example. The gap between the token's market cap and the company's real value is colossal: ~$57 million for TSLAX versus ~$1.27 trillion for Tesla itself. This is not an error by aggregators—it simply reflects what portion of shares has been tokenized.

It is important to understand that even aggregators disagree in their estimates. CoinGecko shows 140,000 TSLAX tokens in circulation, while CoinMarketCap shows 194,948, yet the actual issued amount is 528,270. The difference reaches 40%, which distorts any conclusions about market capitalization.

When calculating P/E, it is critical to account for the fact that multiples vary across different platforms. According to my data, the range for Tesla is from 185 to 335. The reason lies in the denominator of the formula: different earnings variants (basic, diluted, adjusted), different price dates, and different summation periods. Companies can only be compared using figures from a single source.

Specifics of Tokenized Instruments

The Sharpe ratio for a token and a stock is not directly comparable. Stock volatility is calculated over 252 trading days, while token volatility is calculated over 365. This results in a difference of about 20% in the multiplier, which systematically understates the metric for the token. Additionally, arbitrage does not work at night and on weekends, so price deviations of the token from the underlying asset are maximal during those hours.

Technical analysis also requires adaptation. A two-hundred-day moving average on an exchange chart covers 9.5 calendar months, while on a 24/7 chart it covers only 6.6. "Weekend" candles are nearly empty, and volumes are about 1,100 times lower than exchange volumes, making them of little use for analysis.

Expert Opinion

Tokenized stocks open access to the stock market through blockchain but require new discipline from the investor. No single service will provide the full picture—you will have to gather data from multiple sources and manually verify discrepancies. The key risks lie not in the company's business but in the access infrastructure: who the issuer is, how collateral is stored, and whether the token can be redeemed. The episode with the SpaceX placement in June 2026 clearly demonstrated that even with high demand, the end buyer can end up with nothing due to intermediaries. This is not a flaw of the technology but a reality that must be considered when entering a position.