In 2026, crypto platforms began to collectively shift their focus to the U.S. stock market.

Last Friday evening, SpaceX completed its listing on the U.S. stock market, almost pushing this sentiment to a new high. As one of the most closely watched technology companies globally, SpaceX’s IPO is not just a capital markets event—it has also become a “stress test” for the U.S. stock market as a gateway for retail investors worldwide.

On one side is extremely high market enthusiasm. SpaceX’s strong first-day trading performance drove the stock price meaningfully above the issue price, and discussions about it spread rapidly from traditional brokerages and financial media to the crypto community. On the other side is a more direct experience gap for many investors: some platforms previously promoted the SpaceX IPO subscription loudly, but in the end, they did not actually allocate shares to users—leading only to refunds.

In fact, this case illustrates something very clearly: the U.S. stock business that crypto platforms do is basically a mapping of U.S. stocks rather than actual U.S. stocks. Against this backdrop, breaking down and analyzing how BIT builds a professional U.S. stock platform is of strong real-world significance.

BIT is not a suddenly emerged new U.S. stock trading platform. Its predecessor was Matrixport, which previously mainly served institutions and high-net-worth clients. In February 2026, BIT launched U.S. stock trading services; by mid-May—about 100 days after its U.S. stock business went live—BIT had already surpassed $200 million in user AUM.

And BIT’s biggest feature in its U.S. stock product is that users are trading real U.S. stocks.

This means that at the fund-in stage, BIT is closer to the actual needs of both crypto users and U.S. stock users. Users can transfer in quickly using USDT or USDC as stablecoins to achieve 7x24, second-level settlement; they can also choose stablecoin standard transfers settled through regular wire transfer processes; and if they already have overseas bank accounts, they can directly top up USD via bank wire.

Even more special, BIT also supports stock transfers. In other words, users who already hold U.S. stocks at other brokerages do not necessarily need to sell the shares first, transfer the funds out, and then buy again. Instead, they can directly transfer their existing U.S. stock positions into BIT.

How many dividends did you miss out on by trading mapped U.S. stocks?

Although today’s crypto trading platforms that support U.S. stocks can basically solve the problem that “it was not smooth for past crypto users to enter the U.S. stock market,” a new problem has emerged: in fact, many users do not know that on major crypto platforms, what they buy is mostly mapped U.S. stocks—not real U.S. stocks.

Distinguishing between mapped U.S. stocks and real U.S. stocks is not always obvious, and it may not be easy to tell on the trading interface. What you see could all be NVDA, AAPL, MSFT—just one candlestick chart, one buy button, and profit-and-loss changes in your account.

For short-term trading, this difference may not be glaring. As long as the price tracks accurately, liquidity is sufficient, and trades clear smoothly, many people won’t ask what the underlying is. But once a user’s goal is not “to make a trade based on a quote,” but “to allocate to a class of assets,” the difference becomes huge.

Because holding real stocks means the user is not entering just a price system, but owning more rights. This includes dividends, voting rights, corporate actions, securities custody, clearing and settlement, and—in extreme cases—investor protection. A price contract can replicate price movements, but it is difficult to fully replicate the chain of rights behind stocks as securities assets.

So the Nvidia you buy on most crypto trading platforms is, in fact, not something that can be considered “holding Nvidia stock.”

This is the key watershed worth discussing when crypto platforms entered the U.S. stock market in 2026.

The most intuitive example is dividends.

U.S. stocks are not only about up and down prices. For many companies and ETFs, dividends are an important component of long-term returns. Fidelity’s statistics show that, over the long term, dividends contribute approximately 40% to the total return of the S&P 500.

Taking $1 million as an example will make several concrete cases more intuitive.

