---
title: "Who actually holds tokenised equities?"
type: research report
publisher: "Arrakis Research"
published: 2026-10-01
data_as_of: 2026-09-13
language: en-GB
canonical_url: "https://arrakis.finance/tokenized-equities"
markdown_url: "https://arrakis.finance/tokenized-equities.md"
cite_as: "Arrakis Research, Who actually holds tokenised equities?, 1 October 2026, https://arrakis.finance/tokenized-equities"
description: "In this report, we analysed every holder of a tokenised equity across five of the largest issuers to understand who holds tokenised equities, how they behave, and what this tells us about the market."
keywords: ["tokenised equities", "tokenised stocks", "onchain holders", "Ondo", "xStocks", "bStocks", "Robinhood", "Backpack", "whales", "retail", "farming", "automated trading"]
---

# Who actually holds tokenised equities?

## About this document {#about}

- **What this is:** The text version of the interactive research report at https://arrakis.finance/tokenized-equities, published by Arrakis Research on 1 October 2026. Prose follows the report; the data behind each chart is given as tables.
- **Cite as:** Arrakis Research, Who actually holds tokenised equities?, 1 October 2026, https://arrakis.finance/tokenized-equities
- **Data as of:** 13 September 2026. Every figure runs to this date unless its notes say otherwise.
- **Scope:** Five issuers (Ondo Stocks, xStocks, bStocks, Robinhood, Backpack) on four chains (Ethereum, Solana, BNB Chain, Robinhood Chain).
- **Disclosure:** The Legal disclaimer, which includes a statement of Arrakis's commercial interest, is the last section of this document: [Legal disclaimer](#legal-disclaimer).
- **Structure:** H2 is a document block (About, Contents, Introduction), a Part (I to IV) or a closing block (From Arrakis, Legal disclaimer); H3 is a numbered section (1.1 to 4.6); H4 is a sub-topic or a figure (H3 where it sits directly under the Introduction or a Part); H5 is an issuer profile. Every H3, H4 and H5 heading names the section it sits in, and every figure has a context line. Figure numbers run on their own sequence and do not match section numbers: Figure 1.4 is in Section 1.2. A bare reference such as "Section 1.4" always means a section.
- **Anchors:** Every Part, section and figure heading ends in a stable anchor id in braces, built from its number (for example part-i, section-1-4, figure-1-8). The contents list links to them.
- **Tables:** Each figure has a "What this shows" line, one or more tables built from the data behind the chart, and its "About this data" notes, which carry the method and caveats. Long series are sampled at month or quarter ends and the table says so.
- **Number conventions:** Dollar values are US dollars: m is million, bn is billion, and values under $1 million are in whole dollars. bp is basis points. A percentage or basis-point table uses one fixed number of decimals. n/a means the data has no value for that cell. Dates are day, month, year.
- **Spelling:** The report text uses British spelling ("tokenised"); the URL and some quoted sources use "tokenized".

**Key definitions, quoted from the report:**

- **Whale** ([Section 2.1](#section-2-1)): "We define a whale as any self-custodial address holding more than $100,000 of tokenised equities across the five analysed issuers."
- **Large retail** ([Section 2.2](#section-2-2)): "We define large retail as any self-custodial address holding between $10,000 and $100,000 of tokenised equities across the five analysed issuers."
- **Small retail** ([Section 2.3](#section-2-3)): "We define small retail as any self-custodial address holding between $10 and $10,000 of tokenised equities across the five analysed issuers."
- **Self-custodial** ([Figure 1.2](#figure-1-2)): "every address not labelled as an exchange, custodian, protocol, or infrastructure"
- **Farming** ([Section 1.4](#section-1-4)): "Farming is trading done for rewards paid on volume"
- **Organic trading** ([Figure 1.8](#figure-1-8)): "Organic trading is trading by addresses that are neither farming nor automated and have held $10 or more: the whales, large retail, and small retail of Part II."

## Contents {#contents}

- [Introduction](#introduction)
  - [Figure 0.1: Tokenised equity value over time, by issuer](#figure-0-1)
- [Part I: Understanding tokenised equities](#part-i)
  - [1.1 The Rise of Tokenised Equities](#section-1-1)
    - [Figure 1.1: Tokenised equities contracts](#figure-1-1)
    - [Figure 1.2: Self-custodial addresses](#figure-1-2)
  - [1.2 Nearly half of this market is held by an exchange or a custodian](#section-1-2)
    - [Figure 1.3: End user attributed float across issuers](#figure-1-3)
    - [Figure 1.4: Where each issuer's end-user value is held](#figure-1-4)
    - [Figure 1.5: End-user value by chain, Ondo and xStocks](#figure-1-5)
  - [1.3 Market Efficiency](#section-1-3)
    - [Figure 1.6: Round-trip price impact by venue and size](#figure-1-6)
    - [Figure 1.7: $1,000 round-trip price impact across the week](#figure-1-7)
  - [1.4 Where the Trading Happens, and How Much of It Is Organic](#section-1-4)
    - [Figure 1.8: Onchain trading volumes per issuer](#figure-1-8)
    - [Figure 1.9: Cumulative onchain trading volumes across issuers](#figure-1-9)
- [Part II: Who they are](#part-ii)
  - [2.0 How We Sorted Everyone](#section-2-0)
    - [Figure 2.1: Value held and onchain volumes split by band](#figure-2-1)
  - [2.1 Whales, >$100k](#section-2-1)
  - [2.2 Large Retail, $10k to $100k](#section-2-2)
  - [2.3 Small Retail, $10 to $10k](#section-2-3)
  - [2.4 Growth, Holdings and Trading by Band](#section-2-4)
    - [Figure 2.2: How each band has grown, by issuer and chain](#figure-2-2)
    - [Figure 2.3: What each band holds](#figure-2-3)
    - [Figure 2.4: How often each band trades onchain](#figure-2-4)
    - [Figure 2.5: How long each band keeps its positions](#figure-2-5)
    - [Figure 2.6: Where each band appears to be based](#figure-2-6)
  - [2.5 Farmers & Automated Trading](#section-2-5)
    - [Figure 2.7: Number of farmers by the week of their first and last bStocks trade](#figure-2-7)
    - [Figure 2.8: Onchain trading over value held](#figure-2-8)
  - [2.6 Exchanges and Custodians](#section-2-6)
    - [Figure 2.9: Exchange and custodian holdings by venue](#figure-2-9)
- [Part III: The Tokenised Equities Ecosystem](#part-iii)
  - [Figure 3.1: The tokenised equities ecosystem](#figure-3-1)
  - [Figure 3.2: Where each chain’s value sits, by issuer](#figure-3-2)
  - [3.1 Solana](#section-3-1)
    - [Figure 3.3: Tokenised equity supplied to lending markets and vaults, by chain](#figure-3-3)
  - [3.2 Ethereum](#section-3-2)
    - [Figure 3.4: Value held per address, by chain](#figure-3-4)
    - [Figure 3.5: What Ondo Ethereum’s whales hold through](#figure-3-5)
  - [3.3 BNB Chain](#section-3-3)
    - [Figure 3.6: Holders above the $10 floor, by chain](#figure-3-6)
    - [Figure 3.7: Where Ondo’s float sits on BNB Chain](#figure-3-7)
  - [3.4 Robinhood Chain](#section-3-4)
    - [Figure 3.8: New small holders each month, by issuer](#figure-3-8)
- [Part IV: What comes next](#part-iv)
  - [4.1 Memecoins](#section-4-1)
    - [Figure 4.1: Stock-token induced volume on Robinhood Chain](#figure-4-1)
    - [Figure 4.2: Stock tokens by the number of memecoin pools priced in them](#figure-4-2)
    - [Figure 4.3: Percentage of Flap payout recipients that retain their tokens](#figure-4-3)
  - [4.2 Innovations](#section-4-2)
  - [4.3 Looking forward](#section-4-3)
    - [Figure 4.4: Projected metrics](#figure-4-4)
  - [4.4 Data and citations](#section-4-4)
  - [4.5 Methodology and limits](#section-4-5)
  - [4.6 Acknowledgements](#section-4-6)
- [From Arrakis](#from-arrakis)
- [Legal disclaimer](#legal-disclaimer)

## Introduction {#introduction}

In this report, we analysed every holder of a tokenised equity across five of the largest issuers to understand who holds tokenised equities, how they behave, and what this tells us about the market.

**Report snapshot:** 13 September 2026 · 5 issuers · 4 chains · $2.29bn measured onchain

**Contributors:** rwa.xyz, CoinList, Dune, Allium, CoinGecko, RWA Foundation, Green Dots Research, @ZeusRWA, @stacy_muur.

### In this report you will learn (Introduction)

- [**Part I: Understanding tokenised equities.**](#part-i) How fast the market has grown, where the value is held, what it costs to trade, and how much of the trading is organic. Custody split of end-user value (Figure 1.3): Self-custodial 46% ($1.01bn); Exchange / custodian 44% ($974.2m); Protocol contract 10% ($231.5m).
- [**Part II: Who they are.**](#part-ii) Over 1.5 million addresses, sorted into six personas by how much they hold and how they trade. Covers: Growth rate by persona; How long they hold; Understanding farmers & automated trading.
- [**Part III: Issuers and ecosystems.**](#part-iii) Each chain and issuer holds a unique position in the market. Chains: Ethereum, Solana, Robinhood Chain, BNB Chain.
- [**Part IV: Looking forward.**](#part-iv) What to expect in the coming years.

Over the past year, tokenised equities have moved from early-stage experiment to one of the fastest-growing markets onchain. Most are backed by the underlying stock, held with a custodian, and track the listed share. Unlike a brokerage account, they trade around the clock, reach investors globally, increasingly provide after-hours and weekend price discovery, and plug directly into DeFi, enabling new financial instruments.

### Regulatory landscape (Introduction)

Regulation is beginning to take shape. The [CLARITY Act stalled in the Senate](https://www.cnbc.com/2026/09/15/senate-cloture-vote-on-clarity-act-fails-dealing-regulatory-setback-to-crypto-industry.html) on 15 September 2026, but two days later the SEC [opened a conditional route for venues trading tokenised shares](https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment), and ESMA [published its own assessment](https://www.esma.europa.eu/sites/default/files/2026-09/ESMA50-1949966494-4282_TRV_Risk_Monitor_2_2026.pdf) the week before. As the paths clear, more issuers than ever are launching and a global holder base is forming around them. Supply has grown more than fivefold over the past year, to $2.86 billion across eighteen platforms, according to [rwa.xyz](https://app.rwa.xyz/stocks).

### Figure 0.1 (Introduction): Tokenised equity value over time, by issuer {#figure-0-1}

*Context: Introduction.*

**What this shows:** Tokenised equity value over time, by issuer. Powered by rwa.xyz.

Sampled at the last weekly point of each month and the final point (13 Sep 2026). The full series has 68 weekly points.

**Table for Figure 0.1**

| Week ending | Ondo | xStocks | bStocks | Robinhood | Backpack | Securitize | Reality | Figure | Others |
|---|--:|--:|--:|--:|--:|--:|--:|--:|--:|
| 29 Jun 2025 | $0 | $3.05m | $0 | $699 | $0 | $268.2m | $0 | $0 | $56.6m |
| 27 Jul 2025 | $25,559 | $37.9m | $0 | $1.50m | $0 | $296.7m | $0 | $0 | $58.5m |
| 31 Aug 2025 | $42,572 | $56.3m | $0 | $2.99m | $0 | $226.6m | $0 | $0 | $53.3m |
| 28 Sep 2025 | $242.3m | $80.8m | $0 | $4.52m | $0 | $256.2m | $0 | $0 | $55.7m |
| 26 Oct 2025 | $253.9m | $115.0m | $0 | $6.54m | $0 | $228.5m | $0 | $0 | $61.0m |
| 30 Nov 2025 | $270.8m | $165.7m | $0 | $8.28m | $0 | $148.4m | $0 | $0 | $48.4m |
| 28 Dec 2025 | $311.3m | $184.7m | $0 | $9.15m | $0 | $135.5m | $0 | $0 | $43.2m |
| 25 Jan 2026 | $414.0m | $199.4m | $0 | $11.9m | $0 | $134.7m | $0 | $0 | $83.1m |
| 22 Feb 2026 | $462.0m | $211.2m | $0 | $14.1m | $0 | $88.6m | $0 | $25.7m | $65.7m |
| 29 Mar 2026 | $535.7m | $240.5m | $0 | $13.2m | $0 | $58.2m | $0 | $21.3m | $72.5m |
| 26 Apr 2026 | $680.9m | $333.0m | $0 | $18.2m | $0 | $88.8m | $0 | $26.0m | $82.0m |
| 31 May 2026 | $1.08bn | $467.7m | $0 | $19.0m | $0 | $78.8m | $41 | $28.5m | $82.8m |
| 28 Jun 2026 | $883.7m | $389.4m | $130.2m | $17.8m | $17.8m | $61.7m | $53.3m | $21.8m | $80.9m |
| 26 Jul 2026 | $857.4m | $461.7m | $478.8m | $42.6m | $21.0m | $245.2m | $120.1m | $191.5m | $91.4m |
| 30 Aug 2026 | $840.4m | $573.2m | $625.6m | $70.4m | $23.1m | $250.2m | $183.2m | $84.9m | $112.2m |
| 13 Sep 2026 | $832.6m | $589.6m | $652.7m | $173.0m | $26.5m | $284.0m | $151.1m | $83.0m | $97.0m |

**About this data:**

- rwa.xyz's Bridged Token Value in US dollars for every tokenised stock it tracks, from its API, retrieved 25 September 2026. Eighteen platforms hold value at the cutoff.
- rwa.xyz does not track Backpack. Its line is Backpack's onchain supply at its daily closing price, from our own data. The total at the top of the chart includes it.
- Sampled weekly from 1 June 2025 to 13 September 2026. rwa.xyz restates its history, so earlier reads can differ slightly.
- Others sums eleven platforms, 3.4% of the total at the cutoff: Superstate Opening Bell, WisdomTree, Dinari, Backed Finance, Centrifuge, Remora Markets, STOKR, ST0x, Swarm, Anchored and Plume Vaults.
- Data: rwa.xyz; Backpack from onchain balances via Dune and RPC providers including Helius, at Backpack’s daily closing prices.

### In this report (Introduction)

While the growth of this market is well documented, its holders are not. To understand them, we analysed five of the largest issuers:

- Ondo Stocks
- xStocks
- bStocks
- Robinhood
- Backpack

For each, we took every address that has ever held one of its tokens, grouped them into personas by behaviour and position size, and studied what each persona bought, how long it held, and how often it traded. Every figure below runs to 13 September 2026.

## Part I: Understanding tokenised equities {#part-i}

**The Landscape: Five issuers, four chains, and $2.22 billion in end-user value.**

We analysed the shape of the market to understand how it grew, where the value sits, what it costs to trade, and how much of the trading volume is organic.

### 1.1 The Rise of Tokenised Equities {#section-1-1}

*Context: Part I: Understanding tokenised equities.*

In the fifteen months since xStocks minted its first tokenised US equity, the five issuers' equity token contracts have gone from 60 to 2,344, covering 1,060 companies and funds.

#### Figure 1.1 (Section 1.1): Tokenised equities contracts {#figure-1-1}

*Context: Part I: Understanding tokenised equities > Section 1.1: The Rise of Tokenised Equities.*

**What this shows:** Tokenised equities contracts. Five issuers · weekly from June 2025 · last point 13 September 2026 · contracts first minted by each date.

Sampled at the last weekly point of each month and the final point (13 Sep 2026). The full series has 66 weekly points.

Table values: contracts first minted by each date, by issuer, and the distinct companies and funds they cover.

**Table for Figure 1.1**

| Week ending | Ondo | xStocks | bStocks | Robinhood | Backpack | Unique companies & funds |
|---|--:|--:|--:|--:|--:|--:|
| 29 Jun 2025 | 0 | 60 | 0 | 0 | 0 | 60 |
| 27 Jul 2025 | 41 | 60 | 0 | 0 | 0 | 83 |
| 31 Aug 2025 | 102 | 61 | 0 | 0 | 0 | 121 |
| 28 Sep 2025 | 102 | 62 | 0 | 0 | 0 | 122 |
| 26 Oct 2025 | 199 | 81 | 0 | 0 | 0 | 132 |
| 30 Nov 2025 | 199 | 81 | 0 | 0 | 0 | 132 |
| 28 Dec 2025 | 199 | 116 | 0 | 0 | 0 | 158 |
| 25 Jan 2026 | 465 | 116 | 0 | 0 | 0 | 226 |
| 22 Feb 2026 | 519 | 120 | 0 | 0 | 0 | 228 |
| 29 Mar 2026 | 662 | 148 | 0 | 0 | 0 | 289 |
| 26 Apr 2026 | 693 | 148 | 0 | 0 | 0 | 289 |
| 31 May 2026 | 703 | 175 | 0 | 0 | 2 | 312 |
| 28 Jun 2026 | 1,132 | 388 | 10 | 21 | 4 | 612 |
| 26 Jul 2026 | 1,169 | 641 | 46 | 93 | 8 | 853 |
| 30 Aug 2026 | 1,182 | 836 | 68 | 188 | 14 | 1,045 |
| 13 Sep 2026 | 1,190 | 848 | 74 | 188 | 44 | 1,060 |

**About this data:**

- A contract counts from its first mint: Ondo's attested mints on Ethereum, the first day onchain on BNB Chain, Robinhood Chain, and Backpack, the registry's recorded first mint on Solana, and the first delivery to bStocks' issuer contract.
- 235 Ondo contracts deployed but never minted by 13 September 2026 are left out.
- Only tokens on each issuer's own list count: 469 more minted by xStocks but absent from its public list are left out.
- xStocks is counted on Solana only; its contracts on Ethereum are not included.
- Companies and funds are matched across issuers on the ticker, with each issuer's suffix removed. Two Treasury ETFs filed as equities are left out, and seven companies listed under two tickers count once.
- Data: token contracts and first mints read onchain via Dune and RPC providers.

Contracts more than tripled in the past six months, with 923 first minted in June alone. Backpack on Solana is currently expanding fastest, with 30 new contracts in the first 13 days of September.

Across the 1,060 companies and funds, most are offered by a single issuer. Twelve are offered by all five, including SPCX, DELL, HIMS, IBM, and MSTR. AAPL, AMZN, and NVDA are on four of the five.

