Ticker
TSLAX · Tesla, Inc.
A tokenized form of TSLA (Tesla, Inc.) traded on Kraken xStocks.
TSLAX is a tokenized Tesla share. It is issued by Backed Assets (JE) Ltd — part of Backed Finance, a Swiss-regulated, MiFID II-aligned issuer — as an SPL token on the Solana blockchain. Each TSLAX token is backed 1:1 by a real Tesla (TSLA) share held in custody by Alpaca Securities LLC, a FINRA-regulated broker and SIPC member. The “x” suffix is the xStocks naming convention: TSLAX is Tesla, NVDAX is Nvidia.
Because it settles on-chain, TSLAX trades 24/7 — including the nights and weekends when the US stock market is closed and Tesla headlines tend to break. That round-the-clock access is the main draw, but it also means the token can move while the real share is frozen at its last official close.
What you actually own
When you buy TSLAX you own the token, not the Tesla share behind it. You get price exposure to TSLA, but you are not on Tesla's share register, you cannot vote at Tesla's annual meeting, and you have no direct legal claim on the company. The real share sits in custody at Alpaca; what you hold is a Solana token that tracks its value.
Redemption for the actual Tesla share is only open to qualified investors dealing directly with Backed, and it carries a fee. For everyday retail holders there is no path to convert TSLAX into a real TSLA share — you realise your position by selling the token back into the market. In practice TSLAX is a way to trade Tesla's price on crypto rails, not a way to become a Tesla shareholder.
Where to trade Tesla 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 (TSLAX) | Tokenized stock | None (spot) | Rebase — but Tesla pays none today | Non-US; 110+ countries | Learn more → |
| Bybit | xStocks token (TSLAX) | Tokenized stock | None (spot) | Rebase — Tesla pays none today | Non-US; not EEA | Trade |
| Binance Stocks | Real US equity | Real share | None (spot) | Real cash dividend (Tesla: none) | Non-US users only | Trade |
| Binance bStocks | BEP-20 certificate | Tokenized stock | None (spot) | Token-level (Tesla: none) | 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 TSLAX
- Open and verify an account on an eligible venue — Kraken is the volume leader for xStocks, and Bybit also lists them. TSLAX is not available to US, Canadian, UK, Australian or EEA residents, so confirm your country is supported first.
- Fund the account with USD or a stablecoin such as USDT or USDG. On Kraken, paying with USD or USDG can bring the trading spread to 0%, versus roughly 1% otherwise.
- Buy TSLAX like any other pair — it is quoted in USD/USDT and trades 24/7, so you can transact on weekends when TSLA itself is closed.
- To self-custody or use TSLAX in DeFi, withdraw the SPL token to a Solana wallet such as Phantom or Solflare. From there you can also swap in and out of it on a DEX like Raydium or the Jupiter aggregator.
Dividends & corporate actions
Here is the detail most sites get wrong. xStocks do not pay cash dividends. When the underlying company pays one, Backed reinvests it and updates an on-chain multiplier, so your balance rebases upward automatically — the number of tokens you hold stays the same, but each one comes to represent slightly more. The amount credited is the dividend after 30% US withholding tax, divided by the prior day's closing price.
For TSLAX specifically, this is currently moot: Tesla does not pay a dividend. So a TSLAX holder should not expect any rebasing income today — your return comes entirely from Tesla's share-price movement. If Tesla ever initiates a dividend, the rebasing mechanism would apply automatically. Stock splits are handled the same way: the multiplier adjusts pro rata, so a split does not change the economic value of your position.
Using TSLAX in DeFi
Because TSLAX is a permissionless SPL token, it can do things a brokerage share cannot. You can post it as collateral on a Solana lending market like Kamino — or Morpho on Ethereum via a bridged form — to borrow stablecoins against your Tesla exposure without selling and triggering a taxable disposal.
You can also supply TSLAX to liquidity pools on DEXs such as Raydium or Orca to earn a share of trading fees. These strategies layer smart-contract risk, liquidation risk and impermanent-loss risk on top of Tesla's own volatility, so they suit users who already understand DeFi mechanics.
Risks to understand
- You can lose your entire investment — though never more than you put in on a spot token, unlike the leveraged CFD and perp venues above.
- Issuer risk: your token is a claim on Backed. If Backed became insolvent or the 1:1 backing failed, the token's value could break away from Tesla's price.
- Custodian risk: the real shares sit with Alpaca Securities (SIPC member, with Lloyd's of London coverage up to $175M aggregate across xStocks) — protection that is real but finite, and not the same as owning the share yourself.
- Off-hours price gaps: because TSLAX trades 24/7 but TSLA does not, the token can diverge from the reference price — Tesla is especially prone to sharp weekend moves around earnings and headlines.
- No shareholder rights and no retail redemption for the underlying Tesla 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.