For example, some high-dividend U.S. stocks. Altria pays about $4.24 annual dividend per share. Roughly based on the stock price in early June 2026, holding $1 million for one year would generate approximately $58,700 in pre-tax cash dividends, corresponding to a one-year dividend rate of about 5.87%. Verizon’s latest quarterly dividend, annualized, is about $2.83 per share. Similarly, holding $1 million for one year would yield approximately $62,400 in pre-tax cash dividends, corresponding to a one-year dividend rate of about 6.24%. Realty Income, a monthly dividend company, pays about $3.246 annual dividend per share. Holding $1 million for one year would generate approximately $53,000 in pre-tax cash dividends, corresponding to a one-year dividend rate of about 5.3%, and dividends are paid monthly.

This is only the result after isolating dividends.

If those dividends are not withdrawn but instead used to buy the same stock again, the compounded returns would be higher. Assuming pre-tax, the stock price stays the same, dividends stay the same, and reinvestment happens immediately after dividends are received: purchasing Altria with $1 million would produce about $60,000 in return after one year from dividends and reinvestment, roughly a 6% return; Verizon, with quarterly dividend reinvestment, would yield about $63,900 after one year, roughly 6.39%; Realty Income, because it pays dividends monthly and thus has a higher reinvestment frequency, would yield about $54,300 after one year, roughly 5.43%.

Even if you switch to more familiar technology stocks, the dividend yield is not as exaggerated as high-dividend stocks, but the difference still exists. Nvidia is more like a growth stock now, with a very low dividend yield. Holding $1 million for one year would result in pre-tax dividends of about $4,900, corresponding to a one-year dividend rate of about 0.49%. Microsoft is more mature; holding $1 million for one year would yield about $8,700 in pre-tax dividends, corresponding to a one-year dividend rate of about 0.87%. These figures may not look as eye-catching as those of high-dividend stocks, but they still form part of the return from genuinely holding shares.

(It’s important to note that different platforms may use different definitions when displaying dividend yields. Some platforms use Dividend Yield, meaning the current or latest annualized dividend divided by the stock price; some platforms use Dividend Yield TTM, meaning actual dividends over the past 12 months divided by the current stock price. So the same stock may show different dividend yields on different platforms. The calculations above are mainly to illustrate the scale of cash flows, using a rough estimate based on annualized dividends at the current dividend level.)

For many funds focused on asset allocation, the appeal of these stocks is not only their prices. Especially when the capital scale reaches $1 million, $10 million, or even higher, dividends are no longer “small change,” but rather very substantial, ongoing cash flows.

This is also the difference between price mapping and the path of real assets that is easiest to overlook.

If a user holds real stocks in a securities account, dividends can flow into their portfolio through corporate actions and the broker account. If a user buys tokenized stocks, CFDs, or some other mapped-price products, how dividends are reflected depends entirely on the product rules. Some products may reflect the economic effects of dividends through NAV adjustments, price corrections, or other mechanisms—but that is not the same as receiving cash dividends in a shareholder account.

Besides dividends, another difference that is easy to overlook is the ability to transfer positions.

Many U.S. stock products on CEXs are, in essence, a form of price exposure provided internally by the platform. Users can buy and sell, and they can see profit-and-loss movements close to those of U.S. stock prices—but these products typically do not support transferring positions to other brokerages or custodial accounts. In other words, if users want to leave the platform, many times they have to sell first, then transfer the funds out, and only afterward go to another platform to buy again.

This is not the same as positions in a real U.S. stock account. Real stocks can be transferred because behind them there are clearly defined securities accounts, custody relationships, and clearing-and-settlement chains. Assets are not merely a series of ledger numbers inside a platform—they can be migrated within compliant securities systems.

BIT supports position transfers for the core reason of this: the underlying of its U.S. stock product is not simply a price mapping, but is built on real U.S. stock assets and the corresponding securities custody framework. Therefore, what users hold is not just a price contract that can only be traded inside the platform, but a U.S. stock position with more complete asset attributes.

