Coinbase Asset Management and Apex Group have teamed up to launch a tokenized share class of the Coinbase Bitcoin Yield Fund on the Base network. Base, developed by Coinbase, is an Ethereum Layer-2 blockchain designed to speed up transactions with lower costs compared to the mainnet. Coinbase Asset Management manages digital asset investment vehicles for institutional clients, while Apex Group provides global financial services including fund administration and digital asset support. Together, they are expanding access to regulated, blockchain-based investment options for large professional investors around the world.
Tokenization Of Yield Fund On Base Network
The Bitcoin Yield Fund offers annual returns estimated between 4% and 8%, denominated in Bitcoin. These returns are generated by covered call options on Bitcoin holdings and lending to other market participants. The initiative relies on the ERC-3643 token framework, which directly embeds regulatory checks into each digital share, ensuring only validated investors can access and transfer tokens.
Apex Group’s technology allows the fund to maintain real-time digital ownership records and compliance protocols on-chain. The current iteration of the fund’s share class is available only to institutional and accredited investors based outside the United States. The companies stated that a version accessible to U.S. investors is being planned but has not yet been scheduled for launch.
Compliance And On-Chain Infrastructure
The ERC-3643 standard supports investor identity and eligibility verification by encoding requirements into the tokens themselves. Smart contracts automatically block transfers from wallets that have not completed onboarding or do not meet regulatory criteria. This reduces the need for ongoing manual review.
Anthony Bassili, president of Coinbase Asset Management, highlighted that investor validation occurs “at the token level.” He confirmed that the product is currently restricted to eligible non-U.S. institutions and accredited individuals.
Anthony Bassili explained that, “the infrastructure validates identity and eligibility at the token level.”
Brett Tejpaul, head of Coinbase Institutional, observed that institutional investors often hold sizeable Bitcoin and Ether allocations for long-term price growth. Tejpaul noted this yield solution enables them to generate additional income from those core holdings during periods of ownership.
Industry Context And Apex’s Blockchain Plans
Apex Group acquired asset tokenization provider Tokeny last year. Before the deal, Tokeny had supported tokenizations exceeding $32 billion in aggregate value. Apex has pledged to tokenize $100 billion worth of investment funds using its T-REX Ledger platform by June 2027, aiming to advance compliant asset management infrastructure across several blockchain networks.
This launch adds Coinbase to a growing list of asset managers introducing token-based investment vehicles. Similar blockchain-managed products have recently been released by Fidelity, Franklin Templeton, and BlackRock. Industry forecasts differ on the future size of the market: McKinsey predicts tokenized assets may reach $2 trillion by 2030, while BCG in collaboration with Ripple projects as much as $18.9 trillion by 2033.
Apex described the fund’s technical setup as compatible with wallets and platforms that meet compliance standards, aiming for seamless integration while preserving regulatory requirements.
Apex stated that the tokenized share class can “interact with compatible platforms, wallets, and infrastructure without compromising compliance.”
The blockchain-based share class of the Coinbase Bitcoin Yield Fund became operational on the Base network as of March 19, 2025.
