The tokenised fund revolution begins
- 2 days ago
- 3 min read
Updated: 1 day ago
Apex Group helping Coinbase Asset Management add a tokenised share class to a Bitcoin yield fund sounds like a small step, but it could be a giant leap for tokenised funds.
What is the event about?
On 19 March 2026 Coinbase Asset Management added a tokenised share class to the Coinbase Bitcoin Yield Fund (CBYF) it launched in April 2025. The tokens, issued on to the Base blockchain built by parent company Coinbase, are aimed at institutional investors. Digital fund administration pioneers Apex Group are supporting distribution of the tokens with blockchain-based transfer agency capabilities that automate investor on-boarding and keep transactions in tokenised versions of the CBYF aligned with the register of investors that hold CBYF in non-tokenised form. By conducting a bold experiment in combining the risk and rewards of generating yield on holdings of Bitcoin with the operational benefits of using blockchain technology without compromising on traditional levels of investor protection, Coinbase Asset Management and Apex Group may have found the key to scaling the tokenised funds industry. Future of Finance Co-founder Dominic Hobson will be asking the panellists why asset managers everywhere should be excited about this deal.
When is it happening?
Tuesday, 5 May 2026 at 14.00 London Time
Who is on the panel?
Agnes Mazurek – Global Head of Business Implementation at Apex Group Ltd
Juan Andres Dudier Mendoza – Head of Product – Digital Asset Stablecoin at Apex Group Ltd
TBA - Coinbase Asset Management
Moderated by Dominic Hobson, Co-founder and Editorial Director at Future of Finance
Who should attend?
Asset managers, asset allocators, fund distributors, fund platforms, fund administrators, custodian banks, digital asset custodians, retail banks, private banks, wealth managers, and tokenisation platforms.
What will be discussed?
The nature of the fund
What type of fund is CBYF?
Spot Bitcoin ETFs are a success story, some offer yield, and few are tokenised. What do tokenised versions of Bitcoin yield funds such as CBYF add?
What are the arguments for adding a tokenised share class to an existing fund rather than launching a new fund native to the blockchain?
Distribution
What new distribution channels does tokenisation enable, both geographically and in terms of investor types?
Can traditional fund distributors access the funds without investing in new forms of connectivity?
How important to the success of tokenised funds is interoperability between multiple blockchain protocols?
The fund is not being sold in the United States. Is regulatory uncertainty still a constraint on distribution?
The ERC 3643 standard enables investor eligibility to be embedded in the tokens. How robust is this as a distribution compliance solution?
Could ERC 3643 catalyse adoption of digital identity?
How it is serviced
The centrality of transfer agency to a tokenised fund seems counterintuitive when a blockchain ledger is being used. Is it?
Can tokenised funds deliver continuous, real-time Net Asset Values (NAVs)?
Are the assets of the fund assets always held in third party custody or transferred to investor wallets?
Are transactions settling atomically, delivery versus payment?
Liquidity
How do investors subscribe?
How do investors redeem?
Will the value of tokenised funds eventually be determined by secondary market trading?
Can composability (recombining apps, assets and liabilities into new financial instruments) add liquidity to tokenised fund markets?
Risks
Obtaining yield on Bitcoin has some unhappy precedents, such as BlockFi (2019), Celsius Network (2022), and Blockfills (2026). What is different this time?
Generating yield on Bitcoin creates novel risks (lending, DeFi apps, collateralisation, selling derivatives). How are these managed?
The future
Is this model applicable beyond cryptocurrency?
Contact Information
If you would like to be involved, get in touch with: Wendy Gallagher
Co-Founder Future of Finance
Mobile 07725 160903
