Who Profits From Tokenized Stocks? Analysts Name Ethereum, Solana and More

TLDR

• Citrini Research published a 79-page report called Breaking the Wall, saying blockchains have found their purpose in tokenizing real-world assets.
• Goldman Sachs, Wells Fargo and Morgan Stanley discussed tokenization on third-quarter earnings calls, though none gave a revenue figure.
• Tokenized stocks like Kraken’s xStocks track a share’s price, but holders do not own the share or get voting rights.
• BlackRock’s BUIDL fund reached nearly $3 billion in assets in 2026.
• Analysts disagree on who will profit, with picks ranging from networks like Ethereum and Solana to trading platforms and lenders.

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Citrini Research, a firm known for work on technology and markets, has turned its attention to tokenization. Last week it released a 79-page report titled Breaking the Wall. The firm said, “Blockchains have finally found their raison d’être.”

Citrini just dropped “Breaking The Wall”, a great piece on blockchains and where TradFi and crypto are merging.

I thought I would take a look at it and see which underlying chains he believes in.

Overall, his thesis is that tokenized assets and agentic finance move onchain,… pic.twitter.com/7nj7Rii6aw

— THE SHORT BEAR (@TheShortBear) October 8, 2026

Tokenization means issuing an asset on a blockchain as a token. The asset can be a building, a bond or a share of a company such as Nvidia or Tesla. Once tokenized, it can be traded or used as collateral without moving the underlying asset.

Citrini argued that tokenized assets can act more like software. They can move between apps and be borrowed against without each platform rebuilding custody and settlement. The firm also said stablecoins, wallets and clearer rules are helping the pieces come together.

How Wall Street Banks See It

Large banks talked about tokenization on this week’s earnings calls. Goldman Sachs, Wells Fargo and Morgan Stanley each focused on a different part of the business. None gave a revenue figure.

Goldman Sachs CEO David Solomon said tokenization could expand trading activity, much like electronic trading did decades ago. He said it could bring new products, new clients and wider distribution. He also said activity so far is “small and at the margin.”

Goldman built its own platform for tokenized assets, called GS DAP, in 2022. In July, it took part in a half-day run of a tokenization service from the Depository Trust & Clearing Corporation. The bank is now looking at using that service on a larger scale.

Wells Fargo already processes cross-border payments with tokenized deposits. Money reaches beneficiary accounts in two minutes or less. CFO Michael Santomassimo said the volume is small so far.

Morgan Stanley CFO Sharon Yeshaya said faster asset transfers will not end the need for advice. She said, “The tokenized world means it is faster and easier to move assets around, and you will need advice.” The bank did not announce a new product.

What Tokenized Stocks Are

Kraken Learn published a guide on the topic this week. It explains that tokenized stocks, such as Kraken’s xStocks, are tracker certificates. They are backed 1:1 by the real share held with a custodian.

Holders own a token that follows the share’s price, not the share itself. They do not get shareholder voting rights. Dividends in xStocks are passed on through a rebase, which adjusts token balances instead of paying cash.

Traditional U.S. brokerage accounts carry SIPC protection up to $500,000. No similar scheme covers tokenized equity certificates. Protection depends on the issuer’s policies and custody setup.

BlackRock’s tokenized money market fund, BUIDL, launched in March 2024. It reached nearly $3 billion in assets in 2026.

Who Could Profit

Analysts gave different answers on where the money will be made. Arthur Hayes of Maelstrom questioned the value of simply recording existing securities in a new place. He asked where investors would actually make money.

Zach Pandl of Grayscale said the most direct bet is owning the networks that host these assets. He named Ethereum, BNB Chain and Solana as leaders. Jeff Dorman of Arca said the tokenization step may become a commodity, with better returns coming after assets start trading or serving as collateral.

Christian Magoon of Amplify ETFs said infrastructure providers could become “toll booths on the blockchain toll roads.” He also said the market remains “extremely early,” with tokenized assets still small next to global markets. Bitcoin traded near $81,671 and ether near $2,409 on Saturday.