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https://www.wsj.com/finance/stocks/tokenized-stocks-prices-crypto-exchanges-856ea114

Want to Trade Amazon on a Crypto Exchange? The Price Might Be Off by 300%

Digital tokens tracking popular stocks such as Apple deviate wildly from underlying prices and raise concerns about lack of regulatory oversight

By

Alexander Osipovich

and

July 15, 2025 5:30 am ET

Illustration of New York Stock Exchange architecture imagery bound by a chain.

Illustration: Alexandra Citrin-Safadi/WSJ; Getty

Crypto companies have grand plans to reinvent the stock market using blockchain technology. They are off to a bumpy start.

Digital tokens designed to track popular stocks such as Amazon AMZN 0.30%increase; green up pointing triangle and Apple have deviated wildly from the price of the underlying shares since their launch two weeks ago. Robinhood Markets HOOD 1.65%increase; green up pointing triangle is facing scrutiny from its European regulator after it launched a token designed to let investors bet on OpenAI—without getting permission from the artificial-intelligence startup. And even some industry insiders fret that such “tokenized” stocks create opportunities for bad actors to engage in insider trading and market manipulation without getting caught.

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