Tokenized stocks and ETFs above $1 million climb to 348, up from 3 in January 2025

In January 2025, you could count the tokenized stocks and ETFs worth more than $1 million on one hand. Actually, you would only need three fingers.

That number has since climbed to 348. It is the kind of growth curve that usually shows up in a startup pitch deck, except this one is tracking real assets sitting on blockchains.

The figure matters because the $1 million mark filters out the noise. Anyone can mint a token. Getting one to hold seven figures of value means someone actually wants it.

From a handful to hundreds

The jump from 3 to 348 is the headline stat. The broader market data around it tells a similar story.

Total market capitalization for tokenized stocks and ETFs reached approximately $4.67 billion as of November 3, 2026. That value is spread across 3,867 tokenized assets and 6,899 products.

Those products come from 12 different issuers working across 18 blockchain networks.

The growth in dollar terms has been steep. The market sat at roughly $32 million in January 2025, crossed $1 billion by late 2025, and reached somewhere in the $3 to $4.7 billion range by late 2026.

Who is doing the minting

Three issuers dominate the market. Binance’s bStocks leads with roughly $1.6 billion, or about 34% of market share.

Ondo Finance follows with around $1.29 billion, or 28%. Backed Finance holds about $1.12 billion, or 24%.

On the infrastructure side, BNB Chain is the leading network, accounting for about 41% of network share. That lines up neatly with Binance’s bStocks sitting at the top of the issuer table.

The assets being tokenized are overwhelmingly American. US equities and ETFs make up approximately 92 to 94% of tokenized value.

A big number that is still tiny

Despite all the growth, tokenized stocks represent approximately 0.0038% of the underlying equity markets they mirror.

The holder base has grown into the millions, which suggests demand is not limited to a handful of crypto-native funds.

Tokenized versions of stocks can offer features like round-the-clock trading and on-chain transparency, along with the ability to plug equity exposure into decentralized finance applications.

What this means for the market

Fragmentation is the obvious problem. The same stock can be tokenized by multiple issuers across multiple chains, which splits liquidity into smaller pools.

Concentration is the second issue worth watching. With three issuers holding the bulk of the market and one chain holding about 41% of network share, any operational or regulatory hiccup at a top player could ripple across the whole sector.

The heavy tilt toward US equities also ties the sector’s fortunes closely to how American regulators treat these products.

The 0.0038% penetration figure is the number to keep in mind. The sector has proven it can grow fast from a tiny base.