The product mix is no longer just tokenized stock beta; long calls and puts drag Bitget into listed-vol plumbing, where spreads, exercise rules, and market-maker inventory matter more than the Stock+ label. Kraken’s xStocks, Robinhood Chain, Ondo’s IVV/Micron tokens, and Securitize’s SECZ launch are all chasing the same prize: control the retail RWA account before Nasdaq/DTCC settlement pilots start in 2026. The failure mode is fragmented pricing between crypto venues and U.S. regular-session markets, the same thing FTX’s tokenized Tesla and Apple products left behind in 2022.

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