COINb is a tokenized stock product whose token tracks the price of the underlying listed equity, Coinbase Global, Inc. Class A common stock (ticker COIN), and provides its holder economic exposure to that single reference security rather than direct legal ownership of shares.

The reference asset is Coinbase Global, Inc. Class A common stock (COIN), listed on the Nasdaq Stock Market under that ticker. The token is structured to follow the market price of that single equity, so a tokenholder gains the economic profit or loss that a movement in the underlying COIN share price produces. If the underlying issues a dividend or distribution and eligibility requirements are met, holders receive a corresponding amount, and the token confers no voting rights in the underlying company.

The token represents economic exposure to Coinbase Global, Inc. Class A common stock (COIN) rather than registered legal title to the shares themselves, so a tokenholder is a contractual claimant whose entitlement derives from the underlying equity rather than a shareholder of record. A holder of the token does not appear on the share register of the underlying company, does not exercise the voting rights attached to COIN, and relies on the issuing arrangement to mirror the economic outcome of holding the underlying security.

As a tokenized representation of Coinbase Global, Inc. Class A common stock (COIN), the token records ownership and transfers onchain, with balances held and moved between addresses through smart contract logic on a public blockchain. Transfers settle onchain when the relevant network confirms the transaction, and the token is held in self-custody or third-party custody wallets in the same manner as other fungible blockchain tokens.

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# 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

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Real-world asset (RWA) issuers

Binance bStocks

Coinbase (bStocks Tokenized Stock) (COINb) is a token tracking COIN shares, backed by dedicated collateral, issued by Binance bStocks through Btech Holdings Ltd, and distributed through Binance with Nest Trading Limited as broker.

The underlying security is listed in the financials 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%.

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.

COINb has been issued on BNB Chain as an ERC-20 token since July 2026.

Coinbase (bStocks Tokenized Stock)COINb