​Just dropped a research note on who is actually buying tokenised assets.

Here’s your TL;DR ↓

– Arrakis looked at 71,697 buyers and $91.3B in gross onchain acquisitions across 10 tokenised dollar-yield products.

– The surprise isn't demand size — it's who's behind it: mostly crypto-native institutions, not traditional TradFi allocators.

– Wallets with $1M+ controlled about 93% of capital while making up only 4% of buyers.

– Of the identifiable $12.4B in demand, about 66% came from DAO and protocol treasuries.

– Most purchases still happen through primary subscription; for most products, DEX entry was only 0%–6%.

– RWA marketing looks less like retail growth and more like institutional B2B sales: awareness, diligence, compliance, then allocation.

– The buyer set is narrow, but the decision process is wide — hidden stakeholders inside funds, exchanges and DAOs still need research, proof and clean risk framing.

– The practical implication: issuers need to market to onchain institutions, especially across EMEA and APAC hours, and build trust before anyone hits subscribe.

Read the full story here: Marketing RWAs: who is actually buying tokenised assets?