Ticker
NVDAX · NVIDIA Corporation
A tokenized form of NVDA (NVIDIA Corporation) traded on Kraken xStocks.
NVDAX is a tokenized NVIDIA share. Like every xStock 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, and each token is backed 1:1 by a real NVIDIA (NVDA) share held in custody by Alpaca Securities LLC (FINRA-regulated, SIPC member). The “x” suffix marks the xStocks range: NVDAX is Nvidia, TSLAX is Tesla.
As the world's dominant AI-chip maker and the bellwether of the AI trade, Nvidia is one of Kraken's most actively traded xStocks. NVDAX lets you hold that exposure on-chain and around the clock — including when the US market is shut and Nvidia's supply-chain and earnings news is moving prices elsewhere.
What you actually own
Buying NVDAX gives you the token, not the Nvidia share. You track NVDA's price, but you hold no voting rights at Nvidia, no seat 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 NVDAX for a real Nvidia share — that route exists only for qualified investors going through Backed directly, for a fee. You realise gains or losses by selling the token. So NVDAX is a vehicle for trading Nvidia's price with crypto-native settlement, not a way onto Nvidia's cap table.
Where to trade NVIDIA 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 (NVDAX) | Tokenized stock | None (spot) | Rebase — Nvidia's small dividend, net of tax | Non-US; 110+ countries | Learn more → |
| Bybit | xStocks token (NVDAX) | Tokenized stock | None (spot) | Rebase — Nvidia's small dividend | Non-US; not EEA | Trade |
| Binance Stocks | Real US equity | Real share | None (spot) | Real cash dividend | Non-US users only | Trade |
| Binance bStocks | BEP-20 certificate | Tokenized stock | None (spot) | Reflected at token level | 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 (HIP-3) | Perp | Leverage; funding | None (funding, not dividends) | On-chain / self-custody | Learn more → |
| Kraken xStocks perps | Equity perp | Perp | Up to 20x | None (funding, not dividends) | Non-US | Learn more → |
How to buy NVDAX
- Open and verify an account on an eligible venue — Kraken leads xStocks volume and Bybit also lists NVDAX. It is closed to US, Canadian, UK, Australian and EEA residents, so check your country first.
- Fund with USD or a stablecoin such as USDT or USDG. Paying with USD or USDG on Kraken can cut the roughly 1% spread to 0%.
- Buy NVDAX — quoted in USD/USDT and trading around the clock, so you are not limited to US market hours (useful around Nvidia's closely watched quarterly earnings).
- Withdraw the SPL token to a Solana wallet such as Phantom or Solflare to self-custody or move it into DeFi, or swap it on a DEX like Raydium or via the Jupiter aggregator.
Dividends & corporate actions
xStocks never pay a cash dividend. Instead, when the underlying company distributes one, Backed reinvests it and updates an on-chain multiplier — your token count stays the same, but your balance rebases upward. The amount credited is the dividend after 30% US withholding tax, divided by the previous day's closing price.
This actually matters for NVDAX, because Nvidia does pay a dividend — a small one. So NVDAX holders should see their balance rebase slightly with each Nvidia distribution, unlike TSLAX, where Tesla pays nothing. The effect is modest: Nvidia's yield is a fraction of a percent, and 30% US withholding is deducted first. Stock splits use the same multiplier mechanism, adjusting your balance pro rata so a split leaves the value of your position unchanged.
Using NVDAX in DeFi
As a permissionless SPL token, NVDAX can be used well beyond a trading screen. On Solana 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 Nvidia exposure without selling, avoiding a taxable disposal.
You can also add NVDAX to liquidity pools on DEXs such as Raydium or Orca to earn a share of trading fees. Each of these layers on smart-contract, liquidation and impermanent-loss risk in addition to Nvidia's own volatility, so they are for users comfortable with DeFi.
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.
- Issuer risk: NVDAX is a claim on Backed; if the issuer failed or the 1:1 backing broke, the token could decouple from Nvidia's price.
- Custodian risk: the shares are held by Alpaca Securities (SIPC member; Lloyd's of London coverage up to $175M aggregate across xStocks) — meaningful but capped, and not the same as holding NVDA yourself.
- Off-hours divergence: NVDAX trades 24/7 while NVDA does not, so the token can gap from the reference price — notably around Nvidia's quarterly earnings, which routinely move the entire market.
- No voting rights, and no retail redemption for the underlying Nvidia 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.