Tokenized stocks are no longer mostly a crypto trade. The crypto sector once dominated, but they now hold a shrinking share as artificial intelligence (AI) and chip stocks grow fastest.
The shift shows tokenization maturing beyond its origins. The market has now broadened to include semiconductor and memory makers tied to the AI boom.
Tokenized Stocks Market Grew 5x in a Year
Tokenized stocks reached $1.7 billion in market value by the end of June. That figure stood at just $329 million a year earlier, according to a16zcrypto data. The category has grown roughly fivefold over the past 12 months.
“This makes tokenized stocks one of the fastest-growing categories of tokenized assets,” the firm said.
Most of that growth came from new issuance, not price gains. More than half of the market sits in assets that were not on-chain a year ago. Real demand, therefore, is driving the expansion.
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The composition has also changed sharply. Crypto-linked products fell from 79% of market cap to 21%. Traditional equities absorbed the difference.
“They have lost the top spot to the “other” category — a long tail of hundreds of smaller listings — that now makes up 35% of the market, up from 15% a year earlier,” a16zcrypto noted.
Micron and SanDisk Top the Chip Tokens
The report highlighted that AI and chip stocks were the fastest-growing segment. They climbed from 0.3% of the tokenized stock market to 15.5% in one year.
Across major issuers, tokenized Micron’s (MU) combined market cap is about $120 million, and tokenized SanDisk’s (SNDK) is about $102 million. Both exceed the tokenized Nvidia (NVDA), with a combined market cap near $85 million, according to CoinGecko data.
The lineup leans toward memory and storage over compute. That pattern suggests traders want exposure across the AI hardware stack, not just the GPU makers.
The data marks a clear break from tokenization’s crypto-native roots. Whether traditional equities continue to gain share may hinge on continued issuance.
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