Solana Tokenized Stock Holders Hit Record 1.5 Million, Up Fivefold Since August

Solana Tokenized Stock Holders Hit Record 1.5 Million, Up Fivefold Since August

by | Oct 26, 2026 | Solana

The number of Solana tokenized stock holders climbed to a record 1.5 million on October 26, 2026, according to a post by Solana that cited Blockworks data, marking a fivefold increase from August. The figure counts addresses holding tokenized equity products on the network and represents a new all-time high.

The milestone underscores how quickly blockchain-based versions of traditional securities have spread across the network, even as research suggests rewards programs and the way holders are counted account for part of the surge. The growth has also not translated into equivalent demand for SOL, the network's native token, which has remained under pressure for weeks.

From One Million Wallets to 1.5 Million

The Solana Foundation reported in September that wallets holding tokenized stocks had reached one million, meaning roughly 500,000 additional addresses began holding the products in the weeks that followed. That month saw about $4.4 billion change hands in total trading volume, with the value of outstanding tokenized equities pegged at $684 million.

Blockworks defines holders as addresses containing tokenized equity products, so a single investor using multiple wallets can be counted more than once, according to Crypto News. The holder total also captures addresses that received stock tokens rather than purchasing them, further widening the gap between the headline number and the count of individual participants.

Rewards campaigns added another layer to the growth story. Over the stretch from August 3 to October 11, 2026, one incentive program handed out stock tokens worth roughly $31 million across more than 360,000 wallets, and nearly four out of five recipients had no previous record of buying a tokenized stock. The findings indicate some of the growth came from rewards sent to existing crypto users, though the research does not establish how much of the 1.5 million total resulted from those programs.

Memecoin Pairs Inflate Solana Tokenized Stock Trading Figures

Trading data for Solana tokenized stock products includes more than straightforward equity purchases. From September 1 through October 11, 2026, pairs combining memecoins with stock tokens generated $1.76 billion in volume, representing 31.5% of all tokenized equity decentralized exchange activity, which totaled $5.58 billion over that span.

Venues including StonkFun and Pump made it possible to swap memecoins directly against stock tokens, and transactions involving those pairs were recorded as tokenized equity activity. That means headline volume figures overstate direct buying and selling of the underlying stock products, a distinction that matters when assessing genuine investor appetite for tokenized securities.

Why Solana Tokenized Stock Growth Has Not Lifted SOL

A large share of tokenized equity trading settles in stablecoins, so rising volumes do not automatically feed through to buying of SOL. Securitize, for example, takes USDC as payment for its tokenized stock offerings, and many platforms let investors acquire stock tokens without ever purchasing an equivalent amount of the network's native token. As a result, even very large tokenized stock turnover does not create a matching wave of direct SOL demand.

SOL is still needed to cover network transaction fees, yet the amount each transaction consumes is generally small. Solana's low fees have helped support the growth of such applications, though they also mean higher transaction counts do not produce proportionate fee revenue for the network.

SOL has faced selling pressure throughout October, hovering near $100 after retreating from roughly $124 earlier in the month, Crypto News reported. U.S. Solana ETFs recorded nine consecutive sessions of withdrawals as of October 16, with $6.7 million in net outflows on October 19 and another $2.6 million on October 20, when SOL closed at $106.39.

Trading activity has stayed substantial despite the price weakness. Data compiled by Stakecake put decentralized exchange volume in tokenized equities at $157.2 million on October 20, with another $150.8 million changing hands on October 21 and $168.3 million on October 23. Those figures measure the value of stock tokens traded on decentralized exchanges rather than revenue earned by the network itself.

Securitize and JPMorgan Expand Solana Tokenized Stock Offerings

Qualifying investors can now trade 12 tokenized U.S. stocks on Solana through Securitize, a list that includes Apple, Nvidia, Tesla and Microsoft. Securitize states the products are backed by underlying shares and settled in USDC, giving eligible market participants direct exposure to major U.S. equities onchain.

JPMorgan Asset Management recently introduced two tokenized money market funds, MONY and JLTXX, on Solana for qualified U.S. investors through its Morgan Money platform. The products let eligible investors hold tokenized fund balances in approved blockchain wallets, with JLTXX's prospectus requiring approved wallet addresses and MONY's documentation listing a $1 million initial investment minimum.

