Wrapped Stock and ETF Tokens Reach $3.1 Billion, 7.6 Times Their Year-Earlier Level

Wrapped stock and ETF tokens reached about $3.1 billion on Sept. 30, 2026, 7.6 times their year-earlier level, as rising token supply outweighed declines in the shares backing some products.

An analysis of token supply and linked share prices put $1.89 billion in added value on the expansion of products already trading a year earlier. It separately estimated $995 million in value tied to products launched during the period, while share-price changes subtracted $121 million. The estimates describe modeled market-value effects, not cash invested, and are not an exact reconciliation of the market’s total growth.

A wrapped token is issued against a share held by a custodian. Its market value can shift with the share price and with token supply as units are created or removed.

The pattern continued even for products tied to falling shares. Of 119 stocks and ETFs with tokens at both ends of the yearlong period, 60 had lower share prices, while token supply rose for 58 of them. Circle’s shares fell 38% as its token supply grew 85-fold. Strategy’s shares declined 52%, while its token supply rose 54-fold.

Wrapped-token value rose 7.7% to 10.1% in the seven days after three venue events: Ondo’s Binance Alpha launch on Feb. 24, Binance’s bStocks launch on June 11, and Robinhood’s July 1 announcement. Across 359 seven-day periods, the median increase was 3.9%. The timing of those gains does not establish that the events caused them.

Product terms and U.S. access differ. Binance’s bStocks do not give holders direct ownership of the underlying shares and are unavailable to U.S. persons. Robinhood’s Stock Tokens are also unavailable to U.S. persons. In July, Ondo announced a separate U.S. product tied to BlackRock’s iShares Core S&P 500 ETF (IVV) and Micron shares, with proxy voting through Broadridge.

On Sept. 17, the Securities and Exchange Commission issued temporary, conditional exemptions for certain venues and liquidity providers trading qualifying tokenized U.S. stocks. Venues must verify that tokens carry the same rights and privileges as the equivalent traditional share class, including voting and dividend rights, and cannot issue tokens on those venues. A venue must give at least 30 calendar days’ public notice before operating. Trading third-party tokens can begin only after at least 30 calendar days have passed since the issuer receives notice. The order does not set an opening date for any venue; the exemptions run through Sept. 17, 2031.