Grayscale Sees Ethereum, Solana, and BNB as Winners

The asset manager says Ethereum, Solana, Avalanche, and BNB Chain are especially well positioned as tokenized stocks grow quickly through DeFi and institutional pilots.

Key Takeaways

• Grayscale says Ethereum, Solana, Avalanche, BNB Chain, and Canton Network are best positioned for tokenized stocks.
• Tokenized equities grew by almost 2,900 percent between 2024 and 2025, from $32 million to about $963 million.
• Grayscale sees issuer-native issuance as the most promising model, while liquidity and regulation are still limited.

Grayscale says Ethereum, Solana, Avalanche, BNB Chain, and Canton Network are the blockchains best placed to benefit from the rise of tokenized stocks. In the asset manager’s view, the market is a sign that blockchain is moving further into traditional finance, while the infrastructure supporting it is getting more mature.

Three Models for Tokenized Stocks

In a new research note, Grayscale lays out three paths for how tokenized equities could evolve. The first is the wrapper model, where a token stands in for shares held inside a special purpose vehicle. Grayscale says that structure now makes up more than 70 percent of tokenized stock value.

That setup mostly gives investors price exposure rather than direct ownership. It also makes the model a natural fit for DeFi and around-the-clock trading. Interest has also accelerated in recent weeks, with new money flowing into tokenized stock products.

Grayscale says the value is already concentrating on a handful of networks. Third parties hold most of the tokenized stock value, and Ethereum, Solana, and BNB Chain account for the largest share of onchain assets.

Institutional Rails Are Gaining Ground

The second model moves existing securities onchain through regulated rails, as part of the broader push around real-world asset tokenization. Grayscale points to the DTCC pilot on Canton Network, which is operating under a no-action letter from the U.S. Securities and Exchange Commission. A live rollout is planned for the first half of 2026.

That institutional angle matters even more because the DTCC processed $3.7 (€3.24) quadrillion in securities transactions in 2024. The company also recently became co-chair of Canton’s governance alongside Euroclear. The move fits a wider trend, with major names including DTCC, BlackRock, and Goldman Sachs running pilots to tokenize stocks, ETFs, and U.S. Treasuries.

For European crypto readers, the main point is that tokenized stocks are no longer just a DeFi experiment. If large market infrastructure providers and regulated firms keep pushing these products onto onchain rails, blockchains could take on a much bigger role in capital markets, even if the final outcome still depends on regulation and execution.

Avalanche and Solana Are in Focus

The third and newest model is for companies to issue their shares natively onchain. Securitize this month became the first newly listed company to bring its own stock onchain at its NYSE debut. It launched SECZ shares on Avalanche and Solana on day one.

Grayscale expects all three models to coexist for years. Even so, it calls the issuer-native approach the most promising, despite thin liquidity in tokenized markets and still-unclear rules. That helps explain why the asset manager sees the biggest opportunities in networks that can support both retail demand and institutional pilots.

The timing is notable. The tokenized equities market grew by almost 2,900 percent between 2024 and 2025, from $32 million (€28 million) to about $963 million (€843 million). That shows how quickly this niche is expanding, even as the battle over the underlying infrastructure is only beginning.