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What is Sandisk Corporation (Coinbase Tokenized Stock) (SNDKc)?

Quick Facts

  • Token symbol: SNDKc
  • Blockchain: Base (Ethereum Layer-2 by Coinbase)
  • Token standard: B20 (Base-native ERC-20-compatible format)
  • Underlying asset: SanDisk Corporation common stock (NASDAQ: SNDK)
  • Custodian: Alpaca Securities (regulated broker-custodian)
  • Backing: 1:1 with real shares held in bankruptcy-remote structure
  • Availability: Eligible investors outside the United States
  • Issuer: Coinbase via its Coinbase Tokenize infrastructure

Introduction

SNDKc is a tokenized representation of SanDisk Corporation stock, issued by Coinbase on the Base blockchain. Each SNDKc token carries a direct, 1:1 claim on one share of SanDisk common stock — not a synthetic derivative or price-tracking instrument.

The token brings traditional equity ownership into the on-chain world, enabling 24/7 trading, DeFi composability, and self-custody for eligible investors who cannot easily access U.S. equity markets through conventional brokers.

History & Background

SanDisk Corporation (NASDAQ: SNDK) became an independent publicly traded company in February 2025, when Western Digital completed a spin-off of its flash memory division. Founded originally in 1988 and headquartered in Milpitas, California, SanDisk designs and manufactures NAND flash memory products including enterprise solid-state drives, embedded storage, memory cards, and USB drives.

Coinbase added SNDKc to its tokenized stock lineup in September 2026, as part of a second wave of equities following the initial August 2026 launch of four major tech stocks on Base.

How Sandisk Corporation (Coinbase Tokenized Stock) Works

SNDKc is built on the B20 token standard — a Base-native format that is ERC-20-compatible but engineered for real-world equity. When SanDisk issues a stock split or dividend, the B20 contract automatically adjusts user balances without altering the number of tokens in a wallet, protecting active DeFi positions from sudden liquidations.

Alpaca Securities acts as the regulated broker-custodian, holding the underlying shares in a bankruptcy-remote structure. This means token holders have a beneficial interest in real shares, not just price exposure.

Tokenomics

The token supply of SNDKc is dynamic — it expands when new shares are minted and contracts when tokens are redeemed. Each token in circulation corresponds directly to one underlying share in custody, maintaining a strict 1:1 ratio at all times.

Token utility is centered on equity ownership and DeFi composability: holders can trade, lend, borrow against, or simply hold SNDKc as they would any on-chain asset, while retaining beneficial rights to the underlying stock.

Circulating Supply ? 947 SNDKc
Total supply ? 947 SNDKc
Max supply ? -- SNDKc
Updated 2h ago

Ecosystem & Use Cases

SNDKc is integrated into the Base DeFi ecosystem at launch. Supported use cases include:

  • Spot trading via DEX aggregators like 0x, 1inch, and KyberSwap
  • Liquidity provision on Aerodrome
  • Lending and borrowing on Aave, Morpho, and Euler
  • MEV-protected swaps on CoW Swap
  • Perpetuals and options via Wasabi

These integrations allow SNDKc to function as productive collateral within DeFi, far beyond what a traditional brokerage account permits.

Team, Governance & Community

SNDKc is issued and managed by Coinbase through its Coinbase Tokenize infrastructure initiative, which handles issuance, management, and trading of tokenized securities on Base. Coinbase operates as a publicly listed U.S. company (NASDAQ: COIN) and is subject to applicable securities regulation.

Governance of the token itself follows the rules embedded in the B20 smart contract and the custodial agreement with Alpaca Securities, rather than a community DAO structure.

Advantages

  • 1:1 backed by real shares held with a regulated broker-custodian
  • 24/7 trading without the constraints of stock market hours
  • DeFi composability — use equity as collateral or in liquidity pools
  • Self-custody — store tokenized shares in a personal crypto wallet
  • Corporate action protection — B20 standard handles splits and dividends automatically

Risks & Challenges

  • Regulatory uncertainty — tokenized securities regulation is still evolving globally
  • Geographic restrictions — currently limited to eligible investors outside the U.S.
  • Custodian risk — reliance on Alpaca Securities for share custody
  • Underlying stock volatility — SNDKc price mirrors SNDK equity, which is sensitive to NAND pricing cycles and AI infrastructure demand
  • Smart contract risk — bugs or exploits in the B20 contract could affect token holders

Long-Term Vision

SNDKc represents Coinbase's broader ambition to bring the global equity market on-chain, replicating the open-access model that made USDC a cornerstone of DeFi. By tokenizing stocks like SanDisk, Coinbase aims to give any eligible investor worldwide seamless, programmable exposure to U.S. equities — bridging traditional finance and decentralized infrastructure on a single, permissionless network.

Frequently Asked Questions

SNDKc is a tokenized version of SanDisk Corporation (NASDAQ: SNDK) stock issued by Coinbase on the Base blockchain. Each token represents a 1:1 beneficial interest in one real SanDisk share held in regulated custody.

Alpaca Securities, a regulated broker-custodian overseen by the Abu Dhabi Global Market (ADGM), holds the underlying shares in a bankruptcy-remote custodial structure.

B20 is Base's native token standard that is ERC-20-compatible but built to handle corporate actions like stock splits and dividends. It automatically adjusts holder balances without changing the token count in a wallet, protecting DeFi positions.

SNDKc is available to eligible investors outside the United States. It is not available to U.S. residents due to regulatory restrictions on the sale of tokenized securities.

SanDisk Corporation (NASDAQ: SNDK) is a NAND flash memory company that was spun off from Western Digital in February 2025. It designs and manufactures enterprise SSDs, embedded storage, memory cards, and USB drives.

Yes. SNDKc integrates with multiple DeFi protocols on Base, including Aave and Morpho for lending, Aerodrome for liquidity, and 0x and 1inch for trading. Holders can use it as collateral or trade it 24/7.

Functionally similar in terms of beneficial ownership, but SNDKc lives on-chain and can be held in a crypto wallet, traded around the clock, and used in DeFi applications — capabilities not available through a traditional brokerage account.

Key risks include custodian counterparty risk, regulatory changes affecting tokenized securities, underlying stock price volatility tied to NAND flash memory cycles, and smart contract vulnerabilities in the B20 standard.