Bitwise has launched three automated portfolios of Coinbase tokenized stocks for eligible non-U.S. investors, combining self-custody and automatic rebalancing for a 0.15% methodology fee.
Summary
- Bitwise’s first portfolios cover the Magnificent 7 plus SpaceX, robotics companies and artificial intelligence leaders.
- Glider automatically adjusts users’ wallet holdings to match model weights published by Bitwise.
- Investors retain the tokenized stocks in non-custodial wallets instead of transferring them into a pooled fund.
- U.S. persons cannot access the portfolios, and the SEC has not approved or endorsed them.
Bitwise tokenized stock portfolios begin with three themes
Bitwise said in an Aug. 25 announcement that its Automated Token Portfolios, known as ATPs, will let eligible users copy professionally designed stock models inside their own wallets.
Built by Bitwise Investment Manager, the rules-based models use Coinbase’s recently launched tokenized U.S. stocks. Glider, an independent platform, handles purchases and rebalancing after a user authorizes its session credentials.
The first three portfolios will become available through Glider over the coming weeks. Bitwise set a 0.15% methodology access fee, which does not include trading costs or separate platform charges collected by Glider.
One option, the Bitwise Mag7X ATP, gives equal weight to Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla, alongside privately held SpaceX. The Bitwise Robotics ATP will hold equal-weighted positions in companies involved in robotics and autonomous systems, including Tesla, Nvidia and Amazon.
For artificial intelligence exposure, the Bitwise AI Leaders ATP will include Nvidia, Microsoft, Alphabet, Meta, Amazon, SpaceX, Tesla and Sandisk. Bitwise identified the companies as leaders in developing or supporting AI products and infrastructure.
Unlike a conventional fund, each ATP publishes a target allocation rather than pooling capital under the asset manager’s control. Glider then executes the required transactions and adjusts the wallet when its holdings move away from Bitwise’s stated weights.
Self-custody replaces the pooled-fund structure
Under the arrangement, investors keep the tokenized shares in non-custodial wallets throughout the process. Bitwise does not hold the assets, initiate trades, or exercise discretion over an individual user’s account.
“For over a century, getting a professional model meant handing your assets to a fund. ATPs mean you can keep the assets in your own wallet, and the model comes to you,” Bitwise Chief Investment Officer Matt Hougan said.
Hougan added that the structure gives users direct ownership of the tokens while applying portfolio models normally offered through managed products. According to Bitwise, participants do not enter an advisory, fiduciary or contractual relationship with the company by selecting an ATP.
Because the stocks remain in compatible wallets, investors may be able to use them as collateral or deploy them through decentralized finance protocols. Bitwise cautioned that lending or borrowing against the tokens carries additional risks, including full liquidation of a position.
Glider co-founder and CEO Brian Huang said the product gives international users access to models designed by established investment managers through onchain infrastructure.
“Finally, we have global access to the same institutional managers we respect in traditional finance, but now in digital assets,” Huang said, adding that blockchain-based delivery offers functions unavailable through conventional brokerage accounts.
Coinbase stock tokens provide the underlying assets
Coinbase’s stock tokens operate on Base and represent beneficial interests in shares held through a segregated custody structure. As crypto.news reported on Aug. 25, the initial public rollout covered Apple, Nvidia, Meta and Alphabet under the B20 token standard.
Coinbase Onchain SPV Ltd., an entity incorporated in the Abu Dhabi Global Market, issues the securities. For each token issued, the special-purpose company initially holds one corresponding share through a segregated account, according to the product prospectuses.
Alpaca Securities, a U.S. broker-dealer registered with the Securities and Exchange Commission and a member of FINRA and SIPC, buys, sells and holds the underlying shares. Coinbase represents that the tokens are backed one-to-one and carry shareholder rights, subject to eligibility checks and the terms of the ADGM-approved prospectuses.
Bitwise said it has not independently verified Coinbase’s statements concerning the assets’ backing, shareholder rights or redemption terms. The manager also does not issue the stock tokens used by the ATPs.
Certain verified tokenholders may submit voting instructions to the Coinbase issuer, although the prospectuses state that voting remains subject to legal, timing and operational limits. Distributions may also face fees and tax deductions before their value is reinvested into additional tokens.
U.S. investors remain excluded from Bitwise ATPs
Despite tracking companies listed in U.S. markets, the ATPs and their underlying Coinbase securities are available only to eligible non-U.S. persons in supported jurisdictions. Bitwise defines the restriction by reference to Regulation S under the Securities Act of 1933.
The company said the products have not been registered for sale to U.S. persons. Bitwise’s registration as a U.S. investment adviser applies to its separate advisory business and does not mean the SEC has reviewed, approved or endorsed the ATP models.
Coinbase’s stock-token prospectuses also state that the securities have not been registered under the Securities Act or state securities laws. For non-U.S. holders, dividends are generally subject to a 30% U.S. withholding rate unless an applicable tax treaty reduces it, while the issuer charges a distribution fee equal to 5% of the gross payment before withholding and reinvestment.
The restrictions contrast with Dinari’s August U.S. rollout, which gave eligible American users access to tokenized S&P 500 shares through self-custody wallets. Dinari said its dShares are backed one-to-one by securities held in regulated custody and provide rights tied to dividends, voting and corporate actions.
Regulatory treatment in the United States remains under review. In June, reports indicated that the SEC was considering an exemption for tokenized stocks that could allow firms to test blockchain-based securities products under modified requirements, though no exemption covers the Bitwise portfolios announced on Aug. 25.
Bitwise adds ATPs to its onchain product lineup
The launch follows several additions to Bitwise’s onchain and model-portfolio business during 2026. In January, the company introduced its first Morpho vault, a non-custodial USDC lending strategy targeting annual returns of up to 6%, depending on market conditions.
Bitwise expanded its model-portfolio service for financial advisers in February with seven professionally constructed crypto allocations supported by systematic monitoring and rebalancing. During the summer, the company made its crypto models available to retail users through Parrot’s investment platform.
Earlier in August, Bitwise also partnered with Superstate on a separate plan to record ownership of selected Bitwise fund shares on a blockchain. The companies identified the Bitwise Solana Staking ETF as the first fund under consideration, although Bitwise said there was no assurance that tokenized shares of the ETF would launch.
