Tokenized Equity Market Quality

Strategy PP Variable xStock is 7.3% of reported category value. The top five products are 27.3%.

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$2.2BAcross the returned products
Trading in 24 hours$593.2MGross reported trading
Trading versus market value27.2%One-day turnover
Products up today31 of 99Breadth, not product count alone
Largest product share7.3%Strategy PP Variable xStock
Top five share27.3%Market-value concentration
Mapped listed shares12Distinct public tickers recognised
Typical token/share tracking gap1.6 pointsStrategy PP Variable xStock
Top product DEX liquidity$435.7KStrategy 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$159.2M
Circle Internet Group (bStocks Tokenized Stock)$139.1M
MicroStrategy xStock$113.1M
Circle Internet Group (Ondo Tokenized Stock)$97.4M
Bending Spoons xStock$86.7M
SpaceX (bStocks Tokenized Stock)$85.9M
Circle xStock$85.9M
Strategy Stretch Preferred (Ondo Tokenized)$74.9M
Tesla xStock$71.9M
Strategy (bStocks Tokenized Stock)$56.5M
Micron Technology (bStocks Tokenized Stock)$48.0M
SpaceX xStock$47.3M
Securitize$45.9M
NVIDIA (bStocks Tokenized Stock)$45.5M

Strategy PP Variable xStock is 7.3% of reported market value. Remove it and the category falls to $2.0B.

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$159.2M$164.5K0.1%+8.6%+5.0%
Circle Internet Group (bStocks Tokenized Stock)CRCLbStocks$139.1M$25.7M18.5%-3.9%-20.7%
MicroStrategy xStockMSTRxStocks$113.1M$2.4M2.1%-6.1%+9.5%
Circle Internet Group (Ondo Tokenized Stock)CRCLOndo Global Markets$97.4M$1.4M1.4%-4.0%-20.7%
Bending Spoons xStockNot mappedxStocks$86.7M$26.3K0.0%+19.1%+0.0%
SpaceX (bStocks Tokenized Stock)Not mappedbStocks$85.9M$63.5M73.9%-1.0%+12.1%
Circle xStockCRCLxStocks$85.9M$10.0M11.6%-4.1%-20.7%
Strategy Stretch Preferred (Ondo Tokenized)Not mappedOndo Global Markets$74.9M$784.2K1.0%-0.0%+2.6%
Tesla xStockTSLAxStocks$71.9M$6.3M8.8%-0.6%+6.3%
Strategy (bStocks Tokenized Stock)Not mappedbStocks$56.5M$17.6M31.1%-6.1%Not available
Micron Technology (bStocks Tokenized Stock)MUbStocks$48.0M$17.2M35.8%+4.2%+5.4%
SpaceX xStockNot mappedxStocks$47.3M$18.7M39.5%-1.1%+12.1%
SecuritizeNot mappedOther wrappers$45.9M$00.0%-10.2%+53.7%
NVIDIA (bStocks Tokenized Stock)NVDAbStocks$45.5M$16.1M35.3%-1.0%+2.8%
NVIDIA xStockNVDAxStocks$45.3M$12.1M26.7%-1.1%+2.8%
Micron Technology (Ondo Tokenized Stock)MUOndo Global Markets$43.6M$5.1M11.7%+4.3%+5.1%
SanDisk (bStocks Tokenized Stock)Not mappedbStocks$40.9M$61.6M150.7%+2.3%-4.2%
Alphabet xStockGOOGLxStocks$40.1M$11.5M28.7%+0.6%+3.6%

Research by for Charlie Quant Lab · Updated