This difference may not be obvious in intraday trading, but it is crucial for long-term allocators. The larger the capital and the longer the holding period, the more users need to care about whether the asset can leave the platform, whether it can enter another custody system, and whether it can be migrated and managed like real securities.

Of course, the more complete the rights, the higher the platform requirements.

The “Stage” Behind It: BIT’s Specific Mechanism

According to publicly available materials from BIT, its U.S. stock business is not about turning stocks into platform-internal price contracts. Instead, through Matrix Gelephu and U.S. licensed broker-dealer and clearing partners, it enables users to access the U.S. securities trading and clearing system. BIT’s disclosed information mentions U.S. broker-dealer/clearing partners such as RQD Clearing and Atomic Vaults Securities, and also discloses the DTC position-transfer path.

If you break U.S. stock trading down into concrete operational methods, the most core set of infrastructure is called DTCC.

DTCC is not a name that ordinary users encounter every day, but almost every post-trade process for U.S. securities transactions cannot avoid its subsidiary structure. DTC is responsible for central securities custody. Simply put, U.S. stocks are not moved back and forth between buyer and seller like paper certificates; instead, transfers are carried out in the DTC system through electronic bookkeeping. According to DTCC’s disclosures in June 2025, DTC’s custodial assets had already exceeded $100 trillion.

NSCC is responsible for clearing. It processes a large amount of broker-to-broker trades involving stocks, ETFs, corporate bonds, municipal bonds, ADRs, and more. DTCC’s 2024 annual report shows that NSCC’s average daily processing transaction amount reached $2.219 trillion. More importantly, NSCC reduces the number of settlement obligations through multilateral net settlement, compressing a large amount of buy and sell instructions in the market into fewer cash and securities delivery-and-receipt obligations. DTCC itself discloses that NSCC can reduce the payment exchange amount by about 98% on average each day.

The most critical mechanism here is called CCP novation. Originally, in one trade, the buyer and seller each bear counterparty risk to one another: the buyer worries the seller won’t deliver the stock, and the seller worries the buyer won’t pay. Once integrated into NSCC’s centralized clearing system, NSCC becomes the central counterparty, changing the legal relationship from “buyer vs. seller” to “buyer vs. NSCC, and NSCC vs. seller.” In other words, NSCC stands in the middle and transforms the countless bilateral credit risks in the market into more standardized and manageable clearing risks.

This is also why the U.S. stock market can absorb such massive trading volumes.

OCC mainly handles clearing for derivatives such as options, while FICC handles clearing for fixed-income products such as U.S. Treasuries, agency bonds, and MBS. For ordinary stock buying and selling, users may not directly feel OCC and FICC, but together they form the back-end infrastructure of the U.S. capital markets. The front end is just a buy button; the back end is actually a whole set of financial machinery with clear division of responsibilities.

For crypto platforms, entering this system is like learning a new language.

What crypto platforms are familiar with includes wallets, order matching, on-chain addresses, perpetual contracts, funding rates, and internal ledgering; what the U.S. stock market is familiar with includes broker-dealer, clearing broker, DTC, NSCC, SIPC, account structures, corporate actions, and clearing and settlement.

Both systems handle assets and trading, but their underlying logic is different. The former is more like a real-time ledger; the latter is more like a property-rights system jointly built by law, accounts, and intermediaries.

So the difficulty of real U.S. stocks is not “whether there is a market,” nor “whether a buy button can be made,” but rather “how the platform connects to the broker and clearing systems.”

In traditional securities markets, there are roughly several models for how brokers access clearing. The first is self-clearing. The broker becomes a clearing member and handles the back end itself. This requires heavy capital, systems, compliance, and risk management capabilities. The second is a fully disclosed introducing broker. The introducing broker handles customer onboarding and the front end; the clearing broker opens disclosed accounts for each client and handles custody and clearing. The third is an omnibus introducing broker, where the platform or introducing broker uses a consolidated account structure at the clearing broker, and the underlying client records are maintained by the introducer. The fourth is DVP/RVP, meaning delivery versus payment / receive versus payment—used more for securities settlement arrangements between institutional clients and custodial banks.

