Tokenized equities have been one of the standout narratives this year, with industry leaders like Jesse Pollack, head of Base, calling them the next supercycle in crypto. That said, there is another corner of the tokenized asset space that’s making huge strides year to date. Tokenized ETFs or indices onchain have tripled in value this year. Data from Token Terminal shows that the market cap across this sector has seen a growth of 213% YTD, climbing from $219.2 million on January 1 to $686.5 million.
Tokenized ETF holder numbers have grown much faster over this year. Wallets holding tokenized ETFs rose from around 17,500 at the start of the year to 897,700, about 51 times higher year to date. During the same timeframe, the holder base of individual tokenized stocks grew by around 26.6x. ETF wrappers are now adding holders at more than twice that rate.
Most of that growth has transpired over the last two months. Holder count saw a gradual rise through the first seven months of 2026 and then spiked in late August with Binance bStocks changing the trajectory.
Binance Has the Holders While Ondo Has the Capital
Binance bStocks now has 448,400 holders, which comes up to half of every tokenized ETF holder tracked by Token Terminal. When looking at its share of market cap, however, it’s much smaller at 23.3%, $160.1 million. Robinhood shows a very similar pattern as well. It has 13.1% of holders but only 5.4% of the market cap share. Both point toward a wave of retail buyers putting smaller tickets into onchain index exposure through platforms they already use.
On the other end sits Ondo Finance. The issuer controls 47.4% of the sector’s market cap at $325.7 million while the holder market share sits at only 20.3%. This shows that there is a smaller pool of buyers albeit with much larger positions, potentially indicating institutional positions rather than retail trades.
QQQb is Now the Largest Tokenized ETF
Binance’s Nasdaq-100 product, QQQb, tops the table on both counts. It carries a market cap of $67.6 million and 314,500 holders, which on its own accounts for 35% of all tokenized ETF holders. SPYx follows at $62.2 million, with Ondo’s IVVon close behind at $61.5 million.
Broad U.S. index trackers make up most of what people are buying. The S&P 500 and Nasdaq-100 products in the top 10 add up to roughly $330 million, close to half of total sector value. Several of them track the same underlying index through different issuers on different chains, so demand for one exposure ends up spread across near-identical tokens.
Ethereum Still Holds the Most Value
Ethereum hosts $303 million in tokenized ETFs, or 44.1% of the market. BNB Chain comes second with $192.1 million and a 28% share, which lines up closely with Binance’s issuance. Solana holds 13.3%, while Arbitrum One, Robinhood Chain and X Layer each sit below 5%.
The holder count has clearly run ahead of capital since August, and the gap between Binance’s user base and Ondo’s balances is now the clearest fault line in the market.
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