Solana Overtakes Robinhood Chain in Tokenized-Stock Holders

Solana has become the second-largest blockchain by tokenized-stock holders, overtaking Robinhood Chain in less than a month, according to Token Terminal data reported on Oct. 21. Approximately 1.5 million addresses on Solana hold tokenized stocks, representing 28.3% of the 5.3 million holders tracked across 18 networks.

Solana Moves Into Second Place

Robinhood Chain, the Arbitrum-based network launched by Robinhood on July 1, holds a nearly identical rounded number of addresses but a slightly smaller 27.9% share. The shift marks a sharp reversal from late September, when Token Terminal counted about 997,000 tokenized-stock holders on Solana compared with 1.3 million on Robinhood Chain.

BNB Chain remains the market leader, with roughly 2 million holders, or 37.1% of the total. The network’s position is largely associated with Binance’s bStocks, while Solana’s tokenized-stock activity comes primarily from xStocks, Ondo and Superstate’s Opening Bell.

The leading networks by holder count are currently:

• BNB Chain: approximately 2 million holders, or 37.1%
• Solana: approximately 1.5 million holders, or 28.3%
• Robinhood Chain: approximately 1.5 million holders, or 27.9%
• Base: approximately 160,200 holders
• X Layer: approximately 97,400 holders
• Ethereum: approximately 78,800 holders

Holder Counts Tell Only Part of the Story

The number of addresses does not directly measure the number of investors or the capital deployed. Token Terminal counts token balances rather than distinct individuals, meaning a single person holding several tokenized stocks may be represented multiple times.

Value distribution also differs substantially among the leading chains. Solana hosts approximately $1.1 billion in tokenized stocks, equal to about 24% of the $4.4 billion market. By comparison, Robinhood Chain holds around $148.6 million, or 3.4% of the total.

That difference implies an estimated average value of about $730 per holder on Solana, compared with roughly $100 per holder on Robinhood Chain. Ethereum, despite ranking sixth by holder count with about 78,800 addresses, ranks third by value at approximately $841.3 million.

What This Means

Solana’s rapid rise in tokenized-stock holders signals growing distribution and participation for on-chain equities, particularly through multiple issuers rather than a single platform. Its lead over Robinhood Chain by addresses does not establish dominance by assets or investor count, but the combination of holder growth and $1.1 billion in value gives Solana a meaningful position in the expanding tokenized-securities market.

The divergence between holders and value also underscores the need to evaluate adoption using multiple measures, including assets under management, transaction activity and unique investors. For markets, Solana’s momentum strengthens its profile as a venue for tokenized real-world assets while leaving room for further growth in average account balances.