Note: bStocks are tokenized 1:1 representations of U.S.-listed stocks issued by Binance affiliate BTech Holdings Limited, granting economic exposure but not direct share ownership 1. Alphabet (GOOGL) is one of the underlying equities accessible through this framework.
Get Caught Up
bStocks overtakes xStocks to become the second-largest tokenized stock issuer. Binance's bStocks reached a market capitalization of $610.6 million and captured 22.1% of the tokenized stock sector, surpassing Backed's xStocks at $601.2 million (21.5%), while Ondo Finance remains the leader with $951.8 million and a 34.4% share 2. The overall tokenized stocks market expanded to roughly $2.8 billion, up from $569.8 million at the start of the year — a year-to-date growth of about 391% 2. This matters because it confirms bStocks' rapid ascent as a distribution channel for tokenized equity exposure, with growth driven largely by new buyers rather than users migrating from competing platforms 2.
Tokenized stock wallets surged 33% in a week, with bStocks driving the market. Wallets holding tokenized stocks jumped to 1,020,510, up from 766,366 in just over a week, representing a 17.3-fold increase from 58,999 wallets a year earlier 3. Tokenized stocks now dominate the on-chain real-world asset (RWA) market, representing 62.8% of 1.62 million RWA holders, up from 13.1% a year prior 3. On bStocks specifically, SpaceX leads as the most-held tokenized stock with about 107,000 wallets, followed by NVIDIA xStock at 64,000 3. The growth is driven by numerous wallets opening small positions, often only a few hundred dollars, rather than large institutional accounts 3.
Berkshire Hathaway's $14.5 billion Alphabet investment signals institutional confidence in the underlying equity. Berkshire Hathaway invested a total of $14.5 billion in Alphabet's Class A stock (NASDAQ: GOOGL), comprising $10 billion in direct purchases and $4.5 billion in share repurchases, adding to an existing $4.5 billion position and a $10 billion private placement 4. This matters for bStocks holders because it reflects strong institutional conviction in Alphabet's AI-driven growth trajectory, which underpins demand for tokenized GOOGL exposure 4. Alphabet has risen 12.42% year-to-date and is among the top-performing Magnificent 7 stocks in 2026 4.
Biggest Stories of 2025
Tokenized stocks emerged as the breakout product of 2025, with market capitalization surging 2,496% to $831 million from $32 million at the start of the year, fueled by loosened regulations that accelerated the rush to bring real-world assets on-chain 5. This set the stage for the tokenized equity infrastructure that bStocks would later build upon. (December 22, 2025)
Tokenized stocks achieved a 2,695% year-to-date market cap increase, significantly outpacing tokenized commodities (up 225%) and tokenized funds (up 148%), with Ethereum remaining the dominant issuance chain even as Solana, BNB Chain, Arbitrum, Base, and Polygon captured market share 6. This established the competitive landscape and multi-chain dynamics that bStocks would enter. (December 22, 2025)
The tokenized equity and stocks market matured throughout 2025, with the broader asset tokenization market growing from $866 billion in 2024 to an estimated $1.24 trillion, while on-chain real-world asset tokenization surpassed $50 billion 78. Major platforms began listing tokenized stocks of companies like Apple and Tesla, attracting both retail and institutional investors despite regulatory uncertainties. (June 18, 2025)
Alphabet was positioned as a top-5 stock buy for 2025, with analysts highlighting its AI development, Google Cloud's 30% revenue increase to $12 billion, and Waymo's autonomous vehicle efforts as key value drivers 9. This positive fundamental backdrop supported demand for Alphabet exposure across both traditional and tokenized formats. (April 17, 2025)