Analysts at Birdeye examined six major issuers of tokenized stocks, including Coinbase, Robinhood, and Ondo Finance. The study identified 740,086 unique wallets holding assets worth at least $1. The median balance across these addresses was $4.58, with over 97% of wallets holding less than $10,000.
The data reveals high asset concentration, as a few dozen wallets account for half of the total value for each issuer. For instance, five addresses linked to Binance hold 87.2% of the bStocks value, totaling approximately $1.07 billion. However, researchers noted that many large wallets belong to exchanges or smart contracts.
Market growth remains significant, with the total value of tokenized stocks reaching $3.2 billion by October 31, compared to $585 million at the end of 2025. Binance leads the market with $1.31 billion in assets, followed by Ondo Finance with $848 million when excluding exchange-controlled wallets.
User behavior shows limited portfolio diversification, as 90.1% of wallets hold tokens from only one issuer. While the majority of addresses maintain small balances, the overall market volume grew 5.5 times over ten months. October set a record with $2.55 billion in new assets issued and $1.74 billion redeemed.
