Earn Yield on Bitcoin? Coinbase and Apex Are Making It a Reality On-Chain

TLDR

• Coinbase Asset Management and Apex Group have introduced a tokenized share class for the Bitcoin Yield Fund on the Base blockchain.
• By employing strategies such as options selling and lending, the fund aims for an annual return of 4% to 8% in Bitcoin.
• Apex Group is functioning as the on-chain transfer agent, managing compliance and ownership records.
• The tokenized shares utilize the ERC-3643 standard, which integrates investor eligibility verification into each token.
• Initially, the fund is open to non-US institutional and accredited investors, with a US version in development.

(SeaPRwire) –   Coinbase Asset Management (CBAM) and the fund services provider Apex Group have introduced a tokenized share class for the Coinbase Bitcoin Yield Fund on Base, the Ethereum-based blockchain developed by Coinbase.

🚨 CRYPTO: COINBASE BRINGS ITS BITCOIN YIELD FUND ONCHAIN THROUGH $3.5 TRILLION FUND GIANT APEX

Coinbase Asset Management is launching a tokenized share class of its Bitcoin Yield Fund on Base, Coinbase's L2 on Ethereum.

The fund targets 4-8% net returns in $BTC through selling… pic.twitter.com/f6L14mdrpg

— BSCN (@BSCNews) March 19, 2026

Apex, a firm that manages $3.5 trillion in assets, will act as the on-chain transfer agent. Its responsibilities include maintaining token ownership records, enforcing compliance regulations, and recording transactions directly on the Base network.

The fund’s objective is to achieve an annual return of 4% to 8% in Bitcoin. This is accomplished through methods such as selling call options on Bitcoin and engaging in lending activities.

Coinbase first introduced the non-US iteration of the fund in April 2025, followed by a US version in October 2025. The newly launched tokenized share class is currently operational exclusively for non-US investors.

According to Brett Tejpaul, head of Coinbase Institutional, many institutional investors already maintain Bitcoin and Ether as core holdings. This yield fund offers them an opportunity to generate returns during periods when they are waiting for price appreciation.

How the Token Compliance Works

The tokenized share class is built on the ERC-3643 permissioned token standard. This protocol incorporates checks for investor identity and eligibility directly into the token’s code.

Any attempt to transfer tokens from a wallet that has not completed the proper onboarding process will be automatically rejected. This system automates compliance by embedding the rules within the token, eliminating the need for manual verification.

Anthony Bassili, president of Coinbase Asset Management, stated that the system verifies “identity and eligibility at the token level.” Presently, the product is accessible solely to institutional and accredited investors located outside the United States.

Coinbase intends to release a tokenized version of the US fund at a later date, but a specific timeline has not been announced.

Apex’s Wider Tokenization Push

Apex strengthened its position in the tokenization space by acquiring Tokeny last year. Prior to the acquisition, Tokeny had enabled the tokenization of assets exceeding $32 billion.

Furthermore, Apex has announced a goal to tokenize $100 billion in funds via the T-REX Ledger by June 2027. This system is engineered to handle ownership and compliance across various blockchain networks.

This launch positions Coinbase among other prominent asset managers that have entered the tokenized fund market. Firms like BlackRock, Fidelity, and Franklin Templeton have all rolled out comparable products in recent years.

Forecasts for the total value of the tokenized asset market differ significantly. A projection from McKinsey suggests the market could grow to $2 trillion by 2030, whereas a report from BCG and Ripple estimates a much larger figure of $18.9 trillion by 2033.

Apex indicated that the tokenized share class is designed to be “set up to interact with compatible platforms, wallets, and infrastructure without compromising compliance.”

The tokenized share class for the fund became active on the Base network on March 19, 20