diff --git a/packages/snaps-controllers/CHANGELOG.md b/packages/snaps-controllers/CHANGELOG.md
index dfb4556f8d..1c8a443237 100644
--- a/packages/snaps-controllers/CHANGELOG.md
+++ b/packages/snaps-controllers/CHANGELOG.md
@@ -7,6 +7,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+- Add support for `onAssetsMarketData` handler ([#3496](https://github.com/MetaMask/snaps/pull/3496))
+
 ## [13.1.1]
 
 ### Fixed
diff --git a/packages/snaps-controllers/src/snaps/SnapController.test.tsx b/packages/snaps-controllers/src/snaps/SnapController.test.tsx
index 2a031d830d..cc6226eb97 100644
--- a/packages/snaps-controllers/src/snaps/SnapController.test.tsx
+++ b/packages/snaps-controllers/src/snaps/SnapController.test.tsx
@@ -4512,8 +4512,10 @@ describe('SnapController', () => {
 
       snapController.destroy();
     });
+  });
 
-    it('returns the value when `onAssetsConversion` returns a valid response with market data', async () => {
+  describe('onAssetsMarketData', () => {
+    it('throws if `onAssetsMarketData` handler returns an invalid response', async () => {
       const rootMessenger = getControllerMessenger();
       const messenger = getSnapControllerMessenger(rootMessenger);
       const snapController = getSnapController(
@@ -4552,19 +4554,147 @@ describe('SnapController', () => {
         'ExecutionService:handleRpcRequest',
         async () =>
           Promise.resolve({
-            conversionRates: {
+            marketData: { foo: {} },
+          }),
+      );
+
+      await expect(
+        snapController.handleRequest({
+          snapId: MOCK_SNAP_ID,
+          origin: METAMASK_ORIGIN,
+          handler: HandlerType.OnAssetsMarketData,
+          request: {
+            jsonrpc: '2.0',
+            method: ' ',
+            params: {},
+            id: 1,
+          },
+        }),
+      ).rejects.toThrow(
+        `Assertion failed: At path: marketData.foo -- Expected a value of type \`CaipAssetType\`, but received: \`"foo"\`.`,
+      );
+
+      snapController.destroy();
+    });
+
+    it('filters out assets that are out of scope for `onAssetsMarketData`', async () => {
+      const rootMessenger = getControllerMessenger();
+      const messenger = getSnapControllerMessenger(rootMessenger);
+      const snapController = getSnapController(
+        getSnapControllerOptions({
+          messenger,
+          state: {
+            snaps: getPersistedSnapsState(),
+          },
+        }),
+      );
+
+      rootMessenger.registerActionHandler(
+        'PermissionController:getPermissions',
+        () => ({
+          [SnapEndowments.Assets]: {
+            caveats: [
+              {
+                type: SnapCaveatType.ChainIds,
+                value: ['bip122:000000000019d6689c085ae165831e93'],
+              },
+            ],
+            date: 1664187844588,
+            id: 'izn0WGUO8cvq_jqvLQuQP',
+            invoker: MOCK_SNAP_ID,
+            parentCapability: SnapEndowments.Assets,
+          },
+        }),
+      );
+
+      rootMessenger.registerActionHandler(
+        'SubjectMetadataController:getSubjectMetadata',
+        () => MOCK_SNAP_SUBJECT_METADATA,
+      );
+
+      rootMessenger.registerActionHandler(
+        'ExecutionService:handleRpcRequest',
+        async () =>
+          Promise.resolve({
+            marketData: {
+              'bip122:000000000019d6689c085ae165831e93/slip44:0': {
+                'eip155:1/slip44:60': {
+                  fungible: true,
+                },
+              },
+            },
+          }),
+      );
+
+      expect(
+        await snapController.handleRequest({
+          snapId: MOCK_SNAP_ID,
+          origin: METAMASK_ORIGIN,
+          handler: HandlerType.OnAssetsMarketData,
+          request: {
+            jsonrpc: '2.0',
+            method: ' ',
+            params: {
+              assets: [
+                {
+                  asset: 'bip122:000000000019d6689c085ae165831e93/slip44:0',
+                  unit: 'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501',
+                },
+              ],
+            },
+            id: 1,
+          },
+        }),
+      ).toStrictEqual({ marketData: {} });
+
+      snapController.destroy();
+    });
+
+    it('returns the value when `onAssetsMarketData` returns a valid response', async () => {
+      const rootMessenger = getControllerMessenger();
+      const messenger = getSnapControllerMessenger(rootMessenger);
+      const snapController = getSnapController(
+        getSnapControllerOptions({
+          messenger,
+          state: {
+            snaps: getPersistedSnapsState(),
+          },
+        }),
+      );
+
+      rootMessenger.registerActionHandler(
+        'PermissionController:getPermissions',
+        () => ({
+          [SnapEndowments.Assets]: {
+            caveats: [
+              {
+                type: SnapCaveatType.ChainIds,
+                value: ['bip122:000000000019d6689c085ae165831e93'],
+              },
+            ],
+            date: 1664187844588,
+            id: 'izn0WGUO8cvq_jqvLQuQP',
+            invoker: MOCK_SNAP_ID,
+            parentCapability: SnapEndowments.Assets,
+          },
+        }),
+      );
+
+      rootMessenger.registerActionHandler(
+        'SubjectMetadataController:getSubjectMetadata',
+        () => MOCK_SNAP_SUBJECT_METADATA,
+      );
+
+      rootMessenger.registerActionHandler(
+        'ExecutionService:handleRpcRequest',
+        async () =>
+          Promise.resolve({
+            marketData: {
               'bip122:000000000019d6689c085ae165831e93/slip44:0': {
                 'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501': {
-                  rate: '400',
-                  conversionTime: 1737548790,
-                  marketData: {
-                    marketCap: '123',
-                    totalVolume: '123',
-                    circulatingSupply: '123',
-                    allTimeHigh: '123',
-                    allTimeLow: '123',
-                    pricePercentChange: { all: 1.23 },
-                  },
+                  fungible: true,
+                  marketCap: '10000',
+                  totalVolume: '100000000',
                 },
               },
             },
@@ -4575,36 +4705,28 @@ describe('SnapController', () => {
         await snapController.handleRequest({
           snapId: MOCK_SNAP_ID,
           origin: METAMASK_ORIGIN,
-          handler: HandlerType.OnAssetsConversion,
+          handler: HandlerType.OnAssetsMarketData,
           request: {
             jsonrpc: '2.0',
             method: ' ',
             params: {
-              conversions: [
+              assets: [
                 {
-                  from: 'bip122:000000000019d6689c085ae165831e93/slip44:0',
-                  to: 'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501',
+                  asset: 'bip122:000000000019d6689c085ae165831e93/slip44:0',
+                  unit: 'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501',
                 },
               ],
-              includeMarketData: true,
             },
             id: 1,
           },
         }),
       ).toStrictEqual({
-        conversionRates: {
+        marketData: {
           'bip122:000000000019d6689c085ae165831e93/slip44:0': {
             'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501': {
-              rate: '400',
-              conversionTime: 1737548790,
-              marketData: {
-                marketCap: '123',
-                totalVolume: '123',
-                circulatingSupply: '123',
-                allTimeHigh: '123',
-                allTimeLow: '123',
-                pricePercentChange: { all: 1.23 },
-              },
+              fungible: true,
+              marketCap: '10000',
+              totalVolume: '100000000',
             },
           },
         },
diff --git a/packages/snaps-controllers/src/snaps/SnapController.ts b/packages/snaps-controllers/src/snaps/SnapController.ts
index a9ceec5ac4..198c318789 100644
--- a/packages/snaps-controllers/src/snaps/SnapController.ts
+++ b/packages/snaps-controllers/src/snaps/SnapController.ts
@@ -55,6 +55,9 @@ import type {
   OnAssetsConversionArguments,
   AssetConversion,
   OnAssetsLookupArguments,
+  OnAssetsMarketDataArguments,
+  FungibleAssetMarketData,
+  OnAssetsMarketDataResponse,
 } from '@metamask/snaps-sdk';
 import {
   AuxiliaryFileEncoding,
@@ -105,6 +108,7 @@ import {
   isValidUrl,
   OnAssetHistoricalPriceResponseStruct,
   OnAssetsConversionResponseStruct,
+  OnAssetsMarketDataResponseStruct,
 } from '@metamask/snaps-utils';
 import type {
   Json,
@@ -3780,6 +3784,14 @@ export class SnapController extends BaseController<
           },
           result as OnAssetsConversionResponse,
         );
+
+      case HandlerType.OnAssetsMarketData:
+        // We can cast since the request and result have already been validated.
+        return this.#transformOnAssetsMarketDataResult(
+          request as { params: OnAssetsMarketDataArguments },
+          result as OnAssetsMarketDataResponse,
+        );
+
       default:
         return result;
     }
@@ -3864,6 +3876,38 @@ export class SnapController extends BaseController<
     return { conversionRates: filteredConversionRates };
   }
 
