a16z crypto said on July 22 that the tokenized stock market had reached about $1.7 billion in total market capitalization by the end of June, up more than fivefold from $329 million a year earlier. The firm said tokenized equities have become one of the fastest-growing categories in tokenized assets.
More than half of the market’s current value comes from assets that were not on-chain a year ago, a16z crypto wrote. In its view, that shows the expansion has been driven mainly by new issuance rather than only by gains in the prices of the underlying stocks.
Market composition has shifted
The structure of the market has changed sharply over the past year. Crypto-related products accounted for 79% of market capitalization a year ago, but that share has dropped to 21%.
At the same time, the “other” category, which includes hundreds of smaller names, has risen to 35% of the market. Large-cap technology stocks increased from 0.6% to 10.6%, while ETF and index products grew from 4.5% to 17.3%.
AI and semiconductor-linked tokenized stocks posted the fastest growth. Their share of market capitalization rose from 0.3% in June 2025 to 15.5%.
On-chain transfer activity climbed
On-chain activity increased alongside market growth. Monthly transfer volume for tokenized stocks reached $9.22 billion in June, compared with $53 million in the same period last year, an increase of more than 170 times.
a16z crypto said those transactions include on-chain trading, wallet-to-wallet transfers, and deposits of tokenized stocks as collateral into DeFi protocols.
Infrastructure rollout is picking up
The firm also said institutional infrastructure is moving forward. DTCC has completed its first tokenized U.S. Treasury and stock transactions in a production environment on Canton Network. Robinhood has launched its own chain.
NYSE parent company ICE and OKX have formed a joint venture and plan to offer tokenized NYSE-listed stocks after receiving approval. Coinbase and Binance have also launched, or are planning to launch, tokenized U.S. stock services for users outside the United States.