STM Market Report: January 2024

Security Token Market
Security Token Group
8 min readFeb 14, 2024


Key Takeaways

Summary of Data

In this month’s market report, we have meticulously tracked over 470 trading tokens spanning across 12 marketplaces and 8 blockchains. We actively track key United States Alternative Trading Systems, including INX ONE, tZERO, and Securitize Markets. In addition, our monitoring extends to international marketplaces, such as Aktionariat, BigONE, Bitfinex Securities, ERX, Levinswap, StellarX, and more.

Market Highlights

298 tokens experienced trading activity in January, up 9.16% from December 2023’s 273 tokens. However, the overall volume for January sharply declined 41.90% to $3,771,504 compared to $6,491,093 in December 2023.

Throughout the month, the market cap also decreased, starting at $17,932,244,991 on January 1st and ending at $17,727,884,502 by the close of the month.

Quantitative Highlights

Market Cap

  • Total Security Token Market Cap: $17,727,884,502 (-1.36% MoM)
  • International (Non-US) Market Cap: $17,413,926,997 (-1.25% MoM)
  • US Market Cap: $313,957,505 (-7.03% MoM)


  • Total Security Token Market Volume: $3,771,504 (-41.90% MoM)
  • International (Non-US) Volume: $2,926,831 (-41.86% MoM)
  • US Volume: $844,674 (-42.03% MoM)

Tokens Tracked

  • Number of Tokens Tracked: 471 tokens
  • Number of Tokens with January Trading Activity: 298 (+9.16% MoM)

Asset Class Breakdown

Asset-Backed Securities

  • Market Cap: $110,225,182 (-28.02% MoM)
  • Volume: $455,546 (-49.09% MoM)

Insights: Asset-backed securities (ABS) witnessed a significant decrease in both market cap and volume compared to December 2023. Currently, our tracking includes three major ABS: INX Token, Republic Note, and BMN1.

Republic Note ($NOTE), introduced on the INX ONE exchange on December 6, 2023, initially experienced substantial trading volumes and an increase in price, but has since slowed down. $NOTE’s ~$40M drop in market cap this month alone contributed about 20% of the month’s overall reduction in market cap.

Pooled Investment Fund Interests

  • Market Cap: $90,953,836 (-0.54% MoM)
  • Volume: $98,957 (+108.59% MoM)

Insights: Pooled investment fund interest tokens maintained a stable market cap but demonstrated significant growth in volume. Our tracking pool includes seven pooled investment fund interest tokens: RealUnit Schweiz AG, SPiCE VC, Science, Protos, Blockchain Capital, 22X Fund, and EnergyFunders Yield Fund I, LLC.

Notably, the majority of the volume originated from RealUnit Schweiz AG, traded on Aktionariat, accounting for ~87% of the volume this past month. This is not too surprising, however, as most of STM-tracked fund tokens trade on Securitize Markets which is currently not open for trading.

Real Estate

  • Market Cap: $218,311,485 (-1.73% MoM)
  • Volume: $168,091 (+0.33% MoM)

Insights: Real Estate tokens have demonstrated stability in market cap and trading volume compared to December 2023. Interesting price and volume trends appeared around the timing of AspenCoin’s token buyback campaigns.

  • First Buyback: Announced in October 2022, authorized for $250K. The buyback lasted from 10/24/2022 to 11/24/2022, and $248,622 was bought back at an average price of $1.10 per token.
  • Second Buyback: Announced in December 2022, authorized for $500K. The buyback lasted from 12/19/2022 to 3/19/2023.
  • Third Buyback: Recently announced, authorized for $250K. This will last over the next three months from 1/26/2024 to 4/26/2024.

Our sister company, Security Token Advisors, has encouraged its clients in the past to account for issuer-managed liquidity and $ASPD is quite the example as to why. The token experienced increases in price (due to lower supply) and volume, creating additional value for their token holders. As evidenced in the graph below, the price support remained effective after the second buyback through the end of the year with volume tapering off in Q4. STM predicts the current Q1 2024 buyback program will cause similar behavior to the previous two.


  • Market Cap: $17,306,739,562 (-1.13% MoM)
  • Volume: $3,048,911 (-43.34% MoM)

Insights: Equity security tokens experienced a noticeable decline in volume compared to December, yet the market cap remained stable. Enegra Group Token ($EGX) dominates the equity market with an average market cap exceeding $17 billion this month.

Marketplace Spotlights


Aktionariat has successfully tokenized 49 Swiss companies, fostering a dynamic trading environment for those on the secondary market. Currently, we monitor 25 of their trading tokens. In January 2024, 15 out of these 25 tokens demonstrated trading volumes, with standout performers including Aktionariat AG, Vidby AG, RealUnit AG, and Carnault AG.

