Bitget, a cryptocurrency exchange, launched US stock options and tokenized stocks this week. The new options product lets eligible users buy single call or put contracts, with more complex strategies planned later. Bitget already offers over 500 tokenized stocks and a range of crypto, forex, and commodity contracts for difference. US listed options volume reached 15.2 billion contracts in 2025, up 26 % from the previous year and marking the sixth straight annual record, according to Cboe. A stock option gives the buyer the right, but not the obligation, to buy or sell a security at a fixed price before expiration. The premium paid is the maximum loss for a buyer, while sellers may face losses far exceeding the premium. The launch follows a period of rapid growth in the options market, with short‑dated contracts accounting for 24.1 % of total US volume. Tokenized stocks are digital representations of equities recorded on a blockchain; the rights attached to each token depend on how the issuing firm structures it. SEC staff stated on January 28 that the regulation of tokenized securities depends on their actual function, not on their label, and that some tokens may qualify as security‑based swaps. The SEC is preparing an innovation exemption that would allow crypto companies to offer tokenized stock trading, a proposal contested by Citadel Securities and the Security Industry and Financial Markets Association. Details about the stocks supported, the countries where the product is available, clearing arrangements, and expected trading volume have not been disclosed. The options market’s expansion reflects demand for leveraged exposure, but the impact of Bitget’s entry will depend on the underlying infrastructure and the ability of users to distinguish between options and tokenized stocks. The situation highlights unresolved issues regarding ownership, regulation, and risk in crypto‑based equity products.