Tokenized Alphabet Stock Falls 11.9% as GOOGL Sells Off After Hours
Tokenized versions of Alphabet's GOOGL shares fell sharply on decentralized trading platforms on Oct. 28, with a Robinhood-linked token dropping approximately 11.9% from its intraday high to its subsequent low. A separate tokenized Alphabet market on Solana recorded a similar decline, as selling extended beyond the U.S. stock market's regular trading session.
Data from GeckoTerminal shows the Robinhood GOOGL token reached $325.54 during the 4:01 p.m. ET minute before falling to $286.96 at 5:34 p.m. ET. The decline was calculated from the platform's dollar-denominated price candles. The token trades against the $USDG stablecoin in a pool on Robinhood Chain.
Alphabet's underlying Class A shares also declined during after-hours trading. Nasdaq data put the stock's low at $287.33 at 5:30 p.m. ET, close to the token market's trough. The parallel price movements show that both markets experienced substantial selling, but do not establish that decentralized platforms discovered a price unavailable on traditional exchanges.
GOOGL Selling Extended Beyond Regular Market Hours
Uniswap founder Hayden Adams commented on the move at 11:33 p.m. ET, writing, “GOOGL just dropped 10% onchain across the board.” He added, “Uniswap and tokenized stocks are where price discovery is happening.”
Nasdaq's regular trading session ends at 4 p.m. ET, while its after-hours session continues until 8 p.m. The initial token selloff began during this extended trading period. Nasdaq reported approximately 25.2 million Alphabet shares traded after hours, with a final price of $292.50.
Robinhood's asset metadata also identifies the underlying GOOGL equity as available for overnight trading. At 11:38 p.m. ET, its underlying-share quote endpoint displayed a bid of $293.11 and an ask of $293.22, with no trading halt reported. These figures represent quotes rather than completed transactions, indicating that the underlying market was not entirely unavailable after the regular session ended.
Trading Volume Across Uniswap and Solana
The Uniswap GOOGL/$USDG pool recorded approximately $603,000 in trading volume during the five-minute candle that began at 4 p.m. ET. A later GeckoTerminal snapshot showed approximately $585,000 in pool reserves. However, that reserve figure does not establish how much could have been traded at a specific price or reveal the pool's historical liquidity during the sharp decline.
A separate market on Solana also registered significant selling. The Raydium GOOGLx/USDC pool opened its 4 p.m. ET candle at $325.14 and reached $288.20 in the 5:25 p.m. candle. Trading volume during the first five minutes was approximately $374,000.
The data from these two pools demonstrate that selling occurred across separate tokenized Alphabet products and trading venues. They do not represent a complete measure of activity across every market offering tokenized exposure to Alphabet shares.
Tokenized Stocks Differ From Underlying Shares
The relationship between a tokenized stock and the actual equity remains important when interpreting price movements. Robinhood describes its stock tokens as debt securities that provide economic exposure to underlying shares but do not grant legal or beneficial rights against the issuer.
The Defiant has previously reported that the rights and trading arrangements attached to tokenized stocks vary by provider. Consequently, similar prices across tokenized and traditional markets do not, on their own, establish which venue led the selloff or determined the initial price adjustment.
The lower onchain valuation persisted into late evening. GeckoTerminal recorded a GOOGL/$USDG pool trade at $294.77 at 11:35 p.m. ET, approximately 9.3% below Alphabet's regular-session closing price of $324.89.
source: thedefiant
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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