A Birdeye study reveals the median balance for tokenized stocks is just $4.58, with significant asset concentration in few wallets.
A recent study by Birdeye reveals that the median balance for tokenized stocks held in wallets is only $4.58, highlighting a significant trend in the growing market. The research drew from data across six major issuers, including bStocks, xStocks, Robinhood, Ondo Finance, Backpack, and Coinbase, focusing on wallets containing tokenized stocks valued over $1.
Initially, the analysis involved around 5 million records of wallet and token combinations. After filtering, 740,086 unique wallets were identified. The findings indicate that over 97% of wallets from each issuer held assets worth less than $10,000. Among these, Backpack had the lowest median balance at $3.51, while Coinbase reported the highest at $10.57.
Asset diversification appears to be minimal, as more than 70% of addresses across the five studied networks held only one tokenized asset, and 90.1% were limited to tokens from a single issuer.
Token Concentration Among Few Wallets
The research uncovered a significant concentration of tokenized stocks within a small number of wallets. For every issuer, a few dozen wallets accounted for half of the total token value. This was most pronounced with bStocks from Binance, where only five wallets held 87.2% of the total value, approximately $1.07 billion, linked to Binance and its custodial service Ceffu. Notably, a single hot wallet contained 52.7% of bStocks' value, encompassing 88 of 91 tokenized instruments available on the platform.
For Robinhood, 13 wallets with balances exceeding $1 million represented 57.9% of the total token value. Conversely, the vast majority of wallets, about 187,538 with balances below $10,000, accounted for just 7.7% of assets.
Interestingly, many large wallets are owned by exchanges, liquidity providers, and smart contracts, indicating that high token concentrations do not necessarily reflect ownership concentration among individual investors.
Market Growth Despite Low Wallet Balances
Despite the low balances noted, the total value of tokenized stocks in circulation has surged, reaching $3.2 billion as of October 31, according to separate data from Bitquery. This marks a substantial increase from $585 million at the end of 2025, representing a 5.5-fold rise within ten months.
Binance leads the market with its bStocks product valued at $1.31 billion, which constitutes 41% of the overall market studied. However, 88% of these assets are stored in wallets managed by the exchange. When excluding exchange-linked wallets, Ondo takes the lead with $848 million in assets.
October was particularly notable for the issuance of tokenized stocks, with $2.55 billion created and $1.74 billion redeemed, marking a record month. However, the International Monetary Fund recently cautioned about the risks of fragmentation within the tokenized markets, emphasizing the challenges posed by platform incompatibility and limited liquidity for future growth.
