Bitwise Launches Tokenized Stock Auto-Portfolios on Ethereum's Base at 0.15% Fee

Bitwise Debuts Automated Tokenized Equity Portfolios

Bitwise, the US crypto asset manager overseeing roughly $9 billion in client funds, has begun rolling out an automated tokenized stock service that lets investors track model portfolios while keeping assets in their own wallets. The firm said on Aug 25 that it combined Coinbase's tokenized equities, issued on Base (the Ethereum layer-2 network), with the independent Glider platform, allowing eligible non-US residents to hold positions such as Apple or NVIDIA tokens without transferring them to a pooled fund. Unlike a pooled vehicle, the wallet-based structure leaves the tokenized shares in investor-controlled wallets; no transfer to a fund operator or custody handover is required. Three strategies are available at launch: Mag7X, which weights eight companies equally across the Magnificent Seven plus SpaceX; Robotics, focused on autonomous-systems leaders; and AI Leaders, targeting companies driving artificial-intelligence development. The service charges 0.15% on top of transaction fees. According to Matt Hogan, Bitwise's chief investment officer, professional-grade allocation models previously required handing assets to a fund, whereas the new structure reproduces the model inside a self-custody wallet. Bitwise said the portfolios will be phased in over the coming weeks. Users can still deploy the tokenized holdings as collateral in decentralized lending protocols, though this carries forced-liquidation risk.

Coinbase, the exchange behind the underlying infrastructure, switched on its Coinbase Tokenized Stocks service on Base on Aug 24, one day before Bitwise's announcement. The first tokens — AAPLc, NVDAc, METAc and GOOGLc — are issued under the B20 standard and each represents a direct claim on an underlying share of Apple, NVIDIA, Meta or Alphabet. Coinbase's official tokenization page describes a structure in which designated participants buy the real equities and Alpaca, a regulated broker-custodian, holds them in bankruptcy-remote custody under the Abu Dhabi Global Market's oversight. Holders can trade the tokens around the clock, use them as collateral on Aave, and supply them to liquidity venues such as Aerodrome Finance. Dividends are not distributed as cash; they are reinvested and reflected through an on-chain multiplier, so one token does not necessarily equal one share over time. Trading also continues when US markets are closed, though weekend pricing can diverge from the next official Nasdaq print. To exercise voting or redemption rights, users must qualify as Vested Holders under Coinbase's verification procedures, a step that separates the tokenized product from ordinary brokerage accounts. Base has said more tickers will follow in the coming weeks. Official materials list the service as available only in eligible non-US jurisdictions.

A separate set of crypto-exposed Nasdaq small caps — names that often trade more like altcoins than traditional equities — is relying on share-count mechanics rather than business growth to stay listed. Datavault AI traded at $0.3186 on Aug 21, about 68% below the $1 minimum bid price, and had ended every session from Aug 7 through Aug 21 below the threshold. With its cure period expiring Aug 24, the company had no remaining path to create the required 10-day run above $1 and had not disclosed an extension or delisting ruling as of that date. Digital Currency X, which completed a 12-for-1 reverse split in January, is asking shareholders on Sept 3 to approve a 160-for-1 split, bringing the cumulative ratio to 1,920-for-1. Nasdaq rule 5810(c)(3)(A)(iv) removes the grace period for a company that trips the $1 rule again after a split in the past year or cumulative splits of 250-for-1 or more in two years, meaning another dip would push DCX directly toward delisting. CleanCore Solutions has already diluted holders, issuing 275.83 million new shares to push outstanding stock up 121.9% to 502.09 million shares, with warrants that could add hundreds of millions more. The company sold most of its 463 million DOGE tokens in July for about $33.4 million, while facing a contribution obligation of up to $500 million in a Minnesota joint venture.

The two tracks frame the same theme from opposite directions. Bitwise and Coinbase are pulling traditional equities into the Ethereum-based financial stack, where a tokenized NVIDIA position can sit beside ETH and USDC in one wallet and be borrowed against on Aave. The Nasdaq names show a crypto association alone does not modernize a balance sheet: reverse splits reduce the share denominator and offerings expand it, but neither generates cash, and Nasdaq's rules cap how often the split lever can be pulled. The primary documents — Coinbase's tokenization disclosures and the exchange rules governing DVLT and DCX — make the distinction explicit: one track expands what a wallet can hold, the other preserves a listing while core operations remain under pressure.