Tokenized exchange-traded funds (ETFs) and indices have seen remarkable growth in 2026, with the sector’s market value more than tripling since the start of the year. Data from the blockchain analytics platform Token Terminal shows that the combined market capitalization of tokenized ETFs and indices rose from $219.2 million on January 1 to $686.5 million, an increase of 213% year to date.
Surge in Holder Numbers
The number of wallets holding tokenized ETFs has grown at an even faster pace. Since the beginning of 2026, the total has climbed from approximately 17,500 wallets to 897,700, increasing more than 51-fold. By comparison, the holder base for individual tokenized stocks grew by 26.6 times across the same span. This trend highlights that tokenized ETFs are now attracting holders at more than twice the rate seen for single stock tokens.
Much of this growth accelerated over the past two months. Holder counts saw steady increases through the first seven months of 2026, followed by a sharp rise in late August after Binance introduced its bStocks tokenized products, which significantly changed activity patterns in the sector.
Holder and Capital Distribution
Analysis of user demographics and funding shows a bifurcation in the market. Binance, one of the world’s largest cryptocurrency exchanges, leads in holder numbers with its bStocks platform, reaching 448,400 holders and accounting for half of all tokenized ETF users tracked by Token Terminal. However, Binance’s share of the market capitalization stands at $160.1 million or 23.3%, signaling that individual holders, primarily retail, tend to invest smaller amounts.
Robinhood’s tokenized ETF platform demonstrates a similar trend, with 13.1% of holders making up just 5.4% of overall sector market cap. These statistics suggest growing adoption by retail investors through familiar trading apps.
In contrast, Ondo Finance, a decentralized finance platform, holds a smaller share of wallet count at 20.3% but commands the largest portion of market capitalization, with $325.7 million or 47.4% of the total. This distribution points to fewer, likely institutional participants with much larger individual stakes.
Mini dictionary: Ondo Finance is a decentralized finance (DeFi) platform that enables users to access tokenized securities and investment products, often bridging traditional and blockchain finance.
| Platform | Holder Share (%) | Market Cap Share (%) | Market Cap ($M) |
|---|---|---|---|
| Binance bStocks | 50.0 | 23.3 | 160.1 |
| Robinhood | 13.1 | 5.4 | N/A |
| Ondo Finance | 20.3 | 47.4 | 325.7 |
Top Tokenized ETF Products
Binance’s product based on the Nasdaq-100, QQQb, has emerged as the largest tokenized ETF by market cap and user count. QQQb now holds $67.6 million in capitalization and serves 314,500 holders, representing roughly 35% of all tokenized ETF holders. The SPYx tokenized S&P 500 tracker follows at $62.2 million, with Ondo’s IVVon, another S&P 500-linked token, trailing closely at $61.5 million.
Broad U.S. index trackers now dominate tokenized ETF demand; S&P 500 and Nasdaq-100-linked products in the top 10 capture nearly $330 million, about half of the sector’s overall value.
Many of these products track identical underlying indices but are launched by different issuers across multiple blockchains. This has led to demand being distributed among similar or near-identical tokens depending on the network and provider.
Ethereum Leads Among Blockchains
Ethereum remains the leading blockchain for tokenized ETFs, hosting $303 million in value and representing 44.1% of the market. BNB Chain, often used for Binance’s products, ranks second with $192.1 million and 28% of sector share. Solana’s share stands at 13.3%, while Arbitrum One, Robinhood Chain, and X Layer each account for less than 5%.
The increase in holder numbers since August has outpaced the growth in capital, highlighting a clear divide between platforms like Binance, which draw numerous users making smaller investments, and Ondo, which aggregates larger capital often from institutional sources.