+  /**
+   * Transforms an RPC response coming from the `onAssetsMarketData` handler.
+   *
+   * This filters out responses that are out of scope for the Snap based on
+   * the incoming request.
+   *
+   * @param request - The request that returned the result.
+   * @param request.params - The parameters for the request.
+   * @param result - The result.
+   * @param result.marketData - The market data returned by the Snap.
+   * @returns The transformed result.
+   */
+  #transformOnAssetsMarketDataResult(
+    { params: requestedParams }: { params: OnAssetsMarketDataArguments },
+    { marketData }: OnAssetsMarketDataResponse,
+  ) {
+    const { assets: requestedAssets } = requestedParams;
+
+    const filteredMarketData = requestedAssets.reduce<
+      Record<CaipAssetType, Record<CaipAssetType, FungibleAssetMarketData>>
+    >((accumulator, assets) => {
+      const result = marketData[assets.asset]?.[assets.unit];
+      // Only include rates that were actually requested.
+      if (result) {
+        accumulator[assets.asset] ??= {};
+        accumulator[assets.asset][assets.unit] = result;
+      }
+      return accumulator;
+    }, {});
+    return { marketData: filteredMarketData };
+  }
+
   /**
    * Transforms a JSON-RPC request before sending it to the Snap, if required for a given handler.
    *
@@ -3961,6 +4005,9 @@ export class SnapController extends BaseController<
       case HandlerType.OnAssetHistoricalPrice:
         assertStruct(result, OnAssetHistoricalPriceResponseStruct);
         break;
+      case HandlerType.OnAssetsMarketData:
+        assertStruct(result, OnAssetsMarketDataResponseStruct);
+        break;
       default:
         break;
     }
diff --git a/packages/snaps-controllers/src/snaps/constants.ts b/packages/snaps-controllers/src/snaps/constants.ts
index 791f41290a..412b7811c3 100644
--- a/packages/snaps-controllers/src/snaps/constants.ts
+++ b/packages/snaps-controllers/src/snaps/constants.ts
@@ -43,5 +43,6 @@ export const CLIENT_ONLY_HANDLERS = Object.freeze([
   HandlerType.OnAssetsLookup,
   HandlerType.OnAssetsConversion,
   HandlerType.OnAssetHistoricalPrice,
+  HandlerType.OnAssetsMarketData,
   HandlerType.OnWebSocketEvent,
 ]);
diff --git a/packages/snaps-execution-environments/CHANGELOG.md b/packages/snaps-execution-environments/CHANGELOG.md
index 85deaf9732..d002cb675f 100644
--- a/packages/snaps-execution-environments/CHANGELOG.md
+++ b/packages/snaps-execution-environments/CHANGELOG.md
@@ -7,6 +7,12 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+- **BREAKING:** Market data is now fetched through `onAssetsMarketData` instead
+  of `onAssetConversion`
+  - Previously, `onAssetConversion` could return a `marketData` property, which
+    contained market data for the asset being converted. This property
+    has been removed, and `onAssetsMarketData` should be used instead.
+
 ## [9.1.0]
 
