Bitget and digital asset research firm Block Scholes have published a study examining how tokenized equities can be used alongside crypto assets within a unified trading account.
The report, titled “Capital Efficiency, Correlation Risk and Multi-Asset Trading on Bitget's Cross-Asset Unified Account,” focuses on the next stage of tokenized markets, where blockchain-based versions of traditional assets can function not only as investment instruments but also as collateral across different positions.
Bitget's Cross-Asset Unified Account allows more than 370 eligible assets, including 125 tokenized U.S. stocks, to contribute to a shared margin pool.
For the study, Block Scholes modeled a $1 million portfolio containing $175,000 worth of tokenized AI and semiconductor stocks, BTC and ETH perpetual positions, and a short Nasdaq-100 ETF perpetual position.
Under separate account structures, the portfolio would require approximately $340,000 in capital across the stock holdings and USDT margin.
By allowing the tokenized stocks to contribute to the shared collateral pool, the unified account reduced the amount of committed capital to about $175,000, a reduction of approximately $165,000.
"Tokenization has moved beyond the question of access," said Gracy Chen, CEO of Bitget. "Moving assets onchain is only the first step. The bigger question is how efficiently that capital can work once it is there. This research shows what becomes possible when different asset classes can contribute to the same pool of capital rather than sitting in separate accounts. This is what we have been building towards at Bitget where capital can move more efficiently across markets, while the risk systems underneath it evolve with that flexibility."
The model also highlights how eligible tokenized equities can retain exposure to their underlying stocks while receiving eligible dividends in USDT. Their available collateral value can simultaneously support other positions or, subject to available collateral capacity, be pledged against stablecoin borrowing.
Higher capital efficiency comes with correlation risk
The research also emphasizes that greater capital efficiency can introduce additional risks, particularly when collateral and trading positions respond to the same market forces.
In its stress test, Block Scholes estimated that the modeled portfolio would reach its liquidation point after an approximately 21% correlated market decline when tokenized equities were used as collateral. With an equivalent amount of USDT serving as collateral, the portfolio could withstand an approximately 27% correlated decline.
The six-percentage-point difference illustrates why collateral selection cannot be assessed solely according to its nominal value. Volatility and the correlation between collateral and portfolio positions can also determine how resilient a unified portfolio remains during periods of market stress.
The issue is particularly relevant as crypto and equities have become increasingly sensitive to common macroeconomic factors.
According to the report, the 60-day correlation between Bitcoin and the Nasdaq-100 ETF averaged +0.41 since January 2022 and reached as high as +0.75. Correlations have also remained elevated since mid-2024.
The findings suggest that the development of tokenized markets is increasingly moving beyond simply putting traditional assets onchain.
As more platforms combine crypto, equities and other assets within shared trading and collateral systems, capital efficiency and risk management are becoming equally important parts of the tokenization debate.
Bitget's Universal Exchange model is designed around this multi-asset approach, with crypto, tokenized equities and other global assets operating within a common capital framework.
The Block Scholes research indicates that such integration can materially reduce the capital required to maintain a diversified portfolio, but also makes the composition and correlation of collateral an increasingly important consideration.
