Grayscale has named five blockchains best positioned for gains as token stocks delve deeper into traditional finance. The asset manager pointed to Ethereum (ETH), Solana (SOL), Avalanche (AVAX), BNB Chain, and Canton Network.
A new research note suggests that token stocks are one of the clearest signs of blockchain entering mainstream markets. Grayscale sees three models driving this transformation, each rewarding a different set of networks.
Three models for moving Onchain token shares
Zach Bandel, head of research at Grayscale, outlines the three stages in… Note. The first is the wrapper model, where the token represents the stock inside a special purpose vehicle. This structure holds more than 70% of the value of the token shares today.
These tokens give their holders exposure to price rather than direct ownership. It attracts retail traders because it suits decentralized finance and around-the-clock trading. Demand rose rapidly, with Featured stock products Attracting new capital in recent weeks.
Cleavage is preferred indeed by specific chains. Grayscale data shows that third-party platforms hold most of the premium stock value. Ethereum, Solana, and BNB Chain hold the majority of onchain assets.
The second model brings existing securities on-chain through regulated rails, and is part of the broader model Asset tokenization in the real world direction. Grayscale indicated DTCC pilot On Canton Network.
This pilot program operates under a no-action letter from the SEC. The live launch is scheduled to take place in the first half of 2026. The weight behind it is great. DTCC processed $3.7 quadrillion in securities transactions in 2024, and recently joined Euroclear as co-head of Canton Governance.
Securitize drives the newer model
The third and most recent model is for companies to issue shares locally through the chain. Securitize has become the first new public company to offer its own shares on-chain on the New York Stock Exchange First time This month. SECZ shares launched on Avalanche and Solana on day one.
The company expects SECZ to become the largest tokenized stock in the world. Its choice of Avalanche and Solana tracks Grayscale’s view that open and hybrid networks fit source-native equity. Securitize also serves as the tokenization platform behind BlackRock’s BUIDL, the largest US token treasury finance.
Grayscale expects the three models to coexist for years. However, she sees the original source model as the most promising Token market liquidity It remains thin and the rules remain unclear. The packaging products are based on the Ethereum, Solana and BNB chain, while Canton is installing an institutional pilot.
What comes next for the five networks
The framework falls as token shares move from pilots to regulated infrastructure. Wider adoption still depends on clearer rules for domestically issued shares.
Market pricing shows the shares of the chains mentioned. Ethereum spot market Ethereum had nearly $1,785, the second largest cryptocurrency asset, while Solana price Solana It hovers around $78. Both networks host an increasing share of on-chain token assets.
Whether regulated pilots can match hash withdrawals to pooled tokens will form the next stage. Currently, the Grayscale map sends the value towards a short list of strings.
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