I've been doing some research and it seems there are no circulating shares anymore Companies say they have "shares in circulation" but if a share can actually circulate, it's called a "bearer share" and it's banned in every jurisdiction What they have isn't shares in circulation, it's an owner registry You're not really buying and selling pieces of a company, you're buying and selling placements on a list There are tokens that track share ownership but they aren't actual ownership claims and they pre pay taxes on dividends Then there are tokens that say they're actual ownership claims, but they're not, because they don't pay dividends, they're just supposed to be held by whoever's actually registered All stocks are fundamentally worth 0