#### Addresses holding (Section 1.1)

Over the same fifteen months, self-custodial addresses holding a tokenised share climbed from 1,076 to 1.28 million.

#### Figure 1.2 (Section 1.1): Self-custodial addresses {#figure-1-2}

*Context: Part I: Understanding tokenised equities > Section 1.1: The Rise of Tokenised Equities.*

**What this shows:** Self-custodial addresses. Distinct addresses, each under the issuer of its largest position · month ends from June 2025 · last point 13 September 2026.

Self-custodial addresses at each month end and the final date. n/a: the issuer has no data at that date.

**Table for Figure 1.2**

| Date | Ondo | xStocks | bStocks | Robinhood | Backpack | Unique wallets |
|---|--:|--:|--:|--:|--:|--:|
| 30 Jun 2025 | n/a | 1,076 | n/a | n/a | n/a | 1,076 |
| 31 Jul 2025 | 6 | 24,253 | n/a | n/a | n/a | 24,259 |
| 31 Aug 2025 | 48 | 25,617 | n/a | n/a | n/a | 25,665 |
| 30 Sep 2025 | 1,160 | 31,812 | n/a | n/a | n/a | 32,972 |
| 31 Oct 2025 | 4,469 | 42,602 | n/a | n/a | n/a | 47,071 |
| 30 Nov 2025 | 8,250 | 46,054 | n/a | n/a | n/a | 54,304 |
| 31 Dec 2025 | 12,141 | 51,600 | n/a | n/a | n/a | 63,741 |
| 31 Jan 2026 | 23,963 | 57,666 | n/a | n/a | n/a | 81,629 |
| 28 Feb 2026 | 29,382 | 60,557 | n/a | n/a | n/a | 89,939 |
| 31 Mar 2026 | 30,629 | 76,165 | n/a | n/a | n/a | 106,794 |
| 30 Apr 2026 | 34,261 | 82,024 | n/a | n/a | n/a | 116,285 |
| 31 May 2026 | 41,650 | 97,626 | n/a | n/a | n/a | 139,276 |
| 30 Jun 2026 | 64,287 | 143,823 | 30,491 | 31 | 8,513 | 247,145 |
| 31 Jul 2026 | 70,140 | 152,308 | 102,963 | 49,692 | 10,082 | 385,185 |
| 31 Aug 2026 | 114,737 | 176,999 | 302,441 | 172,458 | 24,497 | 791,132 |
| 13 Sep 2026 | 123,610 | 268,221 | 420,405 | 391,512 | 76,950 | 1,280,698 |

**About this data:**

- Each address counts once, under the issuer of its largest position, so the five issuer lines add up to the dashed total.
- Self-custodial follows the custody split in Section 1.2: every address not labelled as an exchange, custodian, protocol, or infrastructure. About 187,000 addresses at the cutoff have a role we could not determine, and they count as self-custodial.
- A position is any balance above zero. Of the 1.28 million addresses at the cutoff, about 193,000 hold $10 or more.
- xStocks covers all 1,317 of its Solana equity tokens, and its Ethereum tokens from August 2025. Ondo covers Ethereum and BNB Chain.
- An address holding only commodity, bond or crypto funds is not counted, on any issuer. Neither is a Solana address controlled by a program rather than a key (a pool, market or vault), unless it is an identified multisig.
- The last point is 13 September 2026, thirteen days after the August month end.
- Data: onchain balances via Dune and RPC providers including Alchemy and Helius; exchange and custodian labels from Etherscan and Blockscout.

### 1.2 Nearly half of this market is held by an exchange or a custodian {#section-1-2}

*Context: Part I: Understanding tokenised equities.*

We measured $2.29 billion of tokenised equity held onchain across five major issuers. Of that, **$2.22 billion is end user funds**, with ~$70.8 million belonging to market makers, routers, token contracts, launchpads, and bridges.

#### Figure 1.3 (Section 1.2): End user attributed float across issuers {#figure-1-3}

*Context: Part I: Understanding tokenised equities > Section 1.2: Nearly half of this market is held by an exchange or a custodian.*

**What this shows:** End user attributed float across issuers. Five issuers · holdings at 13 September 2026.

**Table for Figure 1.3**

| Measure | Value (US dollars) |
|---|--:|
| Measured float | $2.29bn |
| Issuers, market makers and infrastructure (removed) | $70.8m |
| End-user value | $2.22bn |
| End-user value, of which Self-custodial | $1.01bn |
| End-user value, of which Exchanges and custodians | $974.2m |
| End-user value, of which Protocol contracts | $231.5m |

**About this data:**

- An address nobody has labelled reads as self-custodial, so the exchange and protocol shares are floors and the self-custodial share is a ceiling.
- Tokens an issuer or its delivery wallets hold unsold are the issuer's inventory and are not counted, not even in the measured total.
- Commodity, bond, and crypto-fund tokens are not tokenised equities and are left out on every issuer.
- Holdings cover Ondo on Ethereum and BNB Chain, xStocks on Solana (all 1,317 of its equity tokens) and Ethereum, bStocks on BNB Chain, Backpack on Solana, and Robinhood on Robinhood Chain. xStocks on five smaller EVM chains and BNB Chain ($19.6 million) and Ondo on Solana ($28.3 million) are outside the count.
- A Solana address controlled by a program rather than a key is a pool, market, vault or multisig. Those without a label count as protocol contracts; identified multisigs count as self-custodial.
- Data: onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers; address labels from Etherscan and Blockscout.

Around half (46%) of all end-user value is held in self-custodial wallets, 44% is held in exchanges or custodial wallet products, and the remaining 10% is deployed into protocol contracts like lending markets and liquidity pools.

Whether funds are self-custodial or in an exchange depends almost entirely on the issuer. Self-custody runs from 80% on Ondo to 8% on bStocks. Of the $626.6 million that bStocks holders own, 83% is held at Binance.

#### Figure 1.4 (Section 1.2): Where each issuer's end-user value is held {#figure-1-4}

*Context: Part I: Understanding tokenised equities > Section 1.2: Nearly half of this market is held by an exchange or a custodian.*

**What this shows:** Where each issuer's end-user value is held. End-user value per issuer · holdings at 13 September 2026.

**Table for Figure 1.4**

| Issuer | End-user value | Self-custodial | Exchange or custodian | Protocol contract |
|---|--:|--:|--:|--:|
| Ondo | $781.6m | $623.5m | $155.3m | $2.89m |
| Backpack | $25.5m | $11.6m | $0 | $13.9m |
| Robinhood | $135.9m | $38.2m | $9 | $97.7m |
| xStocks | $650.1m | $290.9m | $286.1m | $73.1m |
| bStocks | $626.6m | $49.9m | $532.8m | $43.9m |

**About this data:**

- An address nobody has labelled reads as self-custodial, so the exchange and protocol shares are floors and the self-custodial share is a ceiling.
- xStocks covers every xStocks equity token on Solana (1,317) and on Ethereum. Eleven Solana tokens with no price are carried at zero.
- xStocks' exchange and custodian share sits in the wallets of Kraken, OKX, Gate, Bybit, and Fireblocks. Backed, its issuer, holds none of it.
- Data: onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers; address labels from Etherscan and Blockscout.

Ondo's 80% is the combined total of Ethereum and BNB, though the two differ considerably. xStocks shows the same split: its Ethereum value is mostly self-custodial, while on Solana most sits on exchanges.

#### Figure 1.5 (Section 1.2): End-user value by chain, Ondo and xStocks {#figure-1-5}

*Context: Part I: Understanding tokenised equities > Section 1.2: Nearly half of this market is held by an exchange or a custodian.*

**What this shows:** End-user value by chain, Ondo and xStocks. End-user value on each chain, Ondo Stocks and xStocks · holdings at 13 September 2026.

**Figure 1.5, Panel: Ondo**

| Chain | End-user value | Self-custodial | Exchange or custodian | Protocol contract |
|---|--:|--:|--:|--:|
| Ethereum | $507.6m | $492.0m | $13.4m | $2.09m |
| BNB Chain | $274.1m | $131.4m | $141.8m | $799,292 |

BNB Chain: $140.6m of the exchange or custodian value is Binance Alpha (custodial).

**Figure 1.5, Panel: xStocks**

| Chain | End-user value | Self-custodial | Exchange or custodian | Protocol contract |
|---|--:|--:|--:|--:|
| Ethereum | $163.6m | $144.2m | $11,124 | $19.4m |
| Solana | $486.5m | $146.7m | $286.1m | $53.7m |

**About this data:**

- An address nobody has labelled reads as self-custodial, so the exchange and protocol shares are floors and the self-custodial share is a ceiling.
- Data: onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers; address labels from Etherscan and Blockscout.

Binance Alpha's [custodial wallet](https://www.binance.com/en/academy/articles/what-is-binance-alpha), where tokens bought from a Binance account balance sit, holds $140.6 million of Ondo BNB's supply, accounting for the difference.

Robinhood has no exchange listing and so no supply in exchange custody. Most of its end-user value is held in protocol contracts, split primarily between [Uniswap](https://uniswap.org) and [Lighter](https://lighter.xyz).

### 1.3 Market Efficiency {#section-1-3}

*Context: Part I: Understanding tokenised equities.*

Tokenised equities primarily trade through either a centralised exchange order book or onchain, where a trade meets a liquidity pool or a price quoted by a market maker or the issuer. Which is cheaper depends on the issuer, the trade size, and the day of the week.

#### By trade size (Section 1.3)

For Ondo and xStocks, a centralised exchange order book is cheapest at small size. A $100 round trip in Ondo costs 2 basis points on MEXC, against 12.8 on Ondo's own quote. Above $100 the order reverses: Ondo's quote holds its price up to $20,000 while centralised exchange books widen. For xStocks, Bybit's book is cheapest at every size.

#### Figure 1.6 (Section 1.3): Round-trip price impact by venue and size {#figure-1-6}

*Context: Part I: Understanding tokenised equities > Section 1.3: Market Efficiency.*

**What this shows:** Round-trip price impact by venue and size. Buying and selling back the same amount at once, median across each venue's tokens · US session, 31 August to 7 September 2026 · before exchange fees, gas and venue fees.

Columns are the round-trip trade size; each cell is price impact in basis points (bp).

n/a: no reading for that venue at that size.

**Figure 1.6, Ondo** (values in basis points)

| Venue | $100 (bp) | $1,000 (bp) | $10,000 (bp) | $20,000 (bp) | $100,000 (bp) |
|---|--:|--:|--:|--:|--:|
| Gate | 37.4 | 40.1 | 41.2 | 44.0 | 68.7 |
| Kyber | 54.6 | 84.0 | n/a | n/a | n/a |
| MEXC | 2.0 | 19.4 | 21.6 | 26.9 | 80.8 |
| Ondo | 12.8 | 12.8 | 12.8 | 12.8 | n/a |
| Toobit | 22.1 | 24.5 | 41.8 | 46.1 | 81.9 |
| UniswapX | n/a | 114.4 | 39.9 | 36.7 | n/a |

**Figure 1.6, xStocks** (values in basis points)

| Venue | $100 (bp) | $1,000 (bp) | $10,000 (bp) | $20,000 (bp) | $100,000 (bp) |
|---|--:|--:|--:|--:|--:|
| Bybit | 3.8 | 3.9 | 9.3 | 10.5 | 11.4 |
| Gate | 68.6 | 74.2 | 83.5 | 101.0 | 251.2 |
| Solana aggregator | 25.1 | 23.0 | 27.7 | 30.2 | n/a |
| MEXC | 7.9 | 11.7 | 69.9 | 175.8 | n/a |
| Toobit | 23.6 | 26.0 | 60.1 | 79.4 | 175.1 |

**Figure 1.6, bStocks** (values in basis points)

| Venue | $100 (bp) | $1,000 (bp) | $10,000 (bp) | $20,000 (bp) | $100,000 (bp) |
|---|--:|--:|--:|--:|--:|
| Binance | 9.0 | 15.1 | 29.8 | 33.3 | 49.6 |
| Kyber | n/a | n/a | 6.1 | 7.4 | n/a |
| bStocks onchain | 5.9 | 8.2 | n/a | n/a | 27.5 |
| Toobit | 16.2 | 25.4 | 63.5 | 84.5 | 380.0 |

**Figure 1.6, Robinhood** (values in basis points)

| Venue | $100 (bp) | $1,000 (bp) | $10,000 (bp) | $20,000 (bp) | $100,000 (bp) |
|---|--:|--:|--:|--:|--:|
| Arcus | 14.2 | 14.2 | 17.3 | 18.3 | n/a |
| Kyber | n/a | n/a | 11.5 | 17.2 | n/a |
| Rialto | 9.9 | 19.5 | 74.4 | 84.6 | n/a |

**About this data:**

- Exchange taker fees are left out: they depend on the trader's tier and are not in the data. Onchain gas and bStocks' onchain fee are left out, as exchange taker fees are.
- xStocks quotes through Kyber and UniswapX above $100 price a small bridged copy of its tokens on EVM chains, not its Solana market, and run into thousands of basis points. They are left out, as are cells with fewer than three tokens or thirty observations.
- Robinhood has no centralised exchange listing, so no order book to compare. Backpack has no quote collection.
- LI.FI stopped quoting these tokens on 28 August, before this week opens, so it is not shown.
- Almost all UniswapX quotes come from two of the week’s five trading days, 31 August and 4 September.
- bStocks onchain is Native, a decentralised exchange on BNB Chain.
- Centralised exchange order books are as each exchange reports them, and cannot be checked against public chain data as onchain pools can.
- Ondo's own quote and Arcus are quoted venues rather than aggregators: a price made on request, not a route through pools. Otherwise they differ: Ondo's is its own signed price, and Arcus is an RFQ venue running on Robinhood Chain. Ondo’s quote carries any fees it charges, and gas is left out, as on every onchain route.
- Data: order books from Binance, Bybit, Gate, MEXC, and Toobit; quotes from Ondo, Arcus, Kyber, UniswapX, a leading Solana aggregator, Rialto, and Native. Powered by Uniswap Labs.

#### The weekend (Section 1.3)

When the US market closes, liquidity on tokenised US equities thins. After 20:00 ET on Friday, when after-hours trading in the underlying stock ends, Ondo's quote rises from 13.3 to 23.1 basis points and centralised exchange books nearly triple, while xStocks' main onchain route holds its weekday level through the weekend.

On weekday nights the underlying share still trades on overnight venues, but from 20:00 ET on Friday until 20:00 on Sunday nothing trades or clears it. A market maker that buys a token on Friday night cannot offset it or check its price until Sunday, so it widens the quote or steps back.

[Ondo's](https://docs.ondo.finance/ondo-stocks/off-hours-trading) and [Kraken's](https://support.kraken.com/articles/xstocks-faq) own documentation both warn that spreads widen while the US market is shut, and [BNB Chain's guide for market makers](https://www.bnbchain.org/en/blog/bnb-chain-market-making-landscape-liquidity-venues-how-to-integrate) says bStocks quotes can be unavailable.

#### Figure 1.7 (Section 1.3): $1,000 round-trip price impact across the week {#figure-1-7}

*Context: Part I: Understanding tokenised equities > Section 1.3: Market Efficiency.*

**What this shows:** $1,000 round-trip price impact across the week. Median $1,000 round trip, 16:00 to 24:00 ET, by day · one observed week, 31 August to 7 September 2026.

Values in basis points.

**Table for Figure 1.7**

| Route | Mon to Thu (bp) | Fri, to 20:00 ET (bp) | Fri, after 20:00 ET (bp) | Sat (bp) | Sun (bp) |
|---|--:|--:|--:|--:|--:|
| Ondo's own quote | 13.30 | 11.32 | 23.10 | 24.62 | 24.02 |
| Solana aggregator | 23.57 | 24.45 | 22.83 | 25.52 | 21.84 |
| Centralised exchange books | 19.43 | 19.26 | 53.91 | 56.57 | 56.28 |

Chart annotation: US after-hours close, at Fri, after 20:00 ET.

**About this data:**

- A weekday evening is compared with the same hours on Friday, Saturday, and Sunday.
- One weekend, and 7 September was Labor Day, so the window holds no ordinary Monday reopening.
- Centralised exchange books are pooled across six exchanges; Figure 1.6 splits them by exchange.
- Arcus is not shown. It repriced on 2 September, inside this week, so its weekday hours and its weekend hours sit on different levels.
- Data: centralised exchange order books; quotes from Ondo and a leading Solana aggregator.

> “Arrakis shows tokenized equity spreads widening when the listed market shuts, with market makers stepping back because they cannot offset the position until Monday. Equity perpetuals handle those hours differently: the position stays open and funding keeps accruing, so the market leaves a continuous record of how traders are carrying the position. Through the summer, SK Hynix perpetuals on Hyperliquid showed positioning building in the memory trade, the cost of carrying it — with funding above 100% annualised on several days in July — and then the unwind into August.”
>
> Quoted: Filippo Armani, Head of Digital Asset Research, Dune

### 1.4 Where the Trading Happens, and How Much of It Is Organic {#section-1-4}

*Context: Part I: Understanding tokenised equities.*

While trading volumes in tokenised equities have grown quickly, much of that activity appears to be driven by farming and automated trading.

#### Two markets (Section 1.4)

$80.5 billion of tokenised equities has traded across the five issuers: $34.4 billion on the seven exchanges we track and $46.1 billion onchain.

Based on our analysis (methodology in Figure 1.8), 26% of onchain volume appears to be rewards farming and a further 27% automated trading. Farming is trading done for rewards paid on volume: Binance Alpha Points, on bStocks and Ondo BNB, [pays by volume bracket](https://www.binance.com/en/support/faq/detail/12e7f2e555704f9c8e852d1c1afb032a), so farmers often buy and sell repeatedly to clear points thresholds.

As for automated trading, much of it appears to be arbitrage, working to keep onchain prices aligned with the stock's. Where the tape records both sides of each trade, most automated volume buys and sells in near-equal amounts. Where organic trading is people buying and selling out of their own apparent interest in a stock, farmers and automated traders trade for other reasons, such as a reward or a price gap.

