Bitget tops CryptoRank study on tokenised equities

Bitget ranked first for large-order execution in a CryptoRank study of tokenised equity products, as the market nears USD $2 billion in on-chain value.

The research assessed liquidity, market structure and execution quality across leading tokenised stock offerings. It found that Bitget's Reality rTokens produced the lowest simulated slippage for each comparable asset tested, with slippage on USD $50,000 orders up to 58% lower than rival products.

CryptoRank examined products linked to NVIDIA, Microsoft, Meta and Tesla, the only four assets with valid two-sided order books across all venues reviewed. Across that group, Bitget delivered the lowest simulated slippage for both USD $10,000 and USD $50,000 orders.

The report also found that Reality rTokens showed the highest balanced displayed liquidity within 50 basis points. The results point to differences in execution quality between products that track the same underlying shares.

Market structure

The study looked not only at pricing but also at how tokenised equity products are built and traded. It found that products carrying the same stock ticker can give investors different forms of claims, depending on issuance models, settlement arrangements, redemption structures and liquidity design.

That distinction is becoming more important as tokenised equities spread across crypto exchanges and attract more retail and professional traders seeking blockchain-based access to traditional markets. The trading experience can vary significantly beyond simple price exposure.

According to the report, the wider market is now close to USD $2 billion in value and has more than 471,000 on-chain holders. Those figures suggest steady demand for tokenised versions of listed equities, even as the sector remains small compared with mainstream stock markets.

Execution quality has become a key issue because large orders can move thinly traded instruments sharply, raising trading costs for investors. Lower slippage and deeper visible liquidity can make a material difference for users trying to trade size in products that mirror highly liquid US stocks.

Product range

The findings coincide with the expansion of Bitget's Stock+ offering. The platform gives eligible users access to more than 500 tokenised stocks, exchange-traded funds, commodities and other traditional financial assets alongside cryptocurrencies through a single account.

Its model combines round-the-clock access, fractional investing and liquidity linked to the New York Stock Exchange and Nasdaq. CryptoRank attributed Bitget's execution results to an architecture that draws on both exchange liquidity and underlying market liquidity tied to those US venues.

Bitget has been pushing further into tokenised traditional finance products as exchanges compete to broaden revenue beyond spot and derivatives crypto trading. Tokenised equities have emerged as one of the more closely watched segments because they promise wider access to familiar assets while also raising questions around rights, settlement and market integrity.

The report's findings underscore how infrastructure differences can shape outcomes for traders, even where products appear similar on the surface. In practice, order-book depth, the balance between bids and offers, and the way liquidity is sourced can all affect how closely users can trade to the quoted price.

Gracy Chen, Chief Executive Officer at Bitget, commented on the report's findings.

"Tokenization is moving beyond access and into infrastructure. If even 10% of global financial assets become tokenized by 2030, we'll witness one of the most significant transformations in modern capital markets. The next phase of tokenization will be defined by quality of execution, liquidity and the market infrastructure supporting those assets. Independent research like this helps establish the benchmarks the industry needs as tokenized markets continue to mature," said Gracy Chen, Chief Executive Officer at Bitget.

Bitget serves more than 125 million users and offers trading access to crypto tokens and tokenised financial products in 150 regions.