Bitget and Block Scholes Publish Research Report: Cross-Asset Unified Account Margin Requirements Can Be Reduced by Approximately 48%

Odaily reports: Bitget, in partnership with digital asset research firm Block Scholes, has released a new research report analyzing the synergistic effects of tokenized stocks and crypto assets within a unified trading account. In the report, Block Scholes simulated a portfolio with a total size of $1 million, comprising AI and semiconductor-related tokenized stocks, BTC and ETH perpetual contracts, and Nasdaq 100 ETF perpetual contracts. Under a structure with separate accounts, margin requirements would total approximately $340,000 in capital occupation. However, within Bitget's cross-asset unified account, tokenized stocks can simultaneously count as collateral, reducing the required capital occupation to approximately $175,000 — a reduction of about 48.5%.

The report also analyzed the risk characteristics associated with higher capital efficiency. Stress tests showed that when collateral and positions are driven by the same macroeconomic factors, a simulated portfolio using tokenized stocks as collateral reached its estimated liquidation point after a roughly 21% correlated market decline; when equivalent USDT was used as collateral, it withstood a roughly 27% correlated decline. The research indicates that while improving capital efficiency, it is also necessary to comprehensively assess the correlation between collateral and positions as well as their individual volatility.

Bitget CEO Gracy Chen stated that bringing assets on-chain is only the first step; more importantly, it is about improving the efficiency of capital utilization across different markets. Bitget is advancing the UEX model to facilitate the coordinated operation of crypto assets, tokenized stocks, and other global assets within a unified capital framework. Currently, Bitget's Universal Trading Account (UTA) supports over 370 eligible collateral assets, including 125 tokenized US stocks. Eligible crypto assets and tokenized stocks can enter the same margin system, sharing collateral value and being used to meet margin requirements across different positions.