Tokenized Stocks: BTech Takes the Lead on Spot Markets as Onchain Trading Catches Up
Tokenized stocks more than doubled to $2.71 billion between 1 July and 21 October 2026. This report looks at who issues them, where they trade and how closely they track the stocks they represent.
Key Takeaways:
Binance affiliate BTech became the largest issuer: Its market cap grew 507% to $949M since 1 July, and it carried 34% of all trading.
Onchain trading overtook exchanges in September: It carried 61% of volume, though 85% of trading happens on venues where one issuer holds over 90%.
Ten stocks dominate trading: The top 10 carry 66% of volume, led by SpaceX ($56M a day), Nvidia ($53M) and SanDisk ($33M).
Token prices closely track stocks: Tokens priced by trading sit a median 0.06% from their stock. Onchain-only tokens stray over 1% in up to 11% of US market hours.
Tokenized stocks trade 24/7, with wider spreads than US stocks: Weekend volume is 42% of the weekday level. Outside BTech, spreads run 0.2% to 0.6%.
