Three tickers, half the volume: 41 listings sat out the week

Robinhood Chain carried 196 tokenized listings this week, of which 155 traded at least $1.0k in the last 24 hours. The other 41 sat still. Turnover across the board was $271.5m, and half of it, $135.0m, went through three tickers: NVDA, SPY and SPCX. The tokens themselves are worth $169.7m on chain, which is the value of the wrappers and not of the companies behind them. Apple on this chain is a few million dollars of tokens, not a few trillion dollars of firm.

Three names, half the tape

NVDA led on $49.3m, SPY on $46.5m and SPCX on $39.2m. GOOGL followed with $25.4m and CRCL with $13.3m. Below that the numbers fall away quickly, and the floor for counting as a trading listing at all is $1.0k in a day. A listing can clear that bar with a single small fill, so the count of 155 measures presence rather than liquidity. The 41 quiet listings are the more honest number: they exist, they have a page, and nobody touched them.

The board shrank in a week

Our daily record of the board had 158 listings trading on 8 September on $301.7m of volume. Today the same record shows 102 trading on $204.4m. That is a drop of 56 listings and roughly a third of the turnover between two snapshots six days apart. The board and the weekly totals are counted at different moments, which is why 155 and 102 sit in the same column without contradicting each other. What both readings agree on is direction: fewer names changed hands at the end of the week than at the start.

Movers, with a caveat that only needs saying once

Seven-day price moves are reported only for listings that actually traded, because a token nobody bought will print whatever its last stale quote implies. On that basis UMC rose 18.1 percent, NET 15.8 percent, RBLX 13.9 percent, USO 11.5 percent and SIMO 10.9 percent. Going the other way, LMT fell 24.0 percent, NNE 22.1 percent, RCAT 20.3 percent, SLS 17.4 percent and SHOP 17.3 percent. These are wrapper prices on a thin venue and none of the five largest movers in either direction appears in the top five by volume.

What the figures do not show

There is no depth figure here, no spread, no count of distinct wallets. A 24-hour volume of $271.5m tells you value moved; it does not tell you how many hands it moved between, and with 50 percent of it in three tickers the answer for the remaining 193 listings is necessarily small. Our own history of this board runs to 20 days, which is long enough to see a week change and not long enough to call anything a trend. For the mechanics of what is being traded here, see what a tokenized stock actually is; the full board is at stocks.

The week in one line

A busy top, a long tail that barely moves, and a board that finished the week with fewer trading names than it started with.