A memecoin built around the short interest in Hims & Hers Health has absorbed more than half of the tokenized shares of the company on Robinhood Chain, and with that float locked away the tokenized stock printed four and a half times the price of the actual equity over the weekend.
Robinhood's tokenized equities have a float small enough for a single memecoin launch to corner, and no way for an ordinary holder to expand it. Robinhood spent the summer pitching its Layer 2 as infrastructure for real-world assets; the tokenized stocks on it are now mostly collateral for memecoin pairs, and this weekend those pairs began setting the price of the wrapper.
BONER traded at $0.04125 at 17:06 UTC on Monday, up 1,054% over 24 hours, with a market capitalization of $41.3 million and $19.8 million of volume across its pools, according to DEX Screener. Its main pool pairs it against HIMS, the Robinhood Chain token that references Hims & Hers stock. That pool went live on Aug. 20. BONER closed Aug. 27 at $0.000138, which puts the move since at roughly 300-fold.
The mechanics come down to seven steps.
One. Robinhood does not issue tokenized stock itself. Robinhood Assets (Jersey) Limited, a Jersey subsidiary, buys the real share, parks it with a US custody partner and issues one token against it. Per Robinhood's Stock Tokens page, "every single Stock Token in circulation is backed 1:1 by the corresponding underlying equity."
