# 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

Users subscribe and redeem through Bitget or another licensed partner, which routes the order to the broker-dealer and mints or burns the token on-chain. Secondary trading is concentrated on Bitget's order books rather than on Arbitrum DEXs. Tokens track the underlying listing's price rather than its total return: cash dividends are not reinvested but distributed separately in stablecoins, which holders must actively claim and which arrive net of costs and applicable withholding, and corporate actions such as splits, mergers and delistings are applied through a rebase that aligns balances before market open. Reality states it charges no platform fee on settlement beyond network gas, and leaves pricing and fees on secondary venues to the venue — so the revenue split between Reality and Bitget cannot be assessed from disclosure. Control is concentrated: every rToken is an EIP-1967 beacon proxy pointing at one shared beacon, whose owner — a Gnosis Safe multisig — can upgrade all 753 tokens in a single transaction. Minting is permissioned per token rather than through one shared minter, and the implementation behind the proxies is not source-verified, so mint, burn and transfer-restriction logic cannot be reviewed from source.

Reality issues rTokens — ERC-20 tokens referencing individual US-listed equities, ETFs and exchange-traded commodity products. 753 are live on Arbitrum, which the issuer names alongside Morph as its verified chains. Of these, 740 are classified as tokenized stocks, spanning mega-cap technology and semiconductor names (rAAPL, rNVDA, rMSFT), recent Nasdaq listings (rCBRS, rSPCX), broad index, sector and single-country ETFs (rSPY, rQQQ, rEWY), and leveraged and inverse index ETFs (rTQQQ, rSQQQ, rSOXL, rSOXS). The remaining 13 are classified as tokenized commodities, spanning physically held metal trusts (rGLD, rIAU, rFGDL, rSLV, rPPLT, rPALL), a precious metals basket (rGLTR), and futures-based energy and broad commodity funds (rUSO, rBNO, rUNG, rDBC, rPDBC, rFTGC). The issuer states each token is fully backed 1:1 by the corresponding share or fund unit, purchased through and held in a segregated custody account at a broker-dealer it describes as FINRA-registered and SIPC-member, with final registration at DTCC. Holders take a contractual beneficial interest rather than legal title: they do not appear on the share register and hold no voting or information rights. Reality publishes a daily attestation archive by The Network Firm LLP and a proof-of-reserves feed at realityfinance.xyz/por, but the holdings table rendered empty on retrieval and the page's own disclaimer states the attestations have not yet been issued, so per-token reserve coverage is unconfirmed.

Reality is a tokenized real-world asset issuance platform announced on 26 May 2026. Bitget describes Reality as its dedicated real-world asset provider and lists its tokens natively, and Reality in turn runs a business-to-business model that distributes through licensed partners, of which Bitget Exchange and Bitget Wallet are the principal ones. The issuing entity is BG El Salvador, S.A. de C.V. (LEI 254900RNEVY4Y9OEAD67). It states it is licensed in El Salvador under the Digital Asset Issuance Law as a digital asset service provider, and that it is under common control with BTG Technology Holdings Limited, the entity that trades as Bitget, while stopping short of calling that a parent-subsidiary relationship; GLEIF records no relationship between the two and assigns them separate British Virgin Islands holding companies. Reality reaches Bitget's retail and professional trading base rather than institutional allocators, positioning tokenized US equity exposure as a spot trading product on a centralised venue instead of a subscription sold direct to allocators. Regulatory permissions are self-reported and not matched to a register entry: beyond the Salvadoran licence, Reality separately claims registered digital asset issuer status in South Africa under the FAIS Act, and Bitget's press material calls Reality a 'licensed financial platform' without naming a licence or a regulator.

website

twitter

Real-world asset (RWA) issuers

Reality

Sunstone Hotel Investors Inc (Reality Tokenized) (rSHO) is a tokenized exposure to Sunstone Hotel Investors, Inc. issued by Reality through BG El Salvador, S.A. de C.V. and distributed through BG El Salvador, S.A. de C.V. with Alpaca Securities LLC as broker.

The underlying security is listed in the industrials sector in North America.

Each token tracks one underlying share, entitles holders to dividends, which are distributed in cash, and carries no voting rights.

The token is a synthetic instrument that provides contractual exposure to the reference asset.

Retail investors and institutions worldwide can mint and redeem directly with Reality after completing KYC.

Residents of the United States, El Salvador, and jurisdictions under applicable sanctions cannot mint or redeem with Reality.

BG El Salvador, S.A. de C.V. is incorporated in El Salvador and is offered under an SEC Regulation S exemption.

Holder terms are governed by the law of Hong Kong.

rSHO has been issued on Arbitrum One as an ERC-20 token since October 2026.

Sunstone Hotel Investors Inc (Reality Tokenized)rSHO