Bitwise Asset Management, which oversees roughly $9 billion in client funds, has introduced Automated Token Portfolios, or ATPs, a non-custodial investment structure that lets eligible users outside the United States replicate and rebalance model portfolios of Coinbase's tokenized U.S. stocks. The product is implemented through Glider and initially targets themes including the Magnificent 7 plus SpaceX, robotics, and artificial intelligence leaders. Bitwise says investors pay a 0.15% methodology access fee, excluding trading and platform fees.
Unlike traditional ETFs or mutual funds, ATPs keep tokenized stock holdings in users' own wallets. Investors do not move assets into a pooled fund or hand custody over to a fund manager. Bitwise CIO Matt Hougan said the model now comes to the investor while they keep assets in their own wallet. He described ATPs as a new way to access thematic exposures more quickly and precisely than many traditional structures, adding that the industry is just scratching the surface. Glider co-founder and CEO Brian Huang said global investors can now access institutional managers in digital assets through onchain rails, unlocking capabilities not available in a traditional brokerage account.
Bitwise noted that self-custodied tokenized stocks could potentially be lent or borrowed against on DeFi protocols, subject to applicable risks. The launch follows earlier product expansions, including a partnership with Morpho in January to offer curated non-custodial vaults, seven crypto portfolios for financial advisors in February, and retail access to its crypto model portfolios through Parrot's platform in the summer. The product is initially limited to eligible non-U.S. investors, reflecting the current U.S. regulatory environment and scrutiny from the Securities and Exchange Commission, according to reports.