 ### Added
diff --git a/packages/snaps-execution-environments/src/common/BaseSnapExecutor.test.browser.ts b/packages/snaps-execution-environments/src/common/BaseSnapExecutor.test.browser.ts
index b81728db3b..90b344fed9 100644
--- a/packages/snaps-execution-environments/src/common/BaseSnapExecutor.test.browser.ts
+++ b/packages/snaps-execution-environments/src/common/BaseSnapExecutor.test.browser.ts
@@ -1608,9 +1608,9 @@ describe('BaseSnapExecutor', () => {
     });
   });
 
-  it('supports `onAssetsConversion` export with the market data flag', async () => {
+  it('supports `onAssetsMarketData` export', async () => {
     const CODE = `
-      module.exports.onAssetsConversion = () => ({ conversionRates: {} });
+      module.exports.onAssetsMarketData = () => ({ marketData: {} });
     `;
 
     const executor = new TestSnapExecutor();
@@ -1628,19 +1628,18 @@ describe('BaseSnapExecutor', () => {
       method: 'snapRpc',
       params: [
         MOCK_SNAP_ID,
-        HandlerType.OnAssetsConversion,
+        HandlerType.OnAssetsMarketData,
         MOCK_ORIGIN,
         {
           jsonrpc: '2.0',
           method: '',
           params: {
-            conversions: [
+            assets: [
               {
-                from: 'bip122:000000000019d6689c085ae165831e93/slip44:0',
-                to: 'eip155:1/slip44:60',
+                asset: 'bip122:000000000019d6689c085ae165831e93/slip44:0',
+                unit: 'eip155:1/slip44:60',
               },
             ],
-            includeMarketData: true,
           },
         },
       ],
@@ -1649,7 +1648,7 @@ describe('BaseSnapExecutor', () => {
     expect(await executor.readCommand()).toStrictEqual({
       id: 2,
       jsonrpc: '2.0',
-      result: { conversionRates: {} },
+      result: { marketData: {} },
     });
   });
 
diff --git a/packages/snaps-execution-environments/src/common/commands.ts b/packages/snaps-execution-environments/src/common/commands.ts
index bc1c574248..31b9640d7c 100644
--- a/packages/snaps-execution-environments/src/common/commands.ts
+++ b/packages/snaps-execution-environments/src/common/commands.ts
@@ -20,6 +20,7 @@ import {
   assertIsOnProtocolRequestArguments,
   assertIsOnAssetHistoricalPriceRequestArguments,
   assertIsOnWebSocketEventArguments,
+  assertIsOnAssetsMarketDataRequestArguments,
 } from './validation';
 
 export type CommandMethodsMapping = {
@@ -75,9 +76,16 @@ export function getHandlerArguments(
     }
     case HandlerType.OnAssetsConversion: {
       assertIsOnAssetsConversionRequestArguments(request.params);
-      const { conversions, includeMarketData } = request.params;
-      return { conversions, includeMarketData };
+      const { conversions } = request.params;
+      return { conversions };
     }
+
+    case HandlerType.OnAssetsMarketData: {
+      assertIsOnAssetsMarketDataRequestArguments(request.params);
+      const { assets } = request.params;
+      return { assets };
+    }
+
     case HandlerType.OnNameLookup: {
       assertIsOnNameLookupRequestArguments(request.params);
 
