bERNX, issued by Backed Assets (JE) Limited, is a tokenized tracker certificate that gives onchain exposure to the market value of ERNX € Ultrashort Bond, a U.S.-listed instrument [S1][S2].

The token tracks the price of ERNX € Ultrashort Bond (bERNX) and is fully collateralized 1:1 by the underlying asset, which Backed purchases via a broker and holds with a licensed third-party custodian [S3][S1][S4]. If the underlying issues a dividend or distribution and eligibility requirements are met, the corresponding economic value accrues to the tokenholder; holding a token conveys economic exposure rather than shareholder or voting rights [S3][S1]. No management, minting, or redemption fee schedule is disclosed [S1].

The certificates are issued by Backed Assets (JE) Limited, incorporated in Jersey, while the tokenization platform is operated by Backed Finance AG of Zug, Switzerland, with Swiss law applying [S3][S1][S4]. They are bankruptcy-remote tracker certificates issued under a Base Prospectus approved in Liechtenstein by the Financial Market Authority [S1][S2]. They are offered only to Qualified Investors, not to U.S. persons or UK clients, subject to KYC and AML onboarding [S1][S5]. Eligible holders may redeem tokens for the cash value of the underlying, and assets are held segregated with regulated custodians [S3][S4].

The tokens are issued natively on Avalanche, Base, Arbitrum, Ethereum, Gnosis, Polygon and Sonic [S2]. When a user buys a token, Backed orders the underlying from its broker, holds it with the custodian, and issues the token, usually within minutes [S4][S6]. Proof of reserves is provided through Chainlink Proof of Reserve with independent auditor The Network Firm, and reserve data is published onchain [S6].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://assets.backed.fi/" },
    { id: "S2", url: "https://assets.backed.fi/legal-documentation" },
    { id: "S3", url: "https://backed.fi" },
    { id: "S4", url: "https://backed.fi/news-updates/introducing-backed-finance" },
    { id: "S5", url: "https://assets.backed.fi/products" },
    { id: "S6", url: "https://backed.fi/news-updates/chainlink-proof-of-reserve-is-now-active" },
  ]}
/>


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique addresses holding a non-zero balance of the asset.

Asset holders

Tokenized stocks

The platform operates through a comprehensive infrastructure that includes Chainlink oracles for verified price data, Chainlink Proof of Reserve for transparent collateral verification, and Chainlink CCIP for cross-chain bridging capabilities. Backed Finance provides both retail products through partnerships with major exchanges like Kraken and Bybit, and institutional tokenization services that allow funds and financial institutions to create custom tokenized investment products within weeks. The business model encompasses both direct token issuance and a turnkey tokenization platform for enterprise clients seeking to digitize their investment strategies and fund structures.

Backed Finance creates tokenized representations of real-world assets (RWAs) including stocks, ETFs, and bonds as ERC-20 tokens called bTokens and xStocks that are fully composable with DeFi protocols. Each token is backed 1:1 by the underlying asset held by licensed third-party custodians, allowing users to gain exposure to traditional financial markets within the decentralized finance ecosystem. The platform offers multichain support and enables users to bridge assets across different blockchains while maintaining full redeemability for the underlying asset's cash value.

Backed Finance is a Swiss-based fintech company that specializes in bringing traditional financial assets onto blockchain infrastructure through tokenization. The company operates under a compliant regulatory framework based on the Swiss DLT Act to provide institutional-grade tokenized securities.

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Real-world asset (RWA) issuers

Backed Finance

Backed ERNX € Ultrashort Bond (bERNX) is a tokenized exposure to Non-U.S. T-bill and distributed through Backed Finance AG with Alpaca Securities LLC, InCore Bank AG, and Maerki Baumann & Co. AG as broker.

Each token tracks one underlying share, entitles holders to dividends, carries no voting rights, and carries an annual fee of 0.25%.

The underlying shares are held by Alpaca Securities LLC, InCore Bank AG, Maerki Baumann & Co. AG, and GTN Europe Financial Services Limited in accounts segregated from the issuer's own funds and Grant Thornton AG as auditor.

bERNX has been issued on public blockchains since April 2024 and is native to 7 networks, including Ethereum, Arbitrum One, Avalanche, BNB Chain, Base, and Gnosis.

Backed ERNX € Ultrashort BondbERNX