Micron Technology

• MUB is a tokenised bStock representing Micron Technology, Inc., giving price exposure to the underlying that can be traded around the clock.

• It is not a share. Holding the token does not confer ownership of the company, voting rights, or a direct claim against it.

• It offers fractional exposure without opening a foreign brokerage account, including outside US market hours.

• Founded: 1978

• Headquarters: Boise, Idaho, United States

• CEO: Sanjay Mehrotra

• Listed on: Nasdaq (MU)

• Sector: Memory semiconductors

• Micron manufactures DRAM and NAND flash memory for data centres, AI accelerators, smartphones and consumer devices.

• It is one of only three major DRAM producers globally, which concentrates pricing power but also exposes it to industry-wide capacity swings.

• High-bandwidth memory for AI accelerators has become the segment the market watches most closely.

• DRAM, including high-bandwidth memory for AI, is the largest product line.

• NAND flash supplies storage for data centres and devices.

• Data centre demand is now the main driver of results.

• You get price exposure to the underlying instrument.

• You do not get shareholder voting rights.

• Dividend or distribution treatment depends on the issuer's structure and is often not passed through.

• You take on issuer and custodian risk in addition to the price risk of the underlying.

Pros:

• It is a leading HBM supplier.

• It is the only major US-based memory maker, which supports government incentives.

• Tight supply has lifted memory prices.

Cons:

• Memory is deeply cyclical.

• New fabs require huge capital.

• It competes with SK hynix and Samsung.

• Counterparty risk: if the issuer or custodian fails, the backing may not be recoverable.

• Tracking risk: the token price can diverge from the underlying, particularly outside US market hours when the underlying does not trade.

• Liquidity risk: on-chain liquidity is thinner than the underlying market, so spreads can widen sharply.

• Regulatory risk: India does not yet have a settled framework for tokenised equities, and tax treatment remains unclear.

• Price risk specific to the underlying instrument.