Coinbase outlines three models for tokenized equities and claims the ownership crown

Coinbase has published a breakdown of three models for tokenized equities. It walks through the tradeoffs of each, explains where Coinbase fits, and lays out where the company thinks the industry is heading.

The core argument is about ownership. On September 14, 2026, Coinbase CEO Brian Armstrong said the company’s tokenized stocks are the benchmark for genuine ownership. He drew a sharp contrast with synthetic products that track a share price but give holders no actual rights to the share.

What Coinbase is actually selling

Coinbase launched its tokenized equity products on August 24, 2026. They are built on the company’s B20 token standard.

The first batch of tokens represents shares in four large tech companies:

AAPLc for Apple, NVDAc for Nvidia, METAc for Meta, and GOOGLc for Alphabet.

Each token is a direct 1:1 claim on an underlying share. One token maps to one real share sitting in a real brokerage account.

Those shares are held by Alpaca Securities in segregated accounts, under the supervision of Abu Dhabi Global Market (ADGM). According to the research findings, the structure is designed to be bankruptcy remote.

The products are not open to everyone. They target eligible non-US investors under Regulation S, the US rule covering securities offerings made outside the country.

How dividends and voting work

Dividends are not paid out as cash. They are reinvested, and the reinvestment shows up through an on-chain multiplier.

Voting rights for token holders are described as upcoming. They are not live yet.

Three models, one central divide

Coinbase’s post frames the tokenized equity market as three distinct models, each with its own tradeoffs. The sharpest split runs between products that carry real ownership and products that do not.

On one side are synthetic exposures. These track a stock’s price but do not give the holder any ownership rights.

On the other side is the model Coinbase is backing: direct 1:1 claims on actual shares, with full regulatory backing and a custodian holding the underlying asset.

The bigger plan: an “Everything Exchange”

The tokenized stocks are part of a broader Coinbase push it calls the “Everything Exchange.” The idea is to blend traditional equity trading with blockchain infrastructure in one venue.

Coinbase has also set up a tokenization hub in Abu Dhabi. That lines up with the ADGM oversight of the custody setup and the non-US focus of the launch.

The company is not alone in this race. Kraken offers its xStocks product, and Robinhood is also active in the space.

The research findings describe a positive market response. They point to significant trading volumes on decentralized exchanges after the launch.

What this means

For investors outside the US, the practical question is what they are buying. The research findings suggest investors are showing a preference for products that deliver concrete ownership and the rights that come with it.

Still, there are open items. Voting rights have not shipped. Dividends come as reinvestment rather than cash, which may not suit every holder. And the products remain off-limits to US investors under the Regulation S framework.