Memecoin BONER locks up half of tokenized Hims & Hers shares on Robinhood Chain

A memecoin called BONER has absorbed over half of the tokenized shares of Hims & Hers Health on Robinhood Chain, causing the tokenized stock to trade at more than four times the price of the actual stock over the weekend.

With the New York Stock Exchange closed, the tokenized version of Hims & Hers reached $132.64 on Sunday night, while the real stock had closed at $28.84 on Friday.

How the tokenized stock was affected

A liquidity pool pairing BONER with the tokenized Hims & Hers stock, called HIMS, now holds 31,198 of the 58,714 tokenized shares in existence. This left only a small amount of HIMS available in other pools, where price discovery normally occurs. With little supply left to trade, even small buy orders pushed the price sharply higher.

By Monday afternoon, the price of HIMS had returned close to the actual stock price after new tokenized shares were issued and the NYSE reopened.

Key numbers

• 53% of all tokenized HIMS shares are locked in the BONER/HIMS pool.
• 83% of the total HIMS supply sits in Uniswap v4 pool contracts on Robinhood Chain.
• BONER’s price rose roughly 300-fold in less than a week, from $0.000138 on Aug. 27 to $0.04125 on Monday.
• At its peak, the tokenized HIMS traded at $132.64, compared to the stock’s $28.84 close on Friday.
• Hims & Hers has about 233 million real shares outstanding, but only 58,714 tokenized ones existed on Robinhood Chain as of Monday.

How tokenized stocks work on Robinhood Chain

Robinhood does not issue these tokens directly. Instead, a subsidiary buys the real shares, holds them with a U.S. custody partner, and issues tokens backed 1:1 by the underlying stock. Only one authorized participant, BBVI, can create or destroy these tokens, which keeps the on-chain supply very small.

On Monday, BBVI issued about 4,000 new tokenized HIMS shares in under an hour, most of which went into stablecoin pools, helping bring the token’s price back in line with the stock.

Why the price spike happened

With most tokenized HIMS locked in the BONER pool, the remaining supply in other pools became extremely thin. This made the price highly sensitive to even small trades. Over the weekend, with no live stock price to arbitrage against, the tokenized version surged. Once the NYSE reopened and new tokens were issued, the price returned to normal levels.

For comparison, Ondo Finance’s tokenized version of HIMS, with a much larger supply of 1.04 million tokens, tracked the actual stock price closely throughout the period.

Short squeeze claims

The BONER project references a potential short squeeze in Hims & Hers, which has about a quarter of its shares sold short. However, the project’s own documentation acknowledges that the current liquidity pool size is far too small to trigger such an event. The total tokenized HIMS supply represents only about 0.1% of the short interest in the actual stock.

What is still unclear

It is not clear whether BBVI will continue to issue new tokenized shares at the same rate or how frequently such interventions might occur in the future.

Sources

• The Defiant