06.11.2026 18:00
Crypto platforms continue to offer traditional financial products such as stocks, commodities, and indices under the same roof. While third-quarter data show that trading volumes increased, the security incident at the end of September brought liquidity and reserve transparency back to the center of the agenda.
Crypto platforms are no longer focused solely on digital asset trading. Tokenized stocks, commodities, and index products are now offered within the same trading infrastructure. This shift is also changing how market participants manage their capital across different asset classes.
According to Bitget’s third-quarter transparency report published on November 2, the platform’s total trading volume in the July-September period reached $1.86 trillion. Crypto derivatives volume rose 31.5% to $409.19 billion, while spot trading volume increased 65.7%. The report stated that the volume of CFD trading in the traditional finance category was $376.32 billion. CFDs are among products traded with high leverage and can carry the risk of losses exceeding the amount deposited.
During this period, the company also expanded its Unified Account infrastructure, which allows more than 370 assets, including over 100 tokenized US stocks, to be used in a shared collateral structure.
Bitget CEO Gracy Chen described the goal of combining different asset classes on a single platform as the “Universal Exchange” vision.
IPOs are also on the tokenization agenda
Investor interest in artificial intelligence companies has also brought IPO processes onto the crypto markets’ agenda. Anthropic filed for an IPO with the US Securities and Exchange Commission (SEC) on October 26; the final valuation and price range have not yet been announced.
Some crypto platforms have begun offering tokens economically linked to the shares of companies planning to go public. However, these products are not approved or endorsed by the companies concerned. Those who acquire these tokens do not become shareholders of the company and do not gain voting rights. The scope of rights, custody arrangements, and the legal nature of the token vary according to the relevant contracts and legal framework; there is also no allocation guarantee.
Liquidity claims and measurement differences
Offering different assets on the same infrastructure does not by itself mean sufficient market depth. According to independent assessments cited by the company in the report, TokenInsight ranked Bitget first among nine exchanges in BTC and ETH futures depth. DeFiLlama, in its tokenized stock analysis covering five markets, reported a median bid-ask spread of 0.83 basis points. However, these measurements are based on different market scopes and methodologies; they are not sufficient on their own for a direct comparison between platforms.
After the security incident
The report also draws attention because it is the first quarterly report published after the security incident on September 24 that affected hot and warm wallets. The company announced that it worked with Mandiant and SlowMist for an independent investigation, that the User Protection Fund was increased to over $300 million as of September 30, and that the proof-of-reserves ratio was kept above 110%.
Chen said, “Protecting our users must remain our greatest priority.”
These data are based on the company’s own statements. Proof-of-reserve reports show the asset-liability relationship at a specific point in time; they do not constitute an independent full audit or a cybersecurity guarantee.
Growth does not eliminate risks
The increase in trading volume and new products do not eliminate the risks of these models. Using different assets as collateral in the same account can increase liquidation risk during market volatility. For tokenized assets and IPO-linked products, the nature of the legal relationship with the underlying asset, custody arrangements, and local legislation remain decisive.
*This content has been prepared for general informational purposes and does not constitute investment advice. Crypto assets, CFDs, and tokenized products involve high risk.