Block Scholes: Tokenized Assets Enter Scaling Phase, Exchanges Like Bitget to Become Key Access Layer

Odaily News Block Scholes recently released a market research report on tokenization, pointing out that with the rise of tokenized stocks and ETFs, centralized exchanges are evolving into a key access layer connecting the crypto market with traditional finance. The importance of leading exchanges, represented by Bitget, continues to grow in terms of liquidity provision, price discovery, and trade execution efficiency. Data shows that over 1 million users on the Bitget platform have participated in trading tokenized stock products, and more than 95% of tokenized stock traders also hold crypto assets.

Report data indicates that tokenized stocks exhibit a high correlation with their off-chain counterparts during regular trading hours, with intraday price spreads typically maintained within a narrow range. Taking SPYon as an example, from October 21 to November 18, 2025, its price often showed a slight premium at the opening of SPY, with spreads mainly concentrated between 0.2%–0.3%, and only one instance of discount trading occurred. However, price deviations tend to widen during nights or weekends when the underlying market is closed, reflecting the structural differences and potential opportunities of 24/7 on-chain trading.