Securitize and Ondo dominate the tokenized stock market: a 40x lead over Robinhood
The tokenized stock market has reached $3.7 billion, and these aren't just numbers — they are a clear signal of where institutional capital is heading. Contrary to expectations, the leaders are not retail applications like Robinhood, but specialized platforms initially designed to work with real assets: Securitize and Ondo.
Who Rules the Roost: Capital Distribution
The combined share of Securitize and Ondo accounts for about 60% of the total market capitalization of tokenized stocks. This is a massive gap that clearly demonstrates that real demand comes from large players, not the mass user.
The ranking of platforms by on-chain capitalization is as follows:
- Securitize: $1.274 billion
- Ondo: $966 million
- xStock: $576 million
- bStock: $376 million
- Figure: $210 million
- Aktionariat: $118 million
- Republic: $113 million
- Mt Pelerin: $56 million
- Stobox: $34 million
- Robinhood: $31 million
Note: Robinhood, despite its big name and media buzz, closes out the top ten with just $31 million. For comparison, the gap from the leader Securitize is more than 40-fold. This clearly demonstrates that a retail brand and a user-friendly interface are not yet a guarantee of success in the tokenized assets segment.
What is Traded Most Actively: Top by Volume
Analysis of daily trading volumes reveals another interesting trend: investors are betting on technology and semiconductor companies. The unexpected leader is the private company SpaceX — its tokenized stocks showed a volume of $31.7 million per day.
Top 9 tokenized stocks by daily trading volume:
- SpaceX: $31.7 million
- SanDisk: $25.5 million
- SK Hynix: $15.2 million
- NVIDIA: $14.7 million
- Alphabet: $11.6 million
- Nebius: $6.1 million
- Cerebras: $5.3 million
- Broadcom: $4.2 million
- Tesla: $4.1 million
SpaceX's presence at the top spot is a landmark moment. Tokenization opens access to assets that are either unavailable on the traditional market or require complex procedures. This is precisely the niche where blockchain technology demonstrates its real value.
Cryptalist Analytical Conclusion: The tokenized stock market in 2025 has ceased to be an experimental playground. We see a mature segment with a clear structure, where capital is concentrated on specialized platforms, and demand is shifting towards high-tech and scarce assets. Robinhood and similar retail services risk being left behind if they do not reconsider their strategy. The institutional nature of this market is not a temporary phenomenon, but a fundamental trend.