Key Highlights
- Coinbase Asset Management partners with Apex Group to deploy a tokenized Bitcoin Yield Fund share class on the Base blockchain network.
- Investors can expect annual returns between 4% and 8% in Bitcoin through options strategies and lending protocols.
- Apex Group functions as the blockchain-based transfer agent, managing compliance protocols and token ownership records.
- The fund utilizes the ERC-3643 token framework, which integrates investor verification requirements directly within each digital token.
- Access is currently restricted to institutional and accredited investors outside the United States, with domestic availability coming later.
Coinbase Asset Management (CBAM) has partnered with Apex Group, a global fund services provider, to introduce a tokenized share class of its Bitcoin Yield Fund on Base, the Ethereum Layer-2 blockchain developed by Coinbase.
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Apex Group, which manages approximately $3.5 trillion in assets globally, will function as the blockchain transfer agent for this initiative. In this capacity, Apex maintains digital ownership records, implements regulatory compliance frameworks, and records all transactions natively on the Base blockchain.
The investment vehicle seeks to deliver annual yields ranging from 4% to 8% denominated in Bitcoin. These returns are generated through various strategies including writing covered call options on Bitcoin holdings and engaging in structured lending programs.
The initial launch of the fund occurred in April 2025 for international investors, followed by a domestic US offering in October 2025. The newly deployed tokenized share class is presently accessible exclusively to non-US participants.
Brett Tejpaul, who leads Coinbase Institutional, noted that numerous institutional portfolios already maintain significant Bitcoin and Ether allocations as foundational holdings. This yield-generating fund provides these investors with an opportunity to generate income from their crypto assets during market consolidation phases.
Automated Compliance Through Token Architecture
The tokenized shares implement the ERC-3643 permissioned token framework. This standard integrates investor identity verification and eligibility requirements directly into the token’s smart contract code.
Wallets that haven’t completed the required verification and onboarding procedures will be automatically blocked from receiving tokens. This architecture eliminates the need for manual compliance reviews by encoding regulatory rules directly into the digital asset.
According to Anthony Bassili, president of Coinbase Asset Management, the framework validates “identity and eligibility at the token level.” Currently, only accredited and institutional investors based outside the United States can participate in the offering.
Coinbase has indicated plans to release a tokenized version for US-based investors, though no timeline has been announced.
Apex’s Broader Tokenization Strategy
Apex Group completed the acquisition of Tokeny in the previous year. Prior to the acquisition, Tokeny had enabled the tokenization of over $32 billion in real-world assets.
Apex has publicly committed to tokenizing $100 billion worth of investment funds using its T-REX Ledger infrastructure by June 2027. This platform is engineered to handle ownership administration and regulatory compliance across multiple blockchain ecosystems.
This launch positions Coinbase alongside other prominent financial institutions that have deployed tokenized investment products. BlackRock, Fidelity, and Franklin Templeton have each rolled out comparable blockchain-based funds in recent years.
Projections for the tokenized asset sector vary significantly across industry analysts. McKinsey forecasts the market could expand to $2 trillion by 2030, whereas a collaborative report from BCG and Ripple estimates growth to $18.9 trillion by 2033.
Apex Group stated that the tokenized share class is “designed to integrate with compatible platforms, wallets, and infrastructure while maintaining full compliance.”
The fund’s tokenized share class officially launched on Base on March 19, 2025.
