Reserve accounts hold 44.3% of tokenized ETF tokens. Three issuers control 79.6% of wallets. The holder count jumped 11,803% to 44,400.
Alpha Score of 67 reflects moderate overall profile with strong momentum, weak value, moderate quality, strong sentiment.
The number of wallets holding tokenized ETFs hit a record 44,400 on May 20, 2026, on-chain data shows. That is up roughly 11,803% from a baseline of 373 wallets.
Reserve accounts – wallets that pool holdings from multiple end investors under a single address – control 44.3% of all tokenized ETF tokens. The three largest issuers account for 79.6% of unique holders.
The market cap for tokenized equities has crossed $2 billion. Ondo Finance leads with about 42% market share. Other issuers include Backed Finance and Dinari, with Securitize handling tokenization and transfer infrastructure. BlackRock's BUIDL fund and Franklin Templeton's on-chain money market fund represent the institutional tier.
A holder count that jumps from 373 to 44,400 might suggest broad adoption. The on-chain structure tells a different story. When 44.3% of tokens sit in aggregator wallets, the headline wallet count may overstate the true distribution of economic interest. Reserve accounts obscure who ultimately owns the tokens. The 44,400 figure could reflect real retail and institutional demand, or it could partly reflect the accounting architecture of a few large providers.
Three issuers holding 79.6% of wallets means the sector is concentrated. A disruption at any of the top players – a regulatory setback, a smart contract exploit, a liquidity crisis – would hit a large share of holders. On-chain governance signals, trading activity, and liquidity metrics may not reflect the sentiment of underlying holders when so many tokens are pooled.
Tokenized ETFs settle around the clock and can be used in DeFi protocols. Traditional ETFs settle in two business days and go dark on weekends. Those structural advantages are real. So is the concentration risk.
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.