Robinhood's tokenized stocks stayed ahead of Coinbase's in October by 5%, but Coinbase's traded 10% more from 16 October on
Robinhood and Coinbase both issue stock tokens on chains they built. We added up every DEX swap of their tokens and four other issuers' for a stablecoin or the chain's own coin, 1 to 31 October 2026, and timed each one against New York market hours.
- $10.3B
- 5%
- $11M
- 10%
- 64%
- 65%
01 · The last SaturdayCoinbase's widest lead, Robinhood's month
Wall Street was shut on the last Saturday of October. Tokens that track shares such as Apple's kept trading anyway. That day, Coinbase's tokens traded two and a half times as much as Robinhood's. In dollars, no other day gave Coinbase a wider lead.
Robinhood's tokens still won the month, by $119M.
Tokens like these are called stock tokens, tokenized stocks or tokenized equities. Each one is a token on a blockchain that follows the price of a listed share or an exchange-traded fund (ETF). Six firms, called issuers, create the ones counted here. The tokens trade 24/7 on decentralized exchanges, or DEXs, where wallets trade against liquidity pools or on-chain order books instead of going through a broker.
Bitquery added up the DEX trades in those tokens in October, $10.3B in all. Most of Robinhood's lead comes from round trips, trades where a bot buys and sells the same token in one transaction. Coinbase's tokens traded more than Robinhood's in the second half of the month, and on every weekend day from 10 October on. Just 100 wallets did most of the trading in Coinbase's tokens.
02 · Who issues tokenized stocksSix issuers, five chains
Robinhood issues on Robinhood Chain, its own blockchain. Coinbase launched its tokens on Base, the chain it built, on 24 August, as our earlier study of Coinbase's tokens notes. Binance's bStocks trade on BNB Chain. Backpack Securities, part of the Backpack exchange, issues on Solana. xStocks, issued by Backed, trade mostly on Solana, and Ondo Global Markets' tokens mostly on BNB Chain and Ethereum.
One more issuer, PreStocks, sells tokens tied to private companies such as OpenAI before they list. Nobody can buy those shares on a stock exchange, so we left PreStocks out. Our piece on the PreStocks fee covers those tokens.
Only DEX trades count. Trades inside the issuers' own apps and on centralized exchanges are left out. By chain, Solana carried the most, with tokens from three issuers.
The full trade history of each of these chains is also sold as files: Solana, Robinhood Chain, Base, BNB Chain and Ethereum.
03 · Robinhood vs CoinbaseRobinhood all month, Coinbase at the end
Week by week, the lead swapped back and forth, and Coinbase's tokens won the month's last week. Robinhood's tokens stayed ahead on the running total every day.
Weekends were Coinbase's best days. Its five widest daily leads all came on a Saturday or a Sunday, and its tokens out-traded Robinhood's on every weekend day from 10 October on. Of the six issuers, Robinhood did the smallest share of its trading at weekends.
| October 2026 | Coinbase · Robinhood |
|---|---|
| 5 to 11 | $438M · $553M |
| 12 to 18 | $666M · $579M |
| 19 to 25 | $522M · $543M |
| 26 to 31 | $634M · $558M |
| 1 to 15 | $1.10B · $1.35B · Robinhood +22% |
| 16 to 31 | $1.39B · $1.26B · Coinbase +10% |
Trading in Coinbase's tokens was 59% higher from 25 to 31 October than from 2 to 8 October, and Backpack's more than doubled. Robinhood's fell 17%. Both weeks have five weekdays and two weekend days.
Much of Backpack's trading late in the month was in one token. Our piece on Backpack's Take-Two token found that the token made up 46% of the issuer's volume in the week to 26 October.
04 · Arbitrage botsMost of Robinhood's lead is round trips
On a DEX, the same stock token often sits in several pools at slightly different prices. Arbitrage bots, programs that buy where a token is cheap and sell where it costs more, often do both in a single transaction. From 2 to 31 October, round trips like that made up 10% of the volume in Robinhood's tokens, against 2% in Coinbase's.
