Bitwise Asset Management (bitwiseinvestments.com), the global crypto asset manager with $9 billion in client assets, has announced the launch of Automated Token Portfolios (ATPs) — institutionally designed portfolios of tokenized stocks that users can replicate automatically in their own wallets. With the launch, eligible persons can curate a stock portfolio aligned with one of Bitwise's published model portfolios while retaining custody of their assets. The launch extends a broader push to bring real-world assets onto blockchains, a trend that has already drawn major traditional asset managers: BlackRock offers a tokenized institutional liquidity fund, and Franklin Templeton operates an on-chain U.S. government money fund.

How the service works

Bitwise ATPs are powered by Coinbase's recently launched tokenized U.S. stocks — which are issued on Base, Coinbase's Ethereum layer-2 blockchain — and implemented by Glider, an independent platform whose technology automatically rebalances wallet holdings to keep them aligned with Bitwise's published model portfolio weights. Eligible persons can access Bitwise ATPs via the Glider platform.

As of launch, Coinbase Tokenized Stocks and Automated Token Portfolios are available only to non-U.S. persons in eligible jurisdictions outside of the United States. That geographic limit mirrors the structure of Coinbase's underlying tokenized stocks program, and whether such offerings extend to U.S. persons will depend on how U.S. securities regulation of tokenized equities evolves — a key open question for the sector.

Self-custody structure

Under the new offering, tokenized stocks remain in investors' non-custodial wallets at all times. Users are not required to transfer assets to a pooled vehicle or surrender custody to a fund sponsor. Because the tokens remain in investors' own wallets, investors may have the opportunity to lend or borrow against them on decentralized finance (DeFi) protocols, subject to applicable risks, including the risk of full liquidation.

"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," said Matt Hougan, Chief Investment Officer of Bitwise. "ATPs unlock a new way for people to access thematic exposures more quickly and precisely than many traditional structures. We're just scratching the surface."

Inaugural portfolios

Bitwise's inaugural Automated Token Portfolios will roll out in the coming weeks and provide exposure to a series of key investment themes:

• Bitwise Mag7X ATP — equal-weighted exposure to eight of the largest companies in the world: the Magnificent 7 (Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla) plus SpaceX. Notably, SpaceX is privately held, and Coinbase has said it plans to offer tokenized shares of private, pre-IPO companies including SpaceX.
• Bitwise Robotics ATP — equal-weighted exposure to leaders in the design, manufacture, and deployment of robotics and autonomous systems, including Tesla, Nvidia, and Amazon.
• Bitwise AI Leaders ATP — equal-weighted exposure to the companies leading innovation in artificial intelligence, including Nvidia, Microsoft, Alphabet, Meta, Amazon, SpaceX, Tesla, and Sandisk.

Fees

Bitwise ATPs carry a 0.15% methodology access fee, exclusive of trading fees and any fees charged by Glider for platform services.