Experimental aircraft pilot reported as they began taxi toward the runway as cleared by ATC; who then told them to stop and directed an aircraft on final approach to go around.

Narrative

I was at the holding point for runway XX in ZZZ; after being instructed by the control tower few minutes prior. I was aware of a cleared to land traffic on runway XX. I understood from the control tower was instructing me to line up for runway XX; I read back the instruction and start to taxi for line up accordingly. Before entering the runway; I checked the final approach and saw other traffic; which raised my suspicion. I was assessing whether this traffic could pose a danger; and considering that the tower had not corrected my read back I continued. This assured me that the instruction was correct; and that the traffic on final approach was either scheduled to land after my departure or was a helicopter moving within its designated landing zone. At the same time; the tower instructed me to stop with the keyword 'STOP.' I immediately realized that my situational awareness was incorrect and that I was about to enter the active runway. I slowed down the aircraft to stop; and at the same time; I heard instructions for the landing aircraft to go around; which; it seemed; did not follow immediately. Seeing me decelerate; the tower continued to tell me to stop using the same keyword 'STOP;' repeated twice. I then applied hard braking; unfortunately causing damage to my aircraft. Shortly afterward; the aircraft on final approach executed a go-around. At the moment I stopped; I was approximately 100 to 150 feet from the runway.