Tokenized equities have been one of the standout crypto narratives of 2026, with figures such as Jesse Pollack, head of Base, describing them as the next supercycle in crypto. A different corner of the tokenized asset space, however, is making equally large strides year to date: tokenized ETFs and indices issued onchain have tripled in value this year. Where tokenized single stocks mirror individual companies, these products wrap broad index exposures, such as the S&P 500 or the Nasdaq-100, into a single token that sits in an onchain wallet.

Data from Token Terminal shows the sector's combined market cap has expanded 213% year to date, climbing from $219.2 million on January 1 to $686.5 million.

Holder growth has run far ahead of that pace. Wallets holding tokenized ETFs rose from roughly 17,500 at the start of the year to 897,700, an increase of about 51 times year to date. Over the same period, the holder base of individual tokenized stocks grew by around 26.6x, meaning ETF wrappers are now adding holders at more than twice that rate.

Most of the growth has taken place over the past two months. Holder counts rose gradually through the first seven months of 2026, then spiked in late August, when the arrival of Binance bStocks changed the trajectory.

Binance Has the Holders While Ondo Has the Capital

Binance bStocks now accounts for 448,400 holders, equivalent to half of every tokenized ETF holder tracked by Token Terminal. Its share of market cap is much smaller, at 23.3%, or $160.1 million. With half of all tracked holders on a single platform, the sector's adoption metrics are now closely tied to one distribution channel.

Robinhood shows a similar pattern, holding 13.1% of holders but only 5.4% of market cap share. Both figures point toward a wave of retail buyers putting smaller tickets into onchain index exposure through platforms they use.

Ondo Finance sits at the other end of the spectrum. The issuer controls 47.4% of the sector's market cap, valued at $325.7 million, while its holder market share is only 20.3%. That reflects a smaller pool of buyers carrying 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, on its own accounting 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 market participants are buying. S&P 500 and Nasdaq-100 products in the 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 a single 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 ranks second with $192.1 million and a 28% share, a figure that lines up closely with Binance's issuance. Solana holds 13.3%, while Arbitrum One, Robinhood Chain, and X Layer each sit below 5%.

Holder counts have clearly run ahead of capital since August, and the gap between Binance's user base and Ondo's balances now stands as the clearest fault line in the market. The figures to watch from here are whether Binance's holder share moves further past the halfway mark, whether Ondo's 47.4% capital share holds, and how the value split across Ethereum, BNB Chain, and Solana evolves.