The tokenized-stock market just hit $1.95B (+34% in 30 days). Two issuers run most of it — and they play completely different games.

The two giants (≈78% combined):

— Ondo (Global Markets): 43.6% share · $870M onchain · 405 assets. The deepest, but flat (−1.3% MoM). An open network: distributed across Binance, MetaMask, Bitget, Euler.

— xStocks (Backed, Kraken-owned): 34.6% share · $690M · 172 assets, but +58.7% MoM — the fastest riser. A Kraken vertical: Kraken, Bybit, Gate, Bitget Wallet.

The challengers:

— Robinhood (Stock Tokens): ~2,000 tokens, but EU/EEA only + reduced rights

— Coinbase (Tokenize): launching this summer, promising real dividends + voting

— bStocks (by Binance): its own issuer, ~6% share in just 8 days

— Dinari (dShares): SEC transfer agent, the only one US investors can legally use (accredited)

Bottom line: Ondo is deepest, xStocks fastest, Binance the newest threat — but nearly everyone blocks the US. Only Dinari lets Americans in.

This week featured new corporate treasury announcements across Bitcoin, Ethereum, and Solana, while ETF flows remained mixed, with continued outflows from BTC and ETH products and modest inflows into select altcoins.

Corporate Treasuries

- Strategy sold 3,588 BTC to fund dividends on its digital credit securities

- Metaplanet increased its holdings to 43,000 BTC.

- BitMine launched its ETH treasury strategy

- Forward Industries acquired 500K+ SOL, bringing holdings to 7.55M+ SOL

ETF Flows

Bitcoin ETFs: -$526M net outflows (8th consecutive week)

Ethereum ETFs: -$13.7M net outflows

Tokenized infrastructure reached operational scale this week, with major traditional finance players launching active services and platforms deploying concrete integrations rather than announcements.

🔎 Recent Updates & Developments

– Open Standard unveiled Open USD backed by 140+ partners

– Standard Chartered became first G-SIB offering USDC minting and redemption

– Ondo launched tokenized stocks on Ethereum including iShares S&P 500 ETF

– Robinhood Layer 2 went live on mainnet with full settlement stack

– Ethena integrated USDe into BlackRock’s Aladdin managing $20 trillion

– Plume and FalconX launched a $1B RWA facility for prime brokerage loans

– SK Hynix filed for a $29B Nasdaq listing as dominant AI HBM maker

– Venice AI raised $65M at $1B valuation led by Dragonfly

Heavy net outflows continued, making it another challenging week for spot Bitcoin ETFs.

Weekly snapshot (June 22-29):

BTC ETF flows: -$1.78B

ETH ETF flows: -$273M

BlackRock’s IBIT accounted for a significant share of the outflows.

Corporate buyers remained active as a counterweight:

- Bitmine added 27,084 ETH (43M$), bringing its total holdings to 5.70M ($8.90B)

- Strategy paused Bitcoin purchases, launched a $1B Digital Credit repurchase program

- Sharplink acquired 5,000 ETH ($7.85M) and now holds 876,286 ETH ($1.30B)

Structural treasury demand continues to offset tactical ETF selling, reinforcing the ongoing consolidation narrative.

Institutional finance crossed another threshold this week, with legacy exchanges partnering on tokenized equities, major banks building stablecoin infrastructure, and regulators unlocking new market access across Asia and Europe.

🔎 Recent Updates & Developments

– ICE and OKX formed a 50/50 venture to bring NYSE equities onchain for 120M OKX users

– SpaceX signed a $6.3B compute deal with Reflection AI for Colossus 2 data center capacity

– Chainlink joined Project Pangea to build real-time stablecoin FX settlement across a $150B EUR-KRW corridor

– Ripple received preliminary MiCA approval in Luxembourg, unlocking passporting across all 30 EEA countries

– Franklin Templeton acquired 250 Digital, launching Franklin Crypto as a dedicated institutional active crypto division

– SBI Holdings acquired Bitbank and launched JPYSC, Japan’s first trust-backed stablecoin with no transaction cap

– Toss Bank signed an MOU with Solana Foundation to pilot stablecoin cross-border payments on blockchain

Weekly snapshot (June 15-22):

The week was marked by small-to-moderate net outflows, continuing the recent trend of volatility and periodic capital withdrawals. 

Bitcoin ETFs recorded $227M in net outflows, while Ethereum ETFs saw only $10M in outflows. 

Despite this, strong on-balance-sheet demand remains driven by Strategy’s aggressive accumulation strategy and Strive’s innovative SATA mechanism for Bitcoin, while BitMine Immersion Technologies continues to strengthen demand for Ethereum. 

Recent treasury activity:

- Strategy buys 520 BTC ($34.9M), total now 847,363 BTC ($54.7B).

Institutional conviction showed up in multiple forms this week, from a $60B tech M&A and a $7.4B AI funding round to traditional finance moving its core infrastructure directly onchain across credit ratings, settlement, and RWA distribution.

🔎 Recent Updates & Developments 

– SpaceX acquired Cursor’s maker Anysphere in a $60B merger for AI infrastructure

– DeepSeek closed a $7.4B round at $50B valuation, backed by Tencent and JD

– Ethereum’s Glamsterdam entered final testing with 60M→200M gas limit and 78% fee reduction

– Trace Finance raised $32M Series A led by CoinFund, with Coinbase Ventures and Paxos

– Moody’s brought its credit ratings onchain to Solana, a first for a major permissionless blockchain

– Re secured a strategic investment from Coinbase Ventures, having written $500M in reinsurance premiums

– Plume brought PIMCO-backed fixed-income vaults to Bybit users onchain

The last week showed a mixed picture with signs of stabilization after heavy selling pressure in early June. Outflows dominated most days but were noticeably smaller in scale, and a key positive day for Bitcoin broke a long negative streak.

Weekly flows (June 8–15):

- BTC ETFs: -$319M

- ETH ETFs: -$14.8M 

Treasury activity:

- Strategy buys 1,857 BTC ($100M), total now 846,842 BTC 

- Strive adds 73 BTC to its balance sheet, holds 19,105 BTC

- Bitmine: +76,881 ETH (135M), total holdings - 5.62M ETH

Tokenized capital markets moved from pilot to infra this week, with major banks planning shared deposit networks, significant raises flowing into AI, onchain lending and DeFi, signaling public market moves.

🔎 Recent Updates & Developments

– JPMorgan, Citi, BofA and Wells Fargo are planning a tokenized deposit network via The Clearing House, targeting H1 2027.

– Digital Asset raised $355M led by a16z Crypto at a $2B valuation, backed by Apollo, HSBC, CME Ventures and Citadel.

– Tether led NEURA Robotics’ $1.4B Series C, one of the largest private funding rounds in humanoid robotics to date.

– Figure acquired real-estate lender Kiavi for $717M, adding $7B in annual first-lien volume to its onchain credit platform.

– Morpho raised $175M at a $2B valuation led by a16z, Paradigm and Ribbit, with Apollo and Circle Ventures participating.

– OpenAI confidentially filed a draft S-1 with the SEC, keeping its IPO option open without committing to any timeline.

Twelve on-chain protocols generated a combined ~$178M in revenue over the last 30 days, led by Hyperliquid at $60.6M. The fastest-growing name on the list is Limitless, up +111% MoM, the only protocol in the top 12 to more than double its revenue.