One stock, two tokens.
Thesis splits dividend-paying tokenized stocks into a price token and a dividend token — so you can own the price, own the dividends, or trade your exact view of either.
Built on Base. Non-custodial. Redeemable any time.
How the split works
Deposit once and the protocol mints both sides of the stock. Everything settles onchain, from your own wallet, at any hour.
Deposit a tokenized stock
Bring any supported STOCKc on Base. Under the hood it keeps auto-reinvesting its dividends into more stock.
Mint the pair
Receive pSTOCK — the price token — and dSTOCK — every dividend the stock earns, forever. Together they always equal your deposit.
Trade either side
Sell dSTOCK and pocket the dividends up front. Sell pSTOCK and go all-in on income. Or hold both and redeem the full stock any time.
Pick your side of the stock
Every split mints two tokens. Each one is a complete position on its own.
Pure price exposure. Because the dividend stream is stripped out and sold separately, pSTOCK costs less than the full stock.
- Equity at a discount — the same price upside for less capital.
- Perpetual and reversible — pair it with dSTOCK to reclaim the full stock, any time.
- Clean collateral — a hard claim on a real share, ready for the rest of DeFi.
The income stream alone: every payout the stock earns, for as long as you hold it, detached from its price.
- Income for cents on the dollar — collect a stock's dividends without buying the stock.
- Leveraged yield — the same capital buys many multiples of dividend exposure.
- A perpetual claim — no expiry, no rollovers. Think payouts get hiked? Buy the dividends, not the company.
What your brokerage will never offer
A broker sells you one product: the whole share, market hours only, in their custody. Splitting it opens positions equities have never had.
Stocks below spot
Every pSTOCK is the stock with its dividends stripped out — the same price exposure for less capital, and the freed-up difference is yours to deploy.
Dividends as an asset class
Income investors stop overpaying for payout stocks. A dSTOCK position is only the cash flow — no drawdowns on principal you never wanted.
Markets that never close
Mint, trade, and redeem 24/7 from your own wallet. Both tokens are B20s, composable with every protocol on Base — lend them, LP them, build on them.
No lockups, no permission
Recombine pSTOCK and dSTOCK into the full stock whenever you like. The split is always reversible, and nobody can gate the exit.
Pick a side of the stock.
Thesis splits the price from the dividends — so you can finally trade the exact view you hold.