How a One-Week AMZNc Demo Splits a Stock Token in Two on Base

This is one small demonstration, not a general Base product. The series terms call it "a small live demonstration" and cap deposits at 0.4 AMZNc, about $96 of stock. As of 00:24 UTC on Nov. 1, 2026, Autolaunch's API showed 0.2 AMZNc (about $48) deposited, all in a single mint, and the series ends at the close on Friday, Nov. 6.

On Oct. 30, Sean Brennan wrote on X that his team split AMZNc on Base into an after-hours token and a market-open token. AMZNc is the tokenized Amazon share that Coinbase issues, listed on its Base stocks page. Brennan credited a post by 0xBeans for the idea and said his company, Regents, was the first to do this on Base. This guide explains the mechanism and the risks the terms list. It does not recommend buying or holding either token.

What the two tokens are

Coinbase says its tokenized stocks are "backed 1:1 by shares held in regulated custody," and that each token is a claim on a real share "held in regulated, bankruptcy-remote custody separate from Coinbase." They are available only in eligible jurisdictions outside the US and trade around the clock, weekends included. For how other products use these tokens, see our guides on borrowing against tokenized stocks, Pendle yield markets and PendleLoop's loop-to-long. The chain's entity page is Base.

The design comes from a paper titled "Isolated Exposure Tokens," which 0xBeans posted on Oct. 28 as three page images, credited to The Standard Reserve. The paper's premise is that a listed stock is held through a market that closes every day, so its return has not been separable into the part earned while the market is open and the part earned while it is shut. It cites a TradingView analysis of SPY from Jan. 29, 1993 to Nov. 15, 2025 showing +1,105.62% cumulative close-to-open against +26.84% open-to-close, and says it did not recompute those figures.

One share-token is split into two for a fixed term. According to the series terms, the After-hours token "gains or loses one share's dollar move from each close to the next open, weekends included," and the Market-hours token gains or loses it "from each open to the same day's close."

How the series works

Regents Labs' Autolaunch site runs the series Brennan linked. From the terms and the paper:

1. Deposit and mint. Depositing AMZNc gives the same amount of each token. Both start at half the AMZNc price and always add up to it.
2. Scheduled prices. The terms say each open and close is the latest value of the Coinbase AMZN Chainlink feed on Base at 09:30 or 16:00 New York time, not the exchange's official prices. The Autolaunch docs say anyone can record a price on chain starting an hour after its time.
3. Each token follows its own window. Per the paper, each token adds up its window's dollar moves on one share and does not compound. The terms say no move is counted when the market is closed or the feed is paused for a corporate action.
4. Pair redemption until the end. One of each token can always be returned for exactly one AMZNc. Before the end, a single token can only be sold to someone else.
5. At the end, each token redeems alone for a fixed share of AMZNc (the terms' example is 104/170 of one AMZNc), and its dollar value then moves with AMZNc.

A worked example (invented numbers)

These are round numbers for illustration, not market data, applying the terms' rule that the two tokens always add up to the AMZNc price. Start: AMZNc is $100 and each token is $50. An overnight move of +$4 makes the share $104, the After-hours token $54 and the Market-hours token $50. A session move of -$3 makes the share $101 and the Market-hours token $47. A further overnight -$2 makes the share $99, the After-hours token $52 and the Market-hours token $47. If the series ended there, the After-hours token would redeem for 52/99 of an AMZNc and the Market-hours token for 47/99.

What the terms say about exposure and loss

The paper's framing is that holding only the After-hours token gives exposure to the close-to-open moves of the underlying, and holding only the Market-hours token gives exposure to the intraday moves. The terms are more cautious about what that means in practice. They say that "at the start each token moves about twice as much as AMZNc in its own window, and this changes as prices move," and list as the first risk:

"A token can lose everything. If a price takes either token's value to zero or below, the series ends at that price and the other token receives all the AMZNc. Near zero, a move in the other window can also cost you."

The paper says there is no lender, margin or liquidation, and that the worst case for a holder is that the value of their own window is used up. The terms add that the Chainlink feed updates on a 0.5% move or at least daily while the market is open and can lag, so "a move the feed has not shown yet is counted in whichever window it appears, which can shift value from one token to the other." The terms also say that past returns of any stock in any window say nothing about future returns.

Other terms and risks

• Issuer controls. The terms say Coinbase controls AMZNc and can pause transfers, block addresses, change how many shares each token represents, or take tokens. If Coinbase blocks the series itself, "nobody can withdraw until it is unblocked."
• Early end. If a price cannot be recorded within seven days of its time, including when the feed has stopped for more than 84 hours, anyone can end the series at the last recorded values.
• Liquidity. The series page says swaps from USDC run through an Aerodrome router, accepting at least the pool's quote less 2%.
• Eligibility. The series page says it is "Available to eligible people outside the US."
• Audit and fees. Basescan showed "No Contract Security Audit Submitted" when checked on Nov. 1. The terms specify no fees.

Status as of 00:24 UTC, Nov. 1, 2026

The Autolaunch series list showed the first series as active, with 20,000,000 raw units (0.2 AMZNc, 8 decimals) deposited against a cap of 40,000,000, and one recorded price: the Oct. 30 close at about $240.27 per AMZNc, recorded at 21:02 UTC. An on-chain balance query on Base confirmed the contract holds that 0.2 AMZNc, and Basescan listed the contract as ExposureSeriesV1 with verified source, created Oct. 30, with a Settle and a Mint transaction that evening. The next scheduled price is the Nov. 2 open at 09:30 New York time (14:30 UTC). New York clocks go back on Nov. 1, so the Nov. 6 close at 16:00 falls at 21:00 UTC.

The series list API lists a pool for each token, each quoted at 120,135,625 in USDC base units, which is half the recorded close. That is a quote, not a record of trades.

A second AMZNc series is listed as pending with zero deposits. Its terms run from the Monday, Nov. 2 close to the Friday, Nov. 6 close, with 9 prices, and limit deposits to 40 AMZNc, about $9,600 at the Oct. 30 print. The other mechanics in those terms match the first series.

Who is behind it

Autolaunch's about page says Regents Labs, Inc. operates the site and names Sean Brennan as founder. Brennan's X profile says he is building Regents Labs, and the Regents Labs profile lists AutoLaunch among its products. The Autolaunch terms of use, dated Sept. 28, 2026, do not address this series. 0xBeans' 0xbeans ties the account to The Standard Reserve, which is credited on the paper. Brennan's first-on-Base claim is his own statement, and we found no independent source for it.

Not published

• Market trades and volume for either token. Pool quotes and recorded prices are public in the API, but we did not find trade history.
• Any independent audit of the contract. Basescan showed none submitted.
• Whether Regents was the first to offer this on Base.
• How the series would behave if Coinbase pauses or blocks AMZNc beyond what the terms list.

Sources

• Brennan's Oct. 30 post and 0xBeans' Oct. 28 post: the split, the credit, and the paper.
• Series page, first series terms, second series terms, docs and series list: mechanics, caps, risks and status.
• Basescan: contract name, creation date, holdings, audit status.
• Base stocks page: Coinbase's custody and eligibility description.