TLDR
- Coinbase Asset Management and Apex Group have launched a tokenized share class of the Bitcoin Yield Fund on the Base blockchain.
- The fund targets a 4%–8% annual return in Bitcoin using strategies like options selling and lending.
- Apex acts as the on-chain transfer agent, handling compliance and ownership records.
- The ERC-3643 token standard is used, encoding investor eligibility checks directly into each token.
- The fund is currently available to non-US institutional and accredited investors, with a US version planned.
Coinbase Asset Management (CBAM) and fund services firm Apex Group have launched a tokenized share class of the Coinbase Bitcoin Yield Fund on Base, Coinbase’s Ethereum-based blockchain.
https://twitter.com/BSCNews/status/2034729035117600807?s=20
Apex, which oversees $3.5 trillion in assets, will serve as the on-chain transfer agent. That means it handles token ownership records, enforces compliance rules, and logs transactions directly on the Base network.
The fund targets a 4% to 8% annual return in Bitcoin. It does this through strategies like selling call options on Bitcoin and participating in lending arrangements.
Coinbase originally launched the non-US version of the fund in April 2025 and a US version in October 2025. The tokenized share class is now live for non-US investors only.
Brett Tejpaul, head of Coinbase Institutional, said many institutional investors already hold Bitcoin and Ether as core positions. The yield fund gives them a way to earn returns while waiting for prices to rise.
How the Token Compliance Works
The tokenized share class uses the ERC-3643 permissioned token standard. This standard embeds investor identity and eligibility checks directly into the token itself.
If a wallet has not been cleared through the onboarding process, any transfer attempt will automatically fail. This replaces manual compliance checks with automated rules built into the token.
Coinbase Asset Management president Anthony Bassili said the system checks “identity and eligibility at the token level.” Only institutional and accredited investors outside the US can currently access the product.
Coinbase plans to launch a tokenized version of the US fund in the future, though no specific date has been given.
Apex’s Wider Tokenization Push
Apex acquired Tokeny last year. Tokeny had facilitated the tokenization of more than $32 billion in assets before the deal.
Apex has also said it plans to tokenize $100 billion in funds using the T-REX Ledger by June 2027. The system is designed to manage ownership and compliance across multiple blockchains.
The launch puts Coinbase alongside other major asset managers already operating tokenized funds. BlackRock, Fidelity, and Franklin Templeton have all introduced similar products in recent years.
Estimates for the total tokenized asset market vary widely. McKinsey projects the market could reach $2 trillion by 2030, while a BCG and Ripple report puts the figure at $18.9 trillion by 2033.
Apex said the tokenized share class is “set up to interact with compatible platforms, wallets, and infrastructure without compromising compliance.”
The fund’s tokenized share class is live on Base as of March 19, 20
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