Coinbase Tokenized Stocks are designed to give eligible non-U.S. investors onchain exposure to U.S. equities through tokens backed by corresponding shares held for an offshore special-purpose company. CEO Brian Armstrong said the products avoid synthetic and debt-based structures, provide conditional redemption and incorporate dividends, with voting functionality planned. The initial Base-native lineup launched on Aug. 24 with tokens linked to Apple, Nvidia, Meta and Alphabet, and Coinbase later added products tied to Amazon, Microsoft, Strategy, SanDisk, Tesla and privately held SpaceX. Prospectuses show that holders receive beneficial interests or claims through Coinbase Onchain SPV Ltd., rather than direct registration as shareholders, while redemption and voting depend on verification and other compliance requirements. The products are offered offshore under Regulation S and remain unavailable to U.S. persons.