A highlight from back in December 2023 was that Aktionariat had their tokens launched on SIX Digital Exchange (SDX)’s on-chain central securities depository (CSD), making them “bankable”. Aktionariat’s process caters to a crypto-savvy community, however this prevents more risk-averse institutions from partaking which means less liquidity to go around. Through SDX, institutions can access the same shares but in an environment they’re already familiar with.

With this transaction, the involved players from traditional finance world are proving that they are open to the integration of assets that were originally issued on an open, permissionless blockchain. An important step towards building a bridge between decentralized finance and traditional finance — Nicola Plain, CEO of Aktionariat AG in Press Release

For perspective, STM would consider a 5-figure volume day as high volume for Aktionariat AG tokens. Our data shows that on December 10th, 2023 (2 days before the press release) $DAKS experienced $845,834 in volume, a significant increase which we can only predict was shares moving to SDX.


INX ONE stands out with robust trading activities, particularly focusing on INX token ($INX) and Republic Note ($NOTE). Republic Note began trading on INX ONE on December 6, 2023. The Note saw significant volumes in December, but in January, INX token surpassed Republic Note for the majority of the month (64.52% of the days).

Our February report may show further increase in $INX activity as Republic’s deadline to acquire INX quickly approaches. Token holders receive an annual 40% distribution of any positive net operating cash flow which investors might infer a higher probability of achieving should the acquisition go through, considering Republic’s extensive pipeline of companies prime for tokenization.

On-Chain Treasury Products

In January 2024, the cumulative market cap for On-chain Treasuries reached $851,040,855, reflecting a modest 0.55% growth from December 2023.

While the overall market remained stable, notable shifts include Mountain Protocol’s impressive 24.31% growth and WisdomTree Prime’s significant decline of 44.10% from December to January. Franklin Templeton — Benji Investments emerged as a leader with a market cap exceeding $332 million, offering two Treasury products on Stellar and Polygon blockchains, featuring a yield to maturity of 5.19% and a weighted average maturity of 0.052 years. Ethereum and Stellar continue to dominate as preferred blockchains for tokenized treasury products.

New Tokens and Announcements

In January, STM onboarded more than 30 new RealT properties into its platform. All primary offerings, exclusively hosted on the RealT platform, experienced rapid fundraising durations, often selling out within a few days. Following the primary offerings, these properties swiftly entered the secondary market on Levinswap’s platform. The introduction of these new tokens is projected to have significantly contributed to a market cap growth of approximately $4.8 million.

About Caleigh Crossman, Data Operations Lead

Caleigh Crossman is STM’s Data Operations Lead where she spearheads the tracking and analysis of over 500 security tokens, offering valuable insights for market sentiment and comprehensive analyses. Her initiation into web3 began with pivotal contributions to the technical development of a RegA+ offering platform. This hands-on experience equipped her with a deep understanding of both technology and the regulatory landscape in tokenized securities. Beyond data management, Caleigh crafts detailed analyses, providing nuanced perspectives on market trends. Her technical expertise and industry insight contribute significantly to STM’s mission of innovation and transparency in the tokenized securities space.

About Jason Barraza, COO

Jason Barraza is the COO at Security Token Market, overseeing STM operations and future initiatives aimed at enhancing data transparency and media coverage within the tokenized securities space. During his time on Wall Street, Jason served at Bank of America’s wealth management division, exposing him to the challenges of the current archaic system. Prior to that, Jason’s professional journey was characterized by a diverse background in consulting and entrepreneurship. Notably, he evaluated over 100 businesses across multiple industries, identifying potential avenues for change and improvement. In addition to day-to-day operations, Jason writes the What’s Drippin’ newsletter and plays a key role in spearheading Security Token Market’s flagship event, the TokenizeThis conference.

About Herwig Konings, Partner, Founder & CEO

Herwig Konings is a veteran and pioneer in the industry due to his background in equity crowdfunding. In 2013, he founded compliance software firm InvestReady which provides accreditation software and other tools to issuers, investment banks, Fortune 500’s, tokenization platforms, and brokerages/ marketplaces. He also served as the Managing Director of the Miami Venture Capital Association from 2016 to 2018 and has been awarded the Miami Technology Leader of the Year award by the Greater Miami Chamber of Commerce in 2015. He frequently speaks at various Universities, for corporate clients, and has taught the Florida BAR CLE blockchain course. Herwig co-authored Blockchain Explained: Your Ultimate Guide to the Tokenization of Finance, an Amazon Bestseller in the Business Law Reference category.

Please be aware that anything stated, mentioned, referenced, linked, or covered in this publication is neither financial nor legal advice. The Security Token Advisors and Security Token Market teams may own or consider owning one or more of the cryptocurrencies, security tokens, stocks, ETFs, and other financial investments included in this report.

Please do your own research on any financial and legal decisions, and consider consulting a financial advisor and/or attorney before making any decisions or choices that may be reflected in this publication.