diff --git a/packages/snaps-execution-environments/src/common/validation.test.ts b/packages/snaps-execution-environments/src/common/validation.test.ts
index 94e43427c4..476106533c 100644
--- a/packages/snaps-execution-environments/src/common/validation.test.ts
+++ b/packages/snaps-execution-environments/src/common/validation.test.ts
@@ -4,6 +4,7 @@ import {
   assertIsOnAssetHistoricalPriceRequestArguments,
   assertIsOnAssetsConversionRequestArguments,
   assertIsOnAssetsLookupRequestArguments,
+  assertIsOnAssetsMarketDataRequestArguments,
   assertIsOnNameLookupRequestArguments,
   assertIsOnProtocolRequestArguments,
   assertIsOnSignatureRequestArguments,
@@ -283,24 +284,6 @@ describe('assertIsOnAssetsConversionRequestArguments', () => {
         },
       ],
     },
-    {
-      conversions: [
-        {
-          from: 'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501',
-          to: 'bip122:000000000019d6689c085ae165831e93/slip44:0',
-        },
-      ],
-      includeMarketData: true,
-    },
-    {
-      conversions: [
-        {
-          from: 'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501',
-          to: 'bip122:000000000019d6689c085ae165831e93/slip44:0',
-        },
-      ],
-      includeMarketData: false,
-    },
   ])('does not throw for a valid assets conversion param object', (value) => {
     expect(() =>
       assertIsOnAssetsConversionRequestArguments(value),
@@ -323,8 +306,6 @@ describe('assertIsOnAssetsConversionRequestArguments', () => {
     { conversions: [{}] },
     { conversions: [{ from: 'foo' }] },
     { conversions: [{ from: 'foo', to: 'foo' }] },
-    { includeMarketData: true },
-    { includeMarketData: false },
   ])(
     'throws if the value is not a valid assets conversion params object',
     (value) => {
@@ -335,6 +316,48 @@ describe('assertIsOnAssetsConversionRequestArguments', () => {
   );
 });
 
+describe('assertIsOnAssetsMarketDataRequestArguments', () => {
+  it.each([
+    {
+      assets: [
+        {
+          asset: 'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501',
+          unit: 'swift:0/iso4217:USD',
+        },
+      ],
+    },
+  ])('does not throw for a valid assets market data param object', (value) => {
+    expect(() =>
+      assertIsOnAssetsMarketDataRequestArguments(value),
+    ).not.toThrow();
+  });
+
+  it.each([
+    true,
+    false,
+    null,
+    undefined,
+    0,
+    1,
+    '',
+    'foo',
+    [],
+    {},
+    { assets: [] },
+    { assets: ['foo'] },
+    { assets: [{}] },
+    { assets: [{ asset: 'foo' }] },
+    { assets: [{ asset: 'foo', unit: 'foo' }] },
+  ])(
+    'throws if the value is not a valid assets market data params object',
+    (value) => {
+      expect(() =>
+        assertIsOnAssetsMarketDataRequestArguments(value as any),
+      ).toThrow('Invalid request params:');
+    },
+  );
+});
+
 describe('assertIsOnProtocolRequestArguments', () => {
   it.each([
     {
diff --git a/packages/snaps-execution-environments/src/common/validation.ts b/packages/snaps-execution-environments/src/common/validation.ts
index b3cbdd8bea..b23b8d4b90 100644
--- a/packages/snaps-execution-environments/src/common/validation.ts
+++ b/packages/snaps-execution-environments/src/common/validation.ts
@@ -255,6 +255,37 @@ export function assertIsOnAssetHistoricalPriceRequestArguments(
   assertRequestArguments(value, OnAssetHistoricalPriceRequestArgumentsStruct);
 }
 
+export const OnAssetsMarketDataRequestArgumentsStruct = object({
+  assets: size(
+    array(
+      object({
+        asset: CaipAssetTypeStruct,
+        unit: CaipAssetTypeStruct,
+      }),
+    ),
+    1,
+    Infinity,
+  ),
+});
+
+export type OnAssetsMarketDataRequestArguments = Infer<
+  typeof OnAssetsMarketDataRequestArgumentsStruct
+>;
+
+/**
+ * Asserts that the given value is a valid {@link OnAssetsMarketDataRequestArguments}
+ * object.
+ *
+ * @param value - The value to validate.
+ * @throws If the value is not a valid {@link OnAssetsMarketDataRequestArguments}
+ * object.
+ */
+export function assertIsOnAssetsMarketDataRequestArguments(
+  value: unknown,
+): asserts value is OnAssetsMarketDataRequestArguments {
+  assertRequestArguments(value, OnAssetsMarketDataRequestArgumentsStruct);
+}
+
 export const OnAssetsLookupRequestArgumentsStruct = object({
   assets: size(array(CaipAssetTypeStruct), 1, Infinity),
 });
@@ -288,7 +319,6 @@ export const OnAssetsConversionRequestArgumentsStruct = object({
     1,
     Infinity,
   ),
-  includeMarketData: optional(boolean()),
 });
 
 export type OnAssetsConversionRequestArguments = Infer<
diff --git a/packages/snaps-rpc-methods/CHANGELOG.md b/packages/snaps-rpc-methods/CHANGELOG.md
index a0c06fb486..825ddb6fea 100644
--- a/packages/snaps-rpc-methods/CHANGELOG.md
+++ b/packages/snaps-rpc-methods/CHANGELOG.md
@@ -7,6 +7,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+- Add support for `onAssetsMarketData` handler ([#3496](https://github.com/MetaMask/snaps/pull/3496))
+
 ## [13.1.0]
 
