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Read the multiplier: dividends and stock splits

xStocks never pay cash. When a company pays a dividend, the issuer buys more shares and raises a multiplier, so your balance grows. Splits work the same way. Here is how to read it.

  • 4 min read
  • Intermediate
  • Checked 29 Sep 2026
Best for
Holders who see a balance change, and anyone comparing an xStock's price with the stock's.
You'll need
  • An xStock in your wallet or at an exchange
Cost
Nothing extra; dividends are reinvested after withholding tax
Read the dividends and splits docs

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Worked example

SPYx's multiplier, dividend by dividend

SPYx multiplier on Solana · real data from the issuer's API

Start
1.000000Launch
Dividend
1.00099931 Oct 2025
Dividend
1.00256130 Jan 2026
Dividend
1.0039091 May 2026
Dividend
1.00571518 Jun 2026
NFLXx · stock split
Before, 16 Nov 20251 raw token = 1 NFLXx
Netflix splits 10 for 1multiplier 1 → 10
After1 raw token = 10 NFLXx

Same value, ten times the balance, 23:55 UTC on 16 Nov 2025.

Real data from the issuer's API: four reinvested dividends took SPYx's multiplier on Solana from 1.0 to 1.005715, so 100 tokens bought before the first dividend now show as 100.57 SPYx.

Step by step

  1. Know the rule

    Every xStock started with a multiplier of 1.0. A reinvested dividend or a split raises it; a reverse split lowers it. The balance you see is your tokens times the multiplier.

  2. Look it up

    The issuer publishes each token's multiplier and its full history through its public API. On a Solana explorer it sits in the token's Scaled UI Amount settings.

  3. Expect changes overnight

    A new multiplier is published on-chain, with its activation time, before it takes effect. The docs set 00:30 UTC on the day after the ex-date, but past changes have landed between 23:55 and 04:00 UTC. Venues are asked to pause trading the token briefly around it.

  4. If a balance looks ten times off

    Some apps show the raw on-chain amount instead of the scaled one. After Netflix's 10-for-1 split, 1 raw NFLXx shows as 10 NFLXx in wallets that apply the multiplier. The value is the same.

  5. Mind taxes

    Dividends are reinvested after withholding tax. How your own country treats the result is a question for a tax adviser.

Read the dividends and splits docs

Good to know

  • Dividends are reinvested into more of the same asset, net of withholding taxes, and the multiplier rises to match.[1][2]
  • SPYx's multiplier on Solana rose four times: to 1.000999 (31 Oct 2025), 1.002561 (30 Jan 2026), 1.003909 (1 May 2026) and 1.005715 (18 Jun 2026).[3]
  • NFLXx's multiplier moved from 1 to 10 at 23:55 UTC on 16 Nov 2025, for Netflix's 10-for-1 split.[4]
  • On EVM chains the contract adjusts balances itself; on Solana and TON the raw balance stays fixed and wallets apply the multiplier.[2][5]
  • The developer docs suggest venues pause for about 15 minutes before and after each activation.[5]
  • Holders have no legal right to dividends or votes; reinvestment is how the product passes dividend value on.[6]

Sources

  1. xStocks docs: Frequently asked questions docs.xstocks.fi/docs/frequently-asked-questions
  2. xStocks docs: Dividends and stock splits docs.xstocks.fi/docs/dividends-and-stock-splits
  3. xStocks API: SPYx multiplier history on Solana api.xstocks.fi/api/v2/public/assets/SPYx/multiplier/history?network=Solana
  4. xStocks API: NFLXx multiplier history on Solana api.xstocks.fi/api/v2/public/assets/NFLXx/multiplier/history?network=Solana
  5. xStocks docs: How xStocks handle dividends and splits (developers) docs.xstocks.fi/developers/multipliers
  6. Kraken: xStocks risk disclosure www.kraken.com/legal/xstocks
  7. Solana docs: Scaled UI Amount extension solana.com/docs/tokens/extensions/scaled-ui-amount

Checked on 29 Sep 2026. xStocks change; the linked pages are the source of truth.