Tokenized stocks are worth $3.2 billion. 41% are Binance's bStocks, mostly held in its wallets for users

01 · What a buyer getsA stock you can keep in a crypto wallet

You can buy Nvidia or Tesla as a token and keep it in a crypto wallet. The seller says a real share backs each one. On 31 October, these tokenized stocks were worth $3.2 billion in all.

Binance's own version, called bStocks, accounts for 41% of that value. Binance began selling them in June, and five months later they were worth more than any other issuer's.

Bitquery records the full history of seven blockchains. We counted the tokens of the six largest issuers from the very first, in June 2025, to 31 October 2026. We followed every token an issuer created for a buyer and every one it destroyed when a buyer sold back, then priced what was left at each day's Yahoo Finance close. We left out tokens still sitting in an issuer's own wallets and kept those an exchange holds for its users, which make up 43% of the total.

02 · What these tokens areA share in a vault, a token on a chain

A tokenized stock is a token that stands for a share the issuer says it has bought and keeps with a custodian, a firm that holds assets for others. When a customer buys, the issuer creates a new token, which the industry calls minting. When the customer sells it back, the issuer destroys the token, called burning, and sells the share. In between, the token moves between wallets like any coin, and some trade around the clock on decentralized exchanges, apps that run on the blockchain with no company in the middle.

We counted six issuers. Binance sells bStocks on BNB Chain. Ondo Global Markets creates a token whenever a buyer pays, on Ethereum, BNB Chain and Solana. xStocks come from Backed, a Swiss company, and live mostly on Solana and Ethereum; the exchange Kraken agreed to buy Backed in December 2025. Robinhood sells two sets: one for users in the European Union on Arbitrum, and one on Robinhood Chain, its own blockchain. Coinbase issues on Base, the blockchain Coinbase runs, and Backpack Exchange on Solana.

03 · How we countedOnly what left the issuer's hands

The quick way to size this market is to multiply each token's total supply by its price. That gives $48.7 billion, far too much, because some issuers create tokens ahead of demand and keep them until someone buys. Backed's wallets held 3.3 billion unsold xStocks at the start of November. At the 30 October close they would be worth $45 billion, 14 times the whole market.

We counted each token from the day it first left an issuer's wallets and priced it at that day's close, converted to dollars for shares listed in Europe or Hong Kong. When a company pays a dividend or splits its stock, some issuers change how many shares one token stands for, and we followed those changes token by token. On 1 November all but 5 counts matched the supply their blockchain reports to within 0.5%, and those 5 were off by less than $10,000 each.

04 · The total over timeFrom $10 million to $3.2 billion

The first xStocks left Backed's wallets in June 2025, just before they went on sale. Ondo's public launch that September added $304 million in a month, most of it in exchange-traded funds rather than single stocks.

In the first five months of 2026, Ondo supplied three quarters of the market's growth. From June, most of it came from Binance, while Ondo's own value fell 22%.

05 · Who holds the mostBinance first, mostly held for its users

Binance's bStocks made up 41% of the total, followed by Ondo and xStocks. Robinhood's two sets together came fourth.

Most bStocks stay on Binance. Every one is created straight into a Binance wallet. At the end of October, 88% sat in five wallets that Binance lists in its proof of reserves, the published list of wallets that hold its users' assets. Binance counts these bStocks as its users' holdings, so they stay in our total. They also put 36% of the whole market in one exchange's wallets. Another wallet that our labels attribute to Binance holds $108 million of Ondo's tokens, including 76% of Ondo's Circle token on BNB Chain. Robinhood holds its European tokens the same way, all in one wallet.

Leave out the exchange wallets we identified and Ondo leads, with 46% of what remains. Ondo creates each token directly in the wallet that paid for it.

06 · Which blockchainsHalf on BNB Chain

BNB Chain carried half of the value, because Binance issues there and so does a third of Ondo's value. Ethereum held a quarter and Solana 19%, and Robinhood Chain held most of the rest.

07 · Created and redeemedMost of what was created was sold back

Issuers created far more than the market now holds. Measured in dollars at each day's price, three quarters of everything created was later sold back.

October was the busiest month yet, and Binance created more than half of that month's tokens.

08 · Which stocksCircle, SpaceX and Strategy

Circle, the company behind the USDC stablecoin, had the most value in token form, ahead of SpaceX, which listed on Nasdaq in June 2026. Strategy, the company that buys bitcoin, appears twice: through its common stock and its Stretch preferred stock, a share that pays a set dividend before common shareholders are paid. Exchange-traded funds of every kind, from S&P 500 trackers to gold and bond funds, made up 23% of the total.

A single wallet holds $69 million of the $191 million in Stretch tokens. It is a Safe, a shared wallet that needs several signatures, and it bought its Stretch tokens straight from Backed in the spring. Our labels do not name its owner.

09 · What this count leaves outThe edges of the number

The count covers six issuers on seven blockchains. Tokens that an issuer sends to other blockchains leave the count; Ondo sent 7,857 tokens from Ethereum to chains outside the seven. Smaller issuers are not included.

At the end of October, 42 tokens with holders had no Yahoo Finance price, so they add nothing: 38 track companies that were delisted or taken private, and 4 track companies that are not listed yet. On 9 of Robinhood's European tokens, the change recorded on chain after a stock split was the square of the split ratio, for example 25 for a 5-for-1 split. We valued those 9 tokens at the split Yahoo Finance records; at the on-chain figure they would add $2.0 million.

10 · How we checkedMethod

We built each issuer's list from the blockchain itself: the tokens its own factory, the contract that makes new tokens, created, or the tokens its treasury, the wallet that holds unsold stock, received. That found 12,062 tokens. For each one we added up every creation and redemption since its first day from Bitquery's full transfer history, the same data behind our token holder API, and took out the balances of the issuer's own wallets. On Ethereum, Arbitrum, Base and Optimism we also checked a sample against each chain's state at earlier dates.

The full history of every chain in this count is also sold as files: BNB Chain, Ethereum, Solana, Base, Arbitrum and Robinhood Chain. Earlier pieces cover how tokenized stocks trade at weekends and who trades Coinbase's stock tokens. The Bitquery MCP server answers the same questions in plain English.

11 · The recordWallets behind this story

FAQ

How big is the tokenized stock market?

At the end of October 2026, tokenized stocks from the six largest issuers were worth $3.2 billion. That counts only tokens that had left the issuers' own wallets.

Who issues tokenized stocks?

The six largest issuers are Binance with bStocks, Ondo Global Markets, Backed with xStocks, Robinhood, Backpack and Coinbase. Binance's bStocks were worth the most, 41% of the total.

Are tokenized stocks backed by real shares?

Each issuer says a real share, held by a custodian, sits behind every token. A blockchain cannot show the share itself. It shows the tokens, and we counted only those that left the issuer's wallets for a buyer.

Why are some tokens left out?

Some issuers create tokens before anyone buys them and keep them in their own wallets. Backed held 3.3 billion unsold xStocks at the start of November. No customer owns them, so they are not part of the market.

Which stock is held most as a token?

Circle, the company behind the USDC stablecoin, ahead of SpaceX.

How fast is the market growing?

Quickly. The total grew 5.5 times in the first ten months of the year, and October was the busiest month yet for new tokens.