Tokenized ETF Holders Surge as Solana Captures 13.3% of Sector Value

Tokenized ETFs have expanded rapidly in 2026, with market capitalization rising nearly 200% from $219 million on January 1 to $654 million, according to Token Terminal data cited by Investing.com. Wallet growth has been even more dramatic, as holders of tokenized ETFs increased approximately 51-fold, signaling strong retail interest in blockchain-based access to traditional market exposure.

Retail Adoption Outpaces Capital Growth

Most of the sector’s holder growth occurred during the past two months, with a sharp increase following the late-August launch of Binance bStocks. The divergence between wallet counts and capital suggests that many new users are taking relatively small positions through familiar consumer platforms.

• Binance bStocks: 448,400 holders, or about half of tracked tokenized ETF holders, but only 23.3% of market capitalization
• Robinhood: 13.1% of holders and 5.4% of market capitalization
• Ondo Finance: 20.3% of holders but 47.4% of market capitalization, representing approximately $325.7 million

The figures contrast retail accessibility with larger positions associated with Ondo Finance, where a smaller holder base controls a much greater share of value. That pattern may indicate stronger institutional participation, although holder concentration alone does not establish the identity or strategy of those investors.

Index Exposure Dominates the Market

Binance’s QQQb, which tracks the Nasdaq-100, is the largest tokenized ETF by both measures, with $67.6 million in market capitalization and 314,500 holders. SPYx follows with $62.2 million, while Ondo’s IVVon holds $61.5 million.

Products tracking the S&P 500 and Nasdaq-100 account for roughly $330 million, or nearly half of the sector. Similar index products issued across different chains can split demand among tokens with nearly identical exposure, potentially limiting liquidity within individual markets.

Ethereum remains the largest network by tokenized ETF value, hosting $303 million, or 44.1% of the total. BNB Chain accounts for $192.1 million, while Solana represents 13.3% of the sector. Arbitrum One, Robinhood Chain and X Layer each account for less than 5%.

What This Means

For Solana, the data points to meaningful participation in an expanding institutional-asset tokenization category, but not yet dominant share. The faster growth in holders than capital underscores the importance of secondary-market liquidity, execution depth and clear redemption terms—not just headline issuance or wallet counts.

As index demand fragments across issuers and blockchains, total market capitalization can rise while individual venues remain too shallow for large trades. Solana’s opportunity will therefore depend on whether tokenized ETF platforms can build reliable liquidity and transparent access for both retail users and larger investors.