Tokenized Equity Market Quality

Strategy PP Variable xStock is 8.5% of reported category value. The top five products are 28.5%.

This page separates product count, reported value, trading, price tracking and wrapper family. A token price is not the same as direct share ownership.

TOKEN
LISTED SHARE
Products compared100Highest reported values returned
Combined market value$1.8BAcross the returned products
Trading in 24 hours$597.5MGross reported trading
Trading versus market value33.1%One-day turnover
Products up today35 of 98Breadth, not product count alone
Largest product share8.5%Strategy PP Variable xStock
Top five share28.5%Market-value concentration
Mapped listed shares12Distinct public tickers recognised
Typical token/share tracking gap1.5 pointsStrategy PP Variable xStock
Top product DEX liquidity$471.3KStrategy PP Variable xStock

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The category is not one stock market.

Several wrappers can point to the same listed share, and a large quoted value can sit beside thin trading. Product count, underlying shares and usable liquidity answer different questions.

Strategy PP Variable xStock$153.8M
Circle Internet Group (Ondo Tokenized Stock)$111.6M
Circle Internet Group (bStocks Tokenized Stock)$94.4M
Bending Spoons xStock$79.9M
Circle xStock$75.7M
SpaceX (bStocks Tokenized Stock)$74.0M
Tesla xStock$72.3M
MicroStrategy xStock$70.0M
Strategy (bStocks Tokenized Stock)$48.9M
Micron Technology (Ondo Tokenized Stock)$42.8M
Micron Technology (bStocks Tokenized Stock)$40.2M
SpaceX xStock$39.8M
NVIDIA xStock$39.3M
NVIDIA (Ondo Tokenized Stock)$37.7M

Strategy PP Variable xStock is 8.5% of reported market value. Remove it and the category falls to $1.7B.

Which wrappers have real trading behind them?

One-day turnover compares trading with reported market value. It helps expose a large product that barely changes hands, but it does not prove ownership rights or redemption access.

ProductListed shareWrapper familyMarket value24h tradingTurnover24h price30d price
Strategy PP Variable xStockSTRCxStocks$153.8M$470.6K0.3%-0.3%+5.4%
Circle Internet Group (Ondo Tokenized Stock)CRCLOndo Global Markets$111.6M$3.4M3.0%-3.2%+38.4%
Circle Internet Group (bStocks Tokenized Stock)CRCLbStocks$94.4M$17.7M18.7%-3.2%+38.5%
Bending Spoons xStockNot mappedxStocks$79.9M$1160.0%+0.0%-28.2%
Circle xStockCRCLxStocks$75.7M$14.8M19.5%-3.1%+38.4%
SpaceX (bStocks Tokenized Stock)Not mappedbStocks$74.0M$51.7M69.9%-3.8%+8.1%
Tesla xStockTSLAxStocks$72.3M$6.0M8.3%+0.1%+11.0%
MicroStrategy xStockMSTRxStocks$70.0M$3.0M4.2%-2.3%+37.1%
Strategy (bStocks Tokenized Stock)Not mappedbStocks$48.9M$5.7M11.7%Not availableNot available
Micron Technology (Ondo Tokenized Stock)MUOndo Global Markets$42.8M$4.1M9.6%+2.3%+19.0%
Micron Technology (bStocks Tokenized Stock)MUbStocks$40.2M$12.1M30.0%+2.3%+18.5%
SpaceX xStockNot mappedxStocks$39.8M$8.5M21.3%-3.8%+7.9%
NVIDIA xStockNVDAxStocks$39.3M$72.2M184.0%-0.9%+2.3%
NVIDIA (Ondo Tokenized Stock)NVDAOndo Global Markets$37.7M$1.5M4.0%-0.9%+2.4%
Alphabet xStockGOOGLxStocks$35.0M$15.5M44.3%-2.2%-7.1%
SecuritizeNot mappedOther wrappers$33.9M$00.0%+2.1%+21.7%
Hims & Hers Health (Ondo Tokenized Stock)Not mappedOndo Global Markets$29.4M$1.7M5.8%-0.5%-6.2%
SanDisk (bStocks Tokenized Stock)Not mappedbStocks$28.9M$31.5M109.3%+1.0%+42.7%

Research by for Charlie Quant Lab · Updated