Bitget's Flow Surge in Tokenized Stocks: Volume & Market Share

The tokenized stocks market has crossed a significant threshold, with its total on-chain value now surpassing $1 billion. This milestone marks a clear inflection point for the real-world asset (RWA) sector, demonstrating tangible adoption beyond early experiments.

The market is consolidating into an early duopoly. Ondo Finance leads with a commanding approximately 58% of the market share, while the xStocks platform under Backed Finance holds about 24%. This concentration suggests that regulatory clarity, liquidity infrastructure, and early architectural choices have created a durable competitive advantage for these two players.

Trading volume is heavily concentrated through key DeFi channels. Since the partnership launched in September 2025, trading volumes in tokenized stocks and ETFs routed through the 1inch aggregator's integration with Ondo have exceeded $2.5 billion. This massive flow highlights the importance of aggregator access and liquidity depth in driving market activity.

Bitget's Dominant Volume Capture

Bitget has captured the overwhelming majority of trading activity in tokenized stocks, with its market share surging from approximately 73% in the first week of December to approximately 89% by month-end. This dramatic consolidation highlights the platform's dominance as the primary venue for on-chain equity exposure.

The sheer volume of this activity is staggering. In that initial week, Bitget recorded more than $88 million in trading volume for Ondo tokenized stocks. This level of flow, concentrated through a single exchange, underscores the platform's liquidity depth and execution efficiency, which are critical for attracting and retaining institutional and retail capital.

This leadership was built on strategic infrastructure moves. The key step was migrating its tokenized stock tokens to BNB Smart Chain (BSC) in November 2025. This shift to a high-throughput, low-cost network directly improved scalability and accessibility, laying the technical groundwork for the subsequent volume explosion and market share gain.

Catalysts and Flow Risks

The immediate catalyst for Bitget's dominance is a powerful fee incentive. The exchange has extended its zero-fee trading campaign for tokenized stocks through April 30, 2026. This program, which waives both transaction and gas fees, provides a clear, cost-free window for users to engage with the asset class. It directly lowers the barrier to entry, likely accelerating volume as traders seek to capitalize on the promotional period.

This fee campaign is paired with aggressive product expansion to broaden the user base. Bitget recently added 98 new U.S. stocks and ETFs, bringing its total tokenized offerings to over 200. The new listings include major names like Apple, Tesla, and Nvidia, alongside key index ETFs. This expansion moves the platform beyond a niche product, integrating traditional equity exposure directly into its core crypto trading workflow and attracting a wider pool of investors.

The key risk, however, is extreme market concentration. Bitget's flow advantage is entirely dependent on its exclusive relationship with Ondo Finance, which holds roughly 58% of the tokenized stock market share. If Ondo's dominance erodes due to regulatory pressure or competitive threats, Bitget's volume would be directly exposed. Furthermore, the entire model relies on the continued success of a single tokenization platform, creating a single point of failure for the exchange's dominant trading vertical.