MRNAb, issued by BTech Holdings Limited, is a tokenized-stock certificate over shares that references the price of a single U.S.-listed equity and trades as a Security admitted to the Financial Services Regulatory Authority Official List within the Abu Dhabi Global Market. [S1]

Each MRNAb certificate references common stock of Moderna, Inc. (MRNA), giving the holder economic exposure to the underlying share rather than direct share ownership. [S1] The instrument is recorded on the Official List as a certificate over the referenced equity, with one certificate line and one ADGM (AE-prefixed) ISIN per underlying stock. [S1] Holders receive a claim tracking the referenced share under the certificate structure admitted by the FSRA Listing Authority. [S1][S2]

The issuer is BTech Holdings Limited, which issues bStocks certificates within the Abu Dhabi Global Market (ADGM), a UAE financial free zone, under the Financial Services and Markets Regulations overseen by the Financial Services Regulatory Authority (FSRA). [S1][S3] The holder's claim is a bStocks Certificate over Shares admitted to the FSRA Official List via an Approved Prospectus reviewed by the Listing Authority. [S1][S2] Access is intermediated through the ADGM 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. [S5] Clearing, settlement and custody run through Nest Clearing and Custody Limited, an ADGM Recognised Clearing House, while off-exchange conversion and broker-dealer services are provided by Nest Trading Limited under the same three-entity ADGM-regulated structure. [S5]

<Sources
  retrievedAt="2026-09-08"
  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/setting-up/capital-markets" },
    { id: "S3", url: "https://www.adgm.com/financial-services-regulatory-authority" },
    { 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" },
  ]}
/>


# 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

twitter

website

terms

Real-world asset (RWA) issuers

Binance bStocks

Moderna (bStocks Tokenized Stock) (MRNAb) is a token tracking MRNA shares, backed by dedicated collateral, issued by Binance bStocks through Btech Holdings Ltd, and distributed through Binance with Alpaca Securities LLC and Nest Trading Limited as broker.

The underlying security is listed in the health care 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 and Crowe Mak LLP as auditor.

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.

MRNAb has been issued on BNB Chain as an ERC-20 token since September 2026.

Moderna (bStocks Tokenized Stock)MRNAb