A tokenized version of the world’s most popular index fund just quietly became the biggest onchain ETF in existence. ONDO Finance’s IVVon, which wraps BlackRock’s iShares Core S&P 500 ETF (IVV) into a blockchain-native token, has hit approximately $70M in onchain market cap, with roughly $69.86M of that sitting on Ethereum.
That figure is more than triple where IVVon started the year. At the beginning of 2026, the token’s market cap hovered around $22M. Less than eight months later, it has ballooned to $69.6M and climbing.
How IVVon works
Each token is backed 1:1 by shares of BlackRock’s IVV, the iShares Core S&P 500 ETF that tracks the 500 largest US companies. Daily attestations verify that the underlying assets match the tokens in circulation. The product launched on July 31, 2025, with active trading starting on November 1, 2025. It primarily lives on Ethereum but also has some presence on BNB Chain and Solana.
IVVon reinvests dividends automatically, which increases the shares-per-token ratio over time. Instead of receiving a cash dividend payout, holders see the underlying value of each token tick upward as dividends get plowed back into additional IVV shares.
The price per token equivalent has fluctuated around $773 to $780 during the recent reporting period. Non-US investors can mint and redeem shares around the clock.
The bigger picture for tokenized ETFs
By May 2026, the entire tokenized ETF market had reached $430M in onchain market cap. IVVon alone now accounts for roughly 16% of that figure.
ONDO Finance’s overall platform surpassed $1B in total value locked by August 2026. In July 2026, ONDO also launched a separate model designed to be compliant with US SEC regulations, opening the door to American investors who had previously been excluded from IVVon due to regulatory constraints.