Tokenized ETF Market Cap Triples in 2026 as Holder Count Jumps 51x

Tokenized equities have emerged as one of the standout narratives this year, with industry leaders such as Base head Jesse Pollack dubbing them crypto’s next supercycle. Meanwhile, another segment of the tokenized asset market is making massive strides year-to-date: onchain tokenized exchange-traded funds and indices have tripled in value. Figures from Token Terminal reveal that the sector’s aggregate market capitalization has jumped 213% YTD, rising from $219.2 million on January 1 to $686.5 million.

The growth in tokenized ETF holders has been even more rapid over the same period. Wallets holding tokenized ETFs surged from approximately 17,500 at the beginning of the year to 897,700—marking a 51-fold increase year-to-date. In comparison, the holder base for individual tokenized stocks grew roughly 26.6 times over the timeframe, meaning ETF wrappers are attracting new holders at more than double that pace.

The vast majority of this expansion has occurred over the last two months. After a gradual climb through the first seven months of 2026, holder counts experienced a sharp upward spike in late August following the trajectory shift introduced by Binance bStocks.

Binance Has the Holders While Ondo Has the Capital

Binance bStocks accounts for 448,400 holders, representing half of all tokenized ETF users tracked by Token Terminal. However, its share of the total market capitalization is much lower at 23.3%, or $160.1 million. Robinhood demonstrates a strikingly similar trend, commanding 13.1% of holders but only 5.4% of the market cap. Both examples highlight a wave of retail participants deploying smaller tickets into onchain index exposure directly through familiar platforms.

At the opposite end of the spectrum is Ondo Finance. The issuer manages 47.4% of the sector’s market cap at $325.7 million, while capturing just 20.3% of the holder market share. This dynamic reflects a smaller group of buyers operating with significantly larger positions, suggesting institutional allocations rather than typical retail trading.

QQQb is Now the Largest Tokenized ETF

Binance’s Nasdaq-100 vehicle, QQQb, leads the market on both fronts. It boasts a market capitalization of $67.6 million alongside 314,500 holders—a figure that alone constitutes 35% of all tokenized ETF holders. It is followed by SPYx at $62.2 million, with Ondo’s IVV coming in close behind at $61.5 million.

Broad U.S. index trackers make up the bulk of investor purchases. S&P 500 and Nasdaq-100 products within the top 10 combine for roughly $330 million, accounting for nearly half of the sector’s total valuation. Because several products track identical underlying indices across different issuers and blockchains, demand for a single exposure is often dispersed among near-identical tokens.

Ethereum Still Holds the Most Value

Ethereum remains home to $303 million in tokenized ETFs, capturing 44.1% of the market. BNB Chain follows in second place with $192.1 million, securing a 28% share that closely mirrors Binance’s issuance activity. Solana accounts for 13.3%, while Arbitrum One, Robinhood Chain, and X Layer each hold less than 5%.

Ultimately, holder growth has vastly outpaced capital accumulation since August, leaving the distinct gap between Binance’s user scale and Ondo’s asset balances as the market’s defining dividing line.

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