Odaily reported that Bitget and digital asset research firm Block Scholes have published a new report on the interaction between tokenized equities and crypto assets within a unified trading account.
The report modeled a $1 million portfolio that included AI- and semiconductor-related tokenized stocks, BTC and ETH perpetual futures, and a Nasdaq 100 ETF perpetual futures contract.
Margin use falls in the unified account model
According to the Block Scholes simulation, a structure with separate accounts would require about $340,000 in total margin capital. In Bitget’s cross-asset unified account, tokenized stocks can be counted as collateral at the same time, bringing required capital down to about $175,000. That represents a reduction of roughly 48.5%.
Stress test highlights correlation risk
The report also examined the risk profile that comes with higher capital efficiency. In stress testing, when collateral and positions were driven by the same macro factors, a simulated portfolio using tokenized stocks as collateral reached its estimated liquidation point after an approximately 21% correlated decline in the market. When an equivalent amount of USDT was used as collateral, the portfolio could absorb an approximately 27% correlated decline.
The research said capital efficiency may improve, but collateral-to-position correlation and the volatility of the collateral itself still need to be assessed together.
Bitget outlines its unified capital framework
Bitget CEO Gracy Chen said, "Putting assets on-chain is only the first step. What matters more is improving the efficiency of capital use across different markets."
She said Bitget is using its UEX model to support coordinated operation of crypto assets, tokenized equities, and other global assets under a unified capital framework.
Bitget’s Unified Trading Account, or UTA, currently supports more than 370 collateral assets, including 125 tokenized U.S. stocks. Eligible crypto assets and tokenized equities can enter the same margin system, share collateral value, and be used to meet margin requirements across different positions.