Bitget rToken FAQ: Trading, Fees, Dividends, and Capital Efficiency (Institutional Edition)

I. rToken Basics

Q1: What is rToken?

rToken is a tokenized beneficial ownership certificate for U.S. stocks and ETFs issued by Reality, a platform under Bitget, officially launched on June 2, 2026. Each rToken is named with an "r" prefix followed by the corresponding stock ticker (e.g., rAAPL = Apple, rNVDA = Nvidia), and is priced and traded in USDT. Each rToken is backed 1:1 by the underlying U.S. stock, rather than representing synthetic exposure.

Q2: What is the Reality RWA issuance platform?

Reality is the RWA issuance platform behind rToken, strategically supported by Bitget. It connects rToken to the underlying U.S. stock securities through regulated brokerage, custody, settlement, and blockchain infrastructure. Reality also engages The Network Firm, a U.S.-registered accounting firm, to publish daily proof of reserves, verifying the 1:1 correspondence between issued rToken and underlying holdings.

Q3: What is Bitget Stocks 2.0? What are the key differences between rToken and Stock+?

Bitget Stocks 2.0 is Bitget's U.S. stock ecosystem, comprising two products:

Q4: How does rToken work?

Each rToken is designed to provide 1:1 economic exposure to the corresponding U.S. stock or ETF. The underlying securities are held through compliant brokerage and custody infrastructure, and rToken represents an on-chain certificate of the related economic interest. For example, rAAPL tracks the economic value of Apple stock, while rQQQ tracks the performance of the corresponding ETF.

Q5: How many types of rToken are currently supported?

As of August 2026, Bitget supports 600+ types of rToken (with continuous updates), covering tech stocks such as rAAPL (Apple), rNVDA (Nvidia), rTSLA (Tesla), rMSFT (Microsoft), rGOOGL (Google), rAMZN (Amazon), and rMETA (Meta); crypto-related stocks such as rMSTR (MicroStrategy) and rCOIN (Coinbase); and mainstream broad-based ETFs such as rSPY (SP 500) and rQQQ (Nasdaq 100).

Q6: What rights come with holding rToken?

rToken holders hold an on-chain tokenized beneficial interest certificate for the underlying stock, rather than direct registered ownership of the underlying stock. Specific rights include:

• Price appreciation rights: price tracks the underlying stock 1:1

• Dividend entitlement: net dividends automatically credited in USDT

• Corporate action entitlement: automatic adjustment for events such as stock splits and reverse splits

Not included: shareholder voting rights, direct share registration rights

II. Dividends and Corporate Actions

Q7: Are rToken holders entitled to dividends?

Yes. Eligible rToken automatically passes through dividends and corporate action entitlements from the underlying stock or ETF, with no manual action required from users.

Q8: How are cash dividends from the underlying stock handled? What is the withholding tax rate?

Cash dividends are credited to the account after a 30% tax deduction, and are automatically converted to USDT and credited directly to the account. A default 30% U.S. withholding tax applies, withheld by the custodian broker, with no difference across users from different countries.

Q9: How are stock dividends handled?

Supported stock dividends are reflected by issuing additional rToken according to the applicable distribution ratio. For example, if a corporate action grants additional shares at a specific ratio, the user's eligible rToken position is adjusted accordingly. This keeps economic exposure aligned with the underlying security.

Q10: How are stock splits and reverse splits handled?

Supported stock splits and reverse splits are automatically reflected in the user's rToken holdings. The rToken quantity and its corresponding unit value are adjusted according to the corporate action ratio, helping keep the user's overall economic exposure aligned with the underlying stock.

Q11: How are mergers and spin-offs handled?

Supported mergers and spin-offs are handled consistently with how the underlying stock is treated, similar to the approach used in traditional stock markets. Reality and Bitget adjust the relevant rToken positions based on the specific corporate action, helping reduce the need for users to manually calculate or reconcile.

Q12: How are rights issues, tender offers, or delistings handled?

Such complex corporate actions are handled on a case-by-case basis. Bitget will provide applicable handling methods, timelines, and settlement details through official announcements.

Q13: Do rToken holders have shareholder voting rights?

No. rToken represents economic beneficial interest and does not confer shareholder voting rights. Users receive economic rights such as dividends, stock dividends, and adjustments for supported corporate actions.

III. Asset Security: Custody, Reserves, and Bankruptcy Remoteness

Q14: Is rToken fully backed by real stock?

Yes. Each rToken is backed 1:1 by the corresponding underlying U.S. stock or ETF through compliant brokerage and custody infrastructure, rather than relying on synthetic price exposure. The issuance structure is designed to maintain 1:1 backing, ensuring that circulating rToken corresponds exactly to the underlying securities held.

