COHRb, issued by BTech Holdings Limited, is a tokenized-stock certificate that references the underlying shares of Coherent Corp. (COHR) and is admitted to trading under the Binance bStocks product within the Abu Dhabi Global Market. [S1]

The token references Coherent Corp. (COHR), a U.S.-listed equity, through a certificate structure recorded on the ADGM Official List as a bStocks Certificate over Shares, with one certificate line per underlying equity carrying an ADGM AE-prefixed ISIN. [S1] Each certificate references an underlying listed company share rather than conferring direct share ownership, so tokenholders take economic price exposure to the referenced equity rather than shareholder or voting rights. [S1]

BTech Holdings Limited issues the certificates within the Abu Dhabi Global Market (ADGM), a financial free zone established under Abu Dhabi Law No. 4 of 2013, regulated by the Financial Services Regulatory Authority (FSRA) under the Financial Services and Markets Regulations (FSMR). [S1][S2] The FSRA acts as Listing Authority, admitting the securities via an Approved Prospectus. [S3] The holder's claim is a bStocks Certificate over Shares. [S1] Access is intermediated through the ADGM-licensed broker-dealer Nest Trading Limited, which is not permitted to hold or control Client Money. [S4] Custody and clearing sit with Nest Clearing and Custody Limited, a Recognised Clearing House with custody and central securities depository permissions. [S5]

The certificates trade on Nest Exchange Limited, an ADGM Recognised Investment Exchange operating a Multilateral Trading Facility, with clearing, settlement and custody provided by Nest Clearing and Custody Limited, and off-exchange trading and conversion services provided by the broker-dealer Nest Trading Limited, which cannot hold or control Client Money. [S5][S4]

<Sources
  retrievedAt="2026-08-06"
  items={[
    { id: "S1", url: "https://www.adgm.com/financial-services-regulatory-authority/listing-authority/official-list-of-securities" },
    { id: "S2", url: "https://www.adgm.com/financial-services-regulatory-authority" },
    { id: "S3", url: "https://www.adgm.com/setting-up/capital-markets" },
    { id: "S4", url: "https://www.adgm.com/public-registers/fsra/firms/financial-firms/nest-trading-limited-260000" },
    { id: "S5", url: "https://www.adgm.com/media/announcements/binance-becomes-first-crypto-exchange-to-secure-a-global-license-under-adgm-framework-setting-a-new-standard-in-digital-asset-regulation" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Tokenized stocks

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terms

Real-world asset (RWA) issuers

Binance bStocks

Coherent (bStocks Tokenized Stock) (COHRb) is a token tracking COHR shares, backed by dedicated collateral, issued by Binance bStocks through Btech Holdings Ltd, and distributed through Binance bStocks with Alpaca as broker.

The underlying security is listed in the information technology sector in North America.

Each token tracks one underlying share, entitles holders to dividends, which are distributed as additional tokens, carries no voting rights, and carries an annual fee of 0%.

The collateral assets are held by Alpaca Securities LLC in segregated accounts within a bankruptcy-remote structure.

Retail investors and institutions AE can mint and redeem directly with Binance bStocks in USDC and underlying shares after completing KYC.

Residents of the United States and jurisdictions under applicable sanctions cannot mint or redeem with Binance bStocks.

Btech Holdings Ltd is incorporated in the United Arab Emirates, is regulated in Abu Dhabi's ADGM, and is supervised by the Financial Services Regulatory Authority.

Holder terms are governed by the law of the United Arab Emirates.

COHRb has been issued on BNB Chain as an ERC-20 token since August 2026.

Coherent (bStocks Tokenized Stock)COHRb