The number of addresses holding tokenized stocks on the Solana network has surged to a record high of 1.4 million, according to Blockworks data. This is primarily driven by retail investors actively purchasing tokenized shares of companies like Apple and Tesla. However, on-chain data reveals a structural divergence in the market: despite retail activity, large institutional investors prefer to park billions of dollars in stablecoins and U.S. Treasuries rather than tokenized stocks. Currently, the total value of tokenized stocks on the Solana network stands at $485.2 million, significantly lower than holdings in stablecoins ($14.6 billion) and U.S. Treasuries ($1.5 billion). Furthermore, despite progress in the tokenized stock market, the price of Solana's native token, SOL, remains capped in the $100-$107 range, primarily impacted by spot ETF outflows.