Bitwise is launching automatically rebalancing portfolios built from Coinbase’s tokenized U.S. equities — letting eligible non-U.S. investors hold the underlying shares in their own wallets, the $9 billion asset manager said Monday.
The product line is called Automated Token Portfolios. It wraps Coinbase-tokenized stocks into rules-based model portfolios designed by Bitwise Investment Manager, rebalanced onchain through a platform called Glider. Initial themes track the Magnificent 7, SpaceX, robotics, and AI leaders. Investors pay a 0.15% methodology access fee. Trading and platform fees are extra, according to The Block.
The mechanics break from conventional fund structures. Tokenized stocks stay in investors’ non-custodial wallets throughout. No pooled vehicle. No custodian holds the bag. The model comes to the assets, not the other way around.
“For over a century, getting a professional model meant handing your assets to a fund,” Matt Hougan, Bitwise’s chief investment officer, said in a press release. “ATPs mean you can keep the assets in your own wallet, and the model comes to you.”
Hougan framed it as early innings. “We’re just scratching the surface,” he said.
That pitch skips a chapter. The Block did not specify which non-U.S. jurisdictions qualify or how onchain rebalancing interacts with local securities rules. Eligibility is restricted to “supported jurisdictions” outside the United States. No country list disclosed.
Glider handles the automated replication and rebalancing. Brian Huang, the company’s co-founder and CEO, said onchain rails “unlock capabilities that aren’t available in a traditional brokerage account.” He did not detail which capabilities. The Block noted investors may have the option to lend or borrow against the tokens on DeFi protocols, subject to applicable risks.
The launch extends Bitwise’s push into model portfolios. January brought a Morpho partnership to build curated, non-custodial vaults. February, seven professionally constructed crypto portfolios aimed at financial advisors. This summer, crypto model portfolios went retail through Parrot’s platform.
Tokenized equities have drawn interest from issuers racing to build asset-management products atop blockchain rails. The pitch is access: fractional ownership, self-custody, programmable rebalancing without a traditional fund wrapper. What the sources do not establish is demand. No assets under management figure for the ATPs was disclosed. The launch amounts to a bet that non-U.S. investors want thematic stock exposure delivered through tokens rather than brokerage accounts.
Hougan leans on precision and speed over cost. Whether a 0.15% methodology fee plus undisclosed trading and platform fees undercuts traditional ETF expense ratios went unstated. U.S. thematic ETFs in comparable sectors typically charge 0.2% to 0.7%.
What happens next depends on adoption. The Block did not report minimum investment thresholds, rebalancing frequency, or whether Coinbase is the sole tokenization provider. Bitwise did not disclose launch-partner figures.
