Overview
- Coinbase Asset Management and Apex Group launched a tokenized share class of the Coinbase Bitcoin Yield Fund on Base, with Apex acting as the on-chain transfer agent and aligning records to net asset value.
- The share class uses the ERC-3643 permissioned standard, tying identity to wallets so only preapproved investors can hold or transfer tokens and noncompliant transfers fail automatically.
- Access is currently limited to non-U.S. institutional and accredited investors, and Coinbase says a U.S. tokenized share class is planned.
- The fund seeks to earn yield on bitcoin through strategies such as selling call options and participating in lending, with materials citing a 4%–8% annual return target in BTC.
- Apex, which services $3.5 trillion and acquired Tokeny, says it aims to tokenize $100 billion of funds on its T-REX Ledger by June 2027 as major managers expand tokenized offerings.