Coinbase moves Bitcoin Yield Fund on-chain With Apex

Coinbase Asset Management and Apex Group have launched a tokenized share class of the Coinbase Bitcoin Yield Fund on Base, Coinbase’s Ethereum-based blockchain network. The product is open at launch to institutional and accredited investors outside the United States, while Coinbase said a U.S. tokenized share class is planned for a later stage. The structure uses the ERC-3643 token standard, which ties identity and eligibility checks to the token itself so only approved investors can subscribe, hold, or transfer the asset.

Coinbase and Apex move Bitcoin yield fund onto Base

Coinbase Asset Management brought its Bitcoin Yield Fund onchain through a new tokenized share class created with Apex Group. Apex said it will serve as the onchain transfer agent and will manage ownership records, compliance rules, transfer restrictions, and transaction records tied to the fund on Base.

The launch places the Bitcoin Yield Fund inside a regulated digital structure rather than offering only a standard offchain fund format. Apex said the tokenized share class can work with compatible wallets, platforms, and other infrastructure while keeping compliance controls in place. Coinbase Asset Management President Anthony Bassili said the model integrates identity and eligibility directly at the token level.

Coinbase launched a non-U.S. version of the Bitcoin Yield Fund in April and later introduced a U.S. version in October. The new Base-based share class adds a blockchain-native format to that product line. Coinbase said the non-U.S. version targets annual returns of 4% to 8% in Bitcoin and was designed to address the fact that Bitcoin does not generate native yield in the same way proof-of-stake assets can.

The product will not be available to U.S. investors at launch. Coinbase Asset Management said it plans to create a tokenized share class for the U.S. version of the fund in the future. That gives the current rollout a clear international starting point while leaving room for a domestic expansion later.

ERC-3643 structure keeps access limited to approved investors

The tokenized share class uses ERC-3643, a permissioned token standard built for regulated digital assets. Under that model, investor checks are written into the token’s smart contract. If a wallet has not passed onboarding and approval steps, the transaction does not go through.

Apex and Coinbase said that setup allows the fund to move onchain without removing core compliance controls. Investor onboarding takes place through the CBAM Investor Portal powered by Tokeny, and each approved participant is linked to a compliant onchain identity before subscribing to, holding, or transferring shares. Apex said token issuance and book-entry records remain aligned with the fund’s net asset value lifecycle.

Apex described the model as a way to modernize regulated fund distribution. In its statement, the firm said the tokenized share class is set up to interact with digital infrastructure “without compromising compliance.” Peter Hughes, founder and chief executive of Apex Group, said, 

“Digital assets are no longer a future ambition” and added that “compliance travels with the token.”

Bassili gave a similar message from the Coinbase side. He said “tokenized fund infrastructure has finally arrived and is ready to scale” and said the share class shows that real-world assets can move onchain while keeping the full compliance stack in place. The comments from both firms focused on identity-linked controls, operational records, and compatibility with digital platforms.

Tokenized funds continue to spread across asset management

The Coinbase and Apex launch comes as more financial firms place funds and other traditional assets on blockchain networks. Asset managers including BlackRock, Fidelity Investments, and Franklin Templeton have already introduced tokenized fund products as firms look for faster settlement, lower operating costs, and new distribution channels.

Coinbase’s move also adds to a wider industry effort to make fund shares usable in digital form rather than only through older registry systems. Brett Tejpaul, head of Coinbase Institutional, said Coinbase’s asset management business already serves institutional capital with core Bitcoin and Ether positions. He said newer capital entering the market wants compounded returns while holding Bitcoin exposure. He said the Bitcoin yield fund allows that through strategies such as selling call options or using lending arrangements.

Outside Coinbase, Apex has been expanding its role in tokenized finance. The firm said it services more than $3.5 trillion in assets. As we previously reported, it also acquired Tokeny, a platform focused on tokenization, and said Tokeny has facilitated more than $32 billion in tokenized assets. Apex has also said it plans to tokenize $100 billion in funds through the T-REX Ledger by June 2027.

Forecasts for the broader market remain substantial, though estimates vary widely. Projections range from McKinsey & Company’s $2 trillion outlook by 2030 to a $18.9 trillion target by 2033 from Boston Consulting Group and Ripple. These figures explain why fund managers, transfer agents, and infrastructure providers continue testing tokenized formats for regulated investment products.

What the fund offers and what the structure means

The Coinbase Bitcoin Yield Fund gives investors exposure to Bitcoin and a yield component. That makes it different from a simple buy-and-hold Bitcoin product. According to Coinbase’s institutional remarks, the yield can come from activities such as options strategies and lending arrangements rather than from Bitcoin itself producing native rewards.

A tokenized share class does not mean the fund becomes an unrestricted crypto token that anyone can trade freely. In this case, the tokenized share class represents regulated fund ownership wrapped in rules that decide who can access it. Apex remains responsible for transfer agency functions, while the blockchain serves as the settlement and record layer for the approved digital shares.

The use of Base is also central to the story. Base is Coinbase’s blockchain network built on Ethereum, and Coinbase chose it as the home for the tokenized share class. By using its own network, Coinbase connects asset management, blockchain infrastructure, and institutional distribution inside one broader platform.

ERC-3643 is another key part of the structure. The standard is designed for permissioned digital assets, which means it can enforce rules around identity, investor status, and transfer eligibility. In simple terms, the token itself helps check whether a buyer or holder is approved. That reduces the need for repeated manual checks at each transfer stage while keeping restrictions in place.

For Coinbase Asset Management and Apex Group, the launch gives a working example of how a Bitcoin yield product can move onchain without removing investor screening or fund administration controls. The first phase targets non-U.S. institutional and accredited investors, while Coinbase said a U.S. tokenized share class remains part of its future plan. That keeps the news centered on one clear development: Coinbase and Apex Group have tokenized the Bitcoin Yield Fund on Base and opened a new onchain route for regulated fund access.