book
The book separates pool price from real share inventory.
Pairs are kept as live-looking ledger entries: venue rail, reference drift, inventory, route state. The page is intentionally more desk than brochure.
Why the gap exists
A pool share is not the share.
A tokenized stock pool can move from buy pressure, venue liquidity and after-hours imbalance. The real equity is anchored by a primary market, a transfer agent, a broker and settlement rules.
Conversion spread
fillable lots over reference
RHOOD/NVDARobinhood Chain+2.82%18.4 shfillable
RHOOD/TSLAAMM pool+1.17%7.9 shqueued
RHOOD/COINafter-hours+4.45%3.2 shreview
RHOOD/MSTRthin pool+6.08%1.1 shguarded