Bitget launches US stock coupon notes for tokenised shares

Bitget has launched a Fixed Coupon Note plan for tokenised US stocks. The product settles in USDT and can deliver US stock rTokens at maturity.

The move brings a structured product more commonly associated with traditional finance to a crypto trading venue. Users can subscribe with USDT and receive a predefined coupon in USDT during the holding period.

Under the structure, investors choose a strike price for a linked stock token before the product begins. If the observation price at maturity is at or above that strike price, the user receives the original USDT principal plus the coupon in USDT.

If the observation price falls below the strike price, the principal is converted into the linked stock rToken at the strike price, while the coupon is still paid in USDT. In that case, investors may take delivery of the tokenised stock rather than cash if the market moves against the chosen level.

At launch, the plan is linked to rTokens tied to SNDK, MRVL, SKHY, NVDA and MU. It is aimed at users who want exposure to US equities without buying immediately at the current market price.

How it works

The structure resembles an alternative to a standard limit order. A conventional limit order lets an investor wait for a target entry price, but the funds set aside for that order generally remain unused until the trade executes.

Bitget's product instead offers a coupon over the life of the note while the user waits for one of two outcomes at maturity. In one scenario, the investor keeps the cash and coupon. In the other, the investor receives the chosen stock token at the predetermined strike price and keeps the coupon.

Bitget described the launch as the first time a crypto exchange has combined a fixed coupon note structure with USDT settlement and US stock rToken delivery. The product forms part of a broader push to extend crypto market tools into assets linked to traditional finance.

Bitget has been building what it calls a Universal Exchange model, combining crypto assets with tokenised versions of equities, exchange-traded funds, commodities, foreign exchange and precious metals on one platform. Adding a note-style product marks a shift from simple spot access to more packaged strategies based on tokenised instruments.

Risk profile

The note is a non-principal-protected structured product. That distinction matters because the settlement outcome can leave users exposed to losses if the underlying tokenised stock falls further after conversion.

In practice, a user who receives rTokens instead of the original cash principal will hold an asset whose market value could drop below the selected strike price. The coupon provides some offset, but it does not remove the market risk tied to the underlying stock exposure.

Structured products of this kind are common in traditional markets for investors seeking income alongside conditional exposure to equities. Their arrival on crypto platforms reflects a broader effort by exchanges to attract users with products that blur the line between digital asset trading and more familiar wealth and trading strategies.

The offering also adds to the small but growing market for tokenised versions of listed securities. These products aim to give users access to the economic exposure of stocks through blockchain-based instruments, though they also raise familiar questions around pricing, settlement and risks tied to the issuing venue.

Bitget said it serves more than 125 million users and offers access to more than 2 million crypto tokens, as well as more than 500 tokenised stocks. It also said it operates across 150 regions and has sought to distinguish itself in tokenised traditional finance products through pricing and liquidity.

Gracy Chen, Chief Executive Officer of Bitget, outlined the rationale for the launch.

"There are times when you want exposure to a stock but the price is not where you want it to be," said Gracy Chen, CEO of Bitget. "FCN gives users a set price they are comfortable buying at and earn while they wait. Bringing stocks onto Bitget was one part of building UEX. Now we are giving users more ways to access and use these assets, beyond simply buying and selling them on spot."