Tesla (Coinbase Tokenized Stock) (TSLAC): Uses and Risks

Tesla (Coinbase Tokenized Stock), ticker TSLAC, is an onchain certificate designed to provide economic exposure to Tesla shares. It is issued by Coinbase Onchain SPV Ltd, with the underlying shares held in a segregated custody account. The token represents a beneficial interest in the shares and related property held through that structure; it is not itself a Tesla share or a direct holding in Tesla Inc.

The token’s share-to-token ratio initially represents a 1:1 interest, but that ratio can change to account for distributions, fees, taxes, corporate actions and other adjustments. That means the token’s economics may not match a Tesla share in every respect. In particular, holding TSLAC does not by itself establish that you have the same rights as a registered Tesla shareholder. Review the product’s current terms to understand what rights and restrictions apply to your holding.

TSLAC is intended to track economic exposure to Tesla shares through an onchain security structure. Authorized Participants can create tokens by delivering underlying shares or subscription value. The tokenization infrastructure is operated by Onchain Marketplace Ltd, which also maintains the definitive legal ownership register in its capacity as a Central Securities Depositary.

Distributions from the underlying shares are generally reinvested after applicable taxes, fees and expenses. The resulting benefit is reflected through an adjustment to the share-to-token ratio, rather than necessarily being paid to each holder as cash. Public sources do not set out every holder’s eligibility, transfer or redemption terms, so do not assume that any wallet owner can redeem tokens directly for Tesla shares. Check the issuer’s current documentation and applicable local rules before acquiring or transferring TSLAC.

TSLAC is issued on Base. It is not a native network token and does not pay for Base transaction fees; users generally need the network’s gas token to move assets or interact with applications. Use a wallet or platform that explicitly supports this particular token on Base, and verify the asset and network before sending it. A similarly named token on another network may not be the same asset.

The reported circulating and total supply were both about 5,918 TSLAC as of 2026-11-05; no maximum supply is specified. Market figures are snapshots, not fixed terms: at that date, the reported price was about $377 and market capitalization about $2.2 million. These figures can change quickly and do not establish that tokens can be redeemed at that price or that a liquid market will always be available.

TSLAC carries risks beyond the price swings of Tesla shares. Its value depends on the underlying shares and on the token’s share-to-token ratio, which can be affected by expenses, taxes and corporate actions. There are also issuer, custody and legal-structure risks: the token is a certificate issued through an intermediary, not a direct shareholding. Availability, transferability and any redemption options may depend on eligibility rules and jurisdiction.

Onchain use adds smart-contract, wallet and network risks, including bugs, compromised keys, mistaken transfers and periods when Base or a supported service is unavailable. Secondary-market liquidity can be limited, and trading prices may diverge from the economic value of the underlying interest. Store TSLAC only in a Base-compatible wallet or service that supports this exact asset, protect recovery credentials, and verify the network and recipient before transferring. Read the issuer’s terms and consider whether you can accept the possibility of losing some or all of your funds.