Q15: Who custodies the underlying stock for rToken? How are rToken reserves verified?

The underlying securities are custodied by Alpaca Securities, a licensed U.S. broker. Reserves: Reality engages The Network Firm, an independent accounting firm, to conduct reserve audits, providing daily proof of reserves (PoR) data, which is publicly accessible via a real-time Proof of Asset Dashboard.

Q16: Does rToken have a bankruptcy remoteness mechanism?

⚠️ The 1:1 underlying stock is registered under an independent, bankruptcy-remote SPV. The sole purpose of the bankruptcy-remote SPV is to hold the 1:1 underlying stock, with only users having recourse to it.

Q17: How does the on-chain minting and burning mechanism for rToken work?

Reality uses a mint-and-burn mechanism that links the on-chain rToken supply to the underlying asset structure:

• When compliant rToken is purchased or issued: the corresponding rToken can be minted

• When compliant rToken is redeemed or withdrawn from circulation: the corresponding rToken can be burned

This mechanism helps keep the circulating token supply aligned with Reality's underlying issuance and reserve structure.

IV. Capital Efficiency: Margin and Lending

Q18: What is the minimum trade size?

Fractional share trading is supported, with a minimum purchase amount of 1 USDT or 10 USDT (depending on the asset).

Q19: Can rToken be traded with leverage?

Yes. Eligible users can trade supported rToken with leverage using the margin lending feature of the Bitget Unified Trading Account (UTA). The maximum leverage depends on the asset, account type, borrowing limit, and current risk parameters, and can go up to 10x.

Q20: Can rToken be used as UTA margin? What is the conversion rate?

Supported rToken can be used as UTA collateral, contributing its value to the account's available margin. Bitget currently supports 100+ types of rToken within the UTA collateral system, with some rToken having a collateral conversion rate of up to 95%. Specific conversion rates are set according to tiered risk parameters and are subject to real-time platform data.

👉Query supported collateral rToken via API

Q21: Can I borrow USDT to buy more rToken?

Yes. Eligible users can use UTA margin lending to borrow USDT and purchase supported rToken.

For example, a user expecting Nvidia to rise can borrow additional USDT using eligible collateral and buy rNVDA. This increases purchasing power without needing to first sell other supported assets.

Q22: What risks are involved in using rToken as margin?

Using rToken as collateral introduces additional risks beyond simply holding the asset, including:

• Liquidation risk

• Amplified losses from leverage

• Borrowing interest costs

• Adjustments to collateral conversion rates

• Liquidity risk

• Sharp stock price drops (weekend/after-hours price gaps)

• Correlated impact from cross-asset losses within UTA

Q23: Can rToken be used as collateral for crypto loans?

Yes. Supported rToken can be used as collateral for Bitget Crypto Loans, allowing users to borrow crypto assets without selling their U.S. stock exposure. Currently, 100+ types of rToken are supported as collateral.

Q24: What assets can be borrowed using rToken as collateral?

Eligible users can use supported rToken as collateral to borrow USDT, USDC, and 100+ other crypto assets (subject to current availability and borrowing limits).

Q25: What are the LTV parameters for crypto loans?

Bitget Crypto Loans use a loan-to-value (LTV) ratio to determine how much a user can borrow against rToken collateral. For many supported rToken, current parameters include:

• Initial LTV: 78%

• Margin call LTV: 85%

• Liquidation LTV: 91%

For example, if an rToken position is worth $10,000 and the initial LTV is 78%, a user can borrow up to $7800, subject to current product limits. LTV parameters may vary by asset and may change based on market and risk conditions.

Q26: What is the staking limit for a single rToken? How are amounts exceeding the limit handled?

The lending limit for a single rToken is 1,200,000–2,000,000 USDT (the exact cap varies by asset). Large pledges exceeding the standard limit require review by the platform's risk control team.

Q27: What happens if the value of the collateral falls?

If the rToken price falls, the loan's LTV rises, since the collateral value decreases relative to the borrowed amount.

If the LTV reaches the margin call level, the user may need to add collateral or repay part of the loan. If the liquidation threshold is reached, Bitget may liquidate the collateral to repay the outstanding debt.

Users should closely monitor LTV, especially during periods of high stock market volatility.

Q28: What is the difference between UTA margin lending and crypto loans?

Both products let users unlock additional funds from eligible assets, but they serve different purposes:

• UTA margin lending: designed for active trading. Users borrow within the Unified Trading Account to increase purchasing power, buy rToken, short eligible assets, or support cross-asset positions.