**The headline:** About $6.2 billion of onchain trading appears to be organic.

- **14%** of onchain volume appears to be organic
- **53%** appears to be farming and automated trading
- **33%** comes from exchanges, infrastructure and addresses that never held $10 at a day's end

#### Figure 1.8 (Section 1.4): Onchain trading volumes per issuer {#figure-1-8}

*Context: Part I: Understanding tokenised equities > Section 1.4: Where the Trading Happens, and How Much of It Is Organic.*

**What this shows:** Onchain trading volumes per issuer. Lifetime onchain trading to 13 September 2026 · each trade counted once · four chains.

**Table for Figure 1.8**

| Issuer | All onchain trading | Excluding apparent farming and automated trading | Apparent farming | Apparent automated trading |
|---|--:|--:|--:|--:|
| All five issuers | $46.11bn | $21.49bn | $11.95bn | $12.67bn |
| bStocks | $23.96bn | $7.61bn | $11.95bn | $4.40bn |
| Ondo | $9.38bn | $6.89bn | $329,458 | $2.48bn |
| Robinhood | $6.18bn | $3.51bn | $1.83m | $2.67bn |
| xStocks | $5.03bn | $2.96bn | $1.61m | $2.08bn |
| Backpack | $1.56bn | $524.0m | $85,092 | $1.03bn |

**About this data:**

- Onchain volume counts each trade once on the four chains; exchange volume is each venue's own lifetime candle volume, and includes $2.1 billion of Toobit volume estimated from base volume and average price, and $2.3 billion from 78 pairs since delisted, carried at their last observed volume. Where a stock token is only a hop inside a single swap, that leg is routing rather than trading and is left out.
- **What counts as a trade.** Trade counts come from onchain fill records, and one order can produce several fills: an aggregator that splits a purchase across four pools records four. On the addresses that do most of the trading, that runs from 1.18 fills per transaction on Backpack to 2.72 on bStocks (Ondo Ethereum 1.32, xStocks 1.33, Ondo BNB 1.43). Robinhood's data carries no transaction count, so its multiple is not measured. Every automated-trading test starts from at least 1,500 trades, so a venue whose traders route more shows more automated addresses for the same behaviour.
- Farming and automated trading are labels for trading patterns in onchain data. An address can meet a test for reasons we cannot see, and some addresses that do farm or automate will not meet it. Both tests apply to self-custodial addresses only.
- **Farming** is tested on every issuer, against the pattern that Binance Alpha Points leaves. Alpha Points, on bStocks and Ondo BNB, is the only reward for trading volume whose pattern we detected, so farming for other incentives is likely missed. An address counts when it passes all three tests:
  - on at least 40% of its buying days, its buying lands just above a points threshold (within 5% above a power of two, such as $1,024 or $2,048);
  - it makes at least 1,500 trades, or buys and sells on the same day on at least three days and on a third of its active days;
  - it trades at least five days in a row, or routes at least half its transfers through Binance Wallet's trading router.
- **Automated trading** covers any other address with at least 1,500 trades that meets one of these tests:
  - an average of 50 or more trades per active day;
  - buying and selling the same token inside a single transaction;
  - acquiring at least 20 times its largest holding in value, with its buying and selling close to balanced (the smaller side at least two-thirds of the larger);
  - trading Ondo's Solana tokens or on the Robinhood Chain pools, where our data has no daily record of each address's trading, so the daily tests cannot run.
- Backpack's daily record covers 92% of its addresses. The 20 addresses with 1,500 or more trades and no record, 3% of Backpack's trading, cannot take the daily tests and meet no other test. They are not counted as automated, so Backpack's automated share is a minimum.
- Most of Backpack's onchain volume, 66%, is automated trading. Backpack's users appear to trade mainly on its own exchange, off the chain, which leaves its onchain pools largely to market makers and arbitrageurs keeping prices in line with the stock.
- Organic trading is trading by addresses that are neither farming nor automated and have held $10 or more: the whales, large retail, and small retail of Part II. Volume that is neither farming nor automated also includes exchanges, issuers, market makers, and infrastructure, addresses whose largest position never reached $10, and addresses that traded without holding at a day's end. Figure 1.8's inner bar removes only farming and automated trading, so it keeps that other volume: the inner bars total $21.5 billion, of which $6.2 billion is organic trading.
- Data: onchain trades via Dune; exchange volume from Binance, Bybit, Gate, KCEX, KuCoin, MEXC, and Toobit.

Remove apparent farming and automated trading, and the volume gaps between issuers narrow.

#### Figure 1.9 (Section 1.4): Cumulative onchain trading volumes across issuers {#figure-1-9}

*Context: Part I: Understanding tokenised equities > Section 1.4: Where the Trading Happens, and How Much of It Is Organic.*

**What this shows:** Cumulative onchain trading volumes across issuers. Running total by day, June 2025 to 13 September 2026 · each trade counted once · five issuers combined.

Running totals in US dollars, sampled at each month end and the final point (13 Sep 2026). The full series has 445 daily points.

**Table for Figure 1.9**

| Date | All onchain trading | Organic | Farming | Automated trading |
|---|--:|--:|--:|--:|
| 30 Jun 2025 | $0.9m | $0.6m | $0 | $0.1m |
| 31 Jul 2025 | $108.9m | $38.3m | $0 | $55.1m |
| 31 Aug 2025 | $204.4m | $60.4m | $0 | $112.4m |
| 30 Sep 2025 | $507.8m | $127.0m | $0 | $161.3m |
| 31 Oct 2025 | $737.7m | $201.9m | $0 | $231.1m |
| 30 Nov 2025 | $1.03bn | $288.2m | $0 | $350.3m |
| 31 Dec 2025 | $2.26bn | $439.3m | $0 | $1.38bn |
| 31 Jan 2026 | $3.24bn | $752.9m | $0 | $1.91bn |
| 28 Feb 2026 | $4.08bn | $1.08bn | $0 | $2.18bn |
| 31 Mar 2026 | $5.70bn | $1.52bn | $0 | $2.71bn |
| 30 Apr 2026 | $6.78bn | $1.93bn | $0.1m | $3.10bn |
| 31 May 2026 | $8.59bn | $2.70bn | $0.6m | $3.47bn |
| 30 Jun 2026 | $11.81bn | $3.39bn | $2.7m | $4.37bn |
| 31 Jul 2026 | $25.29bn | $4.29bn | $7.19bn | $5.70bn |
| 31 Aug 2026 | $37.91bn | $5.67bn | $11.58bn | $8.80bn |
| 13 Sep 2026 | $46.11bn | $6.24bn | $11.95bn | $12.67bn |

**About this data:**

- Organic trading is trading by the whales, large retail, and small retail of Part II that is neither farming nor automated, as in the headline above. Every line ends at its lifetime total.
- Our trade records carry each address's lifetime trading, not the day of each trade. The dates come from each address's daily balance changes: its trading is spread across the days its balance moved, in proportion to how much moved, valued at month-end prices. Organic trading and farming are dated this way almost in full.
- Some addresses trade through contracts without the tokens settling in their own wallet, so no balance change records them. For the automated traders among them, the dates come from their own trades. The rest are spread evenly between their first and last trade or, where neither date is recorded, in the pattern of the same group's dated trading. That estimate covers under a tenth of all trading and almost none of the organic, farming or automated lines.
- Data: onchain trades via Dune; daily balance changes via Dune and RPC providers including Alchemy and Helius.

While much of the total volume is farming and automated trading, organic trading is accelerating, with more than half of it in the last three months.

## Part II: Who they are {#part-ii}

**Who they are: Six personas hold most of the value.**

Every address holding one of these tokens falls into one of six groups: whales, large and small retail, farmers, automated traders, exchanges and custodians. We explore how each group grew, what it holds, how often it trades, and where it appears to be.

### 2.0 How We Sorted Everyone {#section-2-0}

*Context: Part II: Who they are.*

Behind the market's totals sit over 1.5 million addresses. Each behaves differently depending on its persona.

#### The groups (Section 2.0)

We sorted every self-custodial address that has ever held a tokenised equity into personas, by how much they hold and how they trade. Three end-user personas are banded by the largest position they have ever held (2.1 to 2.3 count them by holdings at the cutoff):

- **Whales:** Above $100k
- **Large retail:** $10k to $100k
- **Small retail:** $10 to $10k

Beneath these sit farmers and automated traders, as defined in Section 1.4:

- **Farmers**
- **Automated trading**

A sixth group covers the exchanges and custodians that hold on their customers' behalf.

- **Exchanges and custodians**

#### Under $10 (Section 2.0)

A band of ~1.1 million addresses whose largest position was under $10 is excluded from the personas. Between them, they hold only around $1 million, 0.1% of self-custodial value.

#### Figure 2.1 (Section 2.0): Value held and onchain volumes split by band {#figure-2-1}

*Context: Part II: Who they are > Section 2.0: How We Sorted Everyone.*

**What this shows:** Value held and onchain volumes split by band. Value held at 13 September 2026 · lifetime onchain trading · groups by each address's largest position ever held.

**Table for Figure 2.1**

| Group | Value held | Onchain trading |
|---|--:|--:|
| Whales | $851.1m | $2.94bn |
| Large retail | $95.9m | $848.0m |
| Small retail | $44.7m | $2.45bn |
| Under $10 | $1.12m | $5.27bn |
| Farmers | $270,444 | $11.95bn |
| Automated trading | $6.47m | $12.67bn |
| Exchanges and custodians | $974.2m | $636.2m |
| Unplaced | $14.5m | $5.73bn |

**About this data:**

- Onchain trading covers the market's life to 13 September 2026, each trade counted once, as a share of the trading these groups did.
- Farmers and automated traders follow the definitions in Section 1.4.
- Small retail runs from $10 to $10,000, and addresses whose largest position never reached $10 are the Under $10 group.
- Exchanges and custodians hold tokens on their customers' behalf.
- Unplaced: 40,518 addresses holding $14.5 million, 1.4% of self-custodial value, that no rule could assign.
- Data: onchain trades via Dune; onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers; address labels from Etherscan and Blockscout.

### 2.1 Whales, >$100k {#section-2-1}

*Context: Part II: Who they are.*

Whales hold the lion's share of self-custodial value in tokenised equities, but the category is slow to grow.

#### Who they are (Section 2.1)

We define a whale as any self-custodial address holding more than $100,000 of tokenised equities across the five analysed issuers. At the 13 September cutoff, 718 whales held $733.6 million.

#### Concentration (Section 2.1)

**72%** of self-custodial value is held by 0.056% of the addresses

#### How they behave (Section 2.1)

While the June and July launches of bStocks, Robinhood, and Backpack brought new whales into the market, more than 40% of the whales from May have since left, primarily from Ondo BNB. Those who left held 91% of their value in single stocks rather than funds, vs 64% for those who stayed.

Most of the Ondo BNB departures entered the market in May, as the AI-chip rally kicked off and Micron's share price nearly doubled. That month, Ondo BNB's whale count jumped by 65%, with Micron the largest purchase among the new arrivals. By the cutoff, 72% of those new whales had left.

Ondo disproportionately captures the whale category, with 51% of whale addresses holding 76% of their value. Its whales also hold the largest balances, averaging $1.53 million against a median of $491,000 across the other issuers.

Ondo Ethereum whales also hold longer than anywhere else, with 59% of their positions still open after 30 days and nearly half of their value in funds, led by S&P 500 trackers (IVV, SPY). Most received their tokens by transfer from aggregators and protocols such as CoW Protocol and 1inch, rather than by minting.

xStocks whales behave differently: about half have traded onchain, with a median of 62 trades each, against 5 to 36 for whales on other issuers.

Transaction timestamps place about half of the whale wallets we can locate in European hours.

#### Who they may be (Section 2.1)

Much of the whale money looks like long-term holdings seeking broad US exposure: 64% sits on Ondo Ethereum, nearly half of it in long-term positions in funds.

### 2.2 Large Retail, $10k to $100k {#section-2-2}

*Context: Part II: Who they are.*

Unlike the whales, large retail is spread more evenly across issuers and tends to hold single companies, with a tilt towards crypto companies.

#### Who they are (Section 2.2)

We define large retail as any self-custodial address holding between $10,000 and $100,000 of tokenised equities across the five analysed issuers. At the 13 September cutoff, 3,499 addresses held $105.8 million.

#### What they hold (Section 2.2)

**22%** of large retail's value sits in two crypto companies, Circle (CRCL) and Strategy (MSTR) (against 9% for whales)

#### How they behave (Section 2.2)

Since May, the band has grown 26%, largely from the June and July launches of bStocks, Robinhood, and Backpack.

Nearly half of May's large retail has since turned over, largely from the same AI-chip wave seen among whales. Of the departures, nearly twice as much of their value was held in chip stocks such as Micron (MU) as for earlier holders.

The average holding is similar on every issuer, between $28,000 and $34,000, primarily held in single companies. Single companies, led by CRCL, TSLA, and MSTR, make up 83% of the value, against 65% for whales.

xStocks' large retail value held has grown by a third since May, to overtake Ondo BNB's, which was a third larger at the time. It is also the only issuer where large retail clearly holds longer than its whales, with 41% of its positions still open after 30 days, against 33% for its whales.

#### Who they may be (Section 2.2)

Large retail appears to be individual investors gaining exposure to single companies, in a band whose holders turn over quickly. For an issuer, this is a growing band to watch.

### 2.3 Small Retail, $10 to $10k {#section-2-3}

*Context: Part II: Who they are.*

Small retail has the most self-custodial wallets of the three holder bands and is growing the fastest.

#### Who they are (Section 2.3)

We define small retail as any self-custodial address holding between $10 and $10,000 of tokenised equities across the five analysed issuers. At the 13 September cutoff, 187,556 addresses held $52.8 million.

#### Headcount (Section 2.3)

**98%** of the addresses in the three holder bands (holding only 6% of their value)

#### How they behave (Section 2.3)

Since May, the band has more than quadrupled in addresses, mostly from bStocks and Robinhood, while its value grew by more than three quarters. Growth in this segment is accelerating, with nearly 40% of today's small retail entering in September alone, just over half of them on Robinhood.

On Ondo and xStocks, which were live before June, the band grew by 50% in addresses but only 13% in value. Of May's small retail holders, 30% have since left. As with the other bands, we attribute this largely to the AI-chip wave noted above, whose arrivals left at nearly twice the rate of earlier holders.

On bStocks and Robinhood, the average holding is around $150, against $520 on Ondo and xStocks, and much of it appears to arrive through memecoins. On BNB Chain, Flap memecoins pay their holders in bStocks tokens: at least a third of bStocks' small holders have received one, and its four most widely held tokens are the four Flap pays out most often. On Robinhood Chain, where memecoins are often priced in stock tokens, nearly three quarters of small holders have held one. We explore memecoins and their implications at length in Section 4.1.

Across Ondo Ethereum, bStocks, and Backpack, small retail closes its positions the fastest. On Robinhood, small retail surprisingly holds longest.

#### Who they may be (Section 2.3)

On Ondo and xStocks, small retail looks like individual investors buying single companies in small amounts. On bStocks and Robinhood, it is a larger, newer crowd, often holding alongside memecoins. For an issuer, appealing to small retail is a potential route to large-scale user acquisition.

### 2.4 Growth, Holdings and Trading by Band {#section-2-4}

*Context: Part II: Who they are.*

The smallest holders are multiplying fastest, while the funds stay with the whales.

#### Growth (Section 2.4)

In Q3, to the 13 September cutoff, all three bands grew most on bStocks, Robinhood, and xStocks.

#### Figure 2.2 (Section 2.4): How each band has grown, by issuer and chain {#figure-2-2}

*Context: Part II: Who they are > Section 2.4: Growth, Holdings and Trading by Band.*

**What this shows:** How each band has grown, by issuer and chain. Self-custodial addresses at each month end · June 2025 to 13 September 2026 · each address under the issuer and chain of its largest position.

