The rapid rise of the tokenized securities segment continues to surprise the market. Bitget's rToken product surpassed the $100 million mark in total value locked just five weeks after its launch. This is clear evidence that demand for digital shares of traditional assets is moving beyond niche interest and turning into a full-fledged trend.
Since June 2, the total trading volume of rToken has reached an impressive $671.37 million. The average daily turnover is $19.75 million, with a daily peak of up to $56.16 million. The scale is substantial, and this is just the beginning.
Flagship Driver — Interest in SpaceX
The undisputed leader in popularity is the tokenized exposure to SpaceX. rSPCX accounts for 23.51% of all platform assets — this is Bitget's largest digitized security. It is followed by rCSCO (17.75%) and rNVDA with a share of 13.38%. Interest in shares of Elon Musk's space company, which are unavailable to retail investors on traditional exchanges, has become the main catalyst for growth.
This coincided with a general rise in the tokenized stock market. According to analysts, their trading volume reached $3.4 billion for the first time in June: a 279% increase month-over-month and a 1400% increase year-over-year. Key reasons include the hype around SpaceX and the possibility of 24/7 trading, offering investors unprecedented flexibility.
Structural Shift or Temporary Hype?
The tokenized stock market, according to RWA.xyz, is already worth approximately $1.82 billion. This figure has grown by 26% over the last 30 days. However, even more indicative is the growth in transaction activity: monthly trading volume reached $8.79 billion — 88% higher than a year ago. The number of holders increased by 16%, to 414,000.
But there is a nuance. Despite the surge in value and number of transactions, the number of active addresses decreased by about 75% over the month. This indicates that growth is driven not so much by a massive influx of new users, but by capital concentration and increased activity among large players.
My view as an analyst: Tokenized stocks are not just a passing trend, but an evolution of access to capital. The ability to trade shares of SpaceX or NVIDIA outside standard sessions is a powerful tool that attracts both retail investors and institutions. However, the decline in active addresses amid rising volumes hints that the market is currently driven by "whales" rather than mass adoption. For sustainable growth, expanding the user base is necessary, and this will be the key challenge for platforms like Bitget in the coming quarters.