Bending Spoons xStock bspx

Bending Spoons xStock (BSPx) is a tokenized representation of Bending Spoons S.p.A. equity. It is structured as a tracker certificate issued by Backed Assets (JE) Limited, rather than as the company’s ordinary share itself. The token is intended to track the price of the underlying Bending Spoons security (symbol BSP; underlying ISIN IT0005717696).

Each BSPx token is designed to be collateralized 1:1 by the corresponding underlying share held with regulated custodians. The certificate is represented on public blockchains and can be transferred like a blockchain token, including in fractional amounts. The BSPx product has ISIN CH1580497001.

BSPx is part of the xStocks product family, which aims to make equity exposure portable across exchanges, wallets and DeFi venues. It is available through supported platforms and networks rather than through a conventional brokerage account alone; the exact venue and jurisdiction determine whether a user can buy, withdraw, issue or redeem it.

The token gives economic price exposure, not ordinary-share ownership. Holders do not receive shareholder voting rights or direct information rights in Bending Spoons. Corporate actions such as dividends and stock splits are reflected through xStocks’ rebasing design instead of being delivered as ordinary shareholder distributions.

Traditional equity markets can be difficult to access across jurisdictions, trading schedules and settlement systems, particularly for investors who already hold crypto assets or want to use self-custody and on-chain applications. A tokenized certificate offers a blockchain-native format for transferring and integrating equity-linked exposure.

BSPx addresses this access and composability problem by pairing a regulated, collateralized certificate structure with ERC-20/Solana token rails. Secondary markets can operate outside traditional equity hours, and tokens can be moved to compatible wallets or used in supported DeFi integrations.

It does not eliminate investment or structural risk. BSPx can fall with the underlying stock, secondary-market liquidity and pricing can differ from the underlying market, and holders accept issuer, custodian, legal, counterparty, regulatory and smart-contract risks. The product is also not marketed or offered to U.S. persons and is restricted in other jurisdictions.

Backed Assets (JE) Limited issues BSPx as a tracker certificate, with Backed Finance AG acting as tokenizer. The underlying shares are held through listed broker/custody service providers, including Alpaca Securities, InCore Bank, Maerki Baumann and GTN Europe Financial Services, with custody arrangements intended to segregate collateral from the issuer’s ordinary assets.

On EVM-compatible chains BSPx uses the ERC-20 standard; on Solana it uses the SPL token standard. The product page identifies Ethereum, Solana and other supported EVM networks, while the xStocks documentation also describes native availability on Arbitrum, Mantle, TON, Ink and additional compatible networks. Holders can transfer tokens on-chain and, where supported, withdraw them to self-custodied wallets.

The market price on secondary venues is determined by supply and demand. xStocks secondary trading can be available 24/7 or 24/5 depending on venue, while direct issuance and redemption through the issuer generally operate 24/5 during U.S. market business days. Direct issuance or redemption is subject to eligibility, KYC and applicable fees; the xStocks FAQ states a $5,000 minimum for direct transactions.

Dividends are reinvested into additional units of the same asset, net of applicable taxes, and represented through a rebasing multiplier. On EVM chains balances adjust automatically; Solana uses its Scaled UI mechanism. Stock splits and reverse splits use the same process. The product currently states no management fee, although a fee of up to 0.25% annually may be introduced; issuance/redemption fees may be up to 0.50% of investment value.