 ### Added
diff --git a/packages/snaps-rpc-methods/src/endowments/index.ts b/packages/snaps-rpc-methods/src/endowments/index.ts
index c656c73a9e..843a8b5db2 100644
--- a/packages/snaps-rpc-methods/src/endowments/index.ts
+++ b/packages/snaps-rpc-methods/src/endowments/index.ts
@@ -130,6 +130,7 @@ export const handlerEndowments: Record<HandlerType, string | null> = {
   [HandlerType.OnAssetHistoricalPrice]: assetsEndowmentBuilder.targetName,
   [HandlerType.OnAssetsLookup]: assetsEndowmentBuilder.targetName,
   [HandlerType.OnAssetsConversion]: assetsEndowmentBuilder.targetName,
+  [HandlerType.OnAssetsMarketData]: assetsEndowmentBuilder.targetName,
   [HandlerType.OnProtocolRequest]: protocolEndowmentBuilder.targetName,
   [HandlerType.OnClientRequest]: null,
   [HandlerType.OnWebSocketEvent]: networkAccessEndowmentBuilder.targetName,
diff --git a/packages/snaps-sdk/CHANGELOG.md b/packages/snaps-sdk/CHANGELOG.md
index 47c96110d3..6623b82c14 100644
--- a/packages/snaps-sdk/CHANGELOG.md
+++ b/packages/snaps-sdk/CHANGELOG.md
@@ -7,12 +7,19 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+- **BREAKING:** Market data is now fetched through `onAssetsMarketData` instead
+  of `onAssetConversion`
+  - Previously, `onAssetConversion` could return a `marketData` property, which
+    contained market data for the asset being converted. This property
+    has been removed, and `onAssetsMarketData` should be used instead.
+  - The `MarketData` type has been replaced with `FungibleAssetMarketData`.
+
 ## [8.1.0]
 
 ### Added
 
 - Add WebSockets support ([#3450](https://github.com/MetaMask/snaps/pull/3450), [#3459](https://github.com/MetaMask/snaps/pull/3459))
-  - This introduces types for the `onWebSocketEvent` handler which receives 
+  - This introduces types for the `onWebSocketEvent` handler which receives
     events from `WebSocketService`.
 - Add types for `onStart` handler ([#3455](https://github.com/MetaMask/snaps/pull/3455))
 
@@ -541,7 +548,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 - Improve support for Snap errors without a message ([#2176](https://github.com/MetaMask/snaps/pull/2176))
   - You can now add data to an error without having to specify a message. For example:
     ```ts
-    throw new MethodNotFoundError({ method: "some method name" });
+    throw new MethodNotFoundError({ method: 'some method name' });
     ```
 - Strip empty `data` from Snap errors ([#2179](https://github.com/MetaMask/snaps/pull/2179))
 
diff --git a/packages/snaps-sdk/src/types/handlers/assets-conversion.ts b/packages/snaps-sdk/src/types/handlers/assets-conversion.ts
index 4d3478d069..0fcee87f7d 100644
--- a/packages/snaps-sdk/src/types/handlers/assets-conversion.ts
+++ b/packages/snaps-sdk/src/types/handlers/assets-conversion.ts
@@ -1,39 +1,13 @@
 import { type CaipAssetType } from '@metamask/utils';
-
-/**
- * The market data for an asset.
- *
- * @property marketCap - The market capitalization of the asset.
- * @property totalVolume - The total volume of the asset.
- * @property circulatingSupply - The circulating supply of the asset.
- * @property allTimeHigh - The all-time high price of the asset.
- * @property allTimeLow - The all-time low price of the asset.
- * @property pricePercentChange - The percentage change in price over different intervals.
- * @property pricePercentChange.interval - The time interval for the price change as a ISO 8601 duration
- * or the string "all" to represent the all-time change.
- */
-export type MarketData = {
-  marketCap: string;
-  totalVolume: string;
-  circulatingSupply: string;
-  allTimeHigh: string;
-  allTimeLow: string;
-  pricePercentChange: {
-    [interval: string]: number;
-  };
-};
-
 /**
  * The conversion rate between two assets.
  *
  * @property rate - The conversion rate between the two assets.
- * @property marketData - The market data for the asset, if requested.
  * @property conversionTime - The time at which the conversion rate was calculated.
  * @property expirationTime - The time at which the conversion rate expires.
  */
 export type AssetConversion = {
   rate: string;
-  marketData?: MarketData;
   conversionTime: number;
   expirationTime?: number;
 };
@@ -46,7 +20,6 @@ export type AssetConversion = {
  */
 export type OnAssetsConversionArguments = {
   conversions: { from: CaipAssetType; to: CaipAssetType }[];
-  includeMarketData?: boolean;
 };
 
