Overview
- Bitwise announced Automated Token Portfolios, or ATPs, on Tuesday, August 25, offering three equal‑weighted thematic baskets — Mag7X, Robotics, and AI Leaders — built from Coinbase’s tokenized U.S. stocks.
- Users retain direct ownership of the underlying tokenized shares in non‑custodial wallets while Glider executes trades and automated rebalances to match Bitwise’s published target weights.
- Coinbase Onchain SPV Ltd. issues the stock tokens on Base under ADGM prospectuses that state each token is initially backed 1:1 by a segregated share held via Alpaca Securities, a claim Bitwise says it has not independently verified.
- Bitwise charges a 0.15% methodology access fee separate from trading and platform costs, and the ATPs are available only to eligible non‑U.S. persons with U.S. persons explicitly excluded.
- The launch extends Bitwise’s on‑chain product push but raises open questions about token backing verification, on‑chain liquidity for efficient rebalancing, tax and distribution fees for non‑U.S. holders, and new risks if tokens are used as DeFi collateral.