NEST: Stale-Robust Tokenized-Stock Measurement for a Crypto-Treasury LETF Stack
NEST measures whether after-hours tokenized-stock marks add information beyond mechanical price overlap.
NEST is a measurement protocol for tokenized equities that trade while listed markets are closed, aimed at off-hours marks along Bitcoin, crypto-treasury stocks, and leveraged ETFs. It separates mechanical shared-history fit from remaining predictive value using a partial determination index and audit checks. For MSTRx, a MicroStrategy tracker, token-only R-squared of 0.916 shrinks to 15.7% of remaining opening-gap variation after controls; a Gate reconstruction gives 25.2%. NVDAX and AAPLX clear their frontiers, while TSLAX does not.
6