Solana has reached a record 1.5 million addresses holding tokenized stocks, a fivefold increase since August. However, SOL has continued to struggle near $100 after weeks of selling pressure, showing that growth in tokenized stock activity does not necessarily lead to higher demand for the SOL token.
According to an October 26 post from Solana citing Blockworks data, the number of addresses holding tokenized equities has reached an all-time high. SOL, meanwhile, has fallen from around $124 at the beginning of October.
One reason for this difference is that many tokenized stocks are traded using stablecoins rather than SOL. This means investors can buy and trade stock tokens without needing to purchase large amounts of SOL.
The Solana Foundation reported in September that tokenized stock holdings had reached 1 million wallets, with trading volume of around $4.4 billion and approximately $684 million in outstanding tokenized equities. Since then, another 500,000 addresses have begun holding tokenized stocks, although some investors may be counted more than once if they use multiple wallets.
Financial companies are also expanding their presence on Solana. Securitize recently introduced 12 tokenized US stocks, including Apple, Nvidia, Tesla, and Microsoft, for eligible investors. These products are backed by underlying shares and use USDC for transactions.
Research from Blockworks points to another reason for the rapid increase in holders. Between September 1 and October 11, memecoins paired with tokenized stocks generated $1.76 billion in trading volume, accounting for 31.5% of the $5.58 billion in tokenized equity decentralized exchange volume tracked during that period.
Platforms such as StonkFun and Pump allowed memecoins to trade against stock tokens, adding to the recorded trading activity.
Blockworks also found that reward programs distributed around $31 million in stock tokens to more than 360,000 wallets between August 3 and October 11. Nearly 80% of these recipients had no previous record of buying tokenized stocks. This suggests that rewards helped increase the number of holders, although the research does not establish how much of the latest 1.5 million total came from these programs.
Meanwhile, SOL has faced continued selling pressure throughout October. The token fell from around $124 at the beginning of the month toward $104 by October 16. US Solana ETFs also recorded nine consecutive sessions of withdrawals during that period.
Further data showed net ETF outflows of $6.7 million on October 19 and another $2.6 million on October 20. SOL closed October 20 at $106.39, compared with approximately $121 at the start of the month. These withdrawals indicate weaker demand for investment products tied to SOL, although the figures do not establish how much ETF selling contributed to the price decline.
Despite SOL’s weakness, tokenized stock trading on Solana has remained active. Data from Stakecake showed trading volumes of $157.2 million on October 20, $150.8 million on October 21, and $168.3 million on October 23.
These figures represent the value of stock tokens traded on decentralized exchanges, not revenue earned by the Solana network. Although low transaction fees help attract users, higher trading volumes do not necessarily translate into proportionally higher network fees or demand for SOL.
Institutional adoption is also expanding. JPMorgan Asset Management recently introduced two tokenized funds, MONY and JLTXX, on Solana for qualified US investors through its Morgan Money platform. Eligible investors can hold tokenized fund balances in approved blockchain wallets, subject to the funds’ requirements. MONY’s documentation lists a minimum initial investment of $1 million.
Overall, Solana’s tokenized stock market is growing, but the increase in holders and trading activity has not yet translated into a recovery in SOL’s price. Stablecoin-based trading, reward programs, memecoin activity, and continued selling pressure may help explain why network activity and the token’s market performance are moving in different directions.