**Figure 2.2, All Bands: Addresses (count)**

| Date | Ondo Ethereum | Ondo BNB | xStocks Solana | xStocks Ethereum | bStocks | Robinhood | Backpack | Total |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| 30 Jun 2025 | 0 | 0 | 643 | 0 | 0 | 0 | 0 | 643 |
| 31 Jul 2025 | 4 | 0 | 6,461 | 0 | 0 | 0 | 0 | 6,465 |
| 31 Aug 2025 | 30 | 0 | 7,193 | 2 | 0 | 0 | 0 | 7,225 |
| 30 Sep 2025 | 904 | 0 | 10,063 | 8 | 0 | 0 | 0 | 10,975 |
| 31 Oct 2025 | 1,654 | 87 | 11,875 | 82 | 0 | 0 | 0 | 13,698 |
| 30 Nov 2025 | 1,751 | 893 | 12,510 | 111 | 0 | 0 | 0 | 15,265 |
| 31 Dec 2025 | 2,078 | 2,890 | 13,749 | 132 | 0 | 0 | 0 | 18,849 |
| 31 Jan 2026 | 2,380 | 12,711 | 14,970 | 182 | 0 | 0 | 0 | 30,243 |
| 28 Feb 2026 | 2,614 | 12,989 | 15,126 | 236 | 0 | 0 | 0 | 30,965 |
| 31 Mar 2026 | 2,927 | 12,412 | 18,094 | 729 | 0 | 0 | 0 | 34,162 |
| 30 Apr 2026 | 3,743 | 12,356 | 20,169 | 955 | 0 | 0 | 0 | 37,223 |
| 31 May 2026 | 4,394 | 17,289 | 23,207 | 1,340 | 0 | 0 | 0 | 46,230 |
| 30 Jun 2026 | 4,948 | 21,978 | 24,770 | 1,745 | 2,916 | 9 | 3,488 | 59,854 |
| 31 Jul 2026 | 5,384 | 22,080 | 24,961 | 2,448 | 9,903 | 14,795 | 3,409 | 82,980 |
| 31 Aug 2026 | 5,398 | 23,324 | 30,702 | 2,257 | 38,859 | 34,807 | 4,969 | 140,316 |
| 13 Sep 2026 | 5,655 | 22,095 | 37,834 | 2,256 | 45,974 | 66,032 | 11,927 | 191,773 |

**Figure 2.2, All Bands: Value held (US dollars)**

| Date | Ondo Ethereum | Ondo BNB | xStocks Solana | xStocks Ethereum | bStocks | Robinhood | Backpack | Total |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| 30 Jun 2025 | $0 | $0 | $6.07m | $0 | $0 | $0 | $0 | $6.07m |
| 31 Jul 2025 | $16,984 | $0 | $24.0m | $0 | $0 | $0 | $0 | $24.0m |
| 31 Aug 2025 | $16,612 | $0 | $27.8m | $13,798 | $0 | $0 | $0 | $27.9m |
| 30 Sep 2025 | $131.7m | $0 | $31.6m | $1.40m | $0 | $0 | $0 | $164.7m |
| 31 Oct 2025 | $216.7m | $646,414 | $43.0m | $5.35m | $0 | $0 | $0 | $265.7m |
| 30 Nov 2025 | $255.0m | $4.11m | $52.6m | $8.79m | $0 | $0 | $0 | $320.5m |
| 31 Dec 2025 | $265.4m | $37.5m | $61.2m | $10.3m | $0 | $0 | $0 | $374.5m |
| 31 Jan 2026 | $279.0m | $145.2m | $69.7m | $12.5m | $0 | $0 | $0 | $506.3m |
| 28 Feb 2026 | $284.2m | $161.6m | $71.9m | $14.8m | $0 | $0 | $0 | $532.5m |
| 31 Mar 2026 | $274.1m | $127.9m | $70.7m | $17.4m | $0 | $0 | $0 | $490.1m |
| 30 Apr 2026 | $315.3m | $176.4m | $86.3m | $19.4m | $0 | $0 | $0 | $597.5m |
| 31 May 2026 | $441.9m | $310.8m | $96.6m | $18.6m | $0 | $0 | $0 | $867.8m |
| 30 Jun 2026 | $465.4m | $187.3m | $97.0m | $33.2m | $3.60m | $266 | $8.58m | $795.1m |
| 31 Jul 2026 | $469.7m | $134.1m | $118.5m | $29.2m | $17.5m | $5.45m | $9.28m | $783.7m |
| 31 Aug 2026 | $492.6m | $137.9m | $139.3m | $23.5m | $37.4m | $16.7m | $10.1m | $857.5m |
| 13 Sep 2026 | $490.4m | $131.3m | $146.3m | $28.8m | $49.3m | $35.4m | $10.8m | $892.2m |

**Figure 2.2, Whales: Addresses (count)**

| Date | Ondo Ethereum | Ondo BNB | xStocks Solana | xStocks Ethereum | bStocks | Robinhood | Backpack | Total |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| 30 Jun 2025 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 |
| 31 Jul 2025 | 0 | 0 | 23 | 0 | 0 | 0 | 0 | 23 |
| 31 Aug 2025 | 0 | 0 | 27 | 0 | 0 | 0 | 0 | 27 |
| 30 Sep 2025 | 27 | 0 | 50 | 1 | 0 | 0 | 0 | 78 |
| 31 Oct 2025 | 37 | 2 | 65 | 8 | 0 | 0 | 0 | 112 |
| 30 Nov 2025 | 56 | 9 | 77 | 15 | 0 | 0 | 0 | 157 |
| 31 Dec 2025 | 63 | 50 | 100 | 14 | 0 | 0 | 0 | 227 |
| 31 Jan 2026 | 87 | 100 | 123 | 16 | 0 | 0 | 0 | 326 |
| 28 Feb 2026 | 87 | 134 | 125 | 18 | 0 | 0 | 0 | 364 |
| 31 Mar 2026 | 83 | 125 | 114 | 22 | 0 | 0 | 0 | 344 |
| 30 Apr 2026 | 118 | 165 | 134 | 25 | 0 | 0 | 0 | 442 |
| 31 May 2026 | 170 | 273 | 169 | 29 | 0 | 0 | 0 | 641 |
| 30 Jun 2026 | 183 | 223 | 162 | 40 | 4 | 0 | 14 | 626 |
| 31 Jul 2026 | 169 | 193 | 177 | 41 | 29 | 4 | 15 | 628 |
| 31 Aug 2026 | 184 | 189 | 198 | 43 | 42 | 18 | 19 | 693 |
| 13 Sep 2026 | 185 | 181 | 207 | 46 | 47 | 35 | 17 | 718 |

**Figure 2.2, Whales: Value held (US dollars)**

| Date | Ondo Ethereum | Ondo BNB | xStocks Solana | xStocks Ethereum | bStocks | Robinhood | Backpack | Total |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| 30 Jun 2025 | $0 | $0 | $5.56m | $0 | $0 | $0 | $0 | $5.56m |
| 31 Jul 2025 | $0 | $0 | $17.0m | $0 | $0 | $0 | $0 | $17.0m |
| 31 Aug 2025 | $0 | $0 | $18.7m | $0 | $0 | $0 | $0 | $18.7m |
| 30 Sep 2025 | $130.4m | $0 | $18.4m | $1.40m | $0 | $0 | $0 | $150.2m |
| 31 Oct 2025 | $214.3m | $297,287 | $25.9m | $4.17m | $0 | $0 | $0 | $244.7m |
| 30 Nov 2025 | $251.0m | $2.22m | $30.4m | $7.59m | $0 | $0 | $0 | $291.2m |
| 31 Dec 2025 | $260.6m | $28.3m | $35.3m | $9.18m | $0 | $0 | $0 | $333.3m |
| 31 Jan 2026 | $271.9m | $126.6m | $41.6m | $10.9m | $0 | $0 | $0 | $451.0m |
| 28 Feb 2026 | $275.3m | $138.7m | $43.7m | $13.1m | $0 | $0 | $0 | $470.8m |
| 31 Mar 2026 | $263.3m | $101.5m | $39.1m | $14.7m | $0 | $0 | $0 | $418.7m |
| 30 Apr 2026 | $303.1m | $145.3m | $50.6m | $16.6m | $0 | $0 | $0 | $515.8m |
| 31 May 2026 | $426.6m | $255.9m | $57.3m | $14.9m | $0 | $0 | $0 | $754.7m |
| 30 Jun 2026 | $447.7m | $134.8m | $56.8m | $28.5m | $1.54m | $0 | $6.06m | $675.4m |
| 31 Jul 2026 | $451.7m | $88.5m | $75.4m | $23.4m | $11.3m | $2.09m | $5.72m | $658.2m |
| 31 Aug 2026 | $473.9m | $94.1m | $89.1m | $16.9m | $23.2m | $8.08m | $5.35m | $710.6m |
| 13 Sep 2026 | $470.8m | $89.5m | $95.0m | $22.0m | $33.7m | $18.2m | $4.36m | $733.6m |

**Figure 2.2, Large Retail: Addresses (count)**

| Date | Ondo Ethereum | Ondo BNB | xStocks Solana | xStocks Ethereum | bStocks | Robinhood | Backpack | Total |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| 30 Jun 2025 | 0 | 0 | 11 | 0 | 0 | 0 | 0 | 11 |
| 31 Jul 2025 | 0 | 0 | 152 | 0 | 0 | 0 | 0 | 152 |
| 31 Aug 2025 | 1 | 0 | 212 | 1 | 0 | 0 | 0 | 214 |
| 30 Sep 2025 | 28 | 0 | 307 | 0 | 0 | 0 | 0 | 335 |
| 31 Oct 2025 | 56 | 9 | 423 | 31 | 0 | 0 | 0 | 519 |
| 30 Nov 2025 | 85 | 44 | 544 | 40 | 0 | 0 | 0 | 713 |
| 31 Dec 2025 | 112 | 224 | 634 | 35 | 0 | 0 | 0 | 1,005 |
| 31 Jan 2026 | 177 | 434 | 692 | 51 | 0 | 0 | 0 | 1,354 |
| 28 Feb 2026 | 203 | 517 | 664 | 54 | 0 | 0 | 0 | 1,438 |
| 31 Mar 2026 | 255 | 616 | 714 | 73 | 0 | 0 | 0 | 1,658 |
| 30 Apr 2026 | 309 | 740 | 844 | 79 | 0 | 0 | 0 | 1,972 |
| 31 May 2026 | 397 | 1,327 | 943 | 113 | 0 | 0 | 0 | 2,780 |
| 30 Jun 2026 | 451 | 1,216 | 946 | 138 | 38 | 0 | 42 | 2,831 |
| 31 Jul 2026 | 437 | 1,072 | 997 | 182 | 112 | 47 | 64 | 2,911 |
| 31 Aug 2026 | 455 | 1,037 | 1,125 | 218 | 270 | 122 | 98 | 3,325 |
| 13 Sep 2026 | 475 | 969 | 1,160 | 225 | 279 | 273 | 118 | 3,499 |

**Figure 2.2, Large Retail: Value held (US dollars)**

| Date | Ondo Ethereum | Ondo BNB | xStocks Solana | xStocks Ethereum | bStocks | Robinhood | Backpack | Total |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| 30 Jun 2025 | $0 | $0 | $305,175 | $0 | $0 | $0 | $0 | $305,175 |
| 31 Jul 2025 | $0 | $0 | $4.24m | $0 | $0 | $0 | $0 | $4.24m |
| 31 Aug 2025 | $12,035 | $0 | $5.73m | $13,694 | $0 | $0 | $0 | $5.76m |
| 30 Sep 2025 | $878,319 | $0 | $8.47m | $0 | $0 | $0 | $0 | $9.35m |
| 31 Oct 2025 | $1.60m | $255,761 | $11.2m | $1.03m | $0 | $0 | $0 | $14.1m |
| 30 Nov 2025 | $2.73m | $1.22m | $15.3m | $1.05m | $0 | $0 | $0 | $20.4m |
| 31 Dec 2025 | $3.47m | $6.61m | $18.7m | $894,933 | $0 | $0 | $0 | $29.7m |
| 31 Jan 2026 | $5.39m | $12.6m | $20.3m | $1.49m | $0 | $0 | $0 | $39.8m |
| 28 Feb 2026 | $6.87m | $16.0m | $20.3m | $1.49m | $0 | $0 | $0 | $44.7m |
| 31 Mar 2026 | $8.55m | $18.6m | $22.3m | $2.21m | $0 | $0 | $0 | $51.7m |
| 30 Apr 2026 | $9.69m | $22.4m | $25.6m | $2.13m | $0 | $0 | $0 | $59.8m |
| 31 May 2026 | $12.1m | $40.5m | $27.9m | $2.85m | $0 | $0 | $0 | $83.4m |
| 30 Jun 2026 | $14.3m | $36.8m | $27.9m | $3.64m | $1.18m | $0 | $1.34m | $85.1m |
| 31 Jul 2026 | $14.5m | $31.2m | $30.2m | $4.58m | $3.19m | $1.21m | $2.17m | $87.0m |
| 31 Aug 2026 | $15.2m | $30.3m | $35.3m | $5.35m | $7.32m | $3.29m | $3.01m | $99.7m |
| 13 Sep 2026 | $15.8m | $28.8m | $35.8m | $5.50m | $8.27m | $7.65m | $3.98m | $105.8m |

**Figure 2.2, Small Retail: Addresses (count)**

| Date | Ondo Ethereum | Ondo BNB | xStocks Solana | xStocks Ethereum | bStocks | Robinhood | Backpack | Total |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| 30 Jun 2025 | 0 | 0 | 630 | 0 | 0 | 0 | 0 | 630 |
| 31 Jul 2025 | 4 | 0 | 6,286 | 0 | 0 | 0 | 0 | 6,290 |
| 31 Aug 2025 | 29 | 0 | 6,954 | 1 | 0 | 0 | 0 | 6,984 |
| 30 Sep 2025 | 849 | 0 | 9,706 | 7 | 0 | 0 | 0 | 10,562 |
| 31 Oct 2025 | 1,561 | 76 | 11,387 | 43 | 0 | 0 | 0 | 13,067 |
| 30 Nov 2025 | 1,610 | 840 | 11,889 | 56 | 0 | 0 | 0 | 14,395 |
| 31 Dec 2025 | 1,903 | 2,616 | 13,015 | 83 | 0 | 0 | 0 | 17,617 |
| 31 Jan 2026 | 2,116 | 12,177 | 14,155 | 115 | 0 | 0 | 0 | 28,563 |
| 28 Feb 2026 | 2,324 | 12,338 | 14,337 | 164 | 0 | 0 | 0 | 29,163 |
| 31 Mar 2026 | 2,589 | 11,671 | 17,266 | 634 | 0 | 0 | 0 | 32,160 |
| 30 Apr 2026 | 3,316 | 11,451 | 19,191 | 851 | 0 | 0 | 0 | 34,809 |
| 31 May 2026 | 3,827 | 15,689 | 22,095 | 1,198 | 0 | 0 | 0 | 42,809 |
| 30 Jun 2026 | 4,314 | 20,539 | 23,662 | 1,567 | 2,874 | 9 | 3,432 | 56,397 |
| 31 Jul 2026 | 4,778 | 20,815 | 23,787 | 2,225 | 9,762 | 14,744 | 3,330 | 79,441 |
| 31 Aug 2026 | 4,759 | 22,098 | 29,379 | 1,996 | 38,547 | 34,667 | 4,852 | 136,298 |
| 13 Sep 2026 | 4,995 | 20,945 | 36,467 | 1,985 | 45,648 | 65,724 | 11,792 | 187,556 |

**Figure 2.2, Small Retail: Value held (US dollars)**

| Date | Ondo Ethereum | Ondo BNB | xStocks Solana | xStocks Ethereum | bStocks | Robinhood | Backpack | Total |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| 30 Jun 2025 | $0 | $0 | $209,322 | $0 | $0 | $0 | $0 | $209,322 |
| 31 Jul 2025 | $16,984 | $0 | $2.79m | $0 | $0 | $0 | $0 | $2.81m |
| 31 Aug 2025 | $4,577 | $0 | $3.45m | $104 | $0 | $0 | $0 | $3.45m |
| 30 Sep 2025 | $442,096 | $0 | $4.75m | $1,370 | $0 | $0 | $0 | $5.20m |
| 31 Oct 2025 | $762,142 | $93,366 | $5.90m | $150,106 | $0 | $0 | $0 | $6.91m |
| 30 Nov 2025 | $1.29m | $659,214 | $6.80m | $146,764 | $0 | $0 | $0 | $8.89m |
| 31 Dec 2025 | $1.35m | $2.66m | $7.28m | $197,160 | $0 | $0 | $0 | $11.5m |
| 31 Jan 2026 | $1.66m | $5.96m | $7.75m | $172,912 | $0 | $0 | $0 | $15.5m |
| 28 Feb 2026 | $2.07m | $6.88m | $7.88m | $246,064 | $0 | $0 | $0 | $17.1m |
| 31 Mar 2026 | $2.23m | $7.75m | $9.20m | $559,308 | $0 | $0 | $0 | $19.7m |
| 30 Apr 2026 | $2.50m | $8.68m | $10.1m | $673,166 | $0 | $0 | $0 | $21.9m |
| 31 May 2026 | $3.12m | $14.4m | $11.4m | $823,694 | $0 | $0 | $0 | $29.7m |
| 30 Jun 2026 | $3.45m | $15.8m | $12.3m | $1.01m | $886,318 | $266 | $1.19m | $34.6m |
| 31 Jul 2026 | $3.42m | $14.4m | $12.9m | $1.22m | $2.93m | $2.15m | $1.39m | $38.5m |
| 31 Aug 2026 | $3.51m | $13.5m | $14.8m | $1.30m | $6.90m | $5.29m | $1.76m | $47.1m |
| 13 Sep 2026 | $3.70m | $13.0m | $15.5m | $1.27m | $7.30m | $9.55m | $2.50m | $52.8m |

**About this data:**

- Bands by holdings at each month end, summed across the five issuers: whales above $100,000, large retail $10,000 to $100,000, and small retail $10 to $10,000.
- Month ends are valued at each month end's own prices, with Ondo and xStocks split by chain. The 13 September point matches the counts in Sections 2.1 to 2.3.
- bStocks, Robinhood, and Backpack first appear in June 2026. The last point is 13 September 2026, thirteen days after the August month end.
- Data: onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers.

#### What they hold (Section 2.4)

Single companies are every band's largest holding, but whales hold about ten times as much in funds as large and small retail combined.

#### Figure 2.3 (Section 2.4): What each band holds {#figure-2-3}

*Context: Part II: Who they are > Section 2.4: Growth, Holdings and Trading by Band.*

**What this shows:** What each band holds. Share of each band's value at 13 September 2026 in each kind of product · bands by holdings on 13 September · each token counted under its own issuer and chain. Powered by CoinGecko.

**Figure 2.3, All bands**

| Band or issuer | Value held | Single companies | Index and basket funds | Leveraged and inverse |
|---|--:|--:|--:|--:|
| Whales | $733.6m | $477.1m | $251.9m | $4.58m |
| Large retail | $105.8m | $88.3m | $16.4m | $1.13m |
| Small retail | $52.8m | $44.1m | $8.05m | $629,001 |

**Figure 2.3, Whales**

| Band or issuer | Value held | Single companies | Index and basket funds | Leveraged and inverse |
|---|--:|--:|--:|--:|
| Ondo Ethereum | $470.7m | $253.5m | $214.0m | $3.24m |
| Ondo BNB | $89.7m | $85.9m | $2.90m | $906,711 |
| xStocks | $116.8m | $95.7m | $20.8m | $206,060 |
| bStocks | $33.2m | $24.6m | $8.36m | $231,923 |
| Robinhood | $18.4m | $12.5m | $5.84m | n/a |
| Backpack | $4.9m | $4.94m | n/a | n/a |
| All classified | $733.6m | $477.1m | $251.9m | $4.58m |

**Figure 2.3, Large retail**

| Band or issuer | Value held | Single companies | Index and basket funds | Leveraged and inverse |
|---|--:|--:|--:|--:|
| Ondo Ethereum | $15.8m | $12.0m | $3.64m | $161,824 |
| Ondo BNB | $28.5m | $25.3m | $2.61m | $601,262 |
| xStocks | $41.3m | $34.2m | $6.97m | $68,449 |
| bStocks | $8.5m | $6.88m | $1.33m | $297,215 |
| Robinhood | $7.7m | $5.89m | $1.81m | n/a |
| Backpack | $4.0m | $3.98m | n/a | n/a |
| All classified | $105.8m | $88.3m | $16.4m | $1.13m |

**Figure 2.3, Small retail**

| Band or issuer | Value held | Single companies | Index and basket funds | Leveraged and inverse |
|---|--:|--:|--:|--:|
| Ondo Ethereum | $3.7m | $2.98m | $690,718 | $52,315 |
| Ondo BNB | $13.0m | $11.1m | $1.45m | $400,219 |
| xStocks | $16.7m | $14.2m | $2.50m | $1,961 |
| bStocks | $7.3m | $5.10m | $2.07m | $174,506 |
| Robinhood | $9.4m | $8.11m | $1.33m | n/a |
| Backpack | $2.6m | $2.60m | n/a | n/a |
| All classified | $52.8m | $44.1m | $8.05m | $629,001 |

**About this data:**

- Each token is classed by a reviewed taxonomy. The pooled bars cover every equity token held at the cutoff on all five issuers. Backpack's tokens are all single companies.
- Bands are by each address's value at the 13 September cutoff, as in Sections 2.1 to 2.3.
- Data: onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers; product types checked against CoinGecko.

