Crypto exchange Coinbase (Nasdaq: COIN) announced on April 28 the launch of the Coinbase Bitcoin Yield Fund (CBYF), a new initiative targeting institutional investors seeking bitcoin yield with mitigated risk. Developed by Coinbase Asset Management (Coinbase AM or CBAM), the CBYF aims to generate steady returns for clients subscribing and redeeming directly in BTC. The company explained:

This fund is a conservative strategy that seeks a 4-8% net return in bitcoin per year, over a market cycle, with investors subscribing and redeeming in bitcoin.

Set to officially open on May 1, the CBYF will accept monthly subscriptions and redemptions with a five-business-day notice period. The strategy is forecast to accommodate up to $1 billion in assets under management and will initially be available only to non-U.S. investors through qualified custodians.

Early support for the CBYF has already emerged. “The fund is seeded by multiple investors, including Aspen Digital, an FSRA-regulated digital asset manager based in Abu Dhabi, UAE,” the company shared. Aspen Digital will also serve as the exclusive wealth distribution partner across the UAE and Asia.

Positioning itself as a gateway for institutions into the crypto sector, Coinbase AM seeks to blend traditional finance standards with digital asset expertise. Coinbase Asset Management is a U.S. Securities and Exchange Commission (SEC)-registered investment advisor (RIA), a Commodity Futures Trading Commission (CFTC)-registered commodity pool operator (CPO) and commodity trading advisor (CTA), and a member of the National Futures Association (NFA).

Highlighting the institutional focus of the fund, Coinbase AM stated:

Coinbase AM designed CBYF to lower expected investment and operational risks, which we believe align with institutional investor risk appetite.

CBAM emphasized that CBYF differs from typical bitcoin yield strategies, which often involve substantial investment or operational hazards. Instead of adopting practices that heighten risk, CBYF’s structure addresses security concerns head-on. The company described: “Rather than move assets out of storage, Coinbase AM uses third-party custody integrations to trade, which we believe significantly reduces counter-party risk. Additionally, our investment strategy avoids riskier high-interest bitcoin loans and systematic call selling.”

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