Tokenized CRCL now represents 2% of Circle’s market cap

Onchain investors hold $388 million in tokenized Circle stock, mostly through third-party issuers on BNB Chain and Solana Onchain investors now hold $388 million worth of tokenized Circle stock. That works out to 2% of Circle’s entire market capitalization. Circle Internet Group began trading on the NYSE under the ticker CRCL on June 5, 2025. Third-party platforms soon started wrapping those shares into blockchain tokens. The numbers behind the tokens According to the deep research findings, tokenized CRCL had a market cap of roughly $385.7 million as of October 25-26, 2026. It then reached a peak of about $406.85 million in early November. Circle’s equity market cap was around $19.4 billion on November 4, 2026. Some estimates for that date put it as high as $19.55 billion. The growth rate is the eye-catching part. The tokenized CRCL segment grew 2,961% year-over-year as of late October 2026. That came from net minting of about $345 million over the prior year. Holder counts tell a similar story. More than 42,200 wallets held tokenized CRCL by October 20, 2026. Who is issuing these things Circle does not issue the tokens itself. Instead, a group of outside platforms buy the real sh...