#### Trading (Section 2.4)

Across most issuers, whales trade most frequently onchain.

#### Figure 2.4 (Section 2.4): How often each band trades onchain {#figure-2-4}

*Context: Part II: Who they are > Section 2.4: Growth, Holdings and Trading by Band.*

**What this shows:** How often each band trades onchain. Addresses whose largest holding ever fell in each band, by the issuer and chain they held on · onchain trades, including trades at Ondo's own quote · All issuers pools every issuer and chain shown.

Median trades, among those that trade.

**Table for Figure 2.4**

| Issuer and chain | Whales | Large retail | Small retail |
|---|--:|--:|--:|
| Ondo Ethereum | 15 | 6 | 2.5 |
| Ondo BNB | 23 | 13 | 3 |
| xStocks Solana | 74 | 30 | 10 |
| bStocks | 16 | 13 | 39 |
| Backpack | 8 | 5 | 4 |
| All issuers | 24 | 15 | 9 |

**About this data:**

- Robinhood is not shown and is left out of the All issuers row: the Robinhood trades in this chart cover Arcus only, where 1% of its holders have traded, not the pools where most of its trading happens (Section 3.4).
- Data: onchain trades via Dune, including trades at Ondo's own quote; onchain balances via Dune and RPC providers including Alchemy and Helius.

#### Holding periods (Section 2.4)

Across the three bands, around 40% of positions are still open after 30 days, on average across the issuers.

#### Figure 2.5 (Section 2.4): How long each band keeps its positions {#figure-2-5}

*Context: Part II: Who they are > Section 2.4: Growth, Holdings and Trading by Band.*

**What this shows:** How long each band keeps its positions. Share of positions still open at each point after opening, by the issuer and chain each was opened on · bands by largest position ever held · each line ends where that chain's history does.

Share of positions still open at each point after opening. n/a: fewer than 100 positions could reach that point.

**Figure 2.5, All bands**

| Issuer and chain | 1 day | 7 days | 14 days | 30 days | 60 days | 90 days | 180 days | 1 year |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| Ondo Ethereum | 100.00% | 71.62% | 63.15% | 52.05% | 42.55% | 37.51% | 27.74% | 19.69% |
| Ondo BNB | 100.00% | 65.09% | 52.34% | 40.30% | 30.74% | 25.25% | 16.93% | n/a |
| xStocks Solana | 100.00% | 59.50% | 49.09% | 39.19% | 31.26% | 27.15% | 21.08% | 15.90% |
| bStocks | 100.00% | 49.57% | 37.61% | 27.01% | 18.82% | 15.53% | n/a | n/a |
| Robinhood | 100.00% | 56.39% | 45.26% | 35.02% | 25.79% | n/a | n/a | n/a |
| Backpack | 100.00% | 51.79% | 41.88% | 33.09% | 27.17% | 23.41% | n/a | n/a |

**Figure 2.5, Whales**

| Issuer and chain | 1 day | 7 days | 14 days | 30 days | 60 days | 90 days | 180 days | 1 year |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| Ondo Ethereum | 100.00% | 79.35% | 69.32% | 59.28% | 48.03% | 41.96% | 34.42% | 30.88% |
| Ondo BNB | 100.00% | 67.47% | 53.68% | 40.65% | 30.40% | 25.57% | 16.17% | n/a |
| xStocks Solana | 100.00% | 47.37% | 40.31% | 32.66% | 26.44% | 22.92% | 17.07% | 13.06% |
| bStocks | 100.00% | 61.48% | 51.59% | 38.43% | 32.29% | n/a | n/a | n/a |
| Robinhood | 100.00% | 54.68% | 39.93% | 29.72% | n/a | n/a | n/a | n/a |
| Backpack | 100.00% | 63.59% | 52.34% | 38.86% | 32.84% | n/a | n/a | n/a |

**Figure 2.5, Large retail**

| Issuer and chain | 1 day | 7 days | 14 days | 30 days | 60 days | 90 days | 180 days | 1 year |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| Ondo Ethereum | 100.00% | 75.19% | 66.96% | 54.69% | 43.75% | 38.05% | 21.17% | n/a |
| Ondo BNB | 100.00% | 67.95% | 54.62% | 40.76% | 30.85% | 25.39% | 15.78% | n/a |
| xStocks Solana | 100.00% | 60.95% | 51.60% | 41.38% | 32.87% | 28.05% | 20.32% | 14.14% |
| bStocks | 100.00% | 55.89% | 44.19% | 34.26% | 25.71% | n/a | n/a | n/a |
| Robinhood | 100.00% | 48.19% | 35.34% | 25.73% | 18.05% | n/a | n/a | n/a |
| Backpack | 100.00% | 61.64% | 50.21% | 36.34% | 27.29% | n/a | n/a | n/a |

**Figure 2.5, Small retail**

| Issuer and chain | 1 day | 7 days | 14 days | 30 days | 60 days | 90 days | 180 days | 1 year |
|---|--:|--:|--:|--:|--:|--:|--:|--:|
| Ondo Ethereum | 100.00% | 70.05% | 61.65% | 50.74% | 41.76% | 36.99% | 28.90% | 20.32% |
| Ondo BNB | 100.00% | 64.73% | 52.07% | 40.26% | 30.77% | 25.24% | 17.15% | n/a |
| xStocks Solana | 100.00% | 59.61% | 49.08% | 39.16% | 31.24% | 27.16% | 21.19% | 16.06% |
| bStocks | 100.00% | 49.46% | 37.49% | 26.88% | 18.65% | 15.36% | n/a | n/a |
| Robinhood | 100.00% | 56.56% | 45.47% | 35.21% | 25.93% | n/a | n/a | n/a |
| Backpack | 100.00% | 51.50% | 41.64% | 33.02% | 27.18% | 23.40% | n/a | n/a |

**About this data:**

- Estimated from every position opened on each issuer and chain, with positions still open at 13 September counted for as long as they had been held (a Kaplan-Meier estimate). A point is shown only where at least 100 positions were opened long enough before the cutoff to reach it, so several lines end early.
- A position closes when what is left of it is worth less than $1, so a sliver left after a sale does not keep it open. Positions opened and closed within a day are not counted.
- On Robinhood Chain, WETH, USDG, and memecoin positions are left out. xStocks is shown on Solana; its Ethereum positions are not included.
- The issuers launched at different times, so their lines cover different lengths of history. All bands pools the three bands’ positions.
- Data: daily balance changes via RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers.

#### Location (Section 2.4)

We estimate location by matching when each wallet transacts to Asian, European, or US business hours, for wallets with at least 48 recorded actions. Whale wallets we can place lean European on every window we tested.

#### Figure 2.6 (Section 2.4): Where each band appears to be based {#figure-2-6}

*Context: Part II: Who they are > Section 2.4: Growth, Holdings and Trading by Band.*

**What this shows:** Where each band appears to be based. Placed wallets, UTC · when a wallet acts, not where its owner is · bands by largest position ever held · whales by issuer; large and small retail on the two chains that record every band.

**Figure 2.6, Whales**

| Issuer or chain | Wallets placed | Asian hours | European hours | US hours |
|---|--:|--:|--:|--:|
| Ondo | 615 | 25.5% | 58.0% | 16.4% |
| xStocks | 422 | 19.2% | 46.2% | 34.6% |
| bStocks | 192 | 19.3% | 73.4% | 7.3% |
| Backpack | 61 | 13.1% | 47.5% | 39.3% |
| All issuers | 1,087 | 22.4% | 53.8% | 23.7% |

**Figure 2.6, Large retail**

| Issuer or chain | Wallets placed | Asian hours | European hours | US hours |
|---|--:|--:|--:|--:|
| Ondo Ethereum | 39 | 12.8% | 69.2% | 17.9% |
| Robinhood Chain | 42 | 9.5% | 45.2% | 45.2% |

**Figure 2.6, Small retail**

| Issuer or chain | Wallets placed | Asian hours | European hours | US hours |
|---|--:|--:|--:|--:|
| Ondo Ethereum | 802 | 20.3% | 36.9% | 42.8% |
| Robinhood Chain | 1,102 | 16.9% | 51.7% | 31.4% |

**About this data:**

- Each wallet's transactions are binned by UTC hour over its whole history, averaged on the clock (a circular mean), and assigned to one of three eight-hour windows: Asian, European, or US business hours. A wallet's busiest hours suggest a region without establishing one.
- A wallet is placed only with at least 48 recorded actions. Wallets active in four hours or fewer with a very tight pattern are treated as machines on a schedule and excluded.
- Whales are every address whose holding ever peaked above $100,000. Robinhood has too few placed whales to show.
- The windows shown start at midnight UTC. Across the 15 start hours that keep the three windows coherent, this one included, Europe's share of placed whale wallets stays between 46% and 55%. The leans on Ondo and bStocks move with the start hour. We could place 58% of whale wallets.
- Large and small retail are shown only on Ondo Ethereum and Robinhood Chain, the two chains that keep an hour record for every band. Each chain is read on its own, because chains that record different hours cannot be compared.
- Data: transaction timestamps via Etherscan, Helius, Dune, and RPC providers.

### 2.5 Farmers & Automated Trading {#section-2-5}

*Context: Part II: Who they are.*

These two groups hold almost nothing, but account for most of the onchain trading.

#### How we identify them (Section 2.5)

Automated trading is often detectable from its patterns alone, such as by trade frequency, or by buying and selling the same token within a single transaction. By contrast, farming often requires insight into motivation. Farming becomes detectable in the presence of a known incentive, because trading shaped around a reward leaves a pattern. Within this report's scope, the only incentive whose pattern we detected is [Binance Alpha Points](https://www.binance.com/en/support/announcement/detail/45bc5a87a2534f47879de7dcbe5b4934), on bStocks and Ondo BNB, so farming of other incentives is likely missed. The full methodology is in Section 1.4's About this data.

#### Farmers (Section 2.5)

Apparent farmers account for more than a quarter of all onchain trading while holding 0.01% of the value. Between them, they generated $11.95 billion in volume across at least 32,853 addresses, almost all on bStocks.

On bStocks, they arrived and left with the points campaign: 95% made their first trade on or after 7 July, 91% within three weeks, and 56% made their last trade on 7 August, the day before Binance cut bStocks' reward multiplier. No other group moved with them: the next highest share to stop that day was 1.4%, for large retail.

#### Figure 2.7 (Section 2.5): Number of farmers by the week of their first and last bStocks trade {#figure-2-7}

*Context: Part II: Who they are > Section 2.5: Farmers & Automated Trading.*

**What this shows:** Number of farmers by the week of their first and last bStocks trade. Farmer addresses by the week of their first and last bStocks trade · weeks starting Monday, 8 June to 7 September 2026 · the multiplier cut took effect on 8 August.

**Table for Figure 2.7**

| Week beginning | Farmers starting | Farmers stopping |
|---|--:|--:|
| 8 Jun 2026 | 25 | 0 |
| 15 Jun 2026 | 28 | 0 |
| 22 Jun 2026 | 40 | 0 |
| 29 Jun 2026 | 875 | 1 |
| 6 Jul 2026 | 8,226 | 29 |
| 13 Jul 2026 | 5,740 | 113 |
| 20 Jul 2026 | 15,627 | 623 |
| 27 Jul 2026 | 1,525 | 4,424 |
| 3 Aug 2026 | 365 | 21,868 |
| 10 Aug 2026 | 24 | 2,271 |
| 17 Aug 2026 | 32 | 580 |
| 24 Aug 2026 | 26 | 399 |
| 31 Aug 2026 | 20 | 378 |
| 7 Sep 2026 | 2 | 1,869 |

Chart annotation: 7 Jul, in the week beginning 6 Jul 2026.

Chart annotation: Multiplier cut, 8 Aug, in the week beginning 3 Aug 2026.

**About this data:**

- 32,555 farmers on bStocks, on the farming rule defined in Section 1.4.
- A trade's day is the first or last day the address's bStocks balance moved. The final week's last-trade count includes farmers still active at the cutoff.
- Data: onchain trades via Dune; daily balance changes via RPC providers including Alchemy.

#### Automated trading (Section 2.5)

The 8,084 automated traders generated $12.67 billion in onchain volume while holding $6.5 million. Automated trading appears across every issuer. Some of it may be farming behaviours this report does not identify.

#### Trading against holdings (Section 2.5)

Automated traders trade nearly 2,000 times the value they hold, and farmers far more, against about 3.5 times for whales.

#### Figure 2.8 (Section 2.5): Onchain trading over value held {#figure-2-8}

*Context: Part II: Who they are > Section 2.5: Farmers & Automated Trading.*

**What this shows:** Onchain trading over value held. Trading over the market's life, each trade counted once, divided by each group's value held at 13 September · groups by each address's largest position ever held · log scale.

**Table for Figure 2.8**

| Group | Onchain trading over value held | Traded and held |
|---|--:|---|
| Farmers | 44,203x | $11.95bn traded, $0.3m held |
| Automated trading | 1,959x | $12.67bn traded, $6.5m held |
| Small retail | 54.7x | $2.45bn traded, $44.7m held |
| Large retail | 8.8x | $0.85bn traded, $95.9m held |
| Whales | 3.5x | $2.94bn traded, $851.1m held |

**About this data:**

- A log scale, because the groups differ by more than four orders of magnitude. Each step on the axis is ten times the last.
- Value held is each group's value at 13 September 2026. Groups as in Figure 2.1, on the automated-trading rule defined in Section 1.4.
- Data: onchain trades via Dune; onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers.

### 2.6 Exchanges and Custodians {#section-2-6}

*Context: Part II: Who they are.*

The largest holder in this market is not a person.

#### Who they are (Section 2.6)

Across the five issuers, the exchange and custodian wallets we could identify hold $974.2 million of end-user value, almost as much as all self-custodial wallets combined.

Binance holds 68% of it, through two products: its spot exchange's wallets, almost all bStocks, and Binance Alpha's custodial wallets, almost all Ondo BNB.

#### Figure 2.9 (Section 2.6): Exchange and custodian holdings by venue {#figure-2-9}

*Context: Part II: Who they are > Section 2.6: Exchanges and Custodians.*

**What this shows:** Exchange and custodian holdings by venue. Value held at 13 September 2026 in addresses labelled as an exchange or custodian · venues holding more than $2 million · coloured by the issuer most of it belongs to.

**Table for Figure 2.9**

| Venue | Value held | Issuer |
|---|--:|---|
| Binance | $523.0m | bStocks |
| Binance Alpha (custodial) | $140.8m | Ondo |
| Kraken | $135.0m | xStocks |
| OKX | $91.1m | xStocks |
| Gate | $27.7m | mostly xStocks |
| Bybit | $26.9m | xStocks |
| Fireblocks | $12.0m | xStocks |
| Ceffu (Binance custody) | $8.05m | bStocks |
| MEXC | $5.37m | mostly Ondo |
| Unnamed venues | $2.64m | mostly bStocks |

**About this data:**

- Binance appears twice because it is two products: the spot exchange holds bStocks for its customers, and Binance Alpha's custodial wallet holds Ondo bought from Binance accounts.
- Data: address labels from Etherscan and Blockscout; onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers.

#### What it means (Section 2.6)

These wallets barely trade onchain. Each holds funds for many customers, and its owners cannot be told apart onchain. They are the one large group this report cannot profile.

## Part III: The Tokenised Equities Ecosystem {#part-iii}

**The Ecosystem: Exploring the issuers & chains that comprise the tokenised equities ecosystem**

The market we analysed lives on four chains, and each has drawn a different mix of issuers and holders. We explore each to understand who issues there, who holds, and what the tokens are used for.

No account of this market is complete without the ecosystem that carries it. Part III of our report breaks down the primary tokenised equity ecosystems, the issuers that power them, and the major innovations taking place in each.

### Figure 3.1 (Part III): The tokenised equities ecosystem {#figure-3-1}

*Context: Part III: The Tokenised Equities Ecosystem.*

**What this shows:** Diagram of which issuers operate on which chain.

Issuers on each chain:

- **Ethereum:** Ondo; xStocks (Backed Finance)
- **Solana:** xStocks (Backed Finance); Backpack (Backpack Securities)
- **BNB Chain:** bStocks (BTech Holdings); Ondo
- **Robinhood Chain:** Robinhood (Robinhood Markets)

### Figure 3.2 (Part III): Where each chain’s value sits, by issuer {#figure-3-2}

*Context: Part III: The Tokenised Equities Ecosystem.*

**What this shows:** Where each chain’s value sits, by issuer. The five issuers measured in this report, by the chain they issue on · $2.22bn held at 13 September 2026.

**Table for Figure 3.2**

| Chain | Value held | Ondo | xStocks | Backpack | bStocks | Robinhood |
|---|--:|--:|--:|--:|--:|--:|
| Ethereum | $671.2m | $507.6m | $163.6m | n/a | n/a | n/a |
| Solana | $512.0m | n/a | $486.5m | $25.5m | n/a | n/a |
| BNB Chain | $900.7m | $274.1m | n/a | n/a | $626.6m | n/a |
| Robinhood Chain | $135.9m | n/a | n/a | n/a | n/a | $135.9m |

**About this data:**

- Ondo and xStocks are each measured on two chains here, so each appears under both. Ondo on Solana and xStocks on BNB Chain and smaller EVM chains are outside the count (Section 1.2).
- Data: onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers.

### 3.1 Solana {#section-3-1}

*Context: Part III: The Tokenised Equities Ecosystem.*

Solana has made a name catering to retail users globally and is one of the places where the market for tokenised stocks first began to take root. xStocks launched in June 2025, and within two months it had grown to $56 million and more than 7,000 self-custodial wallets holding $10 or more. By 1 September it accounted for about 95% of the value across the issuers in this report, before Ondo arrived later that month. While the market has expanded to many chains and issuers since then, Solana continues to command 23% of the market. xStocks remains one of the dominant players, and on Solana alone it has more whale and large-retail wallets than any other issuer has on a single chain.

