Weiss Ratings points to tokenized stocks as crypto demand grows in the U.S.

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Weiss: tokenized stocks in U.S.

Highlights

Weiss Ratings reports demand for tokenized stocks like SpaceX is surging, making tokenized assets the fourth-largest blockchain-based real-world asset category this summer.
Despite technological advances, access to tokenized IPO allocations still faces constraints, with some pre-sold tokenized SpaceX shares not delivered to buyers due to limited supply.
Weiss Ratings notes that only about 10% of IPOs in the past 15 years have rewarded first-day buyers, cautioning about the risks for retail investors in both traditional and tokenized formats.

Tokenized equity demand gains visibility

As reported by Weiss Ratings, the rush around tokenized SpaceX stock shows how quickly demand is building for blockchain-based versions of traditional financial assets.

Tokenized stocks, also described as real-world assets or RWAs, are digital tokens issued on a blockchain that track conventional holdings such as shares or Treasury bonds on a 1:1 basis. A regulated broker holds the underlying stock in custody, while investors hold a token representing that exposure.

The structure gives investors stock exposure through crypto settlement rails rather than traditional clearing systems such as the DTCC. Weiss Ratings says that this summer tokenized assets have become the fourth-largest category of real-world assets on a blockchain, helped by features such as round-the-clock trading that traditional brokers do not fully match.

Retail access remains constrained

Despite the technology shift, tokenized IPO access still faces the same market pressures as conventional offerings. Exchanges that pre-sold tokenized SpaceX shares reportedly received fewer actual shares than promised, with some allocations canceled and some customers receiving no shares at all.

That pattern suggests the underlying supply of sought-after stock still reaches Wall Street first, even when crypto platforms create new distribution channels for retail buyers. Weiss Ratings also says first-day enthusiasm can be costly, noting that its research finds only about 10% of IPOs in the past 15 years have rewarded investors who buy on the first day.

For the crypto sector, the trend matters because money flowing into tokenized equities may behave differently from typical crypto-native trading activity. Weiss Ratings argues that capital targeting these assets can move more like institutional money, building quietly before scaling quickly.

Our earlier article on PNB Holdings’ first week on the Philippine Stock Exchange highlighted how heavy turnover can still translate into a flat price when selling supply is steadily absorbed by buyers. It also noted that the listing by introduction did not raise fresh capital, leaving the stock’s near-term direction tied to liquidity dynamics and clearer earnings or redevelopment catalysts.

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