Bitget and the digital asset research institution Block Scholes have released a study exploring how tokenized stocks can be used together with crypto assets in a unified trading account.
This report, titled " Capital Efficiency , Correlation Risk and Multi - Asset Trading on Bitget 's Cross - Asset Unified Account ", focuses on the next phase of the tokenization market. In this phase, traditional asset versions based on blockchain can not only serve as investment tools but also act as collateral between different positions.
Bitget's Cross - Asset Unified Account allows more than 370 eligible assets to participate in the shared margin pool, including 125 tokenized U.S. stocks.
In this study, Block Scholes constructed a $1 million portfolio model that included $175,000 in tokenized AI, as well as positions in semiconductor stocks, BTC and ETH perpetual contracts, and also a short position in the NASDAQ 100 ETF perpetual contract.
Under the separate account structure, this portfolio requires approximately $340,000 in capital for stock holdings and USDT margin.
If tokenized stocks are allowed to contribute assets to the shared collateral pool, the required capital for a unified account would be reduced to approximately $175,000, which is about $165,000 less.
Bitget CEO Gracy Chen stated: "Tokenization is no longer just about accessibility. Moving assets onto the blockchain is just the first step. The bigger question is how efficiently these capitals can operate once they are there. This research demonstrates what possibilities arise when different asset classes can contribute to the same capital pool together, rather than remaining in separate accounts. This is also the direction we have been working towards at Bitget, which is to enable capital to flow more efficiently between markets, while the underlying risk systems adapt to this flexibility as well."
The model also indicates that eligible tokenized stocks can allow for the retention of exposure to the underlying stocks while receiving eligible dividends with the code USDT. The value of these available collateral can also support other positions, or, if permitted by the available collateral capacity, be used to support stablecoin lending.
Higher capital efficiency comes with associated risks.
The study also emphasizes that higher capital efficiency may bring additional risks, especially when collateral and trading positions respond to the same market forces.
In stress testing, Block Scholes estimates that if tokenized stocks are used as collateral, the modeled portfolio will reach the liquidation point after a related market decline of about 21%; if an equivalent amount of USDT is used as collateral, the portfolio can withstand a related decline of about 27%.
This 6-percentage-point difference indicates that the selection of collateral cannot be determined solely based on its nominal value. Volatility, as well as the correlation between collateral and portfolio positions, also determine the resilience of a unified portfolio during periods of market stress.
As crypto assets and stocks become increasingly susceptible to common macroeconomic factors, this issue becomes particularly relevant.
According to the report, since January 2022, the 60-day correlation coefficient between Bitcoin and the NASDAQ 100 ETF has averaged at +0.41, with a peak of +0.75. Since mid-2024, this correlation has also remained at a high level.
These findings indicate that the development of the tokenization market is increasingly going beyond the mere act of “moving traditional assets onto the blockchain.”
As more platforms integrate crypto assets, stocks, and other assets into shared trading and lending systems, capital efficiency and risk management are becoming equally important aspects of tokenization discussions.
The Universal Exchange mode of Bitget is precisely designed around this multi-asset approach, enabling crypto assets, tokenized stocks, and other global assets to operate within a common capital framework.
Research by Block Scholes indicates that such integration can substantially reduce the capital required to maintain a diversified investment portfolio, but it also makes the composition of collateral and its correlation increasingly important considerations.
