'Money Mushroom' Moved A Nasdaq Penny Stock, But Its 'Tokenized Stock' Is A Memecoin Too

Shares of Farmmi, a Chinese supplier of dried mushrooms and bulk farm commodities listed on the Nasdaq Capital Market, traded as high as $0.50 on Wednesday from Tuesday's $0.1187 close, after a memecoin named for a mushroom variety in the company's own annual report began trading against its tokenized shares on Robinhood Chain.

But the token traders bought on Wednesday as tokenized Farmmi stock was created by one wallet, which minted the whole supply in a single transaction, kept 38% of it, and has spent the two days since adjusting the pools its price is read from. Farmmi's actual shares on the Nasdaq Capital Market rose as much as 321% while it traded, according to Nasdaq.

Nothing Connects Tokenized Farmmi with Actual Farmmi Shares

Nothing connects that token to a Farmmi share. Robinhood's own stock tokens are “tokenised debt securities issued by Robinhood Assets (Jersey) Limited,” and only an authorized participant may subscribe for them directly from that entity, according to Robinhood's developer documentation. That mint-and-redeem path is what holds their prices near the shares they reference.

This one has no issuer, no redemption and a fixed supply. Its two mint events both sit inside the deployment transaction, against 2,215 mints and 30 burns on Robinhood's HIMS token, and the wallet that created it has been calling a contract of its own to move the pools since. The pairing loop that traders on the chain have spent two months betting on ran, in its first apparent success, on an imitation.

This one has no issuer, no redemption and a fixed supply, and its price is managed by the wallet that created it. The pairing loop that traders on the chain have spent two months betting on ran, in its first apparent success, on an imitation.

Farmmi traded at $0.1474 at 2:28 p.m. ET, up 24.2% on the day after touching $0.50 at 10:45 a.m., with 806,801,403 shares changing hands against an average volume of 5,251,331, according to Nasdaq. That is 154 times the daily average. Nasdaq's own quote page carries an “out of compliance” flag on the listing.

Two Mints, Then Nothing

The FAMI token at 0x5D2e81cB3A6FECe856B824Dfd7e1d6D3dbaD8cd9 has two mint events in its entire history, both in the transaction that created the contract, at block 52,043,711. One sent 23,206,600 tokens to 0x5fD25Ceee9881C4704dEa6ce82B2d5e0401dC632 and the other 14,223,400, or 38.0%, to 0xd28d0b3dc4799D04E01A45f13b932ADAb89b7B0d, the address that deployed it. Supply has not changed since, according to Transfer logs read from the Robinhood Chain RPC.

Robinhood's HIMS token, by comparison, has 2,215 mint events and 30 burns. Every genuine stock token on the chain also carries the issuer in its name, from “NVIDIA • Robinhood Token” to “Hims & Hers Health, Inc. • Robinhood Token,” and holds a supply in the thousands: 56,974 NVDA tokens, 12,971 AAPL, 67,014 HIMS. This contract is named “Farmmi, Inc.” with no suffix, runs 1,916 bytes of code against the 283 bytes of Robinhood's proxies, and holds 37,430,000 tokens against the 37,434,077 Class A shares Farmmi reported outstanding after its June offering.

A search of the chain's token index returns one FAMI token, this one, with 2,696 holders. Robinhood brokers Farmmi shares to its customers. It has not issued a Farmmi stock token.

The trader who posts as bheau flagged the distinction on Wednesday morning, writing that “the typical flow of rh stocks (authorized participants can mint/redeem tokens to help arb the price) doesn't apply.”

The PoolRepricer

The deployer's address has 40 transactions, all of them from Tuesday 5:34 p.m. ET onward. Six created pools. Seven called Uniswap's PositionManager to modify liquidity, the most recent at 11:03 a.m. ET Wednesday. Two called reprice on a verified contract named PoolRepricer that the same wallet deployed, at 7:28 a.m. and 9:38 a.m. ET. Blockscout labels the token contract itself TokenizedStock.

