12.10.2026 18:20
A collaboration between digital asset research firm Block Scholes and cryptocurrency exchange Bitget revealed that using tokenized stocks in the same collateral pool as crypto positions can reduce capital requirements by about half. The research also notes that the same structure brings forward the liquidation threshold during sharp market downturns.
Last week's research used a $1 million model portfolio. The portfolio included $175,000 in tokenized artificial intelligence and semiconductor stocks, Bitcoin and Ethereum futures positions, and a short position tied to the Nasdaq-100 index.
According to the calculation, when stocks and crypto positions are held in separate accounts, about $340,000 in capital is required. When all assets are considered in a single collateral pool, this requirement drops to about $175,000. Thus, the capital requirement decreases by approximately 48.5%.
The cost of efficiency: Correlation risk
The research emphasizes that a lower capital requirement does not mean lower risk. When stocks used as collateral and crypto positions are affected by the same market movements, losses can amplify each other.
In the stress test, the portfolio collateralized by tokenized stocks reached liquidation level in a simultaneous market decline of about 21%. When the same amount of USDT collateral was used, this threshold was calculated at about 27%. According to the study, the 60-day correlation between Bitcoin and the Nasdaq-100 has averaged 0.41 since January 2022 and reached 0.75 at its peak. The correlation has remained at a high level since mid-2024.
Tokenized assets are shifting from an access tool to collateral
Tokenization was initially seen as a model for providing access to traditional assets via blockchain. Recently, the use of these assets as collateral within portfolios has come to the fore. According to Bitget's statement, more than 370 assets are accepted as collateral in the company's unified account structure, 125 of which are tokenized U.S. stocks. For tokenized stocks, dividend payments are made in USDT.
First reserve report after the attack: 131%
Bitget published its 47th Proof of Reserves report after the security incident on September 24 that affected its hot and warm wallets. According to data dated September 29, the total reserve ratio was 131%. The company announced that the ratio was above 100% for all 19 assets in the report. The ratio was reported as 142% for Bitcoin, 110% for Ethereum, and 154% for USDC. In the previous report published on September 17, before the attack, the total ratio was 135%.
Proof of Reserves reports show the relationship between the assets held on the platform on a given date and user balances. However, these reports do not provide a cybersecurity guarantee and do not eliminate operational risks that may occur in the future.
*This content has been prepared for general informational purposes and does not constitute investment advice. Crypto assets and tokenized products involve price, liquidity, counterparty, operational, and cybersecurity risks.