Bitget, recognized as the world’s largest Universal Exchange (UEX), has been featured in a recent Messari research report that delves into the platform’s evolving market structure and growth catalysts. The report highlights the rapid expansion of Bitget’s UEX model, fueled by the growth of tokenized stocks and increased institutional participation. According to the report, the cumulative volume of tokenized stock futures on Bitget reached approximately $18 billion by December 2025, with institutional traders accounting for 82% of the spot trading volume. This underscores a significant shift towards professional and cross-asset engagement on the platform.
Messari’s analysis identifies tokenized stocks as one of the fastest-growing sectors within Bitget’s ecosystem since their launch in July 2025. Trading activity has surged in recent months, with November alone witnessing $13.6 billion in futures volume, followed by over $88 million in spot trading volume during the first week of December, representing 73% of all Ondo’s tokenized stocks volume. This concentration of activity suggests a growing global demand for on-chain access to traditional equities, moving beyond the limitations of conventional market infrastructure.
The report places tokenized equities as a fundamental component of Bitget’s UEX framework, which combines centralized spot and derivatives trading, on-chain asset access, and AI-assisted execution within a single platform. Tokenized stocks on Bitget operate on a 24/5 schedule, enabling users from different regions to react to earnings announcements, macroeconomic events, and volatility outside standard U.S. market hours. Messari notes that 39.6% of tokenized stock trading originates from East Asia, with increasing participation from Latin America, Southeast Asia, and Europe, highlighting the role of tokenization in redistributing global equity liquidity.
Gracy Chen, CEO of Bitget, commented, “Tokenized equities are moving from experimentation to real market structure. What we’re seeing on Bitget reflects a structural shift in how global investors access traditional assets; continuous markets, on-chain settlement, and unified execution across asset classes are becoming baseline expectations rather than niche features.”
Messari’s findings also emphasize a strong concentration of assets among leading U.S. equities. Tesla led the activity with over $6.3 billion in cumulative volume, followed by Meta, MicroStrategy, Apple, and Google, which collectively generated more than $6.6 billion. This demand is attributed to earnings-driven volatility, leveraged trading strategies, and a growing interest in AI- and macro-sensitive equities.
Beyond tokenized stocks, the report highlights growth across Bitget’s broader UEX architecture. Since its launch in April 2025, Bitget Onchain has generated over $2.4 billion in cumulative trading volume, allowing users to trade assets across Solana, BNB Chain, Ethereum, Base, and Morph using centralized exchange balances.
Shale Ferdana, Research Analyst at Messari and author of the report, stated, “Bitget’s Universal Exchange model demonstrates how market structure is evolving toward consolidation rather than fragmentation. The scale of tokenized stock activity, combined with rising institutional participation and on-chain integration, suggests that unified platforms are becoming a preferred access point for both digital and traditional assets.”
Institutional participation emerged as a key structural driver in the report. The institutional share of Bitget’s spot trading volume increased from 39.4% in January to 82% by December, while institutional market makers accounted for 60% of futures activity. This coincided with deeper liquidity and improved execution quality during periods of market volatility.
The report concludes that Bitget’s UEX model exemplifies a broader shift towards consolidated trading infrastructure, where digital assets, tokenized real-world assets, and institutional liquidity converge within a single execution environment, reshaping how global capital accesses markets.
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