Solana supports tokenized stock products through infrastructure built for fast, low-cost transactions and decentralized applications, and financial platforms continue to launch blockchain-based versions of traditional securities as the user base grows. The arrival of a major asset manager alongside existing issuers shows the market extending beyond retail trading into institutional cash management.

Conclusion

Solana's tokenized stock market reached a record 1.5 million holder addresses on October 26, 2026, five times its August level, with September volume of about $4.4 billion and $684 million in outstanding value. Research shows incentive payouts, memecoin trading pairs and multi-wallet counting account for part of the increase, while stablecoin settlement limits the direct impact on SOL demand. The next concrete marker for the sector is the continued rollout of institutional products, including JPMorgan's MONY and JLTXX funds and Securitize's 12 tokenized U.S. stocks, alongside the network's scheduled Alpenglow upgrade.

Frequently Asked Questions

How many Solana tokenized stock holders are there as of October 26, 2026?

Solana reported a record 1.5 million holders of tokenized stocks on October 26, 2026, a fivefold increase from August. The metric counts addresses holding tokenized equity products rather than individual investors, so one person using multiple wallets can appear more than once.

Why did the $31 million incentive program inflate Solana's holder count?

Between August 3 and October 11, 2026, an incentive program distributed roughly $31 million in tokenized stock tokens to upwards of 360,000 wallets. Close to four-fifths of those recipients had never previously purchased a tokenized stock, meaning rewards to existing crypto users drove part of the growth.

Which tokenized U.S. stocks can investors trade on Solana through Securitize?

Securitize says qualifying investors can trade 12 tokenized U.S. stocks on Solana, including Apple, Nvidia, Tesla and Microsoft. The firm states the products are backed by underlying shares and settled in USDC.

Why has growth in Solana tokenized stocks not boosted the SOL price?

Much of the trading settles in stablecoins such as USDC, so volumes do not create equivalent demand for SOL, which is needed only in small amounts for transaction fees. SOL hovered near $100 in late October after falling from about $124, with U.S. Solana ETFs recording consecutive sessions of withdrawals.

What role did memecoin trading pairs play in Solana's tokenized stock volume?

Between September 1 and October 11, 2026, pairs combining memecoins with stock tokens produced $1.76 billion in volume, 31.5% of the $5.58 billion total in tokenized equity decentralized exchange activity. Platforms such as StonkFun and Pump enabled those trades, which were counted as tokenized equity activity.

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OKX and NYSE Owner ICE File for 24/7 Tokenized Stock Trading Under SEC Innovation Exemption

OKX and NYSE Owner ICE File for 24/7 Tokenized Stock Trading Under SEC Innovation Exemption

by | Oct 5, 2026 | Market News

OKXICE, the joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has filed with the U.S. Securities and Exchange Commission to launch a venue for tokenized stock trading that would operate 24 hours a day, seven days a week. The notice, dated Sunday, October 4, relies on the SEC's new Innovation Exemption, which the agency issued on September 17 to let qualifying venues trade tokenized U.S. stocks using automated market makers and liquidity pools without registering as exchanges.

The filing matters because it puts the SEC's five-year exemption into practice for the first time at this scale, pairing a major U.S. exchange operator with one of the largest crypto platforms. The plan covers 63 stock tokens and remains subject to regulatory steps, including a 30-day window during which listed companies can object to the tokenization of their shares.

What OKXICE Filed

OKXICE LLC notified the SEC that it intends to operate as a Tokenized Securities Venue, or TSV, a new category of platform the agency created through its September 17 order. The venture plans to run permissioned Uniswap v4 liquidity pools on X Layer, OKX's layer-2 network, offering around-the-clock trading in more than 60 U.S.-listed companies.

The initial list of 63 stock tokens includes Nvidia, Tesla, Apple, Microsoft, Amazon, JPMorgan and Goldman Sachs, along with crypto-linked companies such as Coinbase, Strategy, Circle and Robinhood, according to reports by Cointelegraph and Yahoo Finance. Each tokenized stock would be paired with USDC, Global Dollar (USDG) or USDt, Cointelegraph reported.

