Research at @birdeye_data & @birdeye_so 🇻🇳🇺🇸🇨🇳🇰🇷 RWA and tokenized stocks.
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5 million holder accounts is headline number, because only 15% of those are unique wallets with balance of at least $1. Move the limit to $100, only 1.6% remain.
Brutal as it may seem, this is typical in a high-growth and fast-moving sector. Tokenized stock, in the end, is only 1.5 years old. Once it cools down and settles, heavier and more sustainable adoption will show.
Source: Birdeye Peak @birdeye_data. Nice one.
The median @coinbase stock holder has twice the balance of the median wallet across the six issuers.
The lowest is @BackpackOnchain at $3.51. All issuers' median is $4.58 and Coinbase is highest at $10.57.
Very small positions. We're still very early.
The tokenized stocks' wallet profile is drastically skewed. Half of all wallets hold less than $4.58, and 89% wallets hold less than $100 and 3 stock tokens.
On the other end, only 858 wallets across six issuers hold 26 tickers or more. That's 0.1% of the total.
On five chains we analyzed, more than 70% of wallets hold a single stock token, and 90.1% of all wallets hold tokens from one issuer only.
This is not because of lack of choice. @Ondo lists 458 products, five times @bstocksfinance' 91, and its wallets hold the same number of tickers. What tracks breadth is balance. 64% wallets hold less than $10 with an average of 1.9 tickers.
The typical holder is one position, not a portfolio.
DJ Hà Trang retweeted
Backpack Securities led all issuers by 24h volume, with $105M+ traded on a Sunday while traditional US markets were closed.
24/7 equity markets, natively on @Solana.
Build on Backpack 🎒
Source: @Birdeye_so
Measuring velocity N days since launch shows how issuers ramped. The race till day 120 is divided:
- @Backpack dominated from day 6 to day 19, thanks to its explosive launch with SPCX, then back to top 1 from day 89
- @coinbase took the lead from day 20 to day 56, printing huge volume with a small book
- @RobinhoodCrypto fit neatly in between, peaking at 7x turnover rate
More from our latest report on tokenized stocks below 👇
DJ Hà Trang retweeted
Within 16 months, tokenized stocks have grown from zero to a substantial RWA category with more than $3B in market cap across chains. Among issuers, top 6 emerges across 5 networks.
Key takeaways from our report:
1. The market grew 8x in a year with @BNBCHAIN now leading at $1.46B. @solana has the most holders holding at least $1 (446K) and most unique wallets (283K).
2. Of the $74B in spot DEX volume since Jul 2025, 88.24% came from June 2026 onward. Leadership rotated from @bstocksfinance in Jul & Aug to @RobinhoodCrypto in Sept.
3. The six issuers' tokens sit in 5M holder accounts, but only 1.2M hold at least $1. Robinhood leads on accounts with 1.6M, but bStocks leads on unique wallets with 217K.
4. Three issuers hold most of the value: bStocks, @Ondo & @xStocksFi each carry about $1B in market cap.
5. On the 9 stocks all six issuers list, four different issuers lead six measures: bStocks on market cap ($307M) and holders, @coinbase on 30-day volume ($794M) and 30-day turnover (86x), Robinhood on cumulative volume ($3.1B), and @Backpack on lifetime turnover (182.4x).
6. SPCX dominates the shared set, accounting for 54.3% of Core 9 volume & 55.1% holder accounts.
Read full report 👇
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Mostly because trading hours make up of only 19% of total hours per week. If you take average volume per trading hour versus per off-trading hour the result will be different.
Example: Coinbase stocks' off-hour volume took 59.3% total volume, but average volume per RTH runs 2.13 times average overall hour. Robinhood: 1.72 times.
Of course off-hour markets are real, but comparisons need to be fair.
More than half of trading in tokenized equities takes place outside regular market hours. The demand for 24/7 access is real. The challenge is building markets that are also deep, liquid, and resilient. Learn more in our GFSR chapter on tokenization: imf.org/en/publications/gfsr…
xitter.cf/djhatrang/status/21095… More on Coinbase example
Despite the promise of 24/7 trading, onchain tokenized stocks are still largely trading by regular NYSE hours. That's a natural and expected outcome for an onchain asset that pegs its price to a traditional asset that have trading hours.
Of course, thanks to onchain liquidity, off-hour price discovery still happen at a smaller scale. For Coinbase stocks on @base, RTH volume runs 2.13 times average hour of $1.90 million, while weekends and holidays ran at only 0.53 times. @RobinhoodCrypto runs 1.72 times its average in market hours.
Despite the promise of 24/7 trading, onchain tokenized stocks are still largely trading by regular NYSE hours. That's a natural and expected outcome for an onchain asset that pegs its price to a traditional asset that have trading hours.
Of course, thanks to onchain liquidity, off-hour price discovery still happen at a smaller scale. For Coinbase stocks on @base, RTH volume runs 2.13 times average hour of $1.90 million, while weekends and holidays ran at only 0.53 times. @RobinhoodCrypto runs 1.72 times its average in market hours.
Six weeks in, Coinbase's $28.58M book on @base is 3% of what six issuers hold in the same stocks, yet only two rivals out-traded it in late September. What we found:
- $2.06B has traded since the Aug 24 launch, 40.7% of it during New York's regular session, in under a fifth of the hours.
- 23 DeFi contracts hold 55% of the float. The largest, @aave V4's Equities Hub, holds $4.71M of the stock as collateral.
- The trading comes from wallets already there. First-time wallets supplied 0.7% of volume by late Sep.
A small book trading like a large one. Full issue of Onchain Happenings #7 👇
Solana, Ethereum, BNB Chain, Base, Hyperliquid
🔥 LONGITUDE: @Securitize's CSO Chongwu Du sees tokenized finance concentrating across a handful of blockchains, rather than a single network.
Which networks will make the cut?
DJ Hà Trang retweeted
Big milestone for @Backpack Securities: the cumulative trading volume across its tokenized assets has officially surpassed $5B.
Since launching its first flagship asset in June, Backpack Securities has expanded to 73 tokenized assets in just 4 months, covering a growing range of real-world exposures.
The pace is hard to ignore, and it highlights just how quickly tokenization is scaling on Solana.
Data powered by @birdeye_data.
