Farmmi tokenized stock is actually a Memecoin, with the total supply minted by a single wallet

On Wednesday, the stock price of Nasdaq-listed company Farmmi surged from Tuesday's closing price of $0.1187 to a high of $0.5, with an intraday increase of about 321%. The trigger was a Memecoin named after the mushroom varieties in the company's annual report (Money Mushroom, code JINQIAN) starting to trade against its so-called "tokenized stock" FAMI on the Robinhood Chain.

However, on-chain data shows that FAMI is not an official stock token from Robinhood: its total supply of 37,430,000 tokens (close to the total number of Farmmi's circulating shares) was generated in a one-time minting during the creation of the trade, with the deploying wallet retaining 38% and deploying a contract named PoolRepricer to manage the price itself, with no further changes to the supply thereafter. This token has no issuer, no redemption mechanism, and is completely unrelated to real Farmmi stock. In contrast, the official stock tokens from Robinhood are issued by Robinhood Assets (Jersey) Limited, and only authorized participants can subscribe and redeem.

In terms of market performance, FAMI reached a high of $1.83 in the USDG pool, and as of 2:28 p.m., it was priced at $0.2135, a 45% premium over the stock price, with a total trading volume in the related pool reaching $131.4 million; the trading volume of JINQIAN against the FAMI pool was about $92 million, and at least 10 more Memecoins were launched within the following 30 minutes.