In our recent Tokenised Equities Report, we analysed every holder of a tokenised equity across five of the largest issuers to understand who holds them, how they behave, and what this tells us about the market.

In this follow-on research, we explore Solana in depth to understand how the ecosystem has evolved, where we are today, and what’s ahead. If you haven’t read the full report yet, we recommend starting there.

Solana is one of the first ecosystems where tokenised stocks began to take root. xStocks minted its first stock token on Solana in June 2025. Fifteen months later, 680,606 addresses hold a stock token, $634M sits on the chain outside issuer-owned addresses, and September brought over $3B of trading, almost three times that of August.

In those 15 months the market has gone from one issuer's first mint to a major working corner of internet capital markets. The number of retail holders nearly tripled between May and September. The tokens already back loans on Kamino and price a new wave of memecoins on Solana's launchpads.

This research follows that evolution: how the market grew, who holds the tokens today and what they do with them, and what the SEC's new rules mean for what comes next.

Part 1. The tokenised equities landscape on Solana

In June 2025, when xStocks launched, Solana saw $1.3M of stock-token trading. By September 2026 it had climbed to over $3B a month, with $634M of tokenised stock held outside issuer-owned addresses. Today, xStocks still makes up the majority of the market, with 78% of the value held, but new entrants are quickly expanding the total. Backpack, which listed four or five new tokens a month through the summer, listed 54 in September alone, and players like PreStocks and Tessera are adding exposure to private companies like Anthropic and OpenAI.

Tokenised stock held outside issuer-owned addresses, weekly from June 2025 to the 30 September 2026 snapshot. Issuer inventory excluded.

Of the 680,606 addresses that hold a stock token, most hold less than $10 of any one token, and much of the rest belongs to programs rather than people: pool vaults, exchange and custodian wallets, and multisigs. Set those aside and 70,073 addresses hold $10 or more of a stock token in a wallet a person controls, about one in ten. Most of them arrived through an aggregator, which delivered the first stock token for 53% of addresses.

Left: from every address holding a stock token to the 70,073 wallets with $10 or more that a person controls. Right: how those wallets first received a stock token. Strike date 30 September 2026.

Total volume can be a misleading metric to understand market activity, since a handful of wallets can generate billions in volume in a day. July saw the largest volume of any month, but the majority came from 11th July, when a few dozen wallets minted the memory-chip ETF token DRAM, traded it back and forth hundreds of thousands of times through a propAMM, and burned it the same day. We therefore track organic trading, the trades of holders rather than machines, separately.

Organic trading reached about $1B in September, its highest month yet and more than four times any earlier month. The jump came with a new wave of retail traders, which Part 2 turns to.

Monthly onchain volume and its organic part, June 2025 to September 2026.

Part 2. Who holds them

Two groups stand out: a few hundred whales (positions above $100,000) who hold most of the value, and a fast-growing crowd of retail holders. Most whales purchased stock tokens directly, whereas retail more commonly came from memecoin venues.

Whales own most of the self-custodial stock tokens: 402 whale addresses held 70% of that value on 30th September. For 62% of them, a stock token was their first trade on Solana: they had made no swap on the chain before it, indicating that tokenised stocks are bringing new capital onto Solana, and it arrives in size. Around a quarter of what whales hold is in stock tokens of crypto-linked public companies such as Strategy, Circle, and Coinbase.

Retail is where the growth is. The number of retail holders almost tripled between May and September, most of that growth happened in September alone, while whales and large retail grew by about 60%. The biggest on-ramp was Solana's memecoin crowd: 42% of retail holders had traded on memecoin venues before their first stock token, and the Fomo app alone carried more than a third of September's organic trading. Tokenised stocks are reaching the chain's native retail users through the apps they already use.

Left: the 163,083 classified self-custody addresses holding a stock token on 30th September 2026, the value they held and September's trading, by holder type. Right: addresses worth $10 or more, by band and issuer.

Automated traders, the addresses trading at machine speed, did 44% of September's trading. Organic trading is nonetheless taking a growing share: almost a third in September, against about an eighth since launch.

Monthly onchain trading by the type of wallet that sent it, July 2025 to September 2026, and the organic share since launch. Organic includes the Fomo app's users.

About half of the positions in xStocks', Backpack's, and Ondo's tokens were still open three months after they were opened, whether counted by position or by the dollars that opened them.

Share of positions still open 7 to 90 days after opening, for positions opened at least 90 days before 30 September 2026, by issuer. Right: weighted by the dollars that opened them.

Part 3. What they do with them

One of the largest benefits of onchain finance is its composability: a token or position from one protocol can be reused in another. Solana's stock tokens already work this way, and the clearest use so far is credit: holders deposit them as collateral on Kamino and borrow stablecoins against them.

By 30th September, Kamino held $48.3M of stock tokens as loan collateral, 7.6% of the float, and the demand for that credit existed: in its xStocks market, 92% of the USDC on offer was lent out.

Half of this collateral on Kamino was Forward Industries' tokenised shares, issued through Superstate's Opening Bell.

Deposits rose with rewards: in the month after xStocks launched its points programme, xPoints, in March, the dollar value of stock deposited in its Kamino market nearly tripled, while the value of xStocks' largest tokens on the chain rose about 8% over the same weeks. Deposits grew far faster than the value of xStocks' largest tokens, consistent with existing holders moving tokens into lending.

Stock tokens posted as collateral in Kamino's three markets holding a Solana stock token, daily from July 2025 to 30 September 2026, with the March 2026 xPoints launch marked.

