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What is Gamestop xStock (GMEX)?

Quick Facts

  • Issuer: Backed Assets (JE) Limited, a Jersey-based entity
  • Backed by: Real GameStop Corp. Class A shares, held 1:1 by a custodian
  • ISIN: CH1436219690
  • Regulatory framework: Liechtenstein Blockchain Act, overseen by the FMA
  • Chains: Solana (SPL) and Arbitrum (ERC-20)
  • Launched: June 2025 as part of the broader xStocks suite
  • DeFi compatible: Yes — transferable, swappable, and usable as collateral
  • Shareholder rights: Price exposure only; no voting or direct dividends

Introduction

Gamestop xStock (GMEX) is a blockchain-based tokenized tracker certificate that mirrors the price of GameStop Corp. (GME) shares. It is part of the xStocks product line created by Backed Finance, a Swiss-based company focused on bringing publicly traded real-world assets onto blockchain rails.

GMEX allows eligible users worldwide to gain price exposure to GameStop stock without opening a traditional brokerage account — all from a self-custody crypto wallet.

History & Background

Backed Finance began tokenizing real-world assets in 2022, initially focusing on treasury bond products. In 2025, the company launched xStocks — an expanded line of over 60 tokenized U.S. stocks and ETFs.

GMEX went live as part of this broader xStocks rollout in June 2025, which coincided with launch partnerships involving major exchanges and Solana DeFi platforms. Backed Finance was subsequently acquired by Kraken to help scale tokenized equities to a wider audience.

How Gamestop xStock Works

GMEX functions as a tracker certificate — a regulated financial instrument issued on-chain. Each token is backed 1:1 by actual GameStop Corp. Class A shares held by a licensed, third-party custodian in a bankruptcy-remote structure.

The token price tracks the underlying equity in real time. Users can buy, sell, transfer, or use GMEX in DeFi applications 24/7, well beyond traditional stock market hours. Redemption for the underlying asset's cash value is possible, subject to eligibility and fees.

Tokenomics

GMEX has no fixed supply cap — new tokens are minted when investors subscribe and burned when they redeem. This elastic supply model keeps the token closely pegged to the real-world share price.

The economic design features 0% management fees, with a 0.50% fee applied on both subscription and redemption. This aligns the token's cost structure with traditional tracker products while minimizing ongoing holding costs for users.

Circulating Supply ? 6,000 GMEX
Total supply ? 6,000 GMEX
Max supply ? -- GMEX
Updated 9mo ago

Ecosystem & Use Cases

GMEX is composable across DeFi protocols, including lending markets and liquidity pools. Users can trade it on centralized exchanges like Kraken and Bybit, withdraw to self-custody wallets, and deploy it within on-chain applications.

As part of the broader xStocks ecosystem, GMEX benefits from growing DeFi integrations and multi-chain availability across Solana and EVM-compatible networks like Arbitrum.

Team, Governance & Community

xStocks are issued by Backed Assets (JE) Limited, a Jersey-domiciled special-purpose vehicle. Backed Finance AG is headquartered in Zug, Switzerland and operates under a formal Liechtenstein FMA prospectus.

Governance is centralized at the issuer level, consistent with regulated securities products. The xStocks community is active on social media via the @xStocksFi Twitter/X account, where protocol updates and new listings are announced.

Advantages

  • 24/7 trading — access GameStop price exposure outside traditional market hours
  • DeFi composability — use GMEX as collateral or in liquidity strategies on-chain
  • Regulated structure — issued under a Liechtenstein FMA prospectus for legal clarity
  • Self-custody — tokens held directly in a personal wallet, not a brokerage account
  • Low fees — 0% management fee with transparent subscription and redemption costs

Risks & Challenges

  • No shareholder rights — holding GMEX does not confer voting rights or direct dividends
  • Eligibility restrictions — access is limited by geography and investor classification
  • Custodial risk — underlying shares depend on the security of a third-party custodian
  • Regulatory uncertainty — evolving global rules around tokenized securities could impact access
  • Liquidity — on-chain liquidity for individual xStock tokens may vary from the underlying equity market

Long-Term Vision

GMEX represents a building block in a broader vision where traditional equity markets and decentralized finance converge. Backed Finance aims to make every publicly traded asset available on-chain, composable with DeFi, and accessible globally without geographic or institutional gatekeeping.

As tokenized real-world assets gain regulatory clarity and deeper DeFi integrations, products like GMEX could redefine how retail and professional investors access traditional equities in a borderless, permissionless environment.

Frequently Asked Questions

GMEX is a tokenized tracker certificate issued by Backed Finance that mirrors the price of GameStop Corp. Class A shares. It is available as a blockchain token on Solana and Arbitrum, providing on-chain price exposure to the underlying equity.

Yes. Each GMEX token is backed 1:1 by real GameStop Corp. Class A shares held by a licensed, third-party custodian in a bankruptcy-remote structure. This ensures the token's value is directly tied to the underlying stock.

GMEX is issued by Backed Assets (JE) Limited, a Jersey-based entity. It operates under a Liechtenstein FMA prospectus within the Liechtenstein Blockchain Act regulatory framework, providing a formal legal basis for the tokenized instrument.

No. Holding GMEX provides price exposure to GameStop stock but does not confer voting rights or direct dividend payments. It is a tracker certificate, not direct share ownership.

GMEX is available on Solana (as an SPL token) and Arbitrum (as an ERC-20 token). Backed Finance has been expanding xStocks to additional EVM-compatible chains over time.

Yes. GMEX is designed to be composable with DeFi protocols, allowing users to trade, lend, borrow against, or provide liquidity with the token on compatible platforms. This is a key differentiator from traditional brokerage-held shares.

GMEX has a 0% ongoing management fee. A 0.50% subscription fee applies when minting new tokens and a 0.50% redemption fee applies when converting tokens back to cash value.

GMEX is available to eligible professional investors and certain retail participants depending on their country of residence. U.S. persons are generally excluded, and geographic restrictions apply based on the issuer's regulatory framework.