 /**
diff --git a/packages/snaps-sdk/src/types/handlers/assets-market-data.ts b/packages/snaps-sdk/src/types/handlers/assets-market-data.ts
new file mode 100644
index 0000000000..97e135c84d
--- /dev/null
+++ b/packages/snaps-sdk/src/types/handlers/assets-market-data.ts
@@ -0,0 +1,64 @@
+import type { CaipAssetType } from '@metamask/utils';
+
+/**
+ * The market data for a fungible asset.
+ *
+ * @property fungible - Indicates that this is a fungible asset.
+ * This is always `true` for fungible assets.
+ * @property marketCap - The market capitalization of the asset.
+ * @property totalVolume - The total volume of the asset.
+ * @property circulatingSupply - The circulating supply of the asset.
+ * @property allTimeHigh - The all-time high price of the asset.
+ * @property allTimeLow - The all-time low price of the asset.
+ * @property pricePercentChange - The percentage change in price over different intervals.
+ * @property pricePercentChange.interval - The time interval for the price change as a ISO 8601 duration
+ * or the string "all" to represent the all-time change.
+ */
+export type FungibleAssetMarketData = {
+  fungible: true;
+  marketCap?: string;
+  totalVolume?: string;
+  circulatingSupply?: string;
+  allTimeHigh?: string;
+  allTimeLow?: string;
+  pricePercentChange?: {
+    [interval: string]: number;
+  };
+};
+
+/**
+ * The arguments for the `onAssetsMarketData` handler.
+ *
+ * @property assets - An array of objects containing the asset and unit types.
+ * @property assets.asset - The CAIP-19 asset type of the asset.
+ * @property assets.unit - The CAIP-19 asset type of the unit to use.
+ */
+export type OnAssetsMarketDataArguments = {
+  assets: {
+    asset: CaipAssetType;
+    unit: CaipAssetType;
+  }[];
+};
+
+/**
+ * The `onAssetsMarketData` handler. This is called by MetaMask when querying about market data for a specific asset.
+ *
+ * @param args - The arguments for the handler.
+ * see {@link OnAssetsMarketDataArguments}.
+ * @returns The market data for the asset. See {@link OnAssetsMarketDataResponse}.
+ */
+export type OnAssetsMarketDataHandler = (
+  args: OnAssetsMarketDataArguments,
+) => Promise<OnAssetsMarketDataResponse>;
+
+/**
+ * The response from the market data query, containing market data for the requested assets.
+ *
+ * @property marketData - A nested object with two CAIP-19 keys that contains a {@link FungibleAssetMarketData} object or null between the two keys.
+ */
+export type OnAssetsMarketDataResponse = {
+  marketData: Record<
+    CaipAssetType,
+    Record<CaipAssetType, FungibleAssetMarketData | null>
+  >;
+};
diff --git a/packages/snaps-sdk/src/types/handlers/index.ts b/packages/snaps-sdk/src/types/handlers/index.ts
index fde6291b77..74eff8227f 100644
--- a/packages/snaps-sdk/src/types/handlers/index.ts
+++ b/packages/snaps-sdk/src/types/handlers/index.ts
@@ -1,5 +1,6 @@
 export type * from './asset-historical-price';
 export type * from './assets-conversion';
+export type * from './assets-market-data';
 export * from './assets-lookup';
 export type * from './client-request';
 export type * from './cronjob';
diff --git a/packages/snaps-utils/CHANGELOG.md b/packages/snaps-utils/CHANGELOG.md
index d19ea9ccdc..1563f17e6a 100644
--- a/packages/snaps-utils/CHANGELOG.md
+++ b/packages/snaps-utils/CHANGELOG.md
@@ -7,6 +7,13 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+- **BREAKING:** Market data is now fetched through `onAssetsMarketData` instead
+  of `onAssetConversion`
+  - Previously, `onAssetConversion` could return a `marketData` property, which
+    contained market data for the asset being converted. This property
+    has been removed, and `onAssetsMarketData` should be used instead.
+  - The `MarketDataStruct` is now replaced by the `FungibleAssetMarketDataStruct` struct.
+
 ## [10.1.0]
 
 ### Added
diff --git a/packages/snaps-utils/src/handlers/assets-conversion.test.ts b/packages/snaps-utils/src/handlers/assets-conversion.test.ts
index 87897a8ec8..d228b26ea3 100644
--- a/packages/snaps-utils/src/handlers/assets-conversion.test.ts
+++ b/packages/snaps-utils/src/handlers/assets-conversion.test.ts
@@ -2,87 +2,13 @@ import { is } from '@metamask/superstruct';
 
 import {
   AssetConversionStruct,
-  MarketDataStruct,
   OnAssetsConversionResponseStruct,
-  PricePercentChangeStruct,
 } from './assets-conversion';
 
-describe('PricePercentChangeStruct', () => {
-  it.each([
-    { all: 1.23 },
-    { P1Y: 1.23, P1M: 1.23 },
-    { all: 1.23, P1Y: 1.23, P1M: 1.23 },
-  ])('validates "%p"', (value) => {
-    expect(is(value, PricePercentChangeStruct)).toBe(true);
-  });
-
-  it.each(['foo', 42, null, undefined, {}, [], { all: 'foo' }])(
-    'does not validate "%p"',
-    (value) => {
-      expect(is(value, PricePercentChangeStruct)).toBe(false);
-    },
-  );
-});
-
-describe('MarketDataStruct', () => {
-  it.each([
-    {
-      marketCap: '123',
-      totalVolume: '123',
-      circulatingSupply: '123',
-      allTimeHigh: '123',
-      allTimeLow: '123',
-      pricePercentChange: { all: 1.23 },
-    },
-    {
-      marketCap: '123',
-      totalVolume: '123',
-      circulatingSupply: '123',
-      allTimeHigh: '123',
-      allTimeLow: '123',
-      pricePercentChange: { all: 1.23, P1Y: 1.23 },
-    },
-  ])('validates "%p"', (value) => {
-    expect(is(value, MarketDataStruct)).toBe(true);
-  });
-
-  it.each(['foo', 42, null, undefined, {}, [], { allTimeHigh: 123 }])(
-    'does not validate "%p"',
-    (value) => {
-      expect(is(value, MarketDataStruct)).toBe(false);
-    },
-  );
-});
-
 describe('AssetConversionStruct', () => {
   it.each([
     { rate: '1.23', conversionTime: 1737542312, expirationTime: 1737542312 },
     { rate: '1.23', conversionTime: 1737542312 },
-    {
-      rate: '1.23',
-      conversionTime: 1737542312,
-      expirationTime: 1737542312,
-      marketData: {
-        marketCap: '123',
-        totalVolume: '123',
-        circulatingSupply: '123',
-        allTimeHigh: '123',
-        allTimeLow: '123',
-        pricePercentChange: { all: 1.23 },
-      },
-    },
-    {
-      rate: '1.23',
-      conversionTime: 1737542312,
-      marketData: {
-        marketCap: '123',
-        totalVolume: '123',
-        circulatingSupply: '123',
-        allTimeHigh: '123',
-        allTimeLow: '123',
-        pricePercentChange: { all: 1.23, P1Y: 1.23 },
-      },
-    },
   ])('validates an object', (value) => {
     expect(is(value, AssetConversionStruct)).toBe(true);
   });
@@ -102,26 +28,6 @@ describe('AssetConversionStruct', () => {
 
