A joint study by Bitget and institutional crypto analytics firm Block Scholes modeled a $1 million multi-asset portfolio and found that allowing tokenized equities to serve as collateral redu
A joint study by Bitget and institutional crypto analytics firm Block Scholes modeled a $1 million multi-asset portfolio and found that allowing tokenized equities to serve as collateral reduced required capital from approximately $340,000 to $175,000, a $165,000 reduction, per Bitget's published report.
The modeled portfolio included $175,000 of tokenized AI and semiconductor stocks, BTC and ETH perpetuals, and a short Nasdaq-100 ETF perpetual position. Under a structure in which each asset class is siloed, the simulation required approximately $340,000 in committed margin. Consolidating those assets into a single unified collateral pool cut that figure to approximately $175,000. For related coverage, see Bitget Hack: Where Did the Stolen $387M Go?.
Unified collateral capital requirement $175,000 Modeled requirement for a $1 million multi-asset portfolio, versus approximately $340,000 under separate structures.The mechanism is portfolio-margin netting: correlated long and short exposures offset one another, reducing gross margin demand. Bitget's Cross-Asset Unified Account underpins this structure, supporting more than 370 eligible assets including 125 tokenized U.S. stocks. The broader tokenized equities market has expanded rapidly, with multiple venues now competing on collateral utility rather than access alone.
Bitget CEO Gracy Chen noted that moving assets onchain is only the first step, saying the bigger question is how efficiently that capital can work once it is there, per the published announcement. For related coverage, see Bitget Restarts BTC Withdrawals; ETH Set for Sept. 29.
Block Scholes, an institutional-grade crypto derivatives research, data, and analytics provider, ran a correlated-decline stress test across the same portfolio. Tokenized-equity collateral held to an approximately 21% correlated drawdown before triggering liquidation; equivalent USDT collateral reached that threshold at approximately 27%. For related coverage, see Crypto.com launches tokenized stock derivatives.
Correlated decline before modeled liquidation 21% vs 27% Tokenized-equity collateral versus equivalent USDT collateral in the modeled stress test.The 6-percentage-point gap reflects the equity collateral's own mark-to-market exposure during a risk-off event. When crypto assets and tokenized stocks decline simultaneously, collateral value erodes faster than a stablecoin position would, compressing the liquidation buffer. The report cited a 60-day Bitcoin/Nasdaq-100 ETF correlation averaging +0.41 since January 2022, with peaks reaching +0.75, quantifying the cross-asset tail risk embedded in this structure.
Crypto.com has pursued a parallel approach with tokenized stock derivatives, suggesting the collateral-utility thesis is becoming a competitive axis across centralized venues rather than a single-platform experiment.
The study models platform mechanics, not regulatory approval. Tokenized U.S. equity availability varies by jurisdiction, and the report does not provide a jurisdiction-by-jurisdiction access analysis. Custody arrangements, corporate action handling such as dividends and splits, and intraday pricing methodology for tokenized securities remain operationally distinct from stablecoin or native-crypto collateral, and none of these parameters are quantified in the publicly available summary.
Liquidation mechanics for tokenized equity collateral also introduce settlement timing risk absent from USDT positions. If a margin call triggers during off-hours for the underlying equity market, price discovery for the collateral asset may be impaired. These structural gaps represent the primary open questions before the unified-collateral model can be evaluated outside a simulated environment. Bitget's BGB token traded at $1.92 with a market cap of approximately $1.34 billion at the time of publication, providing context on the exchange's scale relative to the capital figures modeled in the study.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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