Bitwise Q3 2026 Staking Report: Solana Tokenized Equities Grew From $1.34M to $3.32B in One Year

Bitwise Asset Management published its first quarterly staking report on July 23, covering network fundamentals across Ethereum, Solana, Hyperliquid, Avalanche, Near, and Tempo. The report's most striking Solana data point: on-chain tokenized equities trading volume on the network grew from $1.34 million to $3.32 billion over the preceding 12 months, a roughly 2,478-fold increase.

The report was authored by Kam Benbrik, Bitwise's Head of Onchain Research, and Rafal Klich, a Protocol Researcher at the firm. Bitwise's quarterly research is distributed to institutional allocators who would not otherwise track on-chain analytics dashboards.

Solana's 68% Staking Ratio Leads the Six-Network Comparison

The Bitwise report places Solana's staking participation at 68% of total SOL supply, the highest of the six networks it covers. Ethereum staked 33% of its supply; Near reached 45%, Hyperliquid 44%, and Avalanche 41%.

Staking participation measures how much of a network's native asset is locked in validation rather than held in liquid form. A high ratio can signal validator confidence in the network and reflects the pull of staking yield relative to other uses of the asset.

Kamino and Jupiter Lend Push Tokenized Equity Collateral to $53M ATH

On the same day the Bitwise report published, tokenized equities deposited across Solana lending protocols reached $53 million, a new all-time high. Kamino Finance KMNO$0.018+0.4% Kamino Finance holds the largest position at $31 million; Jupiter JUP$0.166-1.5% Jupiter Lend holds $20 million.

The $53 million figure surpasses the $51.9 million weekly record set days earlier, and reflects a specific use-case that has grown alongside the tokenized equity market: holders depositing stock tokens as collateral to borrow stablecoins without selling their equity positions. Selling would realize taxable gains or close positions the holder intends to keep.

68% of Tokenized Stock Volume on Solana Trades Outside Nasdaq Hours

Solana's continuous settlement layer has reshaped when tokenized equity trading occurs. Data from Jupiter's routing engine shows that 68% of Jupiter-routed tokenized asset volume over the past 30 days took place during weekends or outside traditional market hours, according to Captain Altcoin's analysis.

The off-hours capability depends on real-time pricing infrastructure. Chainlink Chainlink Data Streams provides sub-second price updates with price-band mechanisms built to manage trading gaps when the underlying equity market is closed.

That continuous window carries a specific risk: if geopolitical or macroeconomic events move equity prices between Friday's close and Monday's open, on-chain positions can face liquidation pressure before the underlying market has re-opened to establish a new reference price.

Solana Captures ~97% of Global On-Chain Tokenized Equity Spot Volume

Solana accounts for approximately 96-97% of global on-chain tokenized equity spot trading volume, a concentration that reflects both early infrastructure investment and the network's throughput characteristics. Q2 2026 tokenized asset trading volume on Solana reached $5.8 billion, an all-time quarterly high for the ecosystem.

As a concrete example, TSLAx Tesla xStock (TSLAx) had $5.4 million in 24-hour trading volume across 2,056 unique traders as of July 24, per Solana Compass.

The convergence of the Bitwise report and the lending ATH on July 23 illustrates two distinct phases of the same trend: institutional measurement of a market that previously existed only in on-chain analytics, and the on-chain capital allocation that follows. Tokenized equities moving into lending collateral pools is a functional step beyond trading volume: the assets are being held and used as productive financial collateral, not only bought and sold.