Introducing Automated Token Portfolios (ATPs) by Bitwise, powered by Coinbase and Glider
Bitwise Asset Management, which held $9 billion in client assets as of July 1, 2026, has launched Automated Token Portfolios (ATPs): institutionally managed investment strategies that run directly in an investor's own wallet. The first Automated Token Portfolios (ATPs) are built on Coinbase tokenized US stocks and are available on Glider.
Having a professional manager run a strategy has usually meant buying into a pooled vehicle and handing over the assets to it. With Automated Token Portfolios (ATPs), the manager still runs the strategy and the investor still holds the assets.
Each company handles a different part of it. Bitwise builds the strategy and decides what it holds and at what weights. Coinbase issues each holding as a tokenized US stock, backed 1:1 by real shares with full shareholder rights. Glider is where an eligible investor opens the Automated Token Portfolios (ATPs), and Glider rebalances the holdings so the wallet keeps tracking the weights Bitwise sets.
Automated Token Portfolios (ATPs) are non-custodial. The tokenized stocks sit in the investor's own wallet, and neither Bitwise nor Glider ever holds them.
"There's no rule saying onchain asset management has to look like traditional asset management," said Matt Hougan, CIO of Bitwise. "YouTube isn't just NBC on the internet. Automated Token Portfolios (ATPs) unlock a new ability to deliver thematic exposures to investors faster and with more precision than you can in many traditional structures. We're just scratching the surface here."
Introducing ATPs: Automated Token Portfolios.
— Bitwise (@Bitwise) August 25, 2026
Powered by @coinbase and @glider__. https://t.co/30ncJNUqnq pic.twitter.com/IoSPZmEixH
What ATPs does differently
Bitwise has managed crypto strategies for eight years across more than 70 products. Automated Token Portfolios (ATPs) are the first time those strategies are delivered straight to a wallet, and holding the assets directly changes two things compared with an ETF, a mutual fund, or a tokenized fund.
- The first is what an investor can do with the holdings. A fund holder owns a claim on a pool and can only buy or sell that claim. Automated Token Portfolios (ATPs) holder owns the tokenized stocks themselves, so they can be borrowed against in onchain lending apps, or sold individually at a loss to offset gains elsewhere.
- The second is speed. A pooled vehicle can take months to build and longer to trade at meaningful size. Automated Token Portfolios (ATPs) is a set of holdings and target weights, so a manager can put a new theme in front of investors as soon as the tokenized stocks exist.
The first Automated Token Portfolios (ATPs) is the Bitwise Mag7X
The Bitwise Mag7X ATPs holds eight of the largest companies in the world at equal weight: the seven companies commonly called the Magnificent 7, plus SpaceX, which listed on the Nasdaq on June 12, 2026.
More Bitwise Automated Token Portfolios (ATPs) are coming soon.
Who can hold Automated Token Portfolios (ATPs)
Coinbase tokenized stocks and Bitwise Automated Token Portfolios (ATPs) are available only to persons in eligible jurisdictions outside the United States.
For an investor outside the US, owning a portfolio of large US companies has usually meant a US broker that may not accept them, currency conversion costs, or no access at all. Holding Automated Token Portfolios (ATPs) requires no US residency, no US bank account, and no US brokerage account. Availability depends on local eligibility rules.
How to get started
Eligible investors can open the Bitwise Designed Mag7X ATP on Glider. After the first deposit, Glider rebalances the Automated Token Portfolios (ATPs) in the background to the weights Bitwise sets, and the tokenized stocks stay in your own wallet the whole time.
FAQ
What is Automated Token Portfolios (ATPs)?
An Automated Token Portfolio is a published, rules-based model portfolio, designed by Bitwise, that you can choose to implement in your own non-custodial wallet through Glider. Unlike a fund or ETF, you hold the underlying tokenized stocks yourself.
Glider keeps your holdings aligned to the model portfolio weights through the limited-authority session credentials you authorize. An ATP is not a fund, a managed account, or personalized investment advice.
Who holds the assets in Automated Token Portfolios (ATPs)?
The investor does. Automated Token Portfolios (ATPs) are non-custodial, so the tokenized stocks sit in the investor's own wallet at all times. Bitwise does not take custody of them, and neither does Glider.
What are Coinbase Tokenized Stocks?
