What to know:
- Bitwise offers three Coinbase stock portfolios to eligible investors outside the U.S.
- Glider executes trades and rebalances positions while users retain full self-custody.
- Bitwise charges a 0.15% model fee, while trading and Glider expenses remain separate
Bitwise has launched three automated portfolios built from Coinbase tokenized U.S. stocks for eligible non-U.S. investors. The products combine self-custody with rules-based rebalancing and charge a 0.15% methodology fee, excluding trading expenses and separate Glider platform charges.
The company announced its Automated Token Portfolios, or ATPs, on Aug. 25. Eligible users can follow professional stock models inside their own wallets. The first three portfolios will become available through Glider in the coming weeks.
Bitwise Investment Manager sets each model’s rules and target weights. Glider purchases assets and rebalances the holdings after users authorize its session credentials.
What Stocks Do the Bitwise Portfolios Hold?
Equal weighting is applied to Apple, Microsoft, Nvidia, and Alphabet in the Bitwise Mag7X ATP. The portfolio includes Amazon, Meta, Tesla, and the private company SpaceX.
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The Robotics ATP is comprised of firms that have something to do with robotics and autonomy. Its named firms are Tesla, Nvidia, and Amazon.
The AI Leaders ATP is comprised of companies that produce and/or build AI products and platforms. These companies include Nvidia, Microsoft, Alphabet, Meta, Amazon, SpaceX, Tesla, and Sandisk.
Instead of pooling money inside a fund, each ATP provides a targeted allocation. The Glider executes all necessary trades. At the same time, it rebalances the positions in case of deviations from specified weightings.
The investors store the stock tokens in non-custodial wallets. Bitwise neither holds any assets of the investors nor executes any trades or manages the individual accounts. Choosing a model implies no advisory, fiduciary, or contractual relationships with the firm.
Bitwise Chief Investment Officer Matt Hougan said ATPs bring professional portfolio models directly to investors’ wallets while allowing them to retain control of their assets. Glider CEO Brian Huang added that the onchain structure expands international access to models created by established investment managers.
The investors can put tokens into finance protocols and use tokens as collateral. In addition to these risks, there is also a risk of losses due to liquidations. Bitwise warns about this possibility.
How Are Coinbase Stock Tokens Backed?
The tokens of Coinbase trade through Base based on the B20 protocol. The company, which was incorporated in the Abu Dhabi Global Market, is known as Coinbase Onchain SPV Ltd. According to the company’s prospectuses, one token represents one share in a segregated account.
Alpaca Securities is responsible for trading, buying, selling, and holding the shares. Coinbase claims that the tokens are one-to-one backed and have shareholder rights. However, the eligibility criteria and terms of the prospectuses restrict these shareholder rights.
ATP and its underlying securities are accessible to eligible non-U.S. persons only in certain jurisdictions. The products have not undergone the process of registration for trading among US persons.
Bitwise being registered as an investment adviser does not imply any involvement of the SEC in the review or endorsement of the models. Dividend payment is subject to 30% U.S. withholding except where a tax treaty applies to reduce the rate.
The issuer deducts an additional 5% distribution charge prior to the process of withholding and reinvestment. However, the launch is an expansion of Bitwise’s offerings of products on-chain.
Other 2026 additions include a Morpho lending vault and crypto model portfolios. Bitwise also partnered with Superstate to explore recording ownership of selected fund shares on a blockchain.
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