Mubadala Capital has tokenized a $75mn private-markets fund with blockchain infrastructure provider KAIO, attracting an investment from Coinbase as regulated real-world assets move beyond government bonds and money-market products.
Coinbase will hold exposure to the fund on its corporate balance sheet for onchain treasury management, KAIO said in an X post. The investment makes the US-listed crypto exchange both a technology partner and an investor in the product. The fund has been issued across the Base, Solana and Sui blockchains and is limited to qualified institutional and accredited investors.
Sovereign capital moves onchain
Mubadala Capital is the alternative asset-management subsidiary of Mubadala Investment Company, Abu Dhabi's sovereign investment group. It invests across private equity, credit, venture capital and other alternative assets.
KAIO is an Abu Dhabi-based platform that places regulated investment funds on blockchain networks. It handles the digital infrastructure, compliance controls and tokenized ownership records required to make conventional funds available onchain.
The companies began exploring tokenized access to Mubadala Capital strategies in December 2025. KAIO said at the time that it had already brought more than $200mn of institutional assets onchain through projects involving funds managed by BlackRock, Brevan Howard and Hamilton Lane. Its products remain restricted to institutional and accredited investors.
Tokenization represents an investor's interest in the fund through a blockchain-based token. It can simplify transfers, settlement and record-keeping, but does not remove the underlying risks or lock-up periods associated with private-market assets.
Coinbase tests tokenized treasury assets
Coinbase's involvement signals that public crypto companies are beginning to consider regulated tokenized funds as corporate treasury assets rather than only as products for clients.
Private-market funds present a more difficult tokenization test than Treasury bills or money-market funds. Their assets are less liquid, valuations update less frequently and transfers remain subject to legal and investor-eligibility restrictions.
Blockchain infrastructure can reduce administrative friction and create new distribution channels, but does not automatically create continuous liquidity or make the fund available to retail investors.
The transaction nevertheless pushes tokenization into a new area. A sovereign-backed asset manager has placed a private-markets strategy on public blockchain networks, while one of the largest listed crypto companies has committed its own capital to the product.