We count every swap, so each round trip counts twice. Count each round trip once and the month is close to a tie: Robinhood about $11M ahead, or Coinbase about $9M ahead without the 1 October estimate. A stricter rule, keeping just the biggest swap per token in each transaction, puts Coinbase ahead by $33M.
Bitquery's Robinhood Chain data and Base data carry every one of these swaps.
05 · Who tradesFewer wallets, bigger trades
A wallet here is the address that signs a trade and pays its fee. From 2 to 31 October, Coinbase's tokens were traded by a fifth as many wallets as Robinhood's. Some apps trade for their users from one wallet, so these counts can run low.
| 2 to 31 October 2026 | Coinbase · Robinhood |
|---|---|
| Wallets | 34,332 · 163,736 |
| Median swap | $326 · $118 |
| Swaps of $10,000+ | 13.5% · 6.6% of the volume |
| Top 100 wallets | 64% · 35% of the volume |
| Saturday 31 October | Coinbase: 2,703 wallets, top 100 sent 88% |
Coinbase's trades were also bigger. The median swap, the middle one when all of them are lined up by size, was more than twice as big for Coinbase as for Robinhood. Swaps of $10,000 or more carried twice as large a share of Coinbase's volume as of Robinhood's.
A small group did most of the trading in Coinbase's tokens. The 100 busiest wallets sent 64% of the volume, a bigger share than Backpack's busiest wallets and far bigger than Robinhood's. On the last Saturday of the month, when Coinbase's lead was widest, that day's top 100 wallets sent nine in every ten dollars traded.
The pattern matches our earlier study of Coinbase's tokens and Wintermute. That study found one group of wallets doing 37% of the trading in Coinbase's tokens over 30 days. Every one of the group's trades settled with a wallet our labels identify as Wintermute's. Wintermute is a market maker, a firm that quotes buy and sell prices at the same time.
06 · 24/7 tradingMost trading happens outside market hours
Stock tokens never close. Regular US market hours run from 9:30am to 4pm New York time on weekdays. From 2 to 31 October, 65% of trading happened outside those hours, early in the morning, in the evening, overnight or on weekends. Even on weekdays, more trading happened before the bell, after it or overnight than during market hours.
Ondo's tokens had the highest share of off-hours trading and xStocks' the lowest. Binance's tokens did two thirds of their trading outside market hours. That is far less than the 91% our bStocks study measured in the summer, when a single Nasdaq fund token made up 96% of Binance's volume. Across all six issuers, regular hours carried 35% of the trading. Our August study of $10,000 orders found 32%.
Weekends are quieter, though. A weekend day averaged half the volume of a weekday.
| October 2026, UTC days | USD traded on DEXs |
|---|---|
| Busiest day | Thursday 15 October · $535M |
| Quietest day | Saturday 10 October · $121M |
| Average weekday | $388M |
| Average weekend day | $195M |
Prices also move slowly at weekends. In our weekend study, the typical token had priced in only 10% of Monday's opening move by 6pm on Sunday.
07 · Earnings nightFour Alphabet tokens, one that stopped falling
Big news often lands after the close. Many US firms report earnings after 4pm, so their tokens trade on the news while the shares trade after hours too. On Wednesday 28 October, Alphabet, Google's parent company, put out its results a minute after the close. Reuters, in a story carried by AOL, reported Alphabet's shares down 10% after hours, and Fortune more than 11%. The Alphabet tokens from Coinbase, Robinhood, xStocks and Binance all fell within five minutes.