The tokens listed so far come from a third-party tokenizer, which the notice does not name, that holds the underlying shares one-for-one through an SEC-registered broker-dealer, Yahoo Finance reported. The notice also states that OKXICE is not registered with the SEC in any capacity for this activity, according to Finance Magnates.

The SEC Innovation Exemption Behind Tokenized Stock Trading

The SEC order grants temporary, conditional exemptive relief to Tokenized Securities Venues from the definition of "exchange" in the Securities Exchange Act of 1934, allowing them to trade tokenized National Market System stock through permissioned automated market makers and liquidity pools. The relief was issued under Section 36(a)(1) of the Exchange Act and also exempts certain liquidity providers, called Covered Firms, from the definition of "dealer."

SEC Chairman Paul Atkins framed the order as a deliberate policy choice. Today, the Securities and Exchange Commission is taking a significant step forward, within its statutory authority, to bring America's capital markets into the digital age by facilitating onchain trading of certain tokenized stocks through the 'Innovation Exemption,' he said. Jamie Selway, Director of the SEC Division of Trading and Markets, called the approval "an important milestone for the Commission's work to open our capital markets for tokenized securities."

The exemption carries conditions. Tokenized NMS stocks traded on a TSV face limits on the number of symbols and volume traded; each venue may list no more than 75 large U.S. stocks, with volume capped at 0.25 percent of each stock's average daily volume, according to Trending Topics. A TSV must verify that tokenized stock gives holders the same rights and privileges as the equivalent traditional shares, including dividends and voting rights, and must stop trading a token whenever the underlying stock is halted on its primary listing exchange.

Issuers retain a say in the process. Before a TSV lists a stock tokenized by an unaffiliated third party, it must give the underlying issuer written notice and an opportunity to object, and issuers that do not want their shares trading on such venues can opt out. Smart contracts used by a TSV must be auditable, public and deployed on a public, permissionless distributed ledger, and venues must provide public notice about their operations and trading activities.

The SEC described the relief as an interim step. The Innovation Exemption would allow TSVs to trade tokenized NMS stock in a permissioned environment today while the Commission considers the need for additional action to facilitate onchain trading, the agency said, adding that insights gained during the temporary window will inform durable, comprehensive rules. The order will be published on SEC.gov and in the Federal Register.

Cuomo and Xu on the 24/7 Plan

Andrew Cuomo, the former New York governor who co-chairs OKXICE, announced the filing on X on Sunday night. "This is a landmark step toward a truly global, 24/7 Wall Street — and toward keeping the future of digital finance anchored here in the United States," Cuomo said in a statement shared with The Block, adding that "Tokenized securities are part of what comes next."

Cuomo told CoinDesk the venture combines strengths from both parents, saying OKX and ICE bring together deep expertise from both sides of the equation. The opportunity now is to build on this first step and show how 24/7, onchain markets can make trading and settlement more efficient, accessible and global, he said, adding: "And we're just getting started."

Star Xu, founder and chief executive of OKX, emphasized the shareholder-rights condition at the center of the SEC framework. The future of markets is real ownership, onchain. Full shareholder rights are what make that possible, Xu said, according to The Block and Trending Topics. He also said tokenization could make public markets "more open, seamless and always available."

The venture is co-chaired by Cuomo and Trabue Bland, Senior Vice President of Futures Exchanges at ICE, The Crypto Times reported. Cuomo also sits on the OKX board of directors, a role The Crypto Times reported in July after he spent several years as an adviser to the exchange.

The OKX-ICE Partnership Behind the Venue

OKX and ICE announced OKXICE as a 50-50 joint venture on June 22, 2026, to build infrastructure for tokenized and digitally native financial products. The venture followed ICE's strategic investment in OKX in March 2026, a deal that valued the crypto exchange at about $25 billion.

Under the broader arrangement, OKX customers could gain access to ICE futures and tokenized NYSE shares, subject to regulatory approval, according to ICE's announcement. The two companies have since expanded their ties, including the launch of OKX perpetual futures based on ICE oil benchmarks in May, The Crypto Times reported.

