According to data from rwa.xyz, the number of tokenized stock holders currently stands at 766,366 people. The number of asset holders in this sector appears to be increasing day by day. Particularly impressive was July. Over the last 30 days, the number of tokenized stock holders grew from approximately 396,000 to the current level. This corresponds to roughly a 93% increase. Looking at the situation in a broader context, the growth becomes even more striking. Since the beginning of the year, the number of tokenized stock holders has increased by approximately 527%.
Source: rwa.xyz
The growth observed over the last 30 days can be attributed to one source and one issuer. The launch of Robinhood Chain and, in less than a month, the increase in token holders for 15 out of the 25 positions on this list has resulted in these tokens occupying 15 places.
July was undoubtedly a huge month for the tokenized stock market, but there's a catch in the discussed metric, and it's worth breaking down.
Robinhood Accounts for One-Third of All Token Holders on the Blockchain
These 15 names collectively account for 268,162 owners. This constitutes 55% of the top 25 and just over one-third of the entire owner base.
Among Robinhood tokens, the largest holder is NVIDIA with 30,145 holders, followed by Apple with 27,707, SpaceX with 26,211, Alphabet Class A with 23,268, and Tesla with 21,151. The remaining ten companies range from AMD (18,195) to CoreWeave (10,622).
One Stock, Three Tokens, 112,959 Slots
NVIDIA is the largest stock on this list, making the counting issue quite obvious. In this list, we see NVIDIA represented as xStock with 63,342 holders, as a Robinhood token with 30,145 holders, and as an Ondo version with 19,472 holders. Doing the math results in 112,959 holders of the same stock from three different issuers. This accounts for about 15% of the entire list.
Similarly, Tesla has 64,548 stock holders distributed among the same three issuers, while Apple and Alphabet have two each.
The data presented here does not show how many of these are attributed to a single trader counted twice or three times. A wallet holding NVIDIA on Robinhood and another wallet holding it via xStock are registered separately, and there is nothing in the dataset that allows them to be distinguished.
Six Weeks After Listing, SpaceX Shares Still Attract More Investors Than Stocks of Index Companies
The concentration issue goes beyond mere duplication. NVIDIA, Tesla, Apple, Alphabet, and SpaceX collectively account for 299,429 holdings, or 39% of the total base.
The share of index stocks is practically unnoticeable. The SP500 xStock index accounts for 26,493, and the Nasdaq xStock accounts for 10,507, together not exceeding 5%.
SpaceX is a company worth noting. Its tokenized versions were created when the shares were unavailable, and the company went public on Nasdaq under the ticker SPCX on June 12. Nevertheless, there are still about 37,000 holders across two token issuers, which is more than all the companies in the SP500 and Nasdaq xStock indices combined. On the Robinhood platform alone, SpaceX has 26,211 token holders, surpassing Microsoft (15,332), Amazon (17,567), and Meta (14,794).
What Calculations Await the Next 300,000 Stock Holders?
Supplementary data points to an ambiguous situation. The distributed value is $1.87 billion, which is 16.06% higher than in the same month when the number of holders nearly doubled. Monthly transfer volume decreased by 31.53% to $6.12 billion.
More wallets, fewer positions, less activity on them.
It is precisely this imbalance that will be rectified in the next growth phase. An influx of stock holders accompanied by an increase in trading volume and the average position size would indicate market formation. An influx of stock holders, as happened in this case, via registration with brokers, distributed across duplicate versions of the same five names, would mean the metric is growing faster than the underlying traction.
