Shares of Farmmi, a Chinese supplier of dried mushrooms and bulk farm commodities listed on the Nasdaq Capital Market, traded as high as $0.50 on Wednesday from Tuesday's $0.1187 close, after a memecoin named for a mushroom variety in the company's own annual report began trading against its tokenized shares on Robinhood Chain.
But the token traders bought on Wednesday as tokenized Farmmi stock was created by one wallet, which minted the whole supply in a single transaction, kept 38% of it, and has spent the two days since adjusting the pools its price is read from. Farmmi's actual shares on the Nasdaq Capital Market rose as much as 321% while it traded, according to Nasdaq.
Nothing connects that token to a Farmmi share. Robinhood's own stock tokens are “tokenised debt securities issued by Robinhood Assets (Jersey) Limited,” and only an authorized participant may subscribe for them directly from that entity, according to Robinhood's developer documentation. That mint-and-redeem path is what holds their prices near the shares they reference.
This one has no issuer, no redemption and a fixed supply. Its two mint events both sit inside the deployment transaction, against 2,215 mints and 30 burns on Robinhood's HIMS token, and the wallet that created it has been calling a contract of its own to move the pools since. The pairing loop that traders on the chain have spent two months betting on ran, in its first apparent success, on an imitation.
