Blockchain products tied to stocks and exchange-traded funds were worth $4.67 billion on Tuesday, Nov. 3, a sliver of the equity markets they track despite a sharp rise in products above $1 million.
Their value equaled about 0.0038% of those underlying markets. The count of individual products above the $1 million mark reached 348, compared with three in January 2025.
That threshold count is distinct from market-wide totals: 6,899 products were linked to 3,867 tokenized assets across 12 issuers and 18 blockchain networks. Multiple products can track the same stock or ETF when different issuers create offerings on different networks, so the 348 products do not represent 348 distinct securities.
Binance’s bStocks held the largest share, at 34% of market value, or about $1.6 billion. Ondo Finance accounted for 28%, or about $1.29 billion, while Backed Finance represented 24%, or about $1.12 billion. Together, the three made up about 86% of the market.
The market was valued at about $32 million in January 2025 and passed $1 billion later that year. U.S. stocks and ETFs accounted for an estimated 92% to 94% of tokenized-product value.
In an Oct. 21 post, Token Terminal valued tokenized stocks at $4.4 billion and said the market had grown 886% over a year, as EconoTimes’ earlier coverage of the estimate reported.