Tokenized stocks are digital tokens issued by Coinbase. Coinbase represents that its tokenized stocks are backed one-to-one by the underlying equity shares. Bitwise does not issue tokenized stocks, has not independently verified Coinbase's backing representations, and makes no representation regarding the backing, rights, or redeemability of any tokenized stock.
How is this different from an ETF or a fund?
With a fund or ETF, you own a share of a pooled vehicle and do not directly hold the underlying assets. With an ATP, you hold the underlying tokenized stocks yourself in your own non-custodial wallet. Bitwise's published model determines the target weights, but you retain direct ownership of the assets at all times. That direct ownership is what enables you to customize your positions and, if you choose, lend or borrow against them—features a fund wrapper cannot offer. An ATP is not an ETF, mutual fund, or index fund.
What does Bitwise do?
Bitwise Investment Manager, LLC, a U.S. registered investment adviser, has established each ATP as a published, rules-based model portfolio. Bitwise determines which companies are included and publishes the model portfolio methodology. The model portfolio is reconstituted periodically when Bitwise publishes an update.
Between reconstitution dates, the model portfolio methodology does not change. Bitwise does not provide personalized investment advice to any user, does not exercise discretion over any user's wallet, and has no information about any individual user's circumstances. Selecting an ATP does not make you a client of Bitwise.
Do I actually own the tokenized stocks?
You hold the stock tokens directly in your own non-custodial wallet. These tokens are digital securities issued by a Coinbase entity licensed in the Abu Dhabi Global Market (ADGM), a financial free zone in Abu Dhabi, United Arab Emirates, under the supervision of the ADGM Financial Services Regulatory Authority (FSRA).
Coinbase represents that each token is backed 1:1 by an underlying equity share and that verified holders receive shareholder rights, including dividends (which Coinbase states are automatically reinvested) and, for holders who satisfy applicable vesting conditions, voting rights and redemption rights. Your rights with respect to the tokenized stocks—including any ability to redeem for the underlying shares or their cash equivalent—are governed entirely by Coinbase's terms and conditions and the applicable ADGM prospectus, not by Bitwise or by U.S. securities law.
Bitwise does not issue, administer, or guarantee any tokenized stock. For complete information about the tokenized stock structure, applicable vesting conditions, and your rights as a holder, see Coinbase's documentation and the applicable ADGM-approved prospectus at coinbase.com/tokenize.
Can I lend or borrow against my holdings?
Because you retain direct ownership, you may have the opportunity to lend or borrow against your holdings through decentralized finance (DeFi) protocols. Any decision to lend or borrow is made at your own initiative, carries additional risk (including the risk of automatic liquidation at unfavorable prices), and is not part of any Bitwise model portfolio.
Who can access ATPs?
ATPs are currently available only to eligible persons outside the United States and are not available to U.S. Persons (as defined under Regulation S of the U.S. Securities Act of 1933). ATPs are currently implemented through Glider.
What are the fees?
A fee of 0.15% is charged for access to the published model portfolio methodology, exclusive of trading fees and any fees charged by Glider for platform services.
How does rebalancing work?
On a daily basis, Glider's platform executes trades in your wallet to restore alignment between your portfolio and the ATP. This rebalancing is carried out by Glider through the limited-authority session credentials you have authorized. Bitwise does not initiate, authorize, or execute any transaction. You can revoke Glider's session credentials at any time, which will stop all future rebalancing.
Does selecting a model portfolio create an advisory or client relationship with Bitwise?
No. By selecting a model portfolio you do not become a client of Bitwise, and no advisory, fiduciary, or contractual relationship of any kind is created between you and Bitwise. Each Automated Token Portfolio is a general, rules-based allocation methodology published on identical terms to all eligible users who choose to access it. Bitwise does not know who you are, has no information about your financial situation or investment objectives, and makes no assessment of whether any model portfolio is appropriate for you. The decision to select, remain in, or exit any model portfolio is made entirely by you.
Investing in tokenized equities and digital assets involves significant risk, including price volatility and the possible total loss of your investment. Additional risks include those specific to tokenized stocks (issuer risk, backing risk, redemption risk), smart contracts (vulnerability/exploit risk), blockchain networks (congestion, forks, outages), and DeFi protocols (liquidation risk if you choose to lend or borrow). No person has made any determination that any model portfolio is suitable for you, and no result is guaranteed. Please read the full Important Information section below.
Important Information
Automated Token Portfolios ("ATPs") are published, rules-based model portfolios designed by Bitwise