OKX already operates tokenized stocks outside the U.S. under the xStocks brand, covering over 70 U.S. equities and ETFs settled on Solana and X Layer and priced in USDT, according to Coingape. OKXICE now wants to bring that trading onshore to a regulated U.S. venue, where tokenized versions of stocks carry the same dividend and voting rights as regular shares, CoinDesk reported.

OKB, the native token of the OKX ecosystem, traded at $124.62 at the time of writing, up 3.4% over 24 hours and 5.3% over seven days, according to CoinGecko data cited by The Crypto Times.

Industry Pushback and What Comes Next

Not all market groups support the SEC's approach. SIFMA, the trade group for U.S. securities firms, warned that the exemption could allow multiple tokenized versions of the same stock to trade in parallel on lightly regulated markets, which could confuse and harm investors, its chief executive Kenneth Bentsen said in a statement, according to Trending Topics.

Better Markets, an advocacy group, was blunter. "The SEC has essentially created two regulatory regimes for stock trading," said Benjamin Schiffrin, its director of securities policy.

The filing lands amid a broader industry push toward extended trading hours. Nasdaq is set to move to 23-hour trading five days a week in December, while the London Stock Exchange is preparing its own 24/5 venue for 2027, DailyCoin reported. The SEC also approved a Nasdaq pilot in March in which tokenized shares trade in the same order book and under the same ticker as conventional ones, according to Finance Magnates.

OKXICE enters a race that includes Ondo, Robinhood and NYSE's separate tokenized-stock access talks with Blockchain.com, Coingape reported. Robinhood is reportedly approaching SEC volume caps under the same exemption framework.

Before trading can begin, OKXICE must complete the 30-day issuer opt-out period and meet every condition of the exemption, including symbol limits, volume caps and full shareholder rights for token holders. The number of companies that remain on the initial list of 63 will indicate how willing NYSE-listed issuers are to see their shares traded on blockchain-based venues, and the SEC has said it will use data from the five-year window to shape longer-term rules for tokenized securities.

Conclusion

OKXICE's October 4 filing is the first large-scale attempt to use the SEC's Innovation Exemption, proposing 24/7 trading of 63 tokenized U.S. stocks on X Layer through permissioned Uniswap v4 pools. The venue still faces concrete steps before launch: a 30-day window for issuers to object to tokenization of their shares, plus compliance with the exemption's conditions on symbol limits, volume caps, shareholder rights and halt linkages. The SEC has said it will use observations from the five-year exemption period to develop permanent rules for onchain trading of tokenized securities.

Frequently Asked Questions

What is OKXICE and who owns it?

OKXICE is a 50-50 joint venture between crypto exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange. The two companies announced the venture on June 22, 2026, to build infrastructure for tokenized and digitally native financial products, following ICE's March 2026 investment in OKX at a valuation of about $25 billion.

Which stocks will OKXICE's tokenized stock trading venue offer?

The notice lists 63 stock tokens, including Nvidia, Tesla, Apple, Microsoft, Amazon, JPMorgan and Goldman Sachs, plus crypto-linked companies such as Coinbase, Strategy, Circle and Robinhood. The tokens come from an unnamed third-party tokenizer that holds the underlying shares one-for-one through an SEC-registered broker-dealer.

What is the SEC Innovation Exemption issued on September 17, 2026?

The Innovation Exemption is a five-year SEC order granting temporary, conditional relief that lets Tokenized Securities Venues trade tokenized U.S. stocks through permissioned automated market makers and liquidity pools without registering as exchanges. It also exempts certain liquidity providers from the definition of "dealer" under the Securities Exchange Act of 1934.

When can OKXICE begin 24/7 trading of tokenized stocks?

No launch date has been set. OKXICE must first complete a 30-day period during which issuers can object to the tokenization of their shares, and it must meet all exemption conditions, including symbol limits, volume caps and full shareholder rights for token holders, before trading can begin.

What protections does the SEC require for tokenized stock holders?

Tokenized stocks must give holders the same rights and privileges as traditional shares, including dividends and voting rights. Trading in a token must stop whenever the underlying stock is halted on its primary exchange, venues may list no more than 75 large U.S. stocks, and volume is capped at 0.25 percent of each stock's average daily volume.

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