Bitget drew attention to findings from an independent DeFiLlama research report that charts the rapid expansion and shifting market structure of tokenized equities. The report said tokenization’s active market capitalization has risen by more than 140% in 2026, climbing from $814 million at the start of the year to nearly $2 billion by the time of publication, as adoption accelerates across liquidity, settlement and execution layers.
DeFiLlama’s analysis also benchmarked tokenized equity platforms on trading efficiency indicators such as bid-ask spreads and top-of-book liquidity, concluding that Bitget posted the lowest median bid-ask spread among the five tokenized equity markets evaluated and ranked highest on several execution-depth measures in an expanded perpetuals benchmark.
Key takeaways
- Price move: The report highlights an over 140% rise in tokenized equities active market capitalization in 2026, from $814 million to nearly $2 billion.
- Catalyst: New DeFiLlama research maps growth and compares execution quality and liquidity across tokenized equity venues.
- Market implication: As infrastructure matures, execution quality and liquidity are increasingly viewed as key differentiators for tokenized equity platforms.
- Platform positioning: DeFiLlama found Bitget recorded the lowest median bid-ask spread (0.83 basis points) and the deepest top-of-book liquidity across the tokenized equity markets evaluated.
- Activity signal: Bitget’s Reality rTokens generated more than $1.16 billion in cumulative trading volume between June and July, with semiconductor and technology-linked assets leading.
What DeFiLlama found about tokenized equities
According to the report, the tokenized equities market is not only growing in size but also evolving in how it operates. DeFiLlama examined how leading tokenized equity platforms are changing across market structure, liquidity provision, settlement mechanisms and execution quality as more investors seek tokenized exposure to public companies.
The research evaluated platforms on a range of operational and market-access factors, including brokerage integration, reserve verification, dividend treatment and trading infrastructure. It also benchmarked quoted liquidity and execution quality across multiple venues to provide an independent comparison of how the market is developing.
Liquidity and execution benchmarks place Bitget near the top
DeFiLlama’s analysis reported that Bitget recorded the lowest median bid-ask spread at 0.83 basis points and the deepest top-of-book liquidity across all five tokenized equity markets included in the evaluation. The report also said Bitget led in several depth measurements in a broader execution benchmark covering 36 stock perpetuals and eight metals and commodity perpetuals.
In that benchmark, Bitget led 32, 34 and 33 contracts across the 5, 10 and 50 basis point depth measurements, respectively. DeFiLlama also reported that Bitget recorded the greatest aggregate order-book depth across all measured depth ranges, according to the study’s metrics.
Bitget said the results align with its view that trading performance is central to investor experience in tokenized products. In its statement, Bitget CEO Gracy Chen said investors ultimately care about whether they can trade efficiently, not how the asset is packaged. She added that liquidity and execution are increasingly expected as the market grows, pointing to DeFiLlama’s bid-ask and liquidity findings.
Reality rTokens activity underscores demand for technology exposure
The report also looked at adoption trends tied to Bitget’s Reality rTokens. DeFiLlama said these rTokens generated more than $1.16 billion in cumulative trading volume between June and July. The research noted that semiconductor and technology-linked assets accounted for most of the activity, suggesting continued investor appetite for tokenized exposure tied to innovation-driven public companies.
While the report focused on market mechanics and benchmarking, the trading-volume figures provide a practical read-through on which categories of tokenized equities are drawing engagement as the market expands. The emphasis on technology- and semiconductor-linked names may also reflect investor positioning around growth themes, though the report did not specify whether that demand was driven by macro factors or company-specific developments.
Bigger picture: liquidity expectations rise as tokenization scales
DeFiLlama’s findings point to a broader market shift: as tokenized equity infrastructure matures, execution quality and liquidity are becoming more prominent differentiators between platforms. For investors, tighter bid-ask spreads and deeper order books can translate into lower trading friction and more reliable fills—especially in markets where trading can be sensitive to liquidity conditions.
For platforms, the report’s methodology suggests that differentiation is moving beyond product availability toward measurable market quality. The benchmarks spanning liquidity quotes, settlement-related considerations and execution-depth metrics imply that the competitive bar is rising as the active tokenized equities market approaches the multi-billion-dollar range.
Investors watching tokenized equities next may focus on whether liquidity improvements continue as volumes grow, and whether settlement and reserve frameworks keep pace with expanding demand. DeFiLlama’s report also sets a reference point ahead of future platform updates, while broader market catalysts—such as equity market volatility, regulatory developments, and the trajectory of interest rates—could influence investor appetite for tokenized exposure as the year progresses.