• Crypto Loans: designed for collateralized borrowing. Users pledge supported rToken and borrow USDT, USDC, or other supported crypto assets without selling their rToken holdings.

UTA margin lending focuses on trading capital efficiency, while Crypto Loans offer a flexible way to unlock liquidity from existing rToken holdings.

Q29: What liquidation risks do holders face if the underlying stock drops sharply?

If rToken is used as collateral or margin: a sharp drop in the underlying stock price → a proportional drop in the rToken price → a decline in collateral value → a rapid rise in LTV → potential forced liquidation.

Key risk points:

• Weekend/after-hours gaps: when U.S. stocks open lower on Monday with a gap down, the rToken price may quickly breach the margin call threshold

• Correlated liquidation: cross-asset losses within UTA may compound, accelerating passive reduction of rToken positions

• Concentration risk: heavy concentration of rToken in a single asset increases exposure to single-stock event risk (such as an earnings shock)

V. Fees, Trading Hours, and Liquidity

Q30: What are the trading fees for rToken?

Bitget's VIP tier system and rules apply only to non-institutional users. Institutional trading fees, rebate arrangements, financing rates, and limit structures are negotiated separately by the institutional BD team based on the client's trading volume, strategy type, and partnership model.

Q31: What are the trading hours for rToken? Which assets support 24/7 trading?

• All rToken: support 24/5 trading hours (ET: pre-market 4:00–9:30/regular session 9:30–16:00/after-hours 16:00–20:00/overnight session: 20:00–4:00)

• 90 major rToken (including rAAPL, rNVDA, rTSLA, rMSFT, rSPY, rQQQ, etc.) support 24/7 trading, including weekends and U.S. stock market holidays. This asset pool will continue to be updated.

Q32: What are the liquidity and pricing mechanisms during and outside U.S. stock trading hours?

During U.S. stock trading hours, rToken spot orders are routed directly to NASDAQ/NYSE order books via Alpaca Securities for execution, with execution prices directly corresponding to the underlying stock's market price, requiring no additional price anchoring mechanism. Liquidity during weekends and holidays is provided internally by Bitget, and its market depth, spread, and price formation characteristics may differ from the underlying U.S. stock's regular trading hours.

VI. API, Automated Strategies, and Structured Products

Q33: Does rToken support API trading?

Yes. On August 11, 2026, Bitget fully opened up the Reality spot stock API, requiring no whitelist registration, with support for standard trading interfaces.

Q34: What data and trading functions does the API support?

Bitget's rToken API supports market data and trading functions, including:

• Contract information

• Ticker data

• Candlestick data

• Historical candlesticks

• Order book data (Level 2 market depth data)

• Account asset queries

• Market and limit orders

• Order cancellation

The Reality order endpoint currently supports up to 30 requests per second per UID. Advanced API features and access conditions may vary, and users should review the latest Bitget API documentation before integration.

👉Click to view the exchange-listed API interface

👉Click to view the hybrid API interface

Q35: Is API trading suitable for institutions and quant teams?

Yes. API support makes rToken suitable for users looking to automate execution, monitor markets in real time, or build systematic stock-linked strategies.

Bitget also offers institutional trading infrastructure, including its Lola high-speed API channel, designed for professional users who require lower-latency connections and high-speed execution. This allows institutions to integrate rToken alongside crypto and other supported markets within the broader Bitget trading ecosystem.

Q36: Does rToken support Smart Portfolio?

Yes. Smart Portfolio allows users to combine supported rToken with crypto assets in an automatically managed portfolio, choosing either preset strategies or custom configurations. The system automatically rebalances according to the selected strategy, making it easier to manage stock and crypto exposure together.

Example portfolio: rNVDA + rAAPL + rQQQ + BTC + ETH

Q37: Does rToken support auto-invest?

Yes. Users can select an rToken asset, set an investment amount and frequency, and Bitget will automatically make recurring purchases according to the schedule. This is suitable for users who want to gradually build U.S. stock exposure without manually placing orders.

Q38: Does rToken support trend following?

Starting August 12, 2026, supported rToken can be traded using the spot trend-following bot, which can use the following indicators:

• Moving average

• Bollinger Band

• RSI

• Custom strategy parameters

This gives rToken traders another way to automate entries and exits without needing to manually monitor stock-linked markets. Automated strategies do not guarantee returns and may increase losses in volatile market conditions.

Q39: Does rToken support copy trading?

Yes. Supported rToken can be traded through Bitget UTA elite copy trading, where elite traders lead trades that followers automatically replicate, bringing U.S. stock exposure into the existing copy trading ecosystem.

Q40: Does rToken support GetAgent Playbook?

