President Sebastian Bea on Bitcoin Yield, Institutional Crypto Appetite, and Navigating Risk

As the institutional appetite for digital assets matures, Coinbase Asset Management (CBAM) is positioning itself at the intersection of traditional investing rigor and the crypto-native frontier. Leading that effort is Sebastian Pedro Bea, President of CBAM, whose two-decade career spans Blackrock, Credit Suisse First Boston, and One River. In this exclusive conversation, Bea sheds light on the Bitcoin Yield Fund recently launched by CBAM and offers sharp insights into institutional behavior, macro trends, and the evolving architecture of crypto investing.

Why the Bitcoin Yield Fund, and Why Now?

According to Bea, the Bitcoin Yield Fund (CBYF) was designed in direct response to rising demand from institutions looking for conservative, bitcoin-backed income strategies. “Institutions are increasingly viewing bitcoin as a credible store of value, especially in light of inflation and sovereign debt concerns,” he said. “CBAM’s goal is to offer bitcoin exposure in a way that mirrors traditional investment best practices while managing risk and regulatory clarity.”

Unlike speculative products chasing high yield, CBYF takes a beta-one approach, staying fully long bitcoin at all times and generating moderate yield via offshore leverage markets. “We don’t try to time the price of bitcoin,” Bea emphasized. “And we charge flat fees, not performance-based ones, which aligns better with conservative investors.”

The fund structure is one of its core differentiators. This allows CBAM to deploy capital across a broader array of venues and strategies, enhancing diversification. Bea contrasted CBYF’s flat fee structure and conservative risk posture with the more aggressive approach of crypto hedge funds that often charge high performance fees. “Our strategy is built for long-term holders who want yield, not leverage chasers,” he said.

Additionally, CBAM’s deep bench of talent, with experience from Coinbase, Millennium, AQR, and Blackrock enables the firm to operate confidently across both traditional and digital markets.

Institutional Sentiment: From FOMO to Macro Allocation

Bea said institutional attitudes have evolved sharply since the 2021 cycle. “There’s less FOMO and more strategic deliberation,” he noted. Non-U.S. institutions, in particular, are reassessing their U.S. dollar exposure, with many starting to treat bitcoin and gold as parallel stores of value.

Looking ahead, Bea expects further traction for crypto-native venture exposure and, in the long run, demand for diversified long/short crypto strategies. “We think ‘liquid venture’ will become a new category,” he added, referring to active, long-only altcoin strategies.

The approval of U.S. spot bitcoin ETFs has been pivotal in legitimizing digital assets for institutions, Bea said. While many pension funds remain cautious, ETFs offer a familiar vehicle for passive exposure, reducing friction for first-time allocators. “It’s a milestone that changes the conversation,” he said.

Macro and Regulatory Headwinds

Despite persistent macroeconomic uncertainty, Bea believes the conditions are increasingly favorable for bitcoin as a hedge. “Dollar depreciation concerns, inflation, and geopolitical risk have pushed institutions to seek alternative stores of value,” he explained.

Regarding regulation, CBAM is pursuing a dual-registration model, with operations structured to meet both U.S. and international standards. “We don’t compromise on compliance,” Bea stressed, referencing CBAM’s commitment to compliance in both the U.S. and Cayman Islands as a strategic advantage to serve global clients.

TradFi x DeFi: The Next Frontier

With a background straddling Wall Street and the digital asset frontier, Bea sees opportunity in the growing convergence between TradFi and DeFi. “We’re actively exploring compliant pathways to integrate blockchain advancements into institutional frameworks,” he said. CBAM’s regulated infrastructure is built to support innovation in yield, custody, and decentralized finance.

Bea believes the next wave of institutional demand, particularly in 2025 and 2026, could be driven by structured products like diversified long/short funds and regulated DeFi yield instruments. “Right now, the focus is on bitcoin and bitcoin yield,” he said. “But the appetite for advanced strategies is building.”

As a world champion and Olympic silver medalist in rowing for the U.S., Sebastian was asked about a potential return to competitive rowing at the 2028 Summer Olympics. Bea laughed. “I’ll definitely be attending,” he said, “but these days, my focus is on family, the CBAM team, and helping institutions navigate this new world.”

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