Bitwise Launches Coinbase-Powered Tokenized Portfolios

Bitwise launches Coinbase-powered automated tokenized stock portfolios

Bitwise has unveiled three automated tokenized stock portfolios that let eligible non-US investors hold professionally designed equity models directly inside their own wallets. Branded as Automated Token Portfolios or ATPs, the new products combine Coinbase-issued stock tokens, an independent execution and rebalancing layer provided by Glider, and a low methodology access fee of 0.15 percent. The offering targets international investors who want institutional-style model exposure while maintaining self-custody of tokenized securities.

What the ATPs do and how they work

Each ATP publishes a rules-based target allocation built by Bitwise Investment Manager. Instead of pooling investor capital into a fund, Bitwise publishes model weights for each portfolio. After users opt in and authorize a Glider session, Glider buys the necessary Coinbase stock tokens onchain and automatically rebalances the holdings in each individual non-custodial wallet to match the published model weights.

That approach preserves direct token ownership. Investors retain the tokenized stocks in compatible wallets, and trades are executed through Glider rather than via a pooled Bitwise account. Bitwise charges a 0.15 percent methodology fee for access to its models; trading costs, network fees, and any platform-specific charges from Glider are charged separately.

Initial portfolios: Magnificent 7, robotics and AI leaders

The launch includes three ATP themes that focus on firms driving today’s technology-led equity markets. The Bitwise Mag7X ATP allocates equal weight to Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla, and also includes a position in privately held SpaceX. The Robotics ATP targets equal-weight exposure to companies active in robotics and autonomous systems, including Tesla, Nvidia and Amazon. For artificial intelligence exposure, the AI Leaders ATP holds names such as Nvidia, Microsoft, Alphabet, Meta, Amazon, SpaceX, Tesla and SanDisk.

Bitwise positions these companies as leaders in building AI products and infrastructure, robotics applications, or broader technology platforms. By replicating these target weights inside each investor wallet, the ATPs aim to deliver a familiar model-portfolio experience using tokenized securities instead of a traditional pooled fund.

Self-custody replaces the pooled-fund model

The defining feature of ATPs is that users keep tokenized shares in non-custodial wallets throughout. Bitwise does not take custody of the underlying assets, initiate trades directly on behalf of a pooled investor account, or exercise discretionary control over an individual wallet. Instead, the company supplies the model and publishes allocation rules; Glider executes and rebalances under user authorization.

Bitwise Chief Investment Officer Matt Hougan framed the change as a structural shift in model delivery. According to Bitwise, ATPs let investors use professional, rules-based models without surrendering ownership to a manager. Participants do not, by selecting an ATP, enter into an advisory, fiduciary, or contractual relationship with Bitwise beyond the published model access.

Because tokens remain in compatible non-custodial wallets, holders may be able to use them as collateral or interact with decentralized finance protocols. Bitwise warns that using tokenized stocks as collateral introduces extra risks, including the potential for full liquidation of positions if borrowing terms are violated or markets move sharply.

Glider and the mechanics of onchain rebalancing

Glider, an independent execution and rebalancing platform, handles the onchain purchases and periodic adjustments after a user grants session credentials. The platform is responsible for monitoring wallet holdings and selling or buying tokens to align each wallet with Bitwise’s published weights. Glider also collects any platform fees it charges for custody-free execution and automated rebalancing.

Glider co-founder and CEO Brian Huang said the product gives global investors access to institutional models through blockchain infrastructure, enabling functions that traditional brokerage accounts often cannot offer. The onchain delivery model aims to preserve transparency and direct ownership while automating the operational burden of periodic rebalancing.

Coinbase stock tokens as underlying assets

The ATPs use Coinbase-issued stock tokens to represent interests in U.S.-listed companies. Coinbase’s stock tokens operate on the Base network and are structured to represent beneficial interests in actual shares held by a segregated custody vehicle. The initial rollouts under the B20 token standard included Apple, Nvidia, Meta and Alphabet among the first tokenized securities.

Coinbase Onchain SPV Ltd., a special-purpose vehicle incorporated in the Abu Dhabi Global Market, issues the tokens and holds corresponding shares in segregated accounts. Alpaca Securities, a U.S. broker-dealer registered with the SEC and a FINRA and SIPC member, acts as the broker-dealer that buys, sells and holds the underlying shares. Coinbase’s prospectuses state the tokens are backed one-to-one by underlying shares and may carry shareholder rights, subject to eligibility criteria and prospectus terms.

Bitwise says it has not independently verified Coinbase’s statements about asset backing, redemption mechanics, shareholder rights, or voting processes. The manager also clarified that it does not issue the stock tokens used in the ATPs.

Regulatory limits and U.S. exclusion

Although the ATPs reference U.S.-listed companies, they are available only to eligible non-U.S. persons in supported jurisdictions. Bitwise defines eligibility by reference to Regulation S under the U.S. Securities Act of 1933. The company said the products have not been registered for sale to U.S. persons and that its status as a U.S. registered investment adviser does not imply SEC review or approval of the ATP models.

Coinbase’s stock-token prospectuses likewise note that the securities are not registered under the Securities Act or state securities laws. For non-U.S. holders, dividend distributions may be subject to a standard 30 percent U.S. withholding tax unless reduced by an applicable treaty. The issuer also charges a distribution fee equal to 5 percent of gross payments prior to withholding and reinvestment, according to the prospectuses.

These restrictions stand in contrast to other tokenized-stock rollouts, such as Dinari’s U.S. launch of tokenized S&P 500 shares for eligible American users. Regulatory treatment of tokenized securities in the United States remains under review, and the SEC has not approved or endorsed Bitwise’s ATPs.

Voting rights and distributions

Certain verified tokenholders may be able to submit voting instructions to the Coinbase issuer, but prospectus language makes clear voting is subject to legal, timing and operational limits. Likewise distributions may be reduced by fees and tax withholding before any reinvestment into additional tokens takes place.

How ATPs fit into Bitwise’s onchain strategy

The ATP launch follows a series of Bitwise moves into onchain products in 2026. Earlier in the year the firm introduced a non-custodial USDC lending strategy targeting returns via a Morpho vault. It also expanded model-portfolio offerings for financial advisers and made crypto model allocations available to retail users through third-party platforms like Parrot.

In August, Bitwise announced a collaboration with Superstate to explore recording ownership of certain Bitwise fund shares onchain, with the Bitwise Solana Staking ETF named as an initial candidate for tokenization. Bitwise cautioned there is no assurance that tokenized ETF shares will ultimately be launched.

Investor takeaways and risks

For eligible international investors, Bitwise’s ATPs provide a novel way to access institutional-style equity models while maintaining direct ownership of tokenized securities. The core attractions are self-custody, automated rebalancing to published allocation targets, and exposure to high-profile technology and AI-focused companies.

Key risks include regulatory uncertainty, trading and execution costs, withholding taxes on dividends for non-U.S. holders, issuer distribution fees, and additional hazards when using tokenized stocks in DeFi as collateral. Bitwise has also noted it has not independently validated Coinbase’s backing claims, which places an onus on investors to conduct their own due diligence on custody and redemption mechanics.

As tokenized securities continue to expand, ATPs represent a hybrid approach: professional model design delivered through onchain infrastructure while preserving non-custodial ownership. How regulators and markets treat these products in coming months will shape wider adoption and determine whether similar offerings become standard in global digital-asset portfolios.