Coinbase Institutional executive says tokenized stock trading is running at roughly $20 million per week

Coinbase’s tokenized-stock business is seeing activity on the order of about $20 million per week, according to John D’Agostino, Coinbase’s head of institutional strategy. Speaking at the Bits + Bips conference, D’Agostino said the figure is “growing,” without specifying what exactly the $20 million represents, such as trade volume, transaction value, or another metric. He also did not offer a time range for when the weekly run rate started or how quickly it is accelerating or slowing.

The remarks come as tokenized stocks, sometimes described as digital representations of traditional shares, continue to attract attention from exchanges and investors. In general terms, these products aim to bring familiar equity exposure into blockchain-style trading and settlement workflows, though the exact mechanics, custody approach, and regulatory structure can vary by platform and jurisdiction.

D’Agostino’s comments also suggested that Coinbase faces tougher competition in the category. He said Binance is doing “multiples” of the Coinbase figure, implying a larger scale of tokenized-stock activity at its rival. He did not quantify Binance’s level, nor did he describe whether the comparison is based on the same metric, the same customer base, or the same product scope.

While Coinbase has publicly discussed blockchain-based markets and institutional-focused offerings, the company did not provide additional detail in the cited remarks beyond the high-level weekly figure. There was no breakdown by asset, geography, underlying issuer, or exchange venue in the post, and no official update from Coinbase’s investor relations was described alongside the conference comment.

The economics of tokenized stocks depend heavily on trading demand and the operational costs of maintaining the product. Market participants also watch for liquidity depth, spreads, and the ability to match buyers and sellers efficiently, since tokenized-stock formats can still be constrained by issuance processes, compliance requirements, and the availability of counterparties willing to transact.

Sector-wide, the tokenization theme sits at the intersection of capital markets and blockchain infrastructure. Exchanges have approached tokenized equities as a way to broaden their product range beyond crypto trading, potentially capturing users who want regulated-style equity exposure while still operating in digital asset markets. However, scaling these products generally requires sustained market volume and clear regulatory pathways for distribution and settlement.

One key caveat is that D’Agostino did not define the $20 million-per-week number, and there was no Coinbase confirmation that the company’s reported internal metrics match that description. Without definitions, it is not possible to determine whether the figure reflects total traded notional, gross settlement value, net volume, or another measure of activity. As a result, external observers should treat the figure as directional rather than a substitute for a disclosed KPI.

Looking ahead, investors and market watchers will likely look for clearer disclosure on tokenized-stock performance, such as monthly active users, traded notional with definitions, revenue contribution, and retention trends. The next datapoints to watch are any Coinbase updates on institutional product strategy, any expanded reporting on tokenized assets, and competitive indicates around how rivals such as Binance scale within the same market segment.