For a crypto-native platform, directly self-clearing is generally not the most realistic first step. A more feasible path is to leverage the already mature broker and clearing architecture in the U.S. securities market to connect the user entry point, securities accounts, trade execution, and clearing custody. In other words, it’s not about building a new U.S. stock market yourself; it’s about bringing crypto users onto the existing financial rails of the U.S. market.

This is also why, at the current stage when trading platforms collectively absorb “U.S. stock flow,” compliance and clearing become the most important parts.

For ordinary users, the detailed mechanisms behind these “stages” may not necessarily be perceived. What users see at first glance may still be whether they can buy, how fast funds arrive, what the fees are, and whether the app is easy to use.

But when U.S. stocks shift from being objects of short-term trading to being long-term asset allocation, the legitimacy and correctness of the underlying mechanisms becomes important.

Because when holding a stock long term, users care not only about how much it goes up or down today. They also care whether it is truly their asset, how dividends and corporate actions are handled, where the securities account is, who completes custody and clearing, and—under extreme circumstances—what mechanisms can be relied on to protect assets.

This is also BIT’s core trade-off in its U.S. stock product: it genuinely wants U.S. stocks to become part of crypto users’ asset allocation, not just another price game where leverage is used to chase rallies and cut losses.

The “Genetic” Continuity from Matrixport to BIT

“We made a very firm choice at the time we were preparing the product at the end of last year. This choice actually comes from the company’s own gene of serving institutions and high-net-worth clients for 7 years—rooted in a value orientation toward long-termism.”

As Elio Cui, head of BIT Brokerage, said in a recent roundtable discussion, BIT’s choice of such a product line is closely and inseparably related to its past corporate genes.

If you look only at the U.S. stock business launched this year, BIT can easily be understood as a new platform that suddenly enters the C-end market. But if you extend the timeline a bit, the logic becomes much clearer. BIT is a new brand created from Matrixport’s brand upgrade. Matrixport, since 2019, has long served institutions and high-net-worth clients, with business coverage including custody, trading, asset and wealth management, liquidity and financing, RWA, and more.

Currently, BIT manages assets of more than $6 billion, with monthly trading volume of over $7 billion, has paid out a total of more than $2 billion in interest to clients, has a valuation of over $1 billion, and was selected for the 2024 Hurun Global Unicorn List and the 2025 Singapore Fintech Unicorn List.

More widely known is that BIT’s co-founder and chairman, Wu Jihan, is also the CEO and chairman of Bitdeer, the company behind Bitdeer’s name “Bitdeer.”

BIT is not a typical flow-driven trading platform.

In the past, its clients were more often institutions, professional investors, and high-net-worth users. The product requirements of this group often differ from those of retail trading users. They of course care about returns, but even more they care about where the assets are kept, who provides custody, how risks are isolated, who the counterparty is, whether the account structure is clear, and whether the compliance boundaries can be explained plainly.

The three words “high returns” generally do not easily move large clients. What they care about more is whether issues can be traced if something goes wrong, whether asset ownership can be confirmed, and whether the underlying processes can be explained. For them, being slower is not a drawback. In many cases, slowness itself is part of risk control.

This is the product philosophy behind BIT’s U.S. stock business.

If a company’s gene is matching, leverage, flow, and high trading activity, then when it enters the U.S. stock market, it will naturally choose a lighter path: turning U.S. stocks into a price product that can be traded quickly. That is more like a trading platform and makes it easier to form short-term trading volume.

But if a company’s capabilities come more from institutional financial services, then when it enters the U.S. stock market, its first consideration is not only “how to get users trading,” but rather “how this asset should be held.”

There is no absolute superiority between these two approaches—only different service needs.

Trading-oriented users want speed, volatility, and the ability to enter and exit. Allocation-oriented users want clarity, stability, and certainty in the asset chain.

