Tokenized stocks on Robinhood Chain traded $13.9B. 64% of that trading happened while Wall Street's main session was shut
Since June, Robinhood has minted tokens for 202 US stocks and funds on its own chain. We followed every token, holder and DEX swap through the end of October.
- $161.2 million
- 64%
- 92%
- $1.65 billion
- $0.67
- 96%
01 · A stock market that never closesRobinhood built a blockchain for its tokenized stocks
US stock markets close every weekday afternoon and stay shut all weekend. Robinhood Chain never closes. On October weekends alone, traders swapped more than $400 million of tokens that track US shares.
Robinhood, the US trading app, runs Robinhood Chain, and its biggest product so far is tokenized stocks. Each token tracks the price of one share or fund, from Tesla to SPY, the fund that follows the S&P 500. The company mints the tokens, and anyone with a crypto wallet can hold them. Holders can swap them on the chain's DEXs, exchanges that run as code with no company in the middle.
Bitquery records every move on the chain, so we followed the tokens from the first mint in June to the end of October. We asked three questions. Who gets new tokens first? Who holds them? And when do people trade them? The company's European tokens live on Arbitrum instead, and our Arbitrum study found they all sit in one company wallet and never trade. So we stayed on the new chain.
02 · SupplyThe value grew more than fivefold in three months
Robinhood mints a token when demand rises and burns one when it falls. A single token factory, a program the company runs on the chain, created every one of them. By the end of October, tokens for 202 stocks and funds were live.
| Tokens the factory created | 212 |
| Tokens in use, 31 October | 202 |
| Mints, June to October | 145,046 |
| Burns, June to October | 59,662 |
The supply was worth $28.5 million at the end of July and $161.2 million three months later. More than half of that jump came in the first two weeks of September. In those two weeks, the company minted $111.3 million more than it burned, led by SPY, NVIDIA and gold. Daily DEX volume peaked in the same stretch.
SPCX, in third place, tracks SpaceX. SpaceX is a private company with no stock market price, so the token's price comes only from on-chain trading. Among the six issuers in our count of the tokenized stock market, Robinhood's two sets of tokens came fourth.
03 · Who gets new tokensFour wallets took nine in ten new tokens
A new token does not go straight to a customer. The company mints it into a mint wallet, which passes it to one of two hub wallets. The hubs then send it on. Burns run the same path in reverse.
From June to October, the hubs sent $819.3 million of new tokens to 25 outside wallets.
Four of the 25 wallets took 92% of the value. None of the four carries a public label, so we judge them by what they do. They take new supply in bulk and pass it on to the market, much like the dealers who create and redeem ETF shares on Wall Street.
The second-largest of the four does more. It controls the vault behind propAMM, a trading venue on the chain that handled $1.65 billion of swaps.
04 · Who holds themOver half a million addresses, and most hold dust
At the end of October, 584,166 addresses held at least a sliver of one of these tokens. That is about 11 times the count at the end of July.
Most holdings are dust. Leave out DEX pools, and 57% of the rest held less than a dollar's worth. The median holder had $0.67.
The money sits with a few big holders. Outside the pools, the top 1% held 95% of the value, and the ten largest held 41% on their own.
So who are the big holders? We sorted every position worth $10,000 or more by what its owner does on-chain.
DEX pools and the propAMM vault held 57% of the money in large positions. Ordinary wallets, run by people or bots, held 16%. The rest was spread thin. Lighter, a perps DEX on the chain, and Safe multisigs held the next-largest amounts, followed by the wallets that take new supply, a market maker and lending markets.
Holding a token on-chain does not put it out of the issuer's reach. Robinhood keeps a key that can burn or move tokens in any wallet on its chain, as our study of issuer controls found.
05 · Where they tradeUniswap leads, and one big venue was missing from the data
DEXs on the chain traded $13.9B of these tokens from June to October, with each swap counted once. Monthly volume grew about fourfold from July to August and again into September, then halved in October.
Uniswap's third and fourth versions carry most of the volume. In Uniswap v4, most trading on the chain runs through pools with hooks, and one hook takes about 2% of each trade while it shows a 0% fee.
