Tokenized Stock Volume Hits $1.11B as Chip Selloff Spills On-Chain

Tokenized stock trading volume reached $1.11 billion over 24 hours on Thursday, climbing roughly 4.7% from $1.06 billion in the prior daily snapshot, as a sharp selloff in technology and semiconductor equities spread from Wall Street to blockchain markets.

The figures, from Castle Labs data sourced via CoinGecko, cover 250 tokenized stocks with a combined market value of $2.92 billion. The strongest single-name activity sat exactly where the traditional pain was deepest.

Where did the volume concentrate?

SanDisk's bStocks token generated $79.7 million over 24 hours, up about 62% from $49.1 million in the previous snapshot — the largest turnover of any tokenized stock. SanDisk's ordinary shares plunged more than 17% during Thursday's session.

The next most-traded tokenized assets included:

• SpaceX shares: $38.9 million
• Circle: $32.5 million
• Alphabet: $31.8 million
• Nvidia's Robinhood-issued token: $28.1 million
• Micron's bStocks token: $27.5 million

The equity backdrop was uniformly negative for chip names. Micron declined over 12%, Nvidia fell approximately 6.5%, and AMD lost more than 13% during the same session, so tokenized volume tracked volatility rather than a divergence between the two markets.

Which issuers captured the flow?

At the issuer level, bStocks led with $616.6 million in volume, up 3.7% from the previous snapshot. Robinhood posted the sharpest growth among major platforms, rising 24.6% to $244.6 million.

Ondo Global Markets generated $136.2 million, up approximately 4.6%, while xStocks declined 2.6% to $136.4 million, the data showed. Castle Labs notes the figures reflect rolling 24-hour volumes captured in successive daily snapshots rather than identical trading sessions.

What triggered the tech selloff?

The broader rout followed Democrats' victory in both chambers of Congress on Tuesday, which raised investor concerns about potential restrictions on AI infrastructure development and data center construction. According to Reuters, UBS analysts estimated that approximately 30% of expected US data center capacity additions in 2028 could face delays from potential construction pauses.

How big is the derivatives market on top of this?

Activity in blockchain-based equity derivatives dwarfs the spot tokenized market. TradeXYZ's 109 stock, ETF and index perpetual futures markets on Hyperliquid generated $4.12 billion in 24-hour trading volume, with $3.22 billion in open interest, according to Castle Labs data sourced from the Hyperliquid API.

Unlike spot tokenized stocks, these perpetual futures offer leveraged exposure to equity prices without ownership of the underlying shares — a structural distinction that matters for regulators monitoring synthetic US equity exposure settling on offshore infrastructure.

Thursday's numbers show tokenized equity markets now respond to Washington-driven risk in near lockstep with Nasdaq. Whether the next political shock moves $1.11 billion or $2 billion through these venues will be the metric issuers and regulators watch.