Then Coinbase's token stopped falling. For the next 50 minutes it held near its new price while the other three fell further, and at the widest it sat about 4% above them. Little money was changing hands in Coinbase's token by then: less than 3% of what it traded in the five minutes around the release.
| Alphabet tokens, 28 October, UTC | Price per share, or USD traded |
|---|---|
| 19:55, all four | about $325 per share |
| 20:00 to 20:05, Coinbase | $849,000 traded |
| 20:01 | Alphabet's results go out |
| 20:05 to 20:55, Coinbase | $303 to $306 per share |
| 20:25 to 20:50, Coinbase | $6,000 to $21,000 traded per 5 minutes |
| 20:40, the other three | about $294 per share · Coinbase 3.7% above |
We checked 11 earnings nights in October with enough trading to measure. Only on Alphabet's did one issuer's token stay further from the others than on an ordinary evening for more than 20 minutes.
08 · How we countedMethod in plain words
We added up every DEX swap of the six issuers' stock tokens for a stablecoin or the chain's own coin in October 2026, in US dollars. We dropped swaps priced far from the token's usual price that day, and days on which a token had no stablecoin trade to price it. We counted only tokens we could tie to their issuer. The figure for 1 October is an estimate made from an earlier copy of the data, and it is under 5% of the month.
Some tokens copy an issuer's name or naming style. We could not tie them to the issuer through its token list, its deployer or the keys that control the token, so we left them out. Their trading would barely have counted anyway: our price check removed 99% of it, almost all because the token had no trade against a stablecoin that day. Most of that volume was in tokens using Backpack's naming on Solana. We only looked for tokens that use an issuer's name, so this isn't a count of all look-alike tokens.
| Tokens left out, 2 to 31 October | Count · USD traded |
|---|---|
| All tokens left out | 487 · $11.7M before the price check, $125,000 after |
| Backpack-style names | 161 · $11.1M before, $15,000 after |
The trades come from Bitquery's DEX trade data, which also covers tokenized real-world assets beyond stocks. To run the count yourself, start from the trade files for Base, Robinhood Chain, BNB Chain, Solana and Ethereum.
Volume counts every swap, at the US dollar value of its stablecoin or native-coin side. A bot that buys and sells the same token in one transaction counts twice; counting such round trips once leaves Robinhood about $11M ahead for the month, all of it from the 1 October estimate; over the 30 measured days alone, it puts Coinbase about $9M ahead. Keeping only the biggest swap per token per transaction, which also shrinks orders split across pools, puts Coinbase $33M ahead, against Robinhood's $119M lead here. Our earlier piece on Backpack's Take-Two token counted each trade at the lower of its two sides, so its 46% is not on the same basis.
The price check drops any swap priced under half or over twice the token's median price that day, and any day on which a token had no trade against a stablecoin. A swap stored twice in the data counts once. Days are UTC days.
A token counts only if we could tie it to its issuer through the issuer's own token list, its deployer, or the keys that control it. On BNB Chain and Ethereum, Ondo and xStocks tokens were matched by name: every one that traded $100,000 or more is on the issuer's own list or was deployed by the issuer's wallet, and the rest traded $1.2M in all before the price check.
1 October is an estimate. The live trade data had dropped that day by 1 November, so we scaled a 27 October copy, made with the count that keeps one swap per token in each transaction, by each issuer's ratio between the two counts over 2 to 31 October. The estimate is 4.5% of the month. Over the 30 measured days alone, Robinhood leads by $94M.
Each wallet is an address. Some apps trade for many users from one address, so the counts can run low, and they cannot be added across issuers.
USDT, a dollar stablecoin, is counted at $1. On chain it traded about 0.1% below USDC, another dollar stablecoin, in late October, so figures for tokens priced in USDT may run about 0.1% high.
Session shares cover 2 to 31 October; 1 October is in the volume totals only. The weekend runs from 8pm Friday to 8pm Sunday New York time, while the daily charts treat Saturdays and Sundays as UTC days.
Week-to-week changes depend on the weeks chosen. Coinbase's rise is +59% between 2 to 8 and 25 to 31 October, and +19% between 5 to 11 and 19 to 25 October.