The third-largest venue, propAMM, handled $1.65 billion. None of its swaps showed up in Bitquery's trade tables. propAMM quotes every token against USDG, a dollar stablecoin, and logs its swaps in a format our parser does not read yet. We decoded those swaps and flagged the gap to our data team.
propAMM pools hold no tokens of their own. Every trade settles through the one vault that the second-largest of the four big wallets controls. So the wallet that takes a big share of new supply also stocks a venue that sells those tokens.
06 · When they trade64% of trading happened outside regular US hours
The New York Stock Exchange's main session lasts six and a half hours on weekdays. Robinhood Chain runs around the clock, so we sorted every swap by the time on a New York clock.
Weekends and market holidays drew about as much as the weekday overnight hours. Pre-market and after-hours trading made up the rest.
Prices lag, though. Our weekend pricing study found that by Sunday evening, Robinhood's tokens had priced in only 4% of the move that Monday's open brought.
Bots drive part of this volume. In 18% of all trading, a single transaction bought and sold the same token, the mark of arbitrage bots that buy in one pool and sell in another. Count each of those round trips once, and total volume drops by 9%.
07 · A stock that works as moneySPY is the base currency for stock swaps
Some pools pair two tokenized stocks, and those pools traded $926 million.
SPY sat on one side of 96% of stock-to-stock volume. The biggest pairs set SPY against QQQ, Micron, NVIDIA, Hims & Hers and Tesla. Traders treat SPY the way crypto traders treat ETH or USDC in a trading pair. You can rotate from Tesla into NVIDIA through SPY and keep money in the market the whole time.
08 · Method and limitsHow we measured it
We used Bitquery's full record of Robinhood Chain and checked it against our live API. Our token list covers every token the factory created. For every token, the amount held on 31 October matched what the company minted minus what it burned.
Dollar values use prices from the chain's own DEXs, each token against USDG. Almost nothing traded against USDG in June, so June carries no dollar values. Volume leaves out swaps against meme coins. A separate audit redid every figure from fresh queries.
You can pull the same data through the Robinhood Chain API, with our Robinhood Chain docs. We also sell the full history as files on the Robinhood Chain Data Store. To trace any of these wallets yourself, ask the Bitquery MCP.
This study builds on our earlier look at two weeks of trades on the chain in July and on what LPs earn on tokenized stocks.
FAQ
What is Robinhood Chain?
Robinhood Chain is a blockchain run by Robinhood, the US trading app. Its main use so far is tokenized stocks, which the company mints and anyone with a crypto wallet can hold and trade on the chain's DEXs.
How much are Robinhood's tokenized stocks on Robinhood Chain worth?
At the end of October 2026, they were worth $161.2 million at on-chain DEX prices, more than five times their value three months earlier.
How much do Robinhood tokenized stocks trade on-chain?
DEXs on Robinhood Chain traded $13.9B of them from June to October 2026, and September was the busiest month.
Can you trade tokenized stocks when the stock market is closed?
Yes. The chain runs 24/7, and 64% of the trading we measured fell outside the main US session.
Who holds Robinhood's tokenized stocks?
Over half a million addresses held some at the end of October, but most held less than a dollar. DEX pools and one venue's vault held most of the value in large positions.
This article is provided for informational and educational purposes only and reflects analysis of publicly available on-chain data as of the dates indicated. It does not constitute legal, financial, compliance, or investment advice, and nothing in it is a recommendation to buy, sell, or hold any token or asset.
Wallets are described by what they do on the chain. Blockchain addresses are pseudonymous, and nothing here states who controls the four wallets that take most new supply, the venue's vault or any other unlabelled address. Calling trades automated describes a pattern in the record, not any person or company.
References to Robinhood, Uniswap, propAMM, Lighter, Safe or any other named company or project describe what the record shows about addresses and transactions linked to them. They are not statements about any party's conduct, and nothing here asserts that any party acted unlawfully or improperly.
Nothing herein should be relied upon as a definitive determination of fact. Readers should conduct their own independent verification before taking any action. The authors and publisher accept no liability for any loss or damage arising from reliance on this material. All trademarks and company names are the property of their respective owners.
Reported by Gaurav Agarwal for Bitquery Research, with AI tools; every figure was checked against the raw data.
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