The deployer's balance has fallen from 14,223,400 tokens to 906,981. The address holding the other 62% is down from 23,206,600 to 19,463,600.

Above The Dollar Line

The token and the stock traded apart all session. FAMI reached $1.83 in its USDG pool at 10:45 a.m. ET, the same five-minute bar in which the Nasdaq stock set its $0.50 high, and its five-minute highs stayed above $1.00 from 10:30 a.m. to 11:15 a.m., according to GeckoTerminal. Farmmi itself has to close at $1.00 or better for ten consecutive business days to cure a listing deficiency. Its token cleared the line for 45 minutes; the shares got halfway.

The token traded at $0.2135 at 2:28 p.m. ET, 45% above the stock, on $131.4 million of pool volume across 126,565 transactions.

Ninety Thousand Trades In Five Hours

Money Mushroom, ticker JINQIAN, deployed at 0xe81880c1C5054245e036359f5c7be31606E79F56 with a one billion token supply. Its pool against FAMI was created at 9:32 a.m. ET, two minutes after the Nasdaq open, and has turned over $92.0 million across 92,926 transactions from 9,255 buying addresses and 6,976 selling addresses, according to GeckoTerminal.

JINQIAN's first print was $0.00089 at 9:35 a.m. ET. It reached $0.0761 at 10:45 a.m., 85 times that, and traded at $0.0058 at 2:25 p.m., down 92% from the peak.

At least ten other memecoins launched against the FAMI token within half an hour of JINQIAN, including tokens ticking as FARMMI, MUER, FAMILY, GME and CASH CAT, DEX Screener records show. None cleared $300,000 in volume.

The Word In The Filing

The memecoin takes its name from Farmmi's product description. In its Form 20-F for fiscal 2025, filed Feb. 10, the company writes that “our Shiitake products include different varieties such as floral mushroom and Jinqian (‘money’) mushroom.” Farmmi supplies dried mushrooms and trades bulk cotton and corn out of Lishui, in Zhejiang province.

Farmmi's most recent filing with the SEC is a July 6 report on a $3.0 million share sale, according to EDGAR. The company has issued no statement on the token or the trading.

Ten Days Above A Dollar

Farmmi received a Nasdaq deficiency letter dated Aug. 11 for trading below $1.00 for 30 consecutive business days, the company said in an Aug. 12 press release. Under Listing Rule 5550(a)(2) it has until Feb. 8, 2027 to regain compliance, which requires a closing bid price of at least $1.00 for a minimum of ten consecutive business days. The company said it is monitoring the share price and evaluating options, and that any reverse split would have to be completed ten business days before the deadline.

Farmmi sold 7,000,000 Class A shares at $0.25 apiece plus pre-funded warrants for 5,000,000 more in a June offering underwritten by Aegis Capital, taking shares outstanding to 37,434,077, according to its prospectus supplement.

The Loop Traders Wanted

The pairing mechanism has been running on Robinhood Chain since July without moving an underlying stock. BONER, a token built around the short interest in Hims & Hers Health, held more than half the tokenized HIMS float in a single pool in late August without moving the stock. On Monday a pseudonymous account claimed to have bought 37.4% of an unnamed Nasdaq company at $0.12 a share specifically to run the trade, and filed no Schedule 13D describing it.

0xSammy, an account with 91,200 followers that publishes a newsletter tracking tokenized equities, described Wednesday's sequence as “onchain meme → tokenized stock demand → viral screenshots → offchain penny-stock buyers,” and wrote that the meme has not saved the listing.

Robinhood launched the chain's mainnet on July 1 as infrastructure for tokenized securities, and it passed Solana in tokenized stock volume via memecoin pairs by late July and Ethereum in daily app revenue on Aug. 29. Total value locked stands at $756.7 million and 24-hour DEX volume at $1.69 billion, according to DefiLlama.

Stock data via Nasdaq at 2:28 p.m. ET. Onchain figures via GeckoTerminal, Blockscout and the Robinhood Chain RPC at 2:28 p.m. ET on Sept. 2.