- Ondo and BlackRock’s tokenized silver stock, SLVON, emerged as one of the best performers in the end-of-the-year Santa Claus rally.
- The tokenized stock soared by over 146% in the last 30 days as a supply squeeze hits silver.
Ondo Finance’s (ONDO) tokenized stock, BlackRock’s iShares Silver Trust (SLVON), has been one of the highest gainers heading into 2026. This came despite the underperformance of Bitcoin (BTC), the ONDO token, and the broader crypto market during what was expected to be the Santa Claus rally.
Performance of Ondo and BlackRock’s SLVON
Coingecko data shows that SLVON, the tokenized version of the iShares Silver Trust (SLV), made a significant push on Monday to $83.32 per token, its second-highest since its record-high of $90.57 post-launch in September. RWA.xyz even indicates its total asset value has increased by over 146% in 30 days.
On Wednesday morning (UTC), SLVON has pulled back to around $64.34 low from a $70.55 high over the last 24 hours. It has experienced considerable demand over the period, with more than $6.2 million in trading volume. Meanwhile, the tokenized stock’s market cap sits at more than $18.9 million out of its 293,020 circulating supply.
SLVON benefits from the perks of blockchain tokenization, breaking away from the rigid schedules of traditional stock exchanges. Retail and institutional investors and traders have access to it 24/7, year-round. The top exchanges that host the token include Gate, Uniswap, Ondo Global Markets, MEXC, and Pancakeswap.
Ondo mints the SLVON on the Ethereum (ETH) and BNB Chain (BNB) ecosystems.
What’s Influencing the SLVON Price?
The most significant factor driving the spike in SLVON’s price was silver’s recent rally. The precious metal reached an all-time high of $83.62 per ounce during the final week of the year, and sentiment around it trickled down to related stocks and other tradable assets.
Another element fueling SLVON is the perceived supply squeeze in silver. Industry experts indicate that the silver market is now in its fifth consecutive year of deficit. The trend this year exponentially soared as demand for silver in the manufacturing of solar panels, batteries, and AI data centers has risen.
Additionally, China has reportedly confirmed that it will tighten export licensing for silver starting January 1, 2026. This has sparked panic buying as industrial users scramble to secure their supplies before the deadline.
SLVON outperforms other tokenized assets by allowing crypto-native investors to front-run traditional market moves, which are restricted to conventional stock exchange hours.
To date, silver is the fourth-largest asset by market cap, with a valuation of approximately $4 trillion.
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