Bitwise Asset Management, a global crypto asset manager overseeing $9 billion in client assets, unveiled on August 25 local time a product called Automated Token Portfolios (ATPs), which bundle and manage tokenized U.S. equities. Bitwise designs and publishes the constituents and target weights as a model, and Glider, an on-chain portfolio automation platform, executes the trades and automatic rebalancing from the user's self-custody wallet. The assets included are tokenized stocks issued by Coinbase on Base, an Ethereum layer 2. Users hold the assets in their own wallets rather than transferring them into a third-party manager's collective investment vehicle. Trading and rebalancing are carried out by Glider, an independent platform, through a session key to which the user has granted automated trading authority within a defined scope. Bitwise's fee for the methodology is 0.15% per year, with transaction costs and platform fees charged by Glider separate. Bitwise stated that the ATPs and the underlying tokenized stocks are offered only to eligible users in supported countries among non-U.S. persons as defined by Regulation S, the offshore issuance provision of U.S. securities law, and that U.S. persons cannot use them. Among the initial strategies, "Mag7X" is designed to hold eight names: the Magnificent 7 of Apple, Microsoft, NVIDIA, Alphabet, Amazon, Meta and Tesla, plus SpaceX. "Robotics" is designed to hold companies related to robotics and autonomous driving such as Tesla, NVIDIA and Amazon, while "AI Leaders" is designed to hold NVIDIA, Microsoft, Alphabet, Meta, Amazon, SpaceX, Tesla and SanDisk, among others. All three strategies use equal weighting, and actual availability will begin in stages over the coming weeks. Bitwise stated that no advisory, custodial or contractual relationship is established with ATP users, that it does not exercise discretion over user assets or hold or control them, and that it neither initiates nor executes trades. The tokenized stocks are issued by a Coinbase entity licensed by Abu Dhabi Global Market (ADGM). Coinbase states that the tokens are backed one-to-one by the underlying shares and that shareholder rights follow in accordance with vesting conditions and the terms of the ADGM-approved prospectus. Bitwise, however, disclosed that it does not issue the tokenized stocks and has not independently verified Coinbase's representations regarding collateral, shareholder rights or redeemability. It added that its registration as an investment adviser does not imply approval or endorsement of the ATPs by the U.S. Securities and Exchange Commission (SEC), and that the regulatory protections applicable to advisory clients do not extend to ATP users. This launch is a case of the portfolio management interface moving to on-chain self-custody, but the legal rights a user acquires and the token's issuance and redemption structure require separate due diligence.
Bitwise Unveils Self-Custody Tokenized Stock Portfolios, With Glider Executing Trades and Rebalancing
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Self-custody means the assets are not handed over to the manager's account; it does not mean that all management authority returns to the user. Bitwise designs only the model and forms no advisory or custodial relationship with the user; trading and rebalancing are executed by Glider under delegated authority; the tokens are issued by Coinbase; and rights and redemption terms follow Coinbase's disclosures and prospectus. If similar products appear in Korea, one should look beyond the "self-custody" label and confirm the scope of the automated trading authority, the conditions for revoking it, and who can be held liable if the exercise of rights or redemption is blocked.