U.S. stocks are especially suitable for understanding from this angle. The equity of U.S.-listed companies is an asset made up of company profits, cash flow, governance structure, and shareholder equity. For long-term allocators, buying a stock is not just buying today’s and tomorrow’s price movements—it is buying a part of what this company will create in value in the future.

In the crypto market, platforms are very good at turning everything into tradable assets. BTC can be traded, ETH can be traded, and gold, U.S. stocks, indices, and macro events can also be traded. This is a powerful capability that enables global capital to access the prices of various assets more quickly. But it also has a side effect: prices are amplified, and rights are weakened.

What BIT wants to do is to bring back the “rights” part.

This also explains why their U.S. stock business focuses on “real holdings,” “shareholder equity,” and “direct broker connectivity.” It is not trying to recreate a high-volatility trading arena. Instead, it aims to help stablecoin users enter smoothly into the most mature and mainstream class of assets in traditional markets.

Slow is fast

In the crypto industry, speed is often considered a virtue. When a new narrative emerges, platforms need to be fast; when a new asset becomes popular, they need to be fast to launch; users want quick entry and exit, and the market rewards speed, volatility, and responsiveness. Multiply it by hundreds, thousands, or even ten-thousands—“fast, accurate, tough” is the language most familiar to this industry.

So when a crypto platform says it will do real U.S. stocks, real securities accounts, and real clearing systems, it may not sound very exciting.

For a crypto platform, the fastest approach is of course to build a price entry. Bring U.S. stock prices in, turn them into trading pairs, tokens, or contracts—then the product can start running quickly. Users are already accustomed to spot, perps, leverage, funding rates, and 24-hour trading on trading platforms. This path is naturally straightforward and also the easiest to generate attention in a short time.

But in the end, financial products must return to the user experience, especially the experience at critical moments.

As mentioned at the beginning of this article, SpaceX’s IPO night is a good example. When a hot IPO arrives, many platforms promote it heavily in the beginning. Users also put in time, attention, and even money to wait for the outcome. But if in the end they do not receive any allocation and only get a refund, users lose not only the opportunity to subscribe, but also the time cost and opportunity cost tied up during the waiting period. The market does not pause because users are waiting; the real trading window is often only those few hours.

That is why stability, reliability, and executability are more important than “it looks fast.”

Compared with loudly promoting IPO subscriptions that ultimately leave investors disappointed, BIT’s approach is more like laying a solid foundation to give users a reliable opportunity. On SpaceX’s listing night, BIT’s system ran stably. Users could participate in pre-market and regular trading through real U.S. stock trading entry. Many investors who bought in pre-market were therefore able to capture the opportunities created by first-day price discovery.

In an industry that prizes speed, slowing down to build accounts, clearing, custody, compliance, and the path for real assets may not seem lively. But in finance, many truly important things are not accomplished through posters and marketing copy. Instead, they show up in details such as whether orders can be executed, whether assets can be confirmed, whether the system can withstand pressure, and whether users can truly participate in the window period.

The larger the capital, the less they care only about speed. The longer the holding and the more focused they are on allocation, the less they focus solely on yield screenshot charts. What institutions and high-net-worth clients truly care about is where the assets are, how rights can be confirmed, how risks are isolated, and whether issues can be traced if something goes wrong.

This may be the path BIT’s U.S. stock business is truly trying to convey: not to create a U.S. stock price entry using the fastest method, but to bring stablecoin users into a genuine U.S. stock asset system in a more solid way.

Slow is fast.

Disclaimer: This material is for general information and market education purposes only and does not constitute investment advice. It also does not constitute an offer, solicitation, recommendation, or endorsement of any security, product, platform, or service. U.S. stock investments involve risks including market risk, liquidity risk, custody and settlement risks, and more. Investors should carefully evaluate based on their own circumstances and seek professional advice when necessary.

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