Yes. In 2026, Bitget extended GetAgent Playbook to tokenized U.S. stocks, supporting AI-driven stock selection, strategy analysis, and compliant trade execution, connecting rToken with Bitget's AI trading ecosystem.

Q41: Which Earn products can rToken be used with?

Bitget has expanded rToken beyond spot trading into structured products, allowing users to pursue yield while maintaining exposure to U.S. stock-linked assets. Current options include Stock Dual Investment and Fixed Coupon Notes (FCN). These products use different settlement structures and involve additional market risk, and users should review the terms before subscribing.

Q42: What is Stock Dual Investment?

Launched on July 25, 2026, initially supporting rSPCX, rNVDA, rGOOGL, rAAPL, rCOIN, and rAMZN. Users can choose between two strategies:

• Buy low: aims to buy rToken at a lower price while earning yield

• Sell high: aims to sell rToken at a higher price while earning yield

Settlement at maturity depends on how the target price compares with the rToken's observed price at expiry.

Q43: What is rToken FCN? How does it work?

Bitget's Fixed Coupon Notes (FCN) are structured Earn products linked to selected rToken. Launched in August 2026, they allow users to subscribe with USDT, select a strike price, and earn a predetermined coupon.

FCN offers users another way to put their USDT to work while targeting an entry price for U.S. stock-linked assets.

Q44: Is rToken FCN principal-protected?

No. rToken FCN is a non-principal-protected structured product.

If the rToken falls below the strike price, the user may receive rToken at the predetermined strike price. If its market value continues to fall, the final position may be worth less than the original USDT subscription amount.

The fixed coupon offers additional return potential but does not eliminate the market risk of the underlying rToken.

Q45: What is the difference between Stock Dual Investment and FCN?

Both products link rToken to structured yield strategies, but they operate differently.

• Stock Dual Investment: supports buy-low and sell-high strategies, useful for targeting an entry or exit price while earning yield.

• FCN: subscribed with USDT, using a predetermined strike price and fixed coupon. At maturity, users receive either USDT or the linked rToken, depending on the observed price.

These products give eligible rToken users more ways to manage stock-linked exposure beyond simply buying and holding.

VII. On-Chain Trading and Asset Transfers

Q46: Can rToken be held in a Web3 wallet?

Yes. On August 19, 2026, Bitget extended rToken to on-chain trading and holding, allowing users to access supported rToken through compatible Web3 wallets, giving them the flexibility to move between centralized exchanges and on-chain environments.

Q47: Which blockchains support rToken?

Initial on-chain support: Arbitrum and Morph. Reality's asset ecosystem covers 600+ types of U.S. stock and ETF rToken, with specific on-chain availability depending on the asset and network, and further expansion planned going forward.

Q48: Can rToken be traded directly on-chain?

Yes. Supported rToken can be traded through compatible Web3 infrastructure, allowing users to swap stablecoins or crypto assets such as USDT, USDC, or ETH for available rToken, extending U.S. stock exposure into decentralized environments.

Q49: Can rToken be deposited and withdrawn on Bitget?

Yes. Supported rToken can be deposited and withdrawn via available networks, including during eligible weekend trading hours. Specific support depends on the asset, account, region, and platform status, so please confirm the current deposit/withdrawal status before transferring.

Q50: What should be confirmed before transferring rToken?

• Whether the rToken supports deposits/withdrawals

• Whether the sending and receiving networks match

• Whether the token address used is correct

• Whether the deposit/withdrawal channel is currently open

• Applicable network fees or withdrawal fees

Using an unsupported network or transferring rToken to an incompatible address may result in permanent loss of assets.

VIII. Eligibility

Q51: Which users can use rToken?

rToken is available to eligible users who have completed identity verification (KYC) and meet the relevant regional, account, and product requirements. Availability may vary by country, place of residence, physical location, asset class, and account entity. Please refer to the latest official rToken page and regional terms for the most current information.

Q52: Can U.S. persons use rToken?

No. rToken issued by Reality is generally not available to users located in the United States or U.S. persons. Eligibility remains subject to Bitget's compliance requirements, applicable regulations, and regional restrictions.

Q53: Can residents of mainland China use rToken?

If the account is eligible and meets Bitget's identity verification, regional, and product requirements, eligible residents of mainland China may be able to access rToken. Availability depends on the user's location, place of residence, account entity, and applicable regulations. Please confirm current eligibility before trading.

Q54: Which regions can trade rToken?

rToken is only available to eligible users who have completed KYC and meet regional/account requirements. Specific regional availability is subject to actual account status and local regulations. Please contact the institutional BD team directly to confirm.