According to findings from ESMA, the market for tokenised stocks reached approximately €1.9 billion by the middle of 2026. A substantial majority of these products are issued under a wrapped structure, meaning the digital token simply serves as a claim on underlying shares possessed by a third party, frequently leaving buyers without actual shareholder rights. Investors exploring tokenised assets are strongly encouraged to verify who holds legal title to the base asset beforehand.

Sources: ESMA TRV report, 10 Sep 2026 (PwC Legal client alert); ESMA's Natasha Cazenave, speech of 1 Sep 2025

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