Tokenized Stocks Can Trade Away From Share Price, Example Shows

The example matters less as a curiosity than as a structural warning: tokenized equities inherit two clocks—the token's mint/redeem schedule and the underlying market's hours—and the gap between them is where execution risk lives. Anyone holding these instruments outside regular equity hours is exposed to spreads and size-dependent slippage that the share price alone doesn't capture. The open question is whether venues converge on tighter redemption mechanics or simply normalize off-hours divergence as a cost of tokenization.