tokenized equities are being sold as a 3.75b USD market moving onchain through Base and DeFi. that is distribution, not depth. a listed wrapper is not the same as a liquid collateral asset. the collateral layer is the tell. CryptoTicker flags the 14 Oct 2026 Cerebras lock-up tranche: up to ~19.4m shares come free at 6:00 a.m. New York, after a same-size tranche on 30 Sep. the share price closed 8.87% lower on that prior release day. if the token is pledged in a margin account, the output is not a red portfolio line but a smaller credit line, possibly before europe is awake. so watch haircuts, loan-to-value, and whether providers can reprice before the underlying moves. a tokenized stock that prints is one thing; a tokenized stock that can be sold or borrowed against in size is another. if unlocks pass without collateral cuts or forced deleveraging, this risk stays theoretical. if providers cut loan-to-value or widen spreads, it is real.