Ticker
COINX · Coinbase Global, Inc.
A tokenized form of COIN (Coinbase Global, Inc.) traded on Kraken xStocks.
COINX is a tokenized share of Coinbase Global, Inc. It is issued by Backed Assets (JE) Ltd — part of Backed Finance, a Swiss-regulated, MiFID II-aligned issuer — as an SPL token on Solana, backed 1:1 by a real Coinbase (COIN) share held in custody by Alpaca Securities LLC (FINRA-regulated, SIPC member). The “x” suffix is the xStocks convention: COINX is Coinbase.
There is a neat symmetry here: COINX is crypto-rails exposure to a crypto company. Coinbase is one of the largest listed crypto exchanges, so its share price tends to track the broader crypto market cycle — rising and falling with sentiment across the sector — and it is historically volatile. Unlike top names such as AAPLX or TSLAX, COINX is not in Kraken's 24/7 top-10, so its on-exchange hours and liquidity differ.
What you actually own
Buying COINX gives you the token, not the Coinbase share. You track COIN's price, but you have no voting rights at Coinbase, no place on its share register, and no direct legal claim on the company. The underlying share is custodied by Alpaca; what you hold is a Solana token that mirrors its value.
Retail holders cannot redeem COINX for a real Coinbase share — only qualified investors can, through Backed directly and for a fee. You realise gains or losses by selling the token. COINX is a way to trade Coinbase's price on-chain, not a way onto Coinbase's cap table.
Where to trade Coinbase Global on crypto exchanges
The same stock shows up as very different instruments depending on the venue — a tokenized stock, a real share, a certificate, a CFD or a perpetual. That changes what you own, your leverage, and how dividends are handled.
| Venue | Product | What you own | Leverage | Dividends | Availability | |
|---|---|---|---|---|---|---|
| Kraken xStocks | xStocks token (COINX) | Tokenized stock | None (spot) | No dividend — Coinbase pays none | Non-US; ~24/5 on Kraken | Learn more → |
| Bybit | xStocks token (COINX) | Tokenized stock | None (spot) | No dividend | Non-US; not EEA | Trade |
| Binance Stocks | Real US equity | Real share | None (spot) | No dividend (Coinbase pays none) | Non-US users only | Trade |
| Binance bStocks | BEP-20 certificate | Tokenized stock | None (spot) | No dividend | Non-US; regional | Trade |
| Bybit TradFi | CFD on MT5 | CFD | Up to 500x | Cash adjustment only | Not EEA/US + some regions | Trade |
| Hyperliquid | Equity perp — if listed | Perp | Leverage; funding | None (funding, not dividends) | Check current availability | Learn more → |
| Kraken xStocks perps | Equity perp — if listed | Perp | Up to 20x | None (funding, not dividends) | Check current availability | Learn more → |
How to buy COINX
- Open and verify an account on an eligible venue — Kraken and Bybit both list xStocks. COINX is closed to US, Canadian, UK, Australian and EEA residents, so confirm your country first.
- Fund with USD or a stablecoin such as USDT or USDG. On Kraken, paying with USD or USDG can reduce the spread toward 0%, versus roughly 1% otherwise.
- Buy COINX. Note that because it is not one of Kraken's 24/7 top-10 names, on-exchange trading generally follows a 24/5 pattern; full 24/7 trading is available when you withdraw the token and trade it on-chain.
- To self-custody or use COINX in DeFi, withdraw the SPL token to a Solana wallet such as Phantom or Solflare, then swap on a DEX like Raydium or via the Jupiter aggregator — where it trades 24/7.
Dividends & corporate actions
xStocks handle dividends by rebasing: when the underlying pays one, Backed reinvests it and updates a multiplier so your token balance grows automatically (net of 30% US withholding tax, divided by the prior day's close).
For COINX this is currently moot, because Coinbase does not pay a dividend. So a COINX holder should expect no rebasing income — your return comes entirely from COIN's share-price movement, the same as TSLAX and in contrast to a dividend-payer like AAPLX. If Coinbase ever initiated a dividend the mechanism would apply automatically. Stock splits are handled by the same multiplier, adjusting your balance pro rata.
Using COINX in DeFi
As a permissionless SPL token, COINX can be used across Solana DeFi. You can post it as collateral on a lending market like Kamino — or Morpho on Ethereum via a bridged form — to borrow stablecoins against your Coinbase exposure without selling.
You can also add COINX to liquidity pools on DEXs such as Raydium or Orca to earn trading fees. Bear in mind that COINX can be more volatile and less liquid than the top xStocks, which tends to mean wider spreads and larger impermanent-loss and liquidation risks — on top of smart-contract risk.
Risks to understand
- You can lose your whole investment — but no more than you put in on the spot token, whereas the CFD and perp venues above add leverage that can exceed your margin.
- Higher volatility: Coinbase's share price is historically volatile and tends to move with the broader crypto cycle, so COINX can swing sharply.
- Thinner liquidity: as a non-top-10 xStock, COINX may have wider spreads and less depth than AAPLX or TSLAX — size positions accordingly.
- Issuer and custodian risk: COINX is a claim on Backed, with the real shares held at Alpaca Securities (SIPC member; Lloyd's of London coverage up to $175M aggregate across xStocks) — real but finite, and not the same as owning the share.
- Limited hours and off-hours gaps: COINX generally trades 24/5 on-exchange (24/7 on-chain), and the token can diverge from COIN's reference price when the US market is closed.
- No voting rights and no retail redemption for the underlying Coinbase share.
This is general information, not financial advice. Tokenized-equity products are high-risk and their availability changes — verify the current terms on the platform before you trade.