Two very different legal positions
Owning SPY stock through a brokerage makes you a shareholder (or a beneficial owner through street name) with the rights that come with that. Holding the SPY token on Robinhood Chain makes you the holder of a tokenized debt security issued by Robinhood Assets (Jersey) Limited, referencing ISIN US78462F1030 — a claim on Robinhood Assets (Jersey) Limited, not direct ownership of the underlying shares. The issuer's stock-token page states this distinction directly.
What actually changes
A brokerage holds your share position through the regulated securities system, with the investor protections that come with it. A self-custody wallet holds a token and requires you to manage private keys, bridged ETH for gas, the token contract and swap execution yourself. The token can move on-chain outside U.S. exchange hours, but that doesn't guarantee a liquid market or a price identical to the stock's last close. Compare the final executable swap quote, not just a displayed midpoint.
Compare before acting
Check the exact contract address, available on-chain liquidity, spread, network costs and your jurisdiction's restrictions. Then read Robinhood Assets (Jersey) Limited's current terms rather than assuming a familiar ticker means identical rights to the underlying stock. View the SPY asset page for the wallet preview and a dated price snapshot. This comparison is educational, not an investment recommendation.