CBYF, issued by Coinbase Asset Management and tokenized by Tokeny, is a tokenized investment fund interest in which each token represents a share of a fund seeking the return of Bitcoin plus an additional Bitcoin-denominated yield.

Holders receive economic exposure to Bitcoin (BTC) together with an incremental yield component denominated in Bitcoin, rather than in U.S. dollars (USD). Each CBYF token represents a single share of the Coinbase Bitcoin Yield Fund, so a holder's return tracks the fund's Bitcoin reference exposure as augmented by the Bitcoin-denominated yield strategy the fund pursues, with the position carried as a fund share rather than as directly held Bitcoin.

The fund is managed by Coinbase Asset Management, with Coinbase Custody Trust Company acting as custodian, and the token is issued through the Tokeny tokenization platform. The fund is domiciled in the Cayman Islands, and the holder's claim takes the legal form of a share in the fund. Custody of the fund's assets is provided by Coinbase Custody Trust Company, under which arrangement the underlying holdings supporting the tokenized shares are held by the named custodian on behalf of the fund and its shareholders.

Each CBYF token represents a fund share and is issued natively on Base, the public blockchain network on which the fund operates. Tokenization and the management of compliant onchain transfer of the fund shares are performed through the Tokeny platform, with the token representing the holder's share interest recorded onchain.

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Tokenized funds

Tokeny operates through a white-label, no-code and API-ready platform that automates token deployment, manages security lifecycles, and enables distribution across multiple blockchain networks while enforcing compliance at the transaction level. The company has built an extensive ecosystem of 100+ partners and leverages their open-source ERC-3643 smart contract standard to ensure interoperability across both private and public blockchains, generating revenue through their enterprise SaaS tokenization infrastructure.

The platform provides comprehensive onchain finance infrastructure for issuing, managing, and distributing compliant tokenized securities including real estate, private equity, funds, and debt instruments. Tokeny operates the T-REX Platform and Engine, built on their proprietary ERC-3643 standard which is recognized as the official Ethereum standard for compliant tokenization, enabling institutions to tokenize real-world assets while maintaining regulatory compliance through on-chain controls.

Tokeny is a leading enterprise-grade blockchain tokenization platform that has been serving institutional clients since 2017, having tokenized over $32 billion in assets across 120+ customers.

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Real-world asset (RWA) issuers

Tokeny

Coinbase Bitcoin Yield Fund (CBYF) is a tokenized fund share issued by Tokeny through COINBASE BITCOIN YIELD FUND and managed by CBAM (Cayman) Ltd.

Each token is a direct claim on the issuer.

The fund is open-ended and invests in crypto assets.

Its assets are administered by Apex Malta.

Institutions and accredited investors can subscribe and redeem in BTC after completing KYC, and holders have a right to redeem at net asset value.

COINBASE BITCOIN YIELD FUND is incorporated in the Cayman Islands, is registered in the Cayman Islands, and is supervised by the Cayman Islands Monetary Authority (CIMA).

CBYF has been issued on Base as an ERC-3643 token since April 2026.

Coinbase Bitcoin Yield FundcbYIELD

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