Gate has completed technical maintenance for TQQQ xStock (TQQQX) and Netflix xStock (NFLXX). Deposit and trading services for TQQQX and NFLXX will resume at 08:00 UTC on November 25, 2025.
During the maintenance, we addressed the impact of the underlying asset ProShares UltraPro QQQ (TQQQ) stock split on TQQQX tokens, as well as the Netflix (NFLX) stock split on NFLXX tokens. The following details are provided for user reference:
1. Underlying Stock Split Details
- TQQQ: Underwent a 1:2 stock split from 0:45 to 09:15 UTC on November 20, 2025. Each original share was split into 2 shares, with the per-share price adjusted to half of the original.
- NFLX: Underwent a 1:10 stock split from November 15 to 17, 2025. Each original share was split into 10 shares, with the per-share price adjusted to one-tenth of the original.
2. Token Handling
- To ensure market continuity and token system stability, the tokens themselves were not split. The total supply and user holdings remain unchanged.
- The token pegging relationship has been adjusted as follows:
TQQQX: Pre-split: 1 TQQQX token ≈ 1 TQQQ share. Post-split: 1 TQQQX token ≈ 2 TQQQ shares
NFLXX: Pre-split: 1 NFLXX token ≈ 1 NFLX share. Post-split: 1 NFLXX token ≈ 10 NFLX shares
On-chain display note:
- The on-chain value shown as "uiamount" differs from the actual token quantity held by users. The uiamount approximates the corresponding share quantity, not the actual token count (base amount). Token transfers will not affect actual holdings or transferred token quantities. No concern is needed regarding this display difference.
- Example: If the on-chain display shows a transfer of 20 TQQQX to Gate, the actual amount credited to Gate will be 10 TQQQX. Conversely, if you withdraw 10 TQQQX from Gate, the on-chain display will show 20 TQQQX. Similarly, if the on-chain display shows a transfer of 100 NFLXX to Gate, the actual amount credited will be 10 NFLXX. Withdrawing 10 NFLXX from Gate will show as 100 NFLXX on-chain.
3. Impact on User Holdings and Value
- Your token holdings remain unchanged.
- The Net Asset Value (NAV) represented by each token remains consistent before and after the stock split:
TQQQX:
Pre-split, 1 TQQQ share’s value was represented by 1 TQQQX token.
Post-split, the original 1 TQQQ share became 2 shares, and their total value is now represented by 1 TQQQX token. Thus, 1 TQQQX token now corresponds to the total value of 2 new shares.
NFLXX:
Pre-split, 1 NFLX share’s value was represented by 1 NFLXX token.
Post-split, the original 1 NFLX share became 10 shares, and their total value is now represented by 0.1 NFLXX tokens. Thus, 1 full NFLXX token now corresponds to the total value of 10 new shares.
4. Contract vs. Spot Price Differences
Due to different pricing benchmarks, perpetual contract prices and spot token prices may differ:
- Perpetual Contract Prices: Pegged directly to TQQQ/NFLX US stock prices, reflecting real-time fluctuations.
- Spot Token Prices: Calculated based on TQQQ/NFLX stock prices converted at the split ratio, aligning with the post-split pegging relationship (1 TQQQX token ≈ 2 TQQQ shares, 1 NFLXX token ≈ 10 NFLX shares).
5. Important Risk Notice Upon Trading Resumption
As the pricing basis for TQQQX has shifted from [per share] to [2 shares], and for NFLXX from [per share] to [10 shares], short-term market volatility may occur due to information asymmetry or sentiment fluctuations. Users must fully understand these changes, rationally assess risks, and make prudent investment decisions.
Gate Team
November 25, 2025
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