The Coinbase Bitcoin Yield Fund is now onchain with a tokenized share class live on Base, the Ethereum-based blockchain operated by Coinbase. The move, in partnership with $3.5 trillion asset services firm Apex Group, marks a major step in bringing traditional fund infrastructure to blockchain rails.
The tokenized version uses the ERC-3643 standard, embedding compliance directly into the token. Only verified investors can hold or transfer shares, enabling automated, frictionless transactions while maintaining regulatory alignment. Apex continues as transfer agent, syncing onchain records with net asset value.
Brett Tejpaul, head of Coinbase Institutional, said demand is growing from institutions seeking compounded returns on core bitcoin holdings through strategies like call options and lending. The fund is currently available to non-U.S. investors, with a U.S. tokenized version in development.
Apex has accelerated its tokenization push, including the acquisition of Tokeny and a goal to tokenize $100 billion in funds via the T-REX Ledger by 2027. As BlackRock, Fidelity, and Franklin Templeton advance similar initiatives, tokenized real-world assets could reach up to $19 trillion by 2033, according to industry estimates.