A simulation by Bitget and digital-asset research firm Block Scholes found that adding tokenized stocks to collateral in a cross-asset unified account could reduce the capital tied up in a multi-asset portfolio. In a modeled $1 million portfolio, required capital fell from about $340,000 to roughly $175,000. The trade-off is that tokenized stocks used as collateral can also affect how the portfolio withstands market stress, particularly when collateral and positions fall together.
Bitget account pools more than 370 eligible assets
The report, titled “Capital Efficiency, Correlation Risk and Multi-Asset Trading in Bitget’s Cross-Asset Unified Account,” examines how tokenized stocks can serve not only as a way to access markets but also as collateral in multi-asset portfolios. Bitget says its Cross-Asset Unified Account allows more than 370 eligible assets, including 125 tokenized U.S. stocks, to be held in a shared margin pool.
The Block Scholes simulation included $175,000 in tokenized artificial intelligence and semiconductor stocks, Bitcoin (BTC) and Ethereum (ETH) perpetual futures, and a short position in Nasdaq 100 ETF perpetual futures. If the stock assets and USDT margin were kept in separate accounts, the portfolio required about $340,000 in capital. Under Bitget’s unified-account structure, the tokenized stocks could also count as collateral, bringing the modeled capital requirement down to about $175,000.
Bitget CEO Gracy Chen said the focus of tokenization is no longer just bringing assets on-chain, but also how capital is used once those assets are there. She said pooling different asset classes is part of the company’s unified-account approach, while noting that risk-management systems need to accommodate that flexibility.
Stress test puts collateral choice in focus
Lower capital requirements do not automatically mean lower risk. Block Scholes said the composition of collateral can affect a portfolio’s resilience under market stress, especially when collateral and positions are exposed to similar market forces.
In the report’s stress test, a portfolio backed by tokenized stocks reached its estimated liquidation point after a roughly 21% decline in correlated market assets. With an equivalent amount of USDT as collateral, the portfolio withstood a correlated decline of about 27%. The six-percentage-point difference illustrates how collateral price movements and their relationship to portfolio positions can affect the margin buffer. The results are based on model assumptions and do not represent liquidation outcomes for all accounts or market conditions.
The study also examined the relationship between Bitcoin and Nasdaq 100 ETF prices. Since January 2022, their 60-day correlation coefficient averaged +0.41 and peaked at +0.75. Correlation has remained elevated since mid-2024. As crypto and equity markets respond to some of the same macroeconomic factors, shifts in correlation can matter when assessing collateral risk in multi-asset accounts.
Eligible rStocks can support other account features
The report says eligible rStocks retain exposure to their underlying shares and may receive qualifying dividends paid in USDT. Their available collateral value can also support other positions. Where collateral limits allow, the same value may be used for stablecoin borrowing. Eligible assets and available limits depend on account conditions and platform rules.
The study extends the discussion of tokenized assets beyond whether they can be brought on-chain to how they may be used in multi-asset trading and capital management. A shared collateral pool may reduce the funds tied up in separate accounts, but correlations and volatility between collateral and positions, as well as account liquidation rules, remain relevant to the risks. The report was published on October 8, 2026.