Tokenized Stock and ETF Products Above $1 Million Reach 348

Tokenized stock and exchange-traded fund products valued above $1 million reached 348, rising from three in January 2025, as the broader market’s capitalization reached $4.67 billion on Nov. 3. The threshold count measures products above that value, while capitalization measures the overall market’s value. It does not count unique stocks.

Tokenized stocks are blockchain-based products linked to the economic performance of stocks and ETFs. The broader market included 3,867 tokenized assets and 6,899 products from 12 issuers across 18 blockchain networks. Those totals cover the full market, while 348 refers only to products above the $1 million threshold.

Three issuers represented about 86% of the market by capitalization. Binance’s bStocks accounted for about $1.6 billion, or 34%; Ondo Finance held about $1.29 billion, or 28%; and Backed Finance had about $1.12 billion, or 24%. The dollar figures and shares are rounded estimates.

An estimated 92% to 94% of value in tokenized products is tied to U.S. equities and ETFs. Even so, tokenized stocks make up about 0.0038% of the underlying equity markets they mirror. The market’s product count has expanded sharply, but its value remains small compared with those markets.

The market had about $32 million in capitalization in January 2025 and passed $1 billion by late that year before reaching $4.67 billion on Nov. 3. TokenPost previously covered the market’s $4.4 billion valuation after an 886% annual gain. The count of products above $1 million adds a measure of product size alongside the market-wide dollar total.

The 348 products do not represent 348 distinct underlying stocks or ETFs. A single stock can be tokenized by multiple issuers on multiple chains, meaning separate products may be tied to the same security. The market’s 6,899 products span 18 blockchain networks and come from 12 issuers.

The holder base has grown into the millions. Tokenized products can support round-the-clock trading and on-chain transparency, and can be used in decentralized finance applications. Their value remains a small fraction of the equity markets they mirror.