🔍 Robinhood’s tokenized stock for GME traded at a premium of up to 10x at one point, with market makers running Mint arbitrage every minute.

The liquidity pool was only $200k—heavy buy pressure can push the price away from the spot price by 10x. That’s not a pricing error; it’s a normal phenomenon when liquidity is insufficient.
The key is the arbitrage mechanism: Mint/Burn permissions are only available to market makers that have completed KYB. On-chain data shows the official Mint address is almost constantly increasing supply every minute. Market makers are using real stocks/tokens to pull out liquidity, driving the premium back into a reasonable range.
This case highlights two points: 1) The on-chain liquidity depth of tokenized stocks is far less than that of centralized exchanges, so even small capital can create massive deviations; 2) As long as the arbitrage channel is open (Mint/Burn), the price quickly reverts.
For traders, this premium window is pure arbitrage opportunity, but the prerequisite is that you can obtain Mint permissions. Ordinary users can only watch prices fluctuate, or wait for market makers to fill the liquidity and then enter.
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