bitget, the world’s largest universal exchange (Universal Exchange, UEX), has become the target of new analytical report from Messaridedicated to the evolution of the platform’s market structure and the key drivers of its growth.
The study notes the rapid scaling of the UEX model due to the development of the tokenized equity segment and growing institutional participation. According to Messari, total tokenized equity futures trading volume on Bitget reached approximately $18 billion by December 2025, with institutional traders accounting for 82% of spot trading volume, indicating a structural shift toward professional and cross-asset participation.
According to Messari analysis, tokenized shares have become one of the fastest-growing areas in the Bitget ecosystem since its launch in July 2025. Trading activity has accelerated sharply in recent months: in November alone, futures trading volume reached $13,6 billion, while in the first week of December, spot volume exceeded $88 million, accounting for 73% of Ondo’s total tokenized share trading volume. This concentration of activity reflects growing global demand for on-chain access to traditional shares beyond the constraints of traditional market infrastructure.
The report identifies tokenized shares as a key element of Bitget’s UEX model, which combines centralized spot and derivatives trading, on-chain asset access, and AI-powered trade execution within a single platform.
Tokenized stocks on Bitget are traded 24/5, allowing users worldwide to react to company earnings, macroeconomic events, and volatility spikes outside of standard US market trading hours. Messari also notes that 39,6% of tokenized stock trading occurs in East Asia, with increasing participation from Latin America, Southeast Asia, and Europe, highlighting the role of tokenization in redistributing global stock market liquidity.
«Tokenized securities are moving beyond the experimental stage to becoming a fully-fledged market structure,» noted Bitget CEO Gracie Chen. «What we’re seeing at Bitget reflects a structural shift in how global investors access traditional assets: seamless markets, on-chain settlement, and seamless execution across asset classes are becoming the standard, not a niche solution.»
Messari specialists also highlight the high concentration of activity in major US stocks. Tesla led the way with a total trading volume of over $6,3 billion, followed by Meta, MicroStrategy, Apple, and Google, which collectively accounted for over $6,6 billion. Analysts believe the demand is driven by volatility around earnings release periods, the use of leverage, and increased interest in stocks sensitive to AI trends and macro factors.
Beyond tokenized shares, the report highlights the growth of the entire UEX architecture. Since its launch in April 2025, Bitget Onchain has facilitated over $2,4 billion in total trading volume, allowing users to trade assets across networks. Solana, BNB Chain, Ethereum, Base and Morph using centralized exchange balances.
«The Bitget universal exchange model clearly demonstrates that market structure is evolving toward consolidation rather than fragmentation,» noted Messari analyst and report author Shail Ferdana. «The scale of tokenized equity trading, coupled with growing institutional participation and on-chain integration, demonstrates that unified platforms are becoming the preferred access point for both digital and traditional assets.»
Institutional participation is highlighted in the report as one of the key structural growth factors. Institutional players’ share of Bitget spot trading increased from 39,4% in January to 82% in December, while institutional market makers accounted for 60% of futures market activity, coinciding with deeper liquidity and improved execution quality during periods of market volatility.
In conclusion, Messari researchers noted that Bitget’s UEX model reflects a broader trend toward a consolidated trading infrastructure where digital assets, tokenized real assets, and institutional liquidity converge on a single transaction execution environment, changing the way global capital accesses financial markets.