#### Major Issuers (Section 3.1)

- xStocks (Backed Finance)
- Backpack (Backpack Securities)
- Ondo (Ondo Stocks)
- Superstate (Opening Bell)
- PreStocks (Pre-IPO)

##### xStocks (Section 3.1: Solana)

xStocks is issued by Backed Finance, now part of Kraken’s parent Payward, and launched with Kraken and Bybit. It anchors the chain, with 95% of Solana’s value in this report. Its holders are unusually active: its whales trade onchain more than whales on any other issuer, and [Allium’s “Solana RWA Ecosystem” Report](https://www.allium.so/reports/solana-rwa-ecosystem) found that 63% of the chain’s tokenised-equity volume trades while US exchanges are closed.

> “Tokenized-equity traders are already using the flexibility of 24/7 markets. Allium’s data shows 63% of volume on Solana occurred outside regular US market hours, and weekends alone accounted for 17% of total volume. These figures carry weight given Solana handles roughly a third of onchain tokenized-equity trading volume.”
>
> Quoted: Elton Shehdula, Head of Research at Allium

##### Backpack (Section 3.1: Solana)

Backpack is an exchange that issues its own tokenised stocks through Backpack Securities, and is one of the newest issuers we covered in this report. Although it has offered tokenised equities onchain for just three months, its growth has been some of the most impressive. It launched with two tokens on 12 June 2026 and had 44 live by the 13 September cutoff. Working with [Sunrise](https://learn.backpack.exchange/articles/what-is-sunrise), which lists its tokens across Solana’s exchanges and wallets, it added 30 new tokens in the first 13 days of September alone, the fastest of any issuer in this report. Demand was apparent from launch: Allium counts $78 million traded in a single day, four days after trading opened. By the cutoff, Backpack’s stocks accounted for $1.6 billion in onchain trading volume.

> “Most tokenized stocks track a share’s price. Ours can be redeemed 1:1 for the real share. That redemption lets market makers connect Solana liquidity to the traditional market, and the demand showed up right away: $78M traded in a single day in our first week, more than $1.6B in onchain volume within three months. Our goal is to bring the entire stock market to Solana.”
>
> Quoted: Armani Ferrante, CEO, Backpack

#### Stocks in DeFi (Section 3.1)

Solana is one of the chains with the most tokenised-equity utilisation beyond buying and holding. Holders post xStocks as collateral on Kamino at more than three times the scale of any other chain (Figure 3.3), and Kraken opened its own xStocks Vaults, built on Kamino, the day after our cutoff.

#### Figure 3.3 (Section 3.1): Tokenised equity supplied to lending markets and vaults, by chain {#figure-3-3}

*Context: Part III: The Tokenised Equities Ecosystem > Section 3.1: Solana.*

**What this shows:** Tokenised equity supplied to lending markets and vaults, by chain. Value supplied at 13 September 2026 · log scale.

**Table for Figure 3.3**

| Chain and market | Value supplied | Note |
|---|--:|---|
| Solana, Kamino | $20.7m | xStocks supplied as collateral |
| Ethereum, Euler and Morpho | $5.76m | xStocks and Ondo tokens supplied as collateral |
| Robinhood Chain, Morpho | $1.98m | Stock Tokens supplied as collateral |
| BNB Chain, Venus | $282,209 | bStocks; borrowing switched off |

**About this data:**

- Each row is the best reading this report has for that chain’s main money market, not a survey of every protocol.
- Ethereum sums the xStocks and Ondo tokens held by Euler and Morpho, read onchain at the cutoff; most of it is xStocks’ tokenised Strategy preferred shares in Euler’s vaults. Commodity-fund tokens are left out, as elsewhere in this report.
- Robinhood Chain counts Stock Tokens posted as collateral on Morpho at the end of 13 September.
- Data: Kamino’s and Morpho’s public APIs; onchain reads via RPC providers.

#### Built on Solana (Section 3.1)

- **Kamino: Where the borrowing happens.** Takes xStocks as collateral and lends dollars against them. Kraken’s xStocks Vaults, opened the day after our cutoff, are built on it.
- **Jupiter: Routing, and collateral.** Routes onchain xStocks trades across Solana’s pools, and Jupiter Lend has accepted SPYx, QQQx, NVDAx, and TSLAx as collateral since April 2026.
- **Superstate: Company shares onchain.** Opening Bell issues Galaxy, Forward Industries, and Exodus shares directly as tokens. A transfer agent records the share itself onchain, so the token is the register entry.
- **PreStocks: Pre-IPO exposure.** Tokens that track the price of private companies such as OpenAI, Anthropic, and SpaceX before they list, tradable around the clock on Solana, with no shareholder rights.
- **xStocks: Global expansion.** Tokenised US equities account for almost all of the market today. xStocks has started listing beyond them, with Hong Kong names such as Tencent, AIA and BYD, and private companies like Italy’s Bending Spoons.

### 3.2 Ethereum {#section-3-2}

*Context: Part III: The Tokenised Equities Ecosystem.*

Ethereum is where the big money in tokenised equities sits today. Ondo launched its tokenised stocks here in September 2025, and Ethereum now holds 30% of the end-user value we analysed. Its holders are by far the largest of any chain: for every address that has ever held a tokenised stock there, Ethereum holds $17,023, more than twelve times as much as BNB Chain, the chain with the next-largest average holding (Figure 3.4). They also hold the longest. On Ondo Ethereum, 52% of positions are still open after 30 days, the highest of any issuer we analysed.

#### Figure 3.4 (Section 3.2): Value held per address, by chain {#figure-3-4}

*Context: Part III: The Tokenised Equities Ecosystem > Section 3.2: Ethereum.*

**What this shows:** Value held per address, by chain. Every address that has ever held a tokenised equity, by chain · 13 September 2026.

Value held per address.

**Table for Figure 3.4**

| Chain | Value per address |
|---|--:|
| Ethereum | $17,023 |
| Solana | $979 |
| BNB Chain | $1,365 |
| Robinhood Chain | $258 |

**About this data:**

- Every address that has ever held a tokenised equity on the chain, whatever it holds now, against the value held on the chain at the cutoff. Addresses are de-duplicated where a chain carries two issuers.
- An address that has since sold everything still counts.
- Data: onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers.

#### Major Issuers (Section 3.2)

- Ondo (Ondo Stocks)
- Dinari (dShares)
- xStocks (Backed Finance)

##### Ondo (Section 3.2: Ethereum)

Ondo Stocks is Ethereum’s largest issuer, with three quarters of the chain’s end-user value. Its tokens are backed by shares held with US-registered broker-dealers and trust companies. Eligible investors outside the US [create and redeem them directly with Ondo](https://docs.ondo.finance/ondo-stocks/investing-and-redeeming), at its own quoted price and from $1. Others buy them through wallets and exchanges: [MetaMask](https://metamask.io/news/metamask-adds-tokenized-us-stocks-etfs-and-commodities-via-ondo-global) and [Ledger](https://www.ledger.com/blog-ledger-ondo-finance-bringing-tokenized-equities-to-secure-selfcustody) offer them inside the wallet, and 1inch, CoW Protocol, and Uniswap route the trades.

Ondo Ethereum carries most of the market’s whale money. Its whales hold $470 million, 64% of all whale value in this report, an average of about $2.5 million each. 44% of that sits in Safe multisig wallets, a setup common among funds, treasuries, and other professional holders (Figure 3.5).

#### Figure 3.5 (Section 3.2): What Ondo Ethereum’s whales hold through {#figure-3-5}

*Context: Part III: The Tokenised Equities Ecosystem > Section 3.2: Ethereum.*

**What this shows:** What Ondo Ethereum’s whales hold through. Ondo Ethereum’s whales, by what each account is onchain · whales holding $100,000 or more at 13 September 2026 whose largest position is on Ondo Ethereum.

**Figure 3.5, By value held**

| Group | Total | Safe multisig | Delegated account (EIP-7702) | Other contract | Single-key wallet |
|---|--:|--:|--:|--:|--:|
| Ondo Ethereum whales | $470.0m | $206.6m | $11.7m | $6.51m | $245.3m |

**Figure 3.5, By address**

| Group | Total | Safe multisig | Delegated account (EIP-7702) | Other contract | Single-key wallet |
|---|--:|--:|--:|--:|--:|
| Ondo Ethereum whales | 185 | 22 | 22 | 3 | 138 |

**About this data:**

- Each account was read from the chain at the last block of 13 September 2026. A Safe multisig moves funds only when a set number of its owners sign, and every Safe here needs at least two.
- Value is what each whale holds on Ondo Ethereum.
- Data: onchain reads via RPC providers; onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo.

> “Liquidity is what makes tokenized stocks work at scale. Ondo Stocks pioneered the just-in-time liquidity model that taps the depth of traditional markets, which allows us to support hundreds of tokenized stocks and ETFs while enabling users to trade at size with minimal slippage. Arrakis’ findings demonstrate that scalability, with quoted round-trip costs remaining consistent in basis points from $100 to $20,000. Bringing Wall Street onchain means bringing its liquidity with it.”
>
> Quoted: Matthieu DeVergnes, Global Head of Institutional, Ondo Finance

#### Stocks in DeFi (Section 3.2)

Tokenised equities are also beginning to be put to use in DeFi on Ethereum. At the cutoff, Euler’s vaults held $5.2 million of Strategy’s STRC preferred shares, tokenised by xStocks, and Morpho held $0.6 million of xStocks’ S&P 500 token as collateral (Figure 3.3). Pendle held a further $13.1 million of the same preferred shares, split into principal and yield tokens that trade separately. Ondo’s tokens have been accepted as collateral on Morpho and Euler [since February 2026](https://ondo.finance/blog/tokenized-stocks-enter-lending-markets).

#### Built on Ethereum (Section 3.2)

- **Euler: Stock tokens in lending vaults.** Holds xStocks’ tokenised Strategy preferred shares in its vaults, and lends PYUSD against Ondo’s S&P 500, Nasdaq-100, and Tesla tokens.
- **Morpho: Borrowing against a stock token.** Lends dollars against xStocks’ and Ondo’s S&P 500 tokens, with Gauntlet setting the terms on Ondo’s markets.
- **Pendle: Principal and yield, traded apart.** Splits xStocks’ tokenised Strategy preferred shares into principal and yield tokens that trade separately.
- **Ondo: Model portfolios in one token.** Puts portfolio strategies supplied by BlackRock into single tokens on Ethereum and BNB Chain, launched on 24 September, after our cutoff.

### 3.3 BNB Chain {#section-3-3}

*Context: Part III: The Tokenised Equities Ecosystem.*

BNB Chain is the ecosystem where tokenised equities reached the most people. More than 187,000 addresses have held $10 or more there, more than on Solana and Ethereum combined, and the chain added the most new holders of any in the three months leading up to the cutoff (Figure 3.6). It also holds the largest share of the market’s value, 41%, three quarters of it with exchanges and custodians, mostly Binance.

#### Figure 3.6 (Section 3.3): Holders above the $10 floor, by chain {#figure-3-6}

*Context: Part III: The Tokenised Equities Ecosystem > Section 3.3: BNB Chain.*

**What this shows:** Holders above the $10 floor, by chain. Addresses whose largest position reached $10 or more, by chain · 13 September 2026.

Holders above the $10 floor.

**Table for Figure 3.6**

| Chain | Holders |
|---|--:|
| Ethereum | 20,895 |
| Solana | 117,516 |
| BNB Chain | 187,112 |
| Robinhood Chain | 133,943 |

**About this data:**

- Holders above the $10 floor are the whales, large retail, and small retail of Part II: addresses whose largest position reached $10 or more.
- Ethereum, Solana, and BNB Chain each carry two issuers, so their addresses are de-duplicated.
- Data: onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers.

#### Major Issuers (Section 3.3)

- bStocks (BTech Holdings)
- Ondo (Ondo Stocks)
- xStocks (Backed Finance)

##### bStocks (Section 3.3: BNB Chain)

bStocks are issued by BTech Holdings, a Binance company, and in June became [the first tokenised securities on the Official List](https://www.binance.com/en/support/announcement/detail/2c0c92ed15ac42d1b14bb1eac00d22bb) of Abu Dhabi’s financial regulator. They launched with five pairs and grew to 74 by the cutoff, and within ten days they were on PancakeSwap, Trust Wallet, Aster, and Venus.

[Binance says](https://x.com/binance/status/2085336960533459159) more than 90% of bStocks users are in emerging markets and 44% are Gen Z. Most holders here keep coming back: 59% of bStocks holders above $10 have been active on five or more days. Of holders who arrived on each issuer in the same weeks of June and July, bStocks’ were among the most likely to still be active two months later.

##### Ondo (Section 3.3: BNB Chain)

Ondo reaches its widest audience on BNB Chain, where it has been [live since October 2025](https://ondo.finance/blog/global-markets-live-on-bnb-chain). Binance Alpha’s custodial wallet, where tokens bought from a Binance account sit, holds 51% of Ondo’s value on the chain and trades only at Ondo’s own quote (Figure 3.7). Ondo’s holders above $10 hold $1,157 on average, against $26,581 on Ondo Ethereum.

#### Figure 3.7 (Section 3.3): Where Ondo’s float sits on BNB Chain {#figure-3-7}

*Context: Part III: The Tokenised Equities Ecosystem > Section 3.3: BNB Chain.*

**What this shows:** Where Ondo’s float sits on BNB Chain. Every address holding an Ondo token on BNB Chain · 13 September 2026.

**Table for Figure 3.7**

| Token | End-user value | Binance Alpha (custodial) | Other exchanges and custodians | Self-custodial holders |
|---|--:|--:|--:|--:|
| Ondo on BNB Chain | $274.1m | $140.6m | $2.04m | $131.4m |

**About this data:**

- bStocks is not shown: 83% of its end-user value sits in Binance’s exchange wallets (Section 1.2).
- Binance Alpha’s custodial wallet is `0x73d8bd54f7cf5fab43fe4ef40a62d390644946db`, where tokens bought from a Binance account sit.
- The other segments are every other exchange or custodian holding an Ondo token on the chain, and every self-custodial holder, at any size.
- Value is end-user value at the cutoff; tokens held by Ondo, market makers, and infrastructure are left out.
- Data: onchain balances via Dune and RPC providers; address labels from Etherscan and Blockscout; prices from Ondo.

#### Built on BNB Chain (Section 3.3)

- **Flap: Memecoins that pay in stocks.** Lets a memecoin spend its trading tax on bStocks and stream them to its holders. BNB Chain put $4 million behind stock-paired memecoins from 4 September.
- **Four.meme: A stock token ahead of the bStock.** Minted a token for a US share on 8 September, before bStocks carried it. Binance listed that share’s bStock six days later, after our cutoff.
- **Venus: Supplied, never borrowed.** Takes four bStocks as collateral and keeps every borrow cap at zero, so the shares themselves cannot be borrowed.
- **Aster: Stocks as margin.** Lets traders post bStocks as margin on its perpetuals exchange.

### 3.4 Robinhood Chain {#section-3-4}

*Context: Part III: The Tokenised Equities Ecosystem.*

Robinhood Chain is where tokenised equities are growing fastest and where some of the most interesting innovation is taking place. Robinhood opened its own chain to the public on 1 July 2026 with a new line of Stock Tokens, and by the cutoff more than 133,000 addresses had held $10 or more of them. In the first 13 days of September alone, more than 50,000 new small holders arrived, over twice as many as on any other issuer (Figure 3.8).

#### Figure 3.8 (Section 3.4): New small holders each month, by issuer {#figure-3-8}

*Context: Part III: The Tokenised Equities Ecosystem > Section 3.4: Robinhood Chain.*

**What this shows:** New small holders each month, by issuer. Addresses whose persona is small retail by largest position ever held, counted in the month their issuer first saw them · 13 September 2026.

**Table for Figure 3.8**

| Month | Ondo Ethereum | xStocks | Backpack | bStocks | Ondo BNB | Robinhood | Small holders in total |
|---|--:|--:|--:|--:|--:|--:|--:|
| Jun 2025 | 0 | 751 | 0 | 0 | 0 | 0 | 751 |
| Jul 2025 | 4 | 13,161 | 0 | 0 | 0 | 0 | 13,916 |
| Aug 2025 | 34 | 2,796 | 0 | 0 | 0 | 0 | 16,746 |
| Sep 2025 | 1,109 | 5,011 | 0 | 0 | 0 | 0 | 22,866 |
| Oct 2025 | 2,611 | 4,668 | 0 | 0 | 109 | 0 | 30,254 |
| Nov 2025 | 1,783 | 3,153 | 0 | 0 | 1,198 | 0 | 36,388 |
| Dec 2025 | 1,427 | 3,522 | 0 | 0 | 2,495 | 0 | 43,832 |
| Jan 2026 | 787 | 3,850 | 0 | 0 | 16,592 | 0 | 65,061 |
| Feb 2026 | 590 | 2,541 | 0 | 0 | 5,880 | 0 | 74,072 |
| Mar 2026 | 743 | 7,460 | 0 | 0 | 3,551 | 0 | 85,826 |
| Apr 2026 | 1,162 | 4,081 | 0 | 0 | 2,068 | 0 | 93,137 |
| May 2026 | 1,049 | 5,748 | 0 | 0 | 6,314 | 0 | 106,248 |
| Jun 2026 | 1,397 | 6,475 | 7,932 | 9,538 | 17,839 | 27 | 149,456 |
| Jul 2026 | 1,455 | 3,486 | 2,686 | 20,085 | 7,576 | 35,007 | 219,751 |
| Aug 2026 | 1,388 | 12,546 | 7,418 | 74,581 | 35,333 | 46,929 | 397,946 |
| Sep 2026 | 890 | 11,891 | 15,960 | 24,365 | 8,770 | 50,884 | 510,706 |

**About this data:**

- Each address counts once per series, in the month its issuer first saw it, and only if its persona is small retail by largest position ever held, whatever it holds now. September’s bar covers 13 days.
- The dashed line is the running total across all six series, so an address held in two series counts twice.
- Data: onchain balances via Dune and RPC providers including Alchemy and Helius; prices from Ondo, the underlying share closes, and each issuer's share multipliers.