 describe('OnAssetsConversionResponseStruct', () => {
   it.each([
-    {
-      conversionRates: {
-        'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/token:EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v':
-          {
-            'swift:0/iso4217:USD': {
-              rate: '1.23',
-              conversionTime: 1737542312,
-              expirationTime: 1737542312,
-              marketData: {
-                marketCap: '123',
-                totalVolume: '123',
-                circulatingSupply: '123',
-                allTimeHigh: '123',
-                allTimeLow: '123',
-                pricePercentChange: { all: 1.23 },
-              },
-            },
-          },
-      },
-    },
     {
       conversionRates: {
         'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/token:EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v':
diff --git a/packages/snaps-utils/src/handlers/assets-conversion.ts b/packages/snaps-utils/src/handlers/assets-conversion.ts
index 5469297a72..2b733d1eeb 100644
--- a/packages/snaps-utils/src/handlers/assets-conversion.ts
+++ b/packages/snaps-utils/src/handlers/assets-conversion.ts
@@ -1,44 +1,18 @@
-import { nonEmptyRecord } from '@metamask/snaps-sdk';
 import {
-  literal,
   nullable,
   number,
   object,
   optional,
   record,
   string,
-  union,
 } from '@metamask/superstruct';
 import { CaipAssetTypeStruct } from '@metamask/utils';
 
