Asset Tokenization in Financial Markets 2025

Contents36 Off-chain funds Conversely, off-chain funds such as ETFs provide exposure to digital assets without directly holding them on a programmable ledger. The crypto-asset ETFs are not tokenized financial products, though they are covered in this report to capture an expansive view of the integration of tokenized and traditional markets. By November 2024, the spot crypto-asset ETFs worldwide reached approximately $136 billion in AUM, with the United States accounting for nearly 95% of this total.86 These funds invest in cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), offering traditional investors a familiar TradFi vehicle to access the crypto market. For instance, Franklin Templeton filed for an ETF to track the spot price of Solana, indicating a growing interest in diversifying crypto-asset offerings.87Tokenized assets