PDBC, issued by Robinhood Europe, UAB, is a tokenized derivative contract that gives eligible retail holders 1:1 price exposure to a US-listed commodity-strategy exchange-traded product through an over-the-counter contract recorded as a blockchain token [S1][S2].

Each PDBC token follows the price of the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC), a commodity-linked exchange-traded product held by Robinhood Europe via a US-licensed institution as a hedge [S3][S2]. The holder receives contractual price exposure rather than ownership of the underlying units, and bears a 0.1% foreign exchange fee on each order, with no other fees charged by Robinhood Europe [S3][S2][S4].

Robinhood Europe, UAB (company code 306377915), formed in Lithuania, is authorized and regulated by the Bank of Lithuania, and offers the product under MiFID II as a derivative contract [S2][S1]. The holder's claim is contractual against Robinhood Europe, not a claim on the hedged units, and confers no shareholder rights such as voting [S1][S2]. Access is limited to eligible retail customers across 30 EU and EEA countries who pass an appropriateness assessment [S5][S4]. There is no in-kind redemption; holders exit by selling in-app, with proceeds tradable immediately and a T+1 withdrawal hold [S4]. Holders are exposed to Robinhood Europe insolvency risk [S3][S1].

Tokens are recorded onchain and issued at launch on Arbitrum [S5]. One token is minted per underlying unit ordered when the contract is entered, including fractional tokens [S1][S4]. Pricing displays in U.S. dollars (USD) with automatic euro conversion; trading runs 24/5 from Monday to Saturday 2 AM CET [S4][S3].

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://robinhood.com/eu/en/support/articles/about-stock-tokens/" },
    { id: "S2", url: "https://robinhood.com/eu/en/support/articles/stock-tokens-faq/" },
    { id: "S3", url: "https://robinhood.com/eu/en/invest/" },
    { id: "S4", url: "https://robinhood.com/eu/en/support/articles/buy-and-sell-stock-tokens/" },
    { id: "S5", url: "https://robinhood.com/us/en/newsroom/robinhood-launches-stock-tokens-reveals-layer-2-blockchain-and-expands-crypto-suite-in-eu-and-us-with-perpetual-futures-and-staking/" },
  ]}
/>


# 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 commodities

twitter

website

Real-world asset (RWA) issuers

Robinhood

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (Robinhood Classic Stock Token) (PDBC) is a token tracking commodity basket, issued by Robinhood through Robinhood Europe, UAB.

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

Retail investors and professional investors can mint and redeem directly with Robinhood after completing KYC, and holders have a contractual right to redeem, with same- or next-business-day settlement.

Robinhood Europe, UAB is incorporated in Lithuania, is a MiFID II financial instrument, and is supervised by the Bank of Lithuania.

Holder terms are governed by the law of Lithuania.

PDBC has been issued on Arbitrum One as an ERC-20 token since January 2026.

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (Robinhood Classic Stock Token)PDBC