Coinbase Asset Management and Apex Group have launched a tokenized share class of the Coinbase Bitcoin Yield Fund on the Base blockchain. Apex said the tokenized share class is designed to work with compatible platforms, wallets and infrastructure while preserving compliance, and Coinbase Asset Management president Anthony Bassili said the share class embeds identity and eligibility checks at the token level to meet regulatory requirements.
The tokenized share class uses the ERC‑3643 permissioned token standard to restrict access to eligible investors. It will be available on Base only to institutional and accredited investors located outside the United States. Coinbase said it plans to introduce a tokenized share class for U.S. investors at a later date.
Apex serves as the on‑chain transfer agent for the tokenized fund, responsible for managing token ownership, enforcing compliance and transfer rules, and keeping transaction records on Base. The move follows a broader industry trend of financial institutions tokenizing stocks, bonds, funds, commodities and real estate to pursue lower costs, faster settlement and 24/7 trading; asset managers including BlackRock, Fidelity Investments and Franklin Templeton have already launched on‑chain tokenized funds.
Coinbase initially launched the non‑U.S. version of the Coinbase Bitcoin Yield Fund in April and a U.S. version in October. The non‑U.S. share class targets a 4%–8% annual return in Bitcoin and was created to provide yield exposure for Bitcoin, which does not generate native yield like proof‑of‑stake assets such as Ether and Solana.