PAXG — Paxos's token backed 1:1 by allocated physical gold — is held broadly, across many wallets, more like a retail-owned asset than the wholesale tokenized Treasury funds. What matters most is how concentrated that ownership is, measured as the top-10 holder share against the token's tradable float.

Is PAXG more broadly held than tokenized treasuries?

Yes. Tokenized gold is bought and held directly by a wide set of holders, so PAXG's supply is distributed across many wallets. Wholesale Treasury funds are held by a small set of large institutional allocators, so their top-10 concentration is far higher. The live figures make the contrast measurable.

Why measure concentration instead of the number of holders?

A raw holder count is easy to misread — it can be inflated by dust wallets or low simply because an asset is institutional. Concentration answers what a holder cares about: if the largest holders exit, how much of the asset moves. It's one of the four dimensions of PAXG's quality rating.

Is PAXG safe to hold given its concentration?

Concentration is one input, not the whole answer. PAXG's overall quality rating also weighs disclosure, redemption, and structure — including its 1:1 allocated-gold backing and audits. A broadly-held asset like PAXG is less exposed to a single large holder moving the picture, but the full rating is what tells you how sound it is.

OCB Reference/Diligence

Who holds PAXG, and how concentrated is it?

Unlike the wholesale tokenized Treasury funds, Paxos's gold token is held broadly — closer to a retail asset than an institutional one. Here is PAXG's top-holder concentration, measured live.

OnChain Benchmark · Reference · figures update live

The short answer

PAXG — Paxos's token backed 1:1 by allocated physical gold — is held far more broadly than the big tokenized Treasury funds. Where a wholesale fund like BUIDL or OUSG sits with its top handful of wallets holding the great majority of supply, PAXG's ownership looks more like a retail-held asset: many holders, a much lower top-10 concentration. What matters isn't the raw holder count but the concentration — how much of the circulating supply the largest wallets control, measured against free float with issuer and custody wallets excluded. The live figure below is read from current onchain data.

Tokenized gold and tokenized Treasuries are used differently, and it shows in who holds them. A Treasury fund is a wholesale instrument — large allocators mint and redeem it directly. Gold like PAXG is something a much wider set of holders buys and keeps, so its ownership is spread across many more wallets. That difference is exactly what concentration measures.

How concentrated is PAXG's ownership?

The measure that matters is the share of circulating supply held by the largest wallets — the top-10 holder concentration. We measure it against free float (supply held outside the issuer's own and custody wallets) so a single custody address doesn't distort the picture. Read live now:

Top-10 holder share of free floatLive

PAXG29%

Share held by the 10 largest wallets · protocol addresses excluded · primary chain

Why is PAXG less concentrated than tokenized treasuries?

Gold is a store-of-value asset a broad base of holders wants to own directly, so PAXG is distributed across many wallets rather than concentrated in a few institutional allocators. A wholesale Treasury fund is the opposite: a small set of large holders who redeem with the issuer. Neither pattern is "better" on its own — but a broadly-held asset behaves differently under stress than one whose largest holders can move the picture. See who holds BUIDL for the wholesale-fund contrast.

Why does concentration matter more than the holder count?

A raw "N holders" number is easy to misread — it can be padded by dust wallets or deflated by institutional use. Concentration answers the question a holder actually cares about: if the biggest holders exit, how much of the asset is that? The lower the concentration, the less any single holder moves the picture. It's one of the four dimensions of PAXG's quality rating, and it's measurable onchain in a way a traditional gold fund's ownership never is.

Questions & answers

Who holds PAXG?: PAXG — Paxos's token backed 1:1 by allocated physical gold — is held broadly, across many wallets, more like a retail-owned asset than the wholesale tokenized Treasury funds. What matters most is how concentrated that ownership is, measured as the top-10 holder share against the token's tradable float.
How concentrated is PAXG?: Concentration is measured as the top-10 holder share of circulating supply, against free float (excluding the issuer's own and custody wallets). The live figure is shown on this page and read from current onchain data. PAXG's concentration is much lower than wholesale tokenized Treasury funds like BUIDL or OUSG, reflecting its broader holder base.
Is PAXG more broadly held than tokenized treasuries?: Yes. Tokenized gold is bought and held directly by a wide set of holders, so PAXG's supply is distributed across many wallets. Wholesale Treasury funds are held by a small set of large institutional allocators, so their top-10 concentration is far higher. The live figures make the contrast measurable.
Why measure concentration instead of the number of holders?: A raw holder count is easy to misread — it can be inflated by dust wallets or low simply because an asset is institutional. Concentration answers what a holder cares about: if the largest holders exit, how much of the asset moves. It's one of the four dimensions of PAXG's quality rating.
Is PAXG safe to hold given its concentration?: Concentration is one input, not the whole answer. PAXG's overall quality rating also weighs disclosure, redemption, and structure — including its 1:1 allocated-gold backing and audits. A broadly-held asset like PAXG is less exposed to a single large holder moving the picture, but the full rating is what tells you how sound it is.

Last reviewed Sep 5, 2026 · figures read live