#### Major Issuer (Section 3.4)

- Robinhood (Robinhood Markets)

##### Robinhood (Section 3.4: Robinhood Chain)

Robinhood’s Stock Tokens are [issued by Robinhood Assets (Jersey)](https://docs.robinhood.com/rhj), each backed one for one by a share held with Alpaca Securities, and sold through the Robinhood Wallet in [more than 120 countries](https://robinhood.com/us/en/newsroom/robinhood-accelerates-global-expansion-robinhood-chain-mainnet-stock-tokens-agentic-trading/) outside the US. They trade onchain around the clock.

Its holders keep the broadest portfolios in tokenised equities: those holding $10 or more at the cutoff had held more than six different Stock Tokens each on average, against four and a half on bStocks, the next broadest. This comes mostly from memecoins priced in tokenised equities, which we explore in depth in Section 4.1. A smaller share of users trade them onchain than on any other chain: a third of the addresses that have held a Stock Token have traded one.

#### Stocks in DeFi (Section 3.4)

Robinhood Chain puts more of its value to work in DeFi than any other chain: 72% of its end-user value sits in protocol contracts, against 13% on Solana, the next highest. Within ten weeks of launch, its Stock Tokens had become collateral, yield, and leverage. Uniswap’s pools hold 42% of the chain’s end-user value, and Morpho lends against Stock Tokens, with about $2 million of them posted at the cutoff (Figure 3.3).

#### Built on Robinhood Chain (Section 3.4)

- **Arcus: Stock markets with no fee.** Built by dYdX Labs, quotes about 200 Stock Token markets with no Arcus fee, and wraps leveraged positions into tokens anyone can hold.
- **Pendle: Dividends traded apart.** Splits Robinhood’s NVDA and PFE Stock Tokens into principal and dividend tokens that trade separately.
- **Lighter: A Stock Token as margin.** Takes Robinhood’s SPY Stock Token as margin for perpetuals from 19 July, followed by USO. Until then, USDG was the only collateral it accepted.
- **Flap: Memecoins priced in stocks.** Launches memecoins paired with a Stock Token, and can pay their holders in that Stock Token, bought with a tax on each memecoin’s trading.

## Part IV: What comes next {#part-iv}

**Looking Forward: Innovations and what comes next**

The last section of our report explores what is being built on top of tokenised equities. From memecoins to lending and collateral and the rules taking shape, we look at innovations and projections of what the future might hold.

### 4.1 Memecoins {#section-4-1}

*Context: Part IV: What comes next.*

#### Who builds it (Section 4.1)

- **Robinhood Chain** launchpads: Pons, Long.xyz, Flap
- **BNB Chain** launchpads: Flap, Four.meme

Robinhood Chain’s mainnet opened to the public on 1 July. Within two weeks, launchpads such as [Long](https://x.com/longdotxyz/status/2077073135233609923), and later [Flap](https://x.com/flapdotsh/status/2080676846056960057), let creators price new memecoins in Robinhood stock tokens instead of the usual quote assets such as ETH, SOL, or USDC. Memecoins priced in tokenised Nvidia and other stocks quickly followed. A buyer’s dollars are swapped into the stock token and then into the memecoin, often in a single transaction, and the stock token stays in the pool. On BNB Chain, Flap and Four.meme began pairing memecoins with Binance’s bStocks by late July.

On Robinhood Chain, the wave grew in under three months to 51,903 memecoins priced in stock tokens, across 56,341 pools. Memecoin trades made up 36% of all stock-token volume on the chain by the cutoff: $3.5 billion of stock changed hands as the stock side of a memecoin trade, on top of the $6.2 billion of Robinhood Chain trading in Figure 1.8.

#### Figure 4.1 (Section 4.1): Stock-token induced volume on Robinhood Chain {#figure-4-1}

*Context: Part IV: What comes next > Section 4.1: Memecoins.*

**What this shows:** Stock-token induced volume on Robinhood Chain. Weeks beginning Monday, 29 June to 13 September 2026 · every Uniswap pool holding a stock token, and Arcus, each swap counted once by its stock side at the underlying close · dollars, or each week as a share of its own total.

**Table for Figure 4.1**

| Week beginning | Memecoin-induced | Everything else | Total |
|---|--:|--:|--:|
| 29 Jun 2026 | $0 | $660,217 | $660,218 |
| 6 Jul 2026 | $872,287 | $6.41m | $7.28m |
| 13 Jul 2026 | $11.2m | $25.3m | $36.5m |
| 20 Jul 2026 | $197.1m | $124.4m | $321.5m |
| 27 Jul 2026 | $57.8m | $147.6m | $205.4m |
| 3 Aug 2026 | $29.2m | $120.2m | $149.4m |
| 10 Aug 2026 | $46.9m | $120.1m | $167.0m |
| 17 Aug 2026 | $44.4m | $198.3m | $242.7m |
| 24 Aug 2026 | $357.9m | $590.3m | $948.2m |
| 31 Aug 2026 | $1.83bn | $1.56bn | $3.39bn |
| 7 Sep 2026 | $887.0m | $1.24bn | $2.13bn |

**About this data:**

- Memecoin-induced volume counts both stock legs of a memecoin trade: the stock swapped for money on the way in or out, and the stock swapped with the memecoin. They are two swaps of the same shares in one transaction, and each counts in the total, as every swap does. Over the eleven weeks the chart totals $7.60 billion. Memecoin-induced volume is 46% of that, 61% in the week of 20 July, and 54% in the week of 31 August. The memecoin leg alone is 39%.
- The 36% in the text uses the measure behind Section 1.4. That measure holds one total per address for the whole window, so it has no weekly cut. On it, the memecoin leg is $3.51 billion of $9.69 billion.
- Stock bought on the way into a memecoin is only detected in Uniswap v4 pools, so the memecoin-induced area is a floor. It includes $24.6 million of trading in v3 pools that pair a stock with a memecoin. The pool and memecoin counts in the text cover v4 only, and only the 96 stock tokens on Robinhood’s issuer list before its mid-August additions; the tokens it added then are not counted.
- Data: Robinhood Chain onchain records via RPC.

Traction on this scale suggests traders now trust a stock token in the role that ETH, SOL, and stablecoins usually play. On Robinhood Chain it serves as the quote asset for tens of thousands of new markets.

#### What it is priced in (Section 4.1)

Every one of the 96 stock tokens on Robinhood’s issuer list before its mid-August additions prices at least one memecoin, and their memecoin pools outnumber pools pairing them with stablecoins or ether by more than eight to one. Nvidia alone sits in 13,052 memecoin pools. Because the stock token stays in the pool, Uniswap v4 held more than a third of all Robinhood stock tokens by value at the cutoff, including 54% of the S&P 500 tracker’s float onchain and 35% of Nvidia’s.

#### Figure 4.2 (Section 4.1): Stock tokens by the number of memecoin pools priced in them {#figure-4-2}

*Context: Part IV: What comes next > Section 4.1: Memecoins.*

**What this shows:** Stock tokens by the number of memecoin pools priced in them. Memecoin pools on Uniswap v4, Robinhood Chain, at 13 September 2026 · the ten most used of the 96 stock tokens on Robinhood’s issuer list before its mid-August additions.

**Table for Figure 4.2**

| Stock token | Memecoin pools | Note |
|---|--:|---|
| NVDA | 13,052 | 23% of memecoin pools |
| SPCX | 5,757 | 10% of memecoin pools |
| GME | 3,837 | 7% of memecoin pools |
| TSLA | 3,434 | 6% of memecoin pools |
| SPY | 3,293 | 6% of memecoin pools |
| AAPL | 2,705 | 5% of memecoin pools |
| GOOGL | 1,713 | 3% of memecoin pools |
| RDDT | 1,577 | 3% of memecoin pools |
| MSFT | 1,250 | 2% of memecoin pools |
| META | 1,209 | 2% of memecoin pools |

**About this data:**

- Uniswap v3 on the chain holds another 1,665 stock-memecoin pools, not counted here.
- Data: Robinhood Chain onchain records via RPC.

#### What it pays out (Section 4.1)

The stock token is also used for payouts. Flap, which runs on both chains, lets a memecoin charge a tax on its own trading, buy stock tokens with it, and pay them to holders, singly or as a basket. On BNB Chain, [Flap said](https://x.com/flapdotsh/status/2085715408662008297) MarsCoin, a memecoin priced in tokenised SpaceX, had paid its holders more than $1.5 million of that token by 7 August, and [Binance Alpha passes these payouts on](https://x.com/BinanceWallet/status/2091828414973985189) each month to its eligible users. By 18 August, Flap memecoins had paid bStocks to 80,910 addresses, and 78% still held some bStocks at the cutoff.

#### Figure 4.3 (Section 4.1): Percentage of Flap payout recipients that retain their tokens {#figure-4-3}

*Context: Part IV: What comes next > Section 4.1: Memecoins.*

**What this shows:** Percentage of Flap payout recipients that retain their tokens. The 80,910 addresses that received a bStocks payout from a Flap memecoin to 18 August 2026, by what they held at 13 September 2026.

**Table for Figure 4.3**

| Group | Addresses | Still hold $100 or more | Still hold under $100 | Hold none |
|---|--:|--:|--:|--:|
| Recipients | 80,910 | 3,258 | 60,113 | 17,539 |

**About this data:**

- $100 is this figure’s own threshold, summed over every bStocks token the address holds. Everywhere else in this report the floor is $10.
- Prices are carried forward from 28 August, where the price series ends.
- Data: BNB Chain onchain records via RPC.

#### What it is minted for (Section 4.1)

Four.meme went a step further and minted its own stock token for a share bStocks did not yet support, drawing [more than $2 million of mint requests](https://x.com/fourdotmemezh/status/2097181250939453855) within hours of its launch on 8 September.

#### What happens at the weekend (Section 4.1)

The pools trade every day, but Robinhood’s stock tokens can only be minted or burned on weekdays. About a fifth of the chain’s stock-token volume, 22%, changes hands on a Saturday or Sunday, when the pools price a share that cannot be minted or burned until Monday. Late on Sunday 30 August, [DeFi Prime reported](https://defiprime.com/tokenized-stock-float-squeeze), tokenised Hims & Hers traded at more than twice its Friday close while a single memecoin pool held much of its supply. The gap closed within two hours of the first mint on Monday.

#### What it means (Section 4.1)

For the issuers, memecoins appear to be a way in. Nearly three quarters of Robinhood’s small holders have held one, and at least a third of bStocks’ small holders have received a Flap payout.

### 4.2 Innovations {#section-4-2}

*Context: Part IV: What comes next.*

The most interesting part of the tokenised equities market may be what is being built on top of it. Builders have turned the stock token into collateral, leverage, yield, and baskets, and onchain markets now price companies before they even become public. Much of this is only weeks old and still small, but it is developing quickly.

#### Collateral (Section 4.2)

A stock token has stopped being something you can only hold and become something you can also borrow against. A share in a brokerage account can usually be margined only by the broker holding it, and only on that broker’s terms. A token that tracks the share can be posted to any lending market or exchange that accepts it.

- **Morpho: Loans against Coinbase stock tokens.** Morpho now has lending markets on Base for Coinbase’s tokenised Apple, Alphabet, Nvidia, Meta, and SpaceX. Steakhouse Financial’s High Yield USDC vault lends into them, so a holder can borrow USDC against the tokens without selling them. *Base · deployed 7 Sep 2026*
- **Aave: Equities Hub on Aave V4.** Aave’s Equities Hub on Base takes seven Coinbase stock tokens as collateral for USDC loans, in a hub kept apart from the rest of the protocol. Its price feeds hold Friday evening’s price until Sunday evening, so a weekend swing in the token’s price cannot move a loan towards liquidation. *Base · live 25 Sep 2026*
- **Aster: bStocks as margin for perpetuals.** Aster, a perpetuals exchange on BNB Chain, accepts bStocks as margin, starting with tokenised Tesla, Nvidia, Circle, and SanDisk. A holder can back a derivatives position with the stock instead of selling it. *BNB Chain · from 15 Jun 2026*
- **Lighter: Robinhood stock tokens as margin.** Lighter’s perpetuals exchange on Robinhood Chain made Robinhood’s stock tokens eligible as margin in July, starting with SPY and USO. Until then, USDG had been the only collateral it accepted. It is closed to US residents, among others. *Robinhood Chain · from 19 Jul 2026*
- **Backpack: Stocks as collateral for futures and margin.** Backpack made the seventeen stocks and ETFs that have a perpetual market on its exchange usable as collateral for borrowing, futures, and spot margin. The collateral is the shares themselves, held through Backpack Securities, rather than a token. *Backpack · expanded 17 Sep 2026*

#### Leverage (Section 4.2)

Leverage on a stock has usually meant a margin account, on a broker’s terms, or a leveraged fund bought through a broker. A leveraged token puts the leverage in the token itself. A holder can keep it in a wallet, trade it around the clock, and use it in other protocols.

- **Arcus: Perpetuals positions as tokens.** Arcus’s pTokens turn a perpetuals account held at fixed leverage into a token that can be held or traded, such as pHOOD3x, three times long Robinhood’s own stock. The account behind the token can still be liquidated. *Robinhood Chain · live Aug 2026*
- **Long.xyz: Three-times Nvidia as a token.** Long wraps a three-times long Nvidia position on Lighter into a token on Robinhood Chain. Launchpads can price memecoins in it, which puts leverage underneath a memecoin pool. *Robinhood Chain · live 1 Sep 2026*
- **Shift RWA: Leveraged stock tokens with no liquidation.** Shift RWA issues tokens with one to three times exposure, long and inverse, to Tesla, SpaceX, the S&P 500, and a semiconductor index, backed one for one by positions it holds with regulated custodians, including a US broker. It runs no margin account, so a holder cannot be liquidated. *Solana · on Jupiter since Jun 2026*

#### Pre-IPO equity tokens (Section 4.2)

Private-company shares have traditionally changed hands in secondary markets, often as a claim on shares held in a special purpose vehicle, and in the United States those markets are generally open only to accredited investors. Tokenising the claim can make it transferable onchain, and it brings a market whose minimums start at $10,000 or more within reach of a much smaller ticket.

- **Jarsy: Pre-IPO shares, tokenised one for one.** Jarsy sells tokens on Base, each backed one for one by the economic rights to a private-company share held in its Delaware vehicle. Jarsy says holders get the price exposure without owning the equity. Settlement depends on available liquidity, and tokens may be locked for six to twelve months. *Base · marketplace since Aug 2025*
- **OpenStocks: Private-company price exposure.** OpenStocks tokens track the share price of private companies. Its terms say they carry “economic exposure to a company’s private share price only”, with no ownership, voting, dividend, or information rights. *BNB Chain · live since Apr 2026*
- **Tessera: Tokenised pre-IPO SpaceX exposure.** Tessera’s T-SpaceX token, which it calls a loan participation right, is tied to SpaceX exposure held in a segregated Cayman portfolio, with a Chainlink proof-of-reserve feed. Tessera says SpaceX’s listing on 12 June triggered the liquidity event for its first redemption cycle, and as of 20 September it had not announced when redemptions open. *Solana · live Feb 2026*

#### Yield (Section 4.2)

A stock held at a broker earns its dividend, and any income from lending it out is on the broker’s terms. A stock token can be deposited into vaults and exchange products that pay a return on it.

- **Kraken: xStocks Vaults.** Kraken’s xStocks Vaults, run by Sentora, put deposited xStocks to work on lending protocols such as Kamino. They pay up to 2% net of fees, in the same xStock rather than in a stablecoin, so the position grows in the stock itself. *Solana · live 14 Sep 2026*
- **Bybit: xStocks in Dual Asset.** Bybit added six xStocks pairs to Dual Asset, its structured yield product, in July. A holder earns a set yield and, at the end of the term, is paid in either the stock token or USDT, depending on the price. The product is not principal-protected. *Bybit · from 23 Jul 2026*

#### Baskets (Section 4.2)

A basket of stocks has usually needed a fund to package it. With tokenised shares, a basket can be bought in one transaction and held in an account the buyer controls, with no pooled fund in between.

- **City Protocol: Magnificent Seven portfolio.** City Protocol’s Magnificent Seven portfolio buys seven bStocks in one transaction, a seventh in each, into an account the buyer controls. City Protocol writes the index rule and publishes each change to the list. *BNB Chain · live from 7 Sep 2026*

#### Who can actually reach it (Section 4.2)

Almost all tokenised stocks are closed to US investors, and every issuer runs its own onboarding and eligibility checks, so an app that wants to offer several has to integrate each one separately.

- **CoinList: Passage, one integration across issuers.** CoinList’s [Passage](https://passage.coinlist.co/en) gives a wallet or app one integration for tokenised stocks, funds, and other assets, with each issuer’s onboarding and eligibility handled underneath. Its issuer partners include Superstate and Ondo, with WisdomTree to come, and CoinList brings a community of more than 12 million users in more than 160 countries. It expects tokenised equities to do for access to US capital markets what stablecoins did for the dollar. “Any surface with user distribution can and will become a financial platform,” it says. *Catalogue includes 443 Ondo assets, open to non-US investors*
- **Dinari: Tokenised shares for US investors.** Dinari, an SEC-registered transfer agent, creates tokenised shares backed by real shares that its FINRA-member broker-dealer buys and a third-party broker holds. It covers 724 names, including the full S&P 500, for eligible US investors and for investors in more than 85 other jurisdictions, and the tokens are designed to carry voting rights, dividends, and corporate actions. *Several chains · US retail from Aug 2026*

### 4.3 Looking forward {#section-4-3}

*Context: Part IV: What comes next.*

#### The US route (Section 4.3)

On 17 September 2026, four days after the cutoff, the SEC [granted a five-year exemption](https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment) that lets a venue trade tokenised US stocks without registering as an exchange. A venue must publish notice on its own website 30 days before opening, publish its contracts on a permissionless ledger while keeping access permissioned, and halt when the primary exchange halts. It can trade up to 75 of the largest stocks and funds, each at no more than a quarter of a percent of its average daily volume, and up to 250 others at two and a half percent.

[The order](https://www.sec.gov/files/rules/exorders/2026/34-106402.pdf) also exempts a firm from registering as a dealer when it supplies its own capital, in the form of tokenised stock, to a venue’s liquidity pool.

