Coinbase Launches Tokenized Bitcoin Yield Fund on Base

Coinbase Asset Management has launched a tokenized share class for its Bitcoin Yield Fund on the Base blockchain, partnering with Apex Group to enable institutional investors to earn yields on their Bitcoin holdings while maintaining regulatory compliance.

The product became operational on March 19, 2025, on Base, an Ethereum Layer-2 network developed by Coinbase. It targets annual returns of 4 to 8 percent denominated in Bitcoin through strategies such as selling covered call options on Bitcoin and participating in lending programs. Apex Group, which administers about 3.5 trillion dollars in assets, serves as the on-chain transfer agent, responsible for managing digital ownership records, enforcing compliance protocols and logging transactions directly on the Base network.

Access to the tokenized share class is currently limited to institutional and accredited investors outside the United States. The fund uses the ERC3643 permissioned token standard, which embeds investor verification and eligibility checks into the token's code. This allows smart contracts to automatically reject transfers from unverified wallets, eliminating the need for manual oversight. Investor onboarding...