Key takeaways
- Solana tokenized stock addresses increase fivefold since August
- Token rewards and memecoin trading contribute to adoption growth
- SOL struggles near $100 despite expanding onchain equity activity
Solana's tokenized stock market has reached a record 1.5 million holding addresses, a fivefold increase since August, even as SOL struggles near $100 following weeks of cryptocurrency selling pressure.
The Solana network announced the milestone on October 26. The figure represents addresses holding tokenized equities rather than 1.5 million verified individuals, an important distinction as blockchain-based stock trading attracts growing attention.
SOL traded near $101 during Monday's reporting, down from approximately $124 at the beginning of October. The divergence suggests that increasing adoption of tokenized stocks does not automatically translate into higher demand for Solana's native cryptocurrency.
Solana Tokenized Stock Holders Jump From 300,000 to 1.5 Million
The number of addresses holding tokenized equities on Solana has increased from roughly 300,000 in August to 1.5 million in October.
The network had already passed one million holding addresses in September, when tokenized stock trading reached approximately $4.4 billion and outstanding tokenized equity value stood near $684 million.
The expansion follows several major product launches, including Securitize's introduction of tokenized Apple, Nvidia and Tesla shares for eligible American investors.
Earlier, Ondo Finance introduced more than 200 tokenized stocks and ETFs to the network.
However, not every address represents an investor independently deciding to purchase stocks.
Blockworks Finds $31 Million in Token Rewards Behind Growth
A separate Blockworks investigation published October 14 found that reward programs distributed approximately $31 million in tokenized equities to more than 360,000 wallets between August 3 and October 11.
Nearly 80% of recipients had no previous record of buying tokenized stocks. Among those first-time recipients, 82% subsequently sold or transferred their rewarded tokens.
Only around 2% eventually purchased tokenized stocks for their own sake, according to the research.
Memecoin trading added another unusual source of activity. Between September 1 and October 11, memecoin pairs denominated in tokenized stocks generated $1.76 billion in volume, representing 31.5% of the $5.58 billion in tokenized equity decentralized-exchange trading tracked during that period.
Platforms including StonkFun and Pump have allowed traders to use stock-linked tokens as trading pairs for memecoins, increasing reported activity without necessarily representing demand from traditional equity investors.
That does not make the growth meaningless. It demonstrates how tokenized securities are becoming integrated into Solana's wider trading ecosystem.
But it changes how the numbers should be interpreted.
Why SOL Price Isn't Following Tokenized Stock Growth
One explanation lies in the settlement process.
Many tokenized equity products can be purchased using USDC and other stablecoins. SOL remains necessary for network transaction fees, but users do not need to purchase an equivalent dollar amount of SOL for every stock-token trade.
Consequently, billions of dollars in tokenized equity volume do not represent billions of dollars in direct SOL buying.
The distinction comes as Solana ETF withdrawals have created a separate challenge for institutional demand. American SOL funds recorded $24.8 million in outflows during the week ending October 9, reversing a 14-week inflow streak.
Earlier SOL price weakness also coincided with rapidly increasing tokenized equity addresses, suggesting that this divergence is not entirely new.
The tokenized equity market continues expanding across competing blockchains, potentially increasing Solana's importance as financial infrastructure.