-import { ISO8601DurationStruct } from '../time';
-
-/**
- * A struct representing the market data for an asset.
- */
-export const PricePercentChangeStruct = nonEmptyRecord(
-  union([literal('all'), ISO8601DurationStruct]),
-  number(),
-);
-
-/**
- * A struct representing the market data for an asset.
- */
-export const MarketDataStruct = object({
-  marketCap: string(),
-  totalVolume: string(),
-  circulatingSupply: string(),
-  allTimeHigh: string(),
-  allTimeLow: string(),
-  pricePercentChange: optional(PricePercentChangeStruct),
-});
-
 /**
  * A struct representing the conversion rate between two assets.
  */
 export const AssetConversionStruct = object({
   rate: string(),
-  marketData: optional(MarketDataStruct),
   conversionTime: number(),
   expirationTime: optional(number()),
 });
diff --git a/packages/snaps-utils/src/handlers/assets-market-data.test.ts b/packages/snaps-utils/src/handlers/assets-market-data.test.ts
new file mode 100644
index 0000000000..f0cd5c1790
--- /dev/null
+++ b/packages/snaps-utils/src/handlers/assets-market-data.test.ts
@@ -0,0 +1,110 @@
+import { is } from '@metamask/superstruct';
+
+import {
+  FungibleAssetMarketDataStruct,
+  OnAssetsMarketDataResponseStruct,
+  PricePercentChangeStruct,
+} from './assets-market-data';
+
+describe('PricePercentChangeStruct', () => {
+  it.each([
+    { all: 1.23 },
+    { P1Y: 1.23, P1M: 1.23 },
+    { all: 1.23, P1Y: 1.23, P1M: 1.23 },
+  ])('validates "%p"', (value) => {
+    expect(is(value, PricePercentChangeStruct)).toBe(true);
+  });
+
+  it.each(['foo', 42, null, undefined, {}, [], { all: 'foo' }])(
+    'does not validate "%p"',
+    (value) => {
+      expect(is(value, PricePercentChangeStruct)).toBe(false);
+    },
+  );
+});
+
+describe('FungibleAssetMarketDataStruct', () => {
+  it.each([
+    {
+      fungible: true,
+      marketCap: '123',
+      totalVolume: '123',
+      circulatingSupply: '123',
+      allTimeHigh: '123',
+      allTimeLow: '123',
+      pricePercentChange: { all: 1.23 },
+    },
+    {
+      fungible: true,
+      marketCap: '123',
+      totalVolume: '123',
+      circulatingSupply: '123',
+      allTimeHigh: '123',
+      allTimeLow: '123',
+      pricePercentChange: { all: 1.23, P1Y: 1.23 },
+    },
+    {
+      fungible: true,
+      marketCap: '123',
+      totalVolume: '123',
+      circulatingSupply: '123',
+      allTimeHigh: '123',
+      pricePercentChange: { all: 1.23, P1Y: 1.23 },
+    },
+    { fungible: true },
+  ])('validates "%p"', (value) => {
+    expect(is(value, FungibleAssetMarketDataStruct)).toBe(true);
+  });
+
+  it.each([
+    'foo',
+    42,
+    null,
+    undefined,
+    {},
+    [],
+    { allTimeHigh: 123 },
+    { fungible: false },
+  ])('does not validate "%p"', (value) => {
+    expect(is(value, FungibleAssetMarketDataStruct)).toBe(false);
+  });
+});
+
+describe('OnAssetsMarketDataResponseStruct', () => {
+  it.each([
+    {
+      marketData: {
+        'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/token:EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v':
+          {
+            'swift:0/iso4217:USD': {
+              fungible: true,
+              marketCap: '123',
+              totalVolume: '123',
+              circulatingSupply: '123',
+              allTimeHigh: '123',
+              allTimeLow: '123',
+              pricePercentChange: { all: 1.23 },
+            },
+          },
+      },
+    },
+    {
+      marketData: {
+        'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/token:EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v':
+          {
+            'swift:0/iso4217:USD': null,
+          },
+      },
+    },
+    { marketData: {} },
+  ])('validates "%p"', (value) => {
+    expect(is(value, OnAssetsMarketDataResponseStruct)).toBe(true);
+  });
+
+  it.each(['foo', 42, null, undefined, {}, [], { marketData: 123 }])(
+    'does not validate "%p"',
+    (value) => {
+      expect(is(value, OnAssetsMarketDataResponseStruct)).toBe(false);
+    },
+  );
+});
diff --git a/packages/snaps-utils/src/handlers/assets-market-data.ts b/packages/snaps-utils/src/handlers/assets-market-data.ts
new file mode 100644
index 0000000000..2e568a59b7
--- /dev/null
+++ b/packages/snaps-utils/src/handlers/assets-market-data.ts
@@ -0,0 +1,45 @@
+import { nonEmptyRecord } from '@metamask/snaps-sdk';
+import {
+  literal,
+  nullable,
+  number,
+  object,
+  optional,
+  record,
+  string,
+  union,
+} from '@metamask/superstruct';
+import { CaipAssetTypeStruct } from '@metamask/utils';
+
+import { ISO8601DurationStruct } from '../time';
+
+/**
+ * A struct representing the market data for an asset.
+ */
+export const PricePercentChangeStruct = nonEmptyRecord(
+  union([literal('all'), ISO8601DurationStruct]),
+  number(),
+);
+
+/**
+ * A struct representing the market data for an asset.
+ */
+export const FungibleAssetMarketDataStruct = object({
+  fungible: literal(true),
+  marketCap: optional(string()),
+  totalVolume: optional(string()),
+  circulatingSupply: optional(string()),
+  allTimeHigh: optional(string()),
+  allTimeLow: optional(string()),
+  pricePercentChange: optional(PricePercentChangeStruct),
+});
+
+/**
+ * A struct representing the response of the `onAssetsMarketData` method.
+ */
+export const OnAssetsMarketDataResponseStruct = object({
+  marketData: record(
+    CaipAssetTypeStruct,
+    record(CaipAssetTypeStruct, nullable(FungibleAssetMarketDataStruct)),
+  ),
+});
diff --git a/packages/snaps-utils/src/handlers/exports.test.ts b/packages/snaps-utils/src/handlers/exports.test.ts
index a89da358b8..3496300aec 100644
--- a/packages/snaps-utils/src/handlers/exports.test.ts
+++ b/packages/snaps-utils/src/handlers/exports.test.ts
@@ -30,6 +30,7 @@ describe('SNAP_EXPORT_NAMES', () => {
       'onAssetsLookup',
       'onAssetsConversion',
       'onAssetHistoricalPrice',
+      'onAssetsMarketData',
       'onProtocolRequest',
       'onClientRequest',
       'onWebSocketEvent',
diff --git a/packages/snaps-utils/src/handlers/exports.ts b/packages/snaps-utils/src/handlers/exports.ts
index 82aaf19de1..f817f2436e 100644
--- a/packages/snaps-utils/src/handlers/exports.ts
+++ b/packages/snaps-utils/src/handlers/exports.ts
@@ -2,6 +2,7 @@ import type {
   OnAssetHistoricalPriceHandler,
   OnAssetsConversionHandler,
   OnAssetsLookupHandler,
+  OnAssetsMarketDataHandler,
   OnClientRequestHandler,
   OnCronjobHandler,
   OnHomePageHandler,
@@ -131,6 +132,15 @@ export const SNAP_EXPORTS = {
       return typeof snapExport === 'function';
     },
   },
+  [HandlerType.OnAssetsMarketData]: {
+    type: HandlerType.OnAssetsMarketData,
+    required: true,
+    validator: (
+      snapExport: unknown,
+    ): snapExport is OnAssetsMarketDataHandler => {
+      return typeof snapExport === 'function';
+    },
+  },
   [HandlerType.OnProtocolRequest]: {
     type: HandlerType.OnProtocolRequest,
     required: true,
diff --git a/packages/snaps-utils/src/handlers/index.ts b/packages/snaps-utils/src/handlers/index.ts
index eae90e4406..638126f14f 100644
--- a/packages/snaps-utils/src/handlers/index.ts
+++ b/packages/snaps-utils/src/handlers/index.ts
@@ -1,5 +1,6 @@
 export * from './asset-historical-price';
 export * from './assets-conversion';
+export * from './assets-market-data';
 export * from './exports';
 export * from './home-page';
 export * from './name-lookup';
diff --git a/packages/snaps-utils/src/handlers/types.ts b/packages/snaps-utils/src/handlers/types.ts
index af3ad495f8..d6690ac0f8 100644
--- a/packages/snaps-utils/src/handlers/types.ts
+++ b/packages/snaps-utils/src/handlers/types.ts
@@ -44,6 +44,7 @@ export enum HandlerType {
   OnAssetsLookup = 'onAssetsLookup',
   OnAssetsConversion = 'onAssetsConversion',
   OnAssetHistoricalPrice = 'onAssetHistoricalPrice',
+  OnAssetsMarketData = 'onAssetsMarketData',
   OnProtocolRequest = 'onProtocolRequest',
   OnClientRequest = 'onClientRequest',
   OnWebSocketEvent = 'onWebSocketEvent',