A joint research report released by exchange Bitget and digital asset research firm Block Scholes reveals that using tokenized equities as collateral in a unified account structure reduced required capital by approximately $165,000 in a modeled $1 million multi-asset portfolio. Capital requirements fell from $340,000 under separate account structures to $175,000 using Bitget's Cross-Asset Unified Account.
Unified Margin Structure and Capital Efficiency
The report, titled "Capital Efficiency, Correlation Risk and Multi-Asset Trading on Bitget's Cross-Asset Unified Account", details how tokenized equities can act as usable margin across multi-asset trading strategies. Bitget's unified account architecture supports more than 370 eligible assets, including 125 tokenized U.S. stocks, which contribute toward a single shared collateral pool.
In the setup modeled by Block Scholes, the $1 million portfolio contained $175,000 in tokenized artificial intelligence and semiconductor stocks alongside BTC and ETH perpetual contracts and a short Nasdaq-100 ETF perpetual position. Under traditional separate account setups, traders would need to commit $340,000 across stock holdings and USDT margin. By counting tokenized equities directly as collateral, total committed capital was reduced to $175,000.
Eligible rStocks retain underlying equity exposure and receive eligible dividends distributed in USDT. Their available collateral value can simultaneously support open derivative positions or stablecoin borrowing subject to collateral limits.
Stress Testing and Correlation Risk
- Capital Savings: Using tokenized stocks reduced committed capital by $165,000 (from $340,000 to $175,000) on a $1M portfolio.
- Asset Coverage: Bitget's unified framework accepts 370+ assets, including 125 tokenized U.S. equities.
- Liquidation Threshold Gap: Tokenized equity collateral triggered liquidation after a 21% correlated market drop, compared to 27% when backed by USDT collateral.
- Equity-Crypto Correlation: The 60-day correlation between Bitcoin and the Nasdaq-100 ETF averaged +0.41 since January 2022, reaching as high as +0.75.
The report highlighted key risk trade-offs associated with higher capital efficiency. During stress testing, the modeled portfolio reached its estimated liquidation point after an approximate 21% correlated market decline when using tokenized equities as collateral. When using an equivalent value of USDT as collateral, the portfolio absorbed an approximate 27% correlated decline before reaching liquidation.
This 6 percentage point difference reflects correlation risks as crypto and equity markets react to shared macroeconomic drivers. Since January 2022, the 60-day correlation between Bitcoin and the Nasdaq-100 ETF averaged +0.41 and peaked at +0.75, remaining elevated since mid-2024.
"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."
Why It Matters
This research points to a shift in institutional crypto infrastructure from simply onboarding real-world assets to maximizing margin utility across unified platforms. As Bitget expands its market footprint alongside wider industry moves like Bitget expanding institutional custody infrastructure, cross-margin trading accounts are becoming standard for multi-asset traders. However, the study demonstrates that leveraging correlated assets as collateral creates concentrated liquidation risks when broader markets decline simultaneously, such as when Bitcoin experiences sharp sell-offs.