The exemption covers a share tokenised by its own company or by an unaffiliated third party, and a venue may list a token only if it carries the same dividends, votes, and claim in a liquidation as the share. Four of the five issuers measured here say in their own documents that their token carries no shareholder rights: [Ondo Stocks](https://docs.ondo.finance/ondo-stocks/overview), [xStocks](https://docs.xstocks.fi/docs/product-legal-overview), [bStocks](https://www.binance.com/en/support/faq/detail/f0c03cd6509a4085b4cce1636f16be38), and [Robinhood](https://docs.robinhood.com/chain/stock-tokens).

#### What it unlocks (Section 4.3)

The exemption opens a venue that can list tokenised US shares without becoming an exchange, with firms quoting on it from their own capital without registering as dealers. One structure that qualifies has a transfer agent record the share itself onchain, so the token is the register entry. [Superstate’s Opening Bell](https://docs.superstate.com/issuers/opening-bell) already works this way for Galaxy, Forward Industries, and Exodus. It has 84 token holders, and in the thirty days to the cutoff no share moved from one holder to another.

#### Beyond the US (Section 4.3)

In Europe, a tokenised share stays a financial instrument under MiFID II, outside MiCA. The [DLT Pilot Regime](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R0858) lets venues test trading and settling tokenised shares of companies worth less than €500 million, and the Commission [proposed on 4 December 2025](https://finance.ec.europa.eu/publications/market-integration-and-supervision-package_en) to widen it. Abu Dhabi’s regulator [cleared Ondo’s tokenised stocks](https://www.coindesk.com/business/2026/03/03/ondo-finance-tokenized-stocks-platform-on-binance-wins-regulatory-approval-in-abu-dhabi) to trade on Binance’s regulated venue in March 2026, and [approved BTech’s bStocks prospectus](https://www.binance.com/en/support/announcement/detail/2c0c92ed15ac42d1b14bb1eac00d22bb) before their listing in June. Singapore [regulates a tokenised share](https://www.mas.gov.sg/-/media/mas/sectors/guidance/guide-on-the-tokenisation-of-capital-markets-products.pdf) exactly as its untokenised twin.

#### The incumbents (Section 4.3)

One of the most interesting implications of the favourable regulatory regime towards tokenised equities is that the incumbents are moving onto blockchain rails.

- **Nasdaq** won SEC [approval on 18 March 2026](https://www.federalregister.gov/documents/2026/03/23/2026-05563/self-regulatory-organizations-the-nasdaq-stock-market-llc-order-approving-a-proposed-rule-change-as) to trade tokenised shares of Russell 1000 stocks and ETFs that track major indices on its existing order book. Trading starts once DTC’s tokenisation service opens and Nasdaq has given members 30 days’ notice; DTCC plans the launch for October 2026. A tokenised share will then trade on the same order book as the ordinary one, with the same rights, and a DTC-eligible participant sets a flag on its order to settle in token form. Settlement stays T+1 through DTC.
- **The New York Stock Exchange** announced a [memorandum with Blockchain.com](https://www.prnewswire.com/news-releases/blockchaincom-and-nyse-partner-to-explore-global-247365-trading-of-tokenized-securities-302887041.html) on 23 September to distribute tokenised US equities and ETFs on a digital venue it has announced but not launched, subject to regulatory approval. Its exchanges have also filed the same DTC-based rule as Nasdaq.
- **The London Stock Exchange** said on 1 September that it intends to [list xStocks and trade them on LSE 24 during 2027](https://www.lseg.com/en/media-centre/press-releases/2026/london-stock-exchange-launches-uk-tokenised-equity-structures-and-announces-partnership-with-payward), subject to regulatory approval.

Weekend trading is the clearest advantage this market has over the listed one, and the [longer hours approved for the listed exchanges](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105199.pdf) still stop at the weekend, though the SEC’s 17 September exemption sets no hours limit on an onchain venue. If the incumbents reach seven-day trading, that advantage narrows, and so does the reason to hold a token instead of the share.

#### Future projections (Section 4.3)

We used the market’s first fifteen months to project where it could be by the end of 2027, in three cases.

#### Figure 4.4 (Section 4.3): Projected metrics (simulated) {#figure-4-4}

*Context: Part IV: What comes next > Section 4.3: Looking forward.*

**What this shows:** Projected metrics. Holders above $10, their value, and cumulative onchain volume · observed to 13 September 2026, then projected to 31 December 2027.

Cases, as the chart describes them:

- **Bear:** No new surface launches. The seven that exist age into their slower growth, and holders trade 40% less often. Ceiling: 0.5% of the world's retail investors ever hold a tokenised equity.
- **Base:** Three new surfaces over fifteen months. Turnover holds where it is. Ceiling: 2.0% of the world's retail investors ever hold a tokenised equity.
- **Bull:** Eight new surfaces. Holders trade 40% more often. Ceiling: 8.0% of the world's retail investors ever hold a tokenised equity.

Observed month ends to 13 Sep 2026, then the projection at each quarter end to 31 Dec 2027: p10, p50 and p90 are the 10th, 50th and 90th percentile of 10,000 simulated paths per case. The full series has every month.

**Figure 4.4, Holders above $10: observed**

| Date | Observed |
|---|--:|
| 31 Dec 2025 | 18,849 |
| 31 Jan 2026 | 30,243 |
| 28 Feb 2026 | 30,965 |
| 31 Mar 2026 | 34,162 |
| 30 Apr 2026 | 37,223 |
| 31 May 2026 | 46,230 |
| 30 Jun 2026 | 59,854 |
| 31 Jul 2026 | 82,980 |
| 31 Aug 2026 | 140,316 |
| 13 Sep 2026 | 191,773 |

**Figure 4.4, Holders above $10: projection (simulated)**

| Date | Bear p10 | Bear p50 | Bear p90 | Base p10 | Base p50 | Base p90 | Bull p10 | Bull p50 | Bull p90 |
|---|--:|--:|--:|--:|--:|--:|--:|--:|--:|
| 30 Sep 2026 | 196,719 | 204,200 | 213,387 | 197,035 | 204,718 | 214,423 | 197,165 | 204,987 | 214,591 |
| 31 Dec 2026 | 269,802 | 312,819 | 421,738 | 276,490 | 323,903 | 440,239 | 286,601 | 339,774 | 459,741 |
| 31 Mar 2027 | 403,192 | 527,196 | 780,048 | 443,502 | 593,388 | 911,718 | 482,603 | 646,378 | 983,525 |
| 30 Jun 2027 | 539,803 | 722,759 | 1,053,250 | 627,238 | 873,862 | 1,353,698 | 713,858 | 994,861 | 1,550,734 |
| 30 Sep 2027 | 735,230 | 1,000,509 | 1,430,396 | 924,256 | 1,339,242 | 2,126,012 | 1,104,820 | 1,596,967 | 2,581,752 |
| 31 Dec 2027 | 978,046 | 1,317,580 | 1,803,557 | 1,344,510 | 1,979,272 | 3,131,897 | 1,666,681 | 2,500,755 | 4,109,217 |

**Figure 4.4, Value they hold: observed**

| Date | Observed |
|---|--:|
| 31 Dec 2025 | $374.5m |
| 31 Jan 2026 | $506.3m |
| 28 Feb 2026 | $532.5m |
| 31 Mar 2026 | $490.1m |
| 30 Apr 2026 | $597.5m |
| 31 May 2026 | $867.8m |
| 30 Jun 2026 | $795.1m |
| 31 Jul 2026 | $783.7m |
| 31 Aug 2026 | $857.5m |
| 13 Sep 2026 | $892.2m |

**Figure 4.4, Value they hold: projection (simulated)**

| Date | Bear p10 | Bear p50 | Bear p90 | Base p10 | Base p50 | Base p90 | Bull p10 | Bull p50 | Bull p90 |
|---|--:|--:|--:|--:|--:|--:|--:|--:|--:|
| 30 Sep 2026 | $907.1m | $929.5m | $957.0m | $908.0m | $931.0m | $960.1m | $908.4m | $931.8m | $960.6m |
| 31 Dec 2026 | $1.13bn | $1.25bn | $1.58bn | $1.15bn | $1.29bn | $1.64bn | $1.18bn | $1.34bn | $1.69bn |
| 31 Mar 2027 | $1.53bn | $1.90bn | $2.65bn | $1.65bn | $2.09bn | $3.05bn | $1.76bn | $2.25bn | $3.26bn |
| 30 Jun 2027 | $1.93bn | $2.48bn | $3.47bn | $2.20bn | $2.93bn | $4.37bn | $2.46bn | $3.30bn | $4.96bn |
| 30 Sep 2027 | $2.52bn | $3.31bn | $4.60bn | $3.09bn | $4.33bn | $6.68bn | $3.63bn | $5.10bn | $8.05bn |
| 31 Dec 2027 | $3.25bn | $4.26bn | $5.72bn | $4.34bn | $6.24bn | $9.70bn | $5.31bn | $7.81bn | $12.62bn |

**Figure 4.4, Onchain volume, cumulative: observed**

| Date | Observed |
|---|--:|
| 31 Dec 2025 | $2.26bn |
| 31 Jan 2026 | $3.24bn |
| 28 Feb 2026 | $4.08bn |
| 31 Mar 2026 | $5.70bn |
| 30 Apr 2026 | $6.78bn |
| 31 May 2026 | $8.59bn |
| 30 Jun 2026 | $11.81bn |
| 31 Jul 2026 | $25.29bn |
| 31 Aug 2026 | $37.91bn |
| 13 Sep 2026 | $46.11bn |

**Figure 4.4, Onchain volume, cumulative: projection (simulated)**

| Date | Bear p10 | Bear p50 | Bear p90 | Base p10 | Base p50 | Base p90 | Bull p10 | Bull p50 | Bull p90 |
|---|--:|--:|--:|--:|--:|--:|--:|--:|--:|
| 30 Sep 2026 | $53.27bn | $53.45bn | $53.67bn | $53.46bn | $53.65bn | $53.89bn | $53.65bn | $53.85bn | $54.09bn |
| 31 Dec 2026 | $95.27bn | $98.62bn | $103.69bn | $99.43bn | $103.48bn | $109.37bn | $103.89bn | $108.57bn | $115.25bn |
| 31 Mar 2027 | $148.15bn | $161.98bn | $188.80bn | $165.58bn | $184.13bn | $220.25bn | $184.44bn | $207.64bn | $251.91bn |
| 30 Jun 2027 | $209.37bn | $238.04bn | $293.45bn | $253.62bn | $298.08bn | $386.42bn | $304.04bn | $362.80bn | $476.98bn |
| 30 Sep 2027 | $281.54bn | $330.02bn | $418.64bn | $377.71bn | $466.03bn | $638.08bn | $489.97bn | $615.84bn | $862.22bn |
| 31 Dec 2027 | $365.21bn | $437.31bn | $560.75bn | $553.01bn | $709.47bn | $1,002.54bn | $781.71bn | $1,030.85bn | $1,504.55bn |

**About this data:**

- Self-custodial addresses holding $10 or more across the five analysed issuers, the $892m they hold of the report’s $2.22bn of end-user value, and the running total of onchain volume since June 2025, observed to 13 September 2026, then 10,000 simulated paths per case to 31 December 2027.
- **The ceiling is declared, not measured.** Fitting one to fifteen months of pre-peak data returns $380 trillion and moves 170% when three months are dropped. The three used here are 0.5%, 2.0%, and 8.0% of the world’s retail investors, counted bottom-up from brokerage accounts in China, India, the United States, and the rest.
- The projection runs on addresses above $10, not on every address. Of the 1,280,698 with any positive balance at the cutoff, 85% hold less than $10, and the ceiling counts investors, so projecting the wider series would compare addresses to people.
- **New holders bring what new holders have brought.** Existing value stays where it is and each holder added carries $2,994, the $517.8m that the 172,924 addresses added since 31 December 2025 brought between them. Nobody’s holdings shrink; the average falls because the people arriving are smaller than the people already here. Measured over nine months rather than three, because the last three months are the most dilutive quarter this market has had.
- Volume carries today’s trading mix forward, and 53% of onchain volume is farming and automated trading rather than holders trading their own positions.
- Volume is value times turnover, so the tabs cannot drift apart. The cumulative band is accumulated per path and percentiled afterwards, because the percentile of a sum is not the sum of percentiles.
- **The outside view.** At each class’s own age, this is the widest and the shallowest of the tokenised asset classes: $4,653 per holder here, against about $20,000 for PAXG after seven years and about $170,000 for tokenised US treasury funds after more than five, both read on 29 September 2026. The equities figure counts only self-custodial addresses above $10, so the comparison is rough.
- This counts addresses. One person can hold any number of them.
- Data: Arrakis Research projection from the observed series in Figure 2.2 and the monthly onchain trade tape.

#### A counter view (Section 4.3)

Not everyone we spoke to thinks tokenised equities are the main event. Dean Khan Dhillon, Head of Growth at [rwa.xyz](https://app.rwa.xyz/stocks), told us that access has driven most of the growth so far: investors in Asia and Latin America, for example, can now hold US equity exposure onchain in a way that was operationally difficult, and in many cases impossible, through traditional brokerages. That first wave is retail that wants the exposure and does not care whether a token is issued with the company’s blessing, pays dividends, or carries ownership rights.

“The next 12 months of growth will keep coming from the same accessibility play,” he told us, which will likely take the market to “at least the double digit billions”. “Getting from there into the trillions is a different story. It requires multiple investor profiles, more serious players and pseudo-institutions who care about the things retail has been happy to ignore: first-party issuance, dividend and voting rights, a clean claim on the underlying asset.” He is describing the market as a whole. The figure above covers only the five issuers measured here, and within them only the self-custodial addresses holding $10 or more: $892 million of the $2.22 billion of end-user value at 13 September.

He sees the larger prize in private markets, with private credit delivered onchain with clean legal wrappers as the obvious next stop. “The buyers here are not retail wallets in Asia,” he said. “I expect the buyer to be fund treasuries sitting on hundreds of millions in stablecoin reserves,” looking to earn more than tokenised treasuries pay.

### 4.4 Data and citations {#section-4-4}

*Context: Part IV: What comes next.*

Our thanks to the providers and publications who helped to make this report possible. Their data, tooling, and research are invaluable to the space.

#### Data (Section 4.4)

| Provider | What it provided |
|---|---|
| Ondo | Prices for Ondo’s tokens, from Ondo’s own onchain trade records and public APIs. |
| Binance | Daily prices and trading volume for the bStocks tokens, from Binance Vision’s public APIs. |
| CoinGecko | Indexing the products across issuers, and market-level price data. Powered by CoinGecko. |
| rwa.xyz | The size of the tokenised equity market and the issuers on it. |
| Dune | Onchain trade and transfer data across the four analysed chains. |
| ccxt | The open-source library used to read public market data from exchanges. |

#### Citations (Section 4.4)

Reporting and research quoted in this report: [CNBC](https://www.cnbc.com/2026/09/15/senate-cloture-vote-on-clarity-act-fails-dealing-regulatory-setback-to-crypto-industry.html), [CoinDesk](https://www.coindesk.com/business/2026/03/03/ondo-finance-tokenized-stocks-platform-on-binance-wins-regulatory-approval-in-abu-dhabi), [DeFi Prime](https://defiprime.com/tokenized-stock-float-squeeze), [PR Newswire](https://www.prnewswire.com/news-releases/blockchaincom-and-nyse-partner-to-explore-global-247365-trading-of-tokenized-securities-302887041.html), and Allium’s [“Solana RWA Ecosystem” Report](https://www.allium.so/reports/solana-rwa-ecosystem). Regulatory filings, exchange notices and issuer documentation are linked where they are cited.

### 4.5 Methodology and limits {#section-4-5}

*Context: Part IV: What comes next.*

Various methodologies were used to generate the charts and analysis throughout this report. These methods, where applicable, are described succinctly in the **About this data** sections beneath each chart.

#### Limits (Section 4.5)

The underlying data comes from onchain records and various external data providers. If the underlying data is flawed, this report inadvertently inherits that.

#### Accuracy (Section 4.5)

Although we have made efforts to validate all methodology and figures contained in this report, we make no guarantees as to the accuracy of the information contained herein.

Should you find any inaccuracy in our figures or analysis, please feel free to reach out to us at [research@arrakis.finance](mailto:research@arrakis.finance).

### 4.6 Acknowledgements {#section-4-6}

*Context: Part IV: What comes next.*

We thank our contributors, rwa.xyz, CoinList, Dune, CoinGecko, RWA Foundation, Green Dots Research, [@ZeusRWA](https://x.com/ZeusRWA), and [@stacy_muur](https://x.com/stacy_muur), whose data, research, and feedback helped shape this report, and the teams at Ondo, Backpack, Allium, and Dune for sharing their perspectives. Thanks also to [Matthew Hammond](https://x.com/mchammond) and [Arihant Nayyar](https://x.com/web3_pastel) for spearheading this research, and to [Oksana Shkoropad](https://x.com/oxillustration) for design.

## From Arrakis: Deep, liquid markets for tokenised equities. {#from-arrakis}

If you are issuing tokenised equities, speak with our team to learn how we can help you build deep and efficient liquidity for your assets.

## Legal Disclaimer {#legal-disclaimer}

This report is provided free of charge as a general informational resource, for informational and educational purposes only. Arrakis does not guarantee its continued availability and shall be entitled to update, suspend, or withdraw it at any time at its sole discretion.

Nothing in this report constitutes financial, legal, tax, investment, or any other kind of professional advice or recommendation upon which reliance should be placed. The reader is solely responsible for any decisions made or actions taken in reliance on this report and acts entirely at their own risk. Arrakis is not responsible or liable for any particular outcome, and no warranty rights exist in connection with this report. Arrakis shall not be liable for any losses or damages arising from the reader’s use of or reliance on this report.

Arrakis has made reasonable efforts to verify the accuracy of the data presented but does not warrant that all information is accurate, complete, or current. Classifications of addresses and trading activity describe observable patterns, not the identity or intent of any holder. Readers should independently verify figures before relying on them.

The information contained in this report is based on a combination of onchain data, third-party data providers, research, and publicly available information as of 13 September 2026, unless stated otherwise. Market conditions, regulatory environments, and issuer programmes change frequently. Arrakis makes no representation that the information is accurate or remains current at the time of reading.

Arrakis builds liquidity infrastructure and may have a commercial interest in the assets, protocols, and venues this report measures.