The number of tokenized stock holders on Solana has increased fivefold since August

Solana reached a record 1.5 million holders of tokenized stocks: since August, their number has increased fivefold, although SOL remains around $100 after a week of seller pressure. According to a Solana publication on October 26 citing Blockworks, the number of addresses with tokenized stocks reached a historic high. However, the growth did not lead to a comparable recovery of SOL, which fell from about $124 since the beginning of October. The reason is partly in the trading mechanics: a significant part of the activity goes through stablecoins, and the growth in the number of holders was contributed by token rewards and meme coin trading.

In September, the Solana Foundation reported 1 million wallets with a trading volume of about $4.4 billion and the value of tokenized securities at $684 million. Since then, another 500,000 addresses have been added, although one investor can hold assets in several wallets and be counted multiple times. Securitize confirmed the availability of 12 tokenized US stocks on Solana, including Apple, Nvidia, Tesla, and Microsoft; the products are backed by underlying stocks, and settlements are made in USDC.

Many platforms allow buying stock tokens for stablecoins without acquiring the equivalent SOL; Securitize accepts USDC. SOL is needed for fees, but the amounts are small, so billions in trading do not mean billions in direct demand for SOL. From September 1 to October 11, meme coins paired with tokenized stocks generated $1.76 billion – 31.5% of the $5.58 billion volume on decentralized exchanges. From August 3 to October 11, reward programs distributed about $31 million in stock tokens to more than 360,000 wallets; almost four out of five recipients had not previously purchased such stocks. The study does not establish what portion of the 1.5 million was due to these programs.

SOL experienced pressure throughout October: as of October 16, it rolled back to $104 from a high of around $124, and American ETFs on Solana recorded nine consecutive sessions of outflows. Later, ETFs showed a $6.7 million outflow on October 19 and $2.6 million on October 20; SOL closed on October 20 at $106.39 compared to about $121 at the beginning of the month. The figures do not establish what part of the decline was caused specifically by ETF sales.

Trading activity remains significant: October 20 – $157.2 million, October 21 – $150.8 million, October 23 – $168.3 million (Stakecake). This is the value of stock tokens on decentralized exchanges, not the network's revenue: Solana's low fees support the growth of applications but do not provide proportional income. JPMorgan Asset Management introduced two tokenized funds on Solana – MONY and JLTXX – for qualified US investors through Morgan Money; the minimum entry for MONY is $1 million.