Coinbase Asset Management and Apex Group have launched a tokenized share class of the Coinbase Bitcoin Yield Fund on the Base blockchain. The new share class is built to integrate with compatible platforms, wallets and on‑chain infrastructure while enforcing regulatory compliance through token-level controls.
The token uses the ERC‑3643 permissioned token standard, which enables access restrictions so only eligible investors can hold or transfer the shares. Initially the Base tokenized share class will be offered only to institutional and accredited investors outside the United States; Coinbase says a U.S. tokenized share class will follow at a later date. Coinbase Asset Management’s president said identity and eligibility checks are embedded in the token itself to meet compliance requirements.
Apex Group will act as the on‑chain transfer agent, administering token ownership, enforcing transfer and compliance rules, and maintaining transaction records on Base. That role mirrors traditional transfer‑agent duties but executed on a blockchain to enable automated enforcement and auditable records.
The announcement aligns with a wider industry move to tokenize traditional assets—stocks, bonds, funds, commodities and real estate—to seek lower costs, faster settlement and around‑the‑clock trading. Large asset managers including BlackRock, Fidelity and Franklin Templeton have already rolled out tokenized funds.
Coinbase first released a non‑U.S. share class of the Bitcoin Yield Fund in April and a U.S. version in October. The non‑U.S. share class aims to generate roughly 4%–8% annual returns denominated in Bitcoin, offering yield exposure for Bitcoin holders since Bitcoin itself does not produce native staking rewards like some proof‑of‑stake tokens.