The Alphabet prices are 5-minute averages of DEX trades, per share, adjusted for each token's share ratio. The comparison with 10 other October earnings nights comes from a separate Bitquery test against each stock's ordinary evenings; one more report, Eli Lilly's, had too little trading to measure. The fall in Alphabet's shares is as Reuters and Fortune reported it on 28 October; neither figure is a Bitquery measurement.
Trades inside the issuers' own apps and on centralized exchanges are not counted. Tokenized securities are regulated products and are not available in every jurisdiction. Nothing here is a view on any issuer's compliance.
Ask who trades a tokenized stock, and when
The trading figures above come from Bitquery's DEX trade data, and the Bitquery MCP lets an AI assistant ask that data the same questions in plain language: which issuer traded most this week, how much traded overnight, which wallets did the most volume, and whether two tokens for the same share agree on price. The Solana data and BNB Chain data cover the Backpack, xStocks, Binance and Ondo pools.
FAQ
Who issues tokenized stocks?
Bitquery counted six issuers whose stock tokens traded on DEXs in October 2026: Robinhood, Coinbase, Binance with its bStocks, Backpack Securities, xStocks from Backed, and Ondo Global Markets. Robinhood's tokens traded the most, ahead of Coinbase's and Binance's, and the six together traded $10.3B. PreStocks also sells tokens tied to private firms before they list, which we left out.
Where are tokenized stocks traded?
Bitquery found them trading on DEXs on Solana, Robinhood Chain, Base, BNB Chain and Ethereum, where wallets trade them for stablecoins or the chain's own coin at any hour. Issuers' own apps and some centralized exchanges also offer them, and those trades are not in Bitquery's October 2026 figures.
Robinhood vs Coinbase: whose tokenized stocks traded more in October 2026?
Robinhood's tokenized stocks traded 5% more than Coinbase's on DEXs in October 2026. Most of that lead came from round trips, where a bot buys and sells the same token in one transaction. Counting each round trip once makes the month close to a tie. From 16 to 31 October, Coinbase's tokens traded 10% more.
Do tokenized stocks trade 24/7?
Yes. Stock tokens trade on DEXs around the clock. From 2 to 31 October 2026, 65% of DEX trading in them happened outside regular US market hours, with 18% over weekends, New York time.
Is tokenized stock volume real trading or bots?
Both. Each swap happened on chain, but bots and a few large wallets did much of the volume. From 2 to 31 October 2026, 10% of the volume in Robinhood's tokens came from transactions that bought and sold the same token, and 100 wallets sent 64% of the volume in Coinbase's tokens.
Do the DEX figures for tokenized stocks include trading in the Robinhood or Coinbase apps?
No. Bitquery's October 2026 figures cover DEX trades only. Trades inside the Robinhood and Coinbase apps, other issuers' apps and centralized exchanges are not counted.
Why do Bitquery's October 2026 tokenized stock totals differ from earlier reports?
Earlier Bitquery pieces used other windows, other token lists and, in some cases, a count that keeps one swap per token per transaction. Their totals measure other things and should not be compared directly with the October figures.
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.
The findings describe trades observed on Robinhood Chain, Base, BNB Chain, Solana and Ethereum between 1 and 31 October 2026, with 1 October estimated. Tokenized securities are regulated products whose availability depends on jurisdiction; nothing here is a statement about the legal status of any issuer's tokens or any reader's eligibility to hold them.
Wallet roles are inferred from trading behavior and from Bitquery's address labels, which may be incomplete or wrong. References to Robinhood, Coinbase, Binance, Backpack, Backpack Securities, Backed, xStocks, Ondo Global Markets, PreStocks, OpenAI, Apple, Nasdaq, Wintermute, Alphabet, Google, Eli Lilly, Take-Two Interactive, Reuters, AOL or Fortune describe what the public record and the named reports show and imply no affiliation, endorsement or wrongdoing.
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 frozen query results.
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