Each issuer's tokens found adoption through a different secondary market. Liquidity pools carry most of the volume for every issuer but Ondo, whose tokens trade almost entirely through Jupiter Z, the RFQ service by Jupiter. Two-thirds of xStocks' September volume went through Raydium's pools. Backpack's tokens are listed through Sunrise, which arranges their launch liquidity and their distribution across Solana's wallets, DEXs, and aggregators. Backpack's trading began mostly on propAMMs, which carried 77% of its June volume and 94% of July's, and has since moved towards liquidity pools: in September propAMMs carried only 32% of trading volume.

Monthly onchain volume by venue type for each issuer, June 2025 to September 2026, and the September split. Unpriced trades are counted but not valued, so Backpack's pool share is a floor and its propAMM share a ceiling.

Large xStocks trades cost far more at the weekend, when the underlying market is closed. At $500,000, a round trip (buying and selling straight back) through a leading Solana aggregator cost 8% at the weekend against 0.6% on a weekday. Although, smaller trades hardly show a difference: a $5,000 round trip cost under 0.3% on weekdays and weekends alike, and the same holds up to $25,000, so small and mid-sized traders pay about the same all week, whether or not the US market is open. This steadiness is a sign of a maturing market.

Cost of buying an xStocks token and selling it straight back through a leading Solana aggregator, by trade size, weekdays against weekends: the median of hourly quotes for 20 tokens, 4 August to 7 October 2026, including the aggregator's fee and excluding gas.

Developers are building products on top of stock tokens. Stripr splits an xStocks token into two, one for the share itself and one that collects its dividends, with one live market so far, and DividendX has shown a prototype of the same. Kraken's xStocks Vaults, built with Veda and Sentora, borrow against deposited xStocks on Kamino and pay the earnings back in the same stock. They launched on 14th September with an initial estimated 2% a year net on SPYx and QQQx, and 1.8% on NVDAx.

Then, in September, Solana's launchpads began pricing memecoins in stock tokens. Creators set up almost 100,000 memecoin pairs priced in a stock token instead of SOL, and at least $728M was traded through them in the month, about a quarter of all the onchain stock-token trading for September. The wave began on Raydium's LaunchLab, with the first stock-priced pair on 1st September and the rush from 5th September, and Pump.fun launched its own product, Custom Pairs, on 9th September. Every trade in those pairs is also a trade in the stock token that prices it, so the memecoin speculation became a source of stock-token flow.

Memecoin pairs launched each day in September 2026 with a stock token as the quote asset, by launchpad (left), and daily trading in them, by launchpad (right).

Pre-IPO tokens

Pre-IPO tokens extend the market to private companies such as Anthropic, OpenAI, and Anduril, usually through special-purpose vehicles (SPVs) that hold their shares. PreStocks and Tessera issue tokenised claims against these SPVs on Solana. The float is small, $16.5M at the end of September at Jupiter's 8th October prices, but it turns over fast: $253.6M traded onchain in the month, about 15 times the float, and memecoins priced in pre-IPO tokens added about $68M more in volumes on Raydium's LaunchLab.

This adoption comes with increased risk. In mid-May the Anthropic and OpenAI tokens fell by about 40% after Anthropic said that transfers of its shares to SPVs are void. A token's value rests on the SPV really owning the shares, and the company itself can dispute that ownership.

Part 4. What comes next

In September the SEC opened a regulated path for trading tokenised equities onchain. Its order of 17th September lets a "Tokenized Securities Venue" trade tokenised US stocks for five years through liquidity pools open only to approved wallets, with a cap on how much of each stock one venue may trade: up to 75 large stocks from the S&P 500, the Russell 1000, and the largest exchange-traded products (ETPs) at 0.25% of each stock's prior-month average daily volume, and up to 250 others at 2.5%. The order covers tokenised shares and excludes equity-linked notes and derivatives, so whether today's wrapped tokens such as xStocks would qualify is an open question. Our test asks what would happen if venues under the exemption reached the distribution that xStocks and Backpack have today: how much of Solana's market, which developed before these rules, would be consistent with these regulations?

Almost all of it would. Averaged over September, 460 of the 467 listed stocks traded on Solana sat inside one venue's cap, and even SPY used about a quarter of its cap.

Each dot is a listed stock traded on Solana in September 2026: its average daily Solana volume against the cap one venue would have under the SEC's order (0.25% of August's consolidated average daily volume for the large-stock tier, 2.5% for the rest). The test is in dollars and treats all of Solana's trading as one venue; the share-based version also gives 7. As daily trading in listed stocks more than doubled through the month, the stocks above the cap on a given day rose from about 3 to about 6.

This market structure will get tested as new venues are arriving. Securitize began trading tokenised US stocks on Solana on 8 October, after our 30 September cutoff, and OKXICE, a venture of OKX and the NYSE's owner ICE, gave notice on 4 October that it will trade more than 60 tokenised US stocks under the exemption. Congress has not yet stepped in: the CLARITY Act, its crypto market-structure bill, failed a Senate vote on 15 September, two days before the order, so the exemption is the operative path for now.

Fifteen months in, Solana's stock-token market is a working market. A few hundred whales hold most of the self-custodial value, and a retail base that almost tripled since May is arriving through the chain's own apps. The tokens already back loans on Kamino and price memecoins on the launchpads. And almost all of the market already fits inside the SEC's new per-venue caps, just as the first regulated venues arrive. The full picture across chains, and the method behind every number here, is in our Tokenised Equities Report.

This article is Arrakis Research, for informational purposes only. It is not investment advice, nor an offer or recommendation to buy or sell any asset.