Tokenized stock products such as Kraken’s NOWx, Ondo’s RIVNon and Kraken’s RIVNx are marketed as on-chain representations of public equities, but the legal and operational realities differ sharply from holding shares. Both products provide price exposure without shareholder rights, and their documentation warns that redemption outcomes may be less favorable than direct equity ownership.
ServiceNow and NOWx. ServiceNow reported total revenue of $13.278 billion for full-year 2025, including $12.883 billion of subscription revenue, up 21% year over year. Current remaining performance obligations reached $12.85 billion as of December 31, 2025, up 25%, while free-cash-flow margin expanded to 35% and the renewal rate was 98%. A direct holder of NYSE-listed NOW owns equity with statutory shareholder rights. Kraken’s NOWx, by contrast, is a 1:1 backed on-chain representation within xStocks, but Kraken’s disclosures state that holders have no voting rights, no direct dividend entitlement, no issuer information rights and no legal claim on the underlying shares. Dividends are handled through reinvestment or token balance adjustments. NOWx allows fractional purchases from $1, on-chain transfers and trading outside regular US equity hours, but it is unavailable to US residents.
Rivian, RIVNon and RIVNx. Ondo’s RIVNon is designed to give dividend-reinvested economic exposure similar to RIVN without Rivian shareholder rights or the right to receive underlying shares. As of July 30, 2026, RIVNon had about $67,000 in total asset value, 75 holders and $139,368 in monthly transfer volume, compared with Rivian’s reported market capitalisation of about $22.26 billion and daily trading volume of $16.34 billion. Kraken’s RIVNx is fully collateralised one-to-one by custodied Rivian shares but also gives tokenholders no shareholder rights; Kraken warns redemption may involve extra fees and return less than owning the stock. Rivian began external R2 customer deliveries on June 9, 2026. In Q2 2026, automotive revenue rose 23% year on year and automotive gross loss narrowed to $36 million from $335 million, but the R2 ramp added about $100 million of incremental cost of revenue. Rivian raised full-year 2026 delivery guidance to 65,000–70,000 vehicles from 62,000–67,000, while cumulative net losses were $5.432 billion in 2023, $4.746 billion in 2024 and $3.626 billion in 2025.
The comparison underscores that tokenized equity wrappers carry issuer, custodian, smart-contract, blockchain compatibility, platform restriction and fee risks that direct shareholders do not bear. A small on-chain token market also may not inherit the liquidity depth of the underlying stock market. Investors should treat each tokenised ticker as a distinct issuer-specific instrument.
