COINc, issued by Coinbase Onchain SPV Ltd., is a tokenized equity instrument that gives eligible non-U.S. holders a direct, senior beneficial claim on a real Coinbase Global share held in bankruptcy-remote custody.

Each token tracks the real economic exposure of Coinbase Global, Inc. (COIN). If the underlying issues a dividend and applicable conditions are met, the corresponding amount is reinvested after applicable withholding and fees rather than paid out, reflected through an onchain multiplier that scales holdings while the raw token count stays constant. Stock splits are applied through the same multiplier mechanism, so balances adjust to preserve correct economic exposure.

The issuer, Coinbase Onchain SPV Ltd., is a Coinbase-controlled entity formed under the Abu Dhabi Global Market (ADGM) framework and authorized by the Financial Services Regulatory Authority (FSRA). Each token is a beneficial claim on one real underlying share rather than a synthetic derivative, with backing shares held in regulated, bankruptcy-remote custody separate from Coinbase, in trust for tokenholders. The product is offered under Regulation S and is not available to persons in the United States or other restricted jurisdictions. Primary minting and redemption are limited to KYC-onboarded institutional partners and Authorized Participants, following the create-and-redeem model of traditional ETFs and ADRs.

COINc is issued natively as a B20 token on Base. Authorized Participants source the underlying shares before tokens are issued one-for-one, while eligible non-U.S. users access tokens through secondary onchain trading and self-custody. Corporate actions apply via an onchain multiplier to avoid disrupting onchain positions.

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Tokenized stocks

Coinbase generates revenue primarily from transaction fees on trades, alongside custody, staking, and subscription services.

Coinbase is a centralized cryptocurrency exchange where users buy, sell, store, and trade digital assets. It operates a retail trading app, an advanced trading platform, custody services, and the Base layer-2 network, and issues wrapped assets such as cbBTC and cbETH.

Coinbase Global, Inc. is a publicly traded company (NASDAQ: COIN) headquartered in the United States, serving retail and institutional customers.

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Coinbase

Coinbase Global (Coinbase Tokenized Stock) (COINc) is a tokenized exposure to COIN.

The underlying security is listed in the financials sector in North America.

Each token entitles holders to dividends, which are distributed as additional tokens.

Residents of the United States cannot mint or redeem with Coinbase.

Coinbase Global (Coinbase Tokenized Stock)COINc

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