Tokenized equity holders hit 766K, up 93% in 30 days. The surge is concentrated in Robinhood tokens and five stocks counted multiple times across issuers, inflating the true count.
The number of tokenized stock holders reached 766,366, according to data from rwa.xyz. That is up 93% from roughly 396,000 a month earlier. The jump has been driven almost entirely by one issuer: Robinhood Chain.
Robinhood Chain tokens now claim 15 of the top 25 spots by holder count. Those 15 tokens add up to 268,162 holders, or just over a third of the entire base. Among them, NVIDIA is the largest at 30,145 holders, followed by Apple at 27,707, SpaceX at 26,211, Alphabet Class A at 23,268 and Tesla at 21,151. The remaining ten run from AMD at 18,195 down to CoreWeave at 10,622.
The data reveals a counting problem. The same stock appears across multiple tokenized issuers. NVIDIA, for example, shows up as an xStock token with 63,342 holders, as a Robinhood token with 30,145 holders, and as an Ondo version with 19,472 holders. That totals 112,959 holders for the same underlying stock – nearly 15% of everything on the list. Tesla has 64,548 holders split across the same three issuers. Apple and Alphabet each appear on two.
The rwa.xyz dataset does not deduplicate by wallet. A wallet holding NVIDIA on Robinhood and another holding it through xStock register as two separate holders. There is no way to tell how much of the 93% growth is one trader counted twice or thrice.
Concentration goes beyond the duplication issue. The five largest names – NVIDIA, Tesla, Apple, Alphabet and SpaceX – together account for 299,429 holders, or 39% of the base. Index exposure is negligible. The SP500 xStock token sits at 26,493 holders, the Nasdaq xStock at 10,507. Combined they do not clear 5% of the total.
SpaceX is worth sitting with. Its tokenized versions were built when the shares were unreachable, and the company listed on the Nasdaq as SPCX on June 12. Yet across two issuers the tokens still hold nearly 37,000 holders, more than the entire SP500 and Nasdaq xStock cohort combined. On Robinhood's rails alone SpaceX sits at 26,211, ahead of Microsoft at 15,332, Amazon at 17,567 and Meta at 14,794.
Microsoft, which has an Alpha Score of 61/100 on AlphaScala's platform, and NVIDIA with an Alpha Score of 70/100, are among the stocks that have seen tokenized holder growth. But the broader numbers pull in an awkward direction. Distributed value sits at $1.87 billion, up 16% over the same month the holder count nearly doubled. Monthly transfer volume fell 31.53% to $6.12 billion.
More wallets, thinner positions, less activity across them.
That imbalance is what the next stretch of growth will test. If holders arrive alongside rising volume and larger average positions, the market is filling out. If holders arrive the way this batch did – through brokerage signups spread over duplicate versions of the same five names – the metric is climbing faster than anything it is supposed to track.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.