Bitget and research firm Block Scholes said Thursday that tokenized stocks used as collateral cut the capital needed for a modeled $1 million portfolio nearly in half, to $175,000.
Bitget Collateral Study
The study examines the crypto exchange's own Cross-Asset Unified Account. It lets more than 370 eligible assets, including 125 tokenized U.S. stocks, feed a shared margin pool. Block Scholes modeled $175,000 of tokenized AI and semiconductor stocks alongside Bitcoin (BTC) and Ethereum (ETH) perpetuals and a short Nasdaq-100 ETF perpetual.
Separate accounts would tie up about $340,000 across stock holdings and Tether (USDT) margin, the report said. A unified account also counts the stocks as collateral, lowering committed capital by about $165,000.
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Bitcoin Correlation Risk
Gracy Chen, Bitget's CEO, said moving assets onchain is only the first step and "the bigger question is how efficiently that capital can work once it is there."
The report also describes a trade-off when collateral and positions share market drivers. In a stress test, the stock-backed portfolio reached its estimated liquidation point after a correlated market decline of about 21%, against about 27% with equivalent USDT collateral.
The report said crypto and stocks respond to many of the same macroeconomic forces. Since January 2022, the 60-day correlation between Bitcoin and the Nasdaq-100 ETF has averaged +0.41 and peaked at +0.75, it found. Readings have stayed elevated since mid-2024.
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