Stock-Tracking Tokens Debut With Price Chaos, Amazon Token Spikes 100x (msn.com)
(Wednesday July 16, 2025 @11:22AM (msmash)
from the how-about-that dept.)
Digital tokens designed to track popular stocks have [1]suffered extreme price deviations since launching two weeks ago, with an Amazon-tracking token briefly spiking to more than 100 times the underlying stock's closing price. The token AMZNX hit $23,781.22 on crypto trading platform Jupiter on July 3, while Amazon shares had closed the previous day around $200.
A similar Apple-tracking token jumped to $236.72 on July 3, representing a 12% premium to the actual stock price. Companies including Robinhood, Kraken, Gemini and Bybit launched these blockchain-based versions of U.S. stocks in late June for non-U.S. customers. Robinhood is facing scrutiny from Lithuania's central bank after launching tokens tied to OpenAI and SpaceX without permission from either company, prompting OpenAI to disavow the tokens on social media.
[1] https://www.msn.com/en-us/money/markets/want-to-trade-amazon-on-a-crypto-exchange-the-price-might-be-off-by-300/ar-AA1ID3ci
A similar Apple-tracking token jumped to $236.72 on July 3, representing a 12% premium to the actual stock price. Companies including Robinhood, Kraken, Gemini and Bybit launched these blockchain-based versions of U.S. stocks in late June for non-U.S. customers. Robinhood is facing scrutiny from Lithuania's central bank after launching tokens tied to OpenAI and SpaceX without permission from either company, prompting OpenAI to disavow the tokens on social media.
[1] https://www.msn.com/en-us/money/markets/want-to-trade-amazon-on-a-crypto-exchange-the-price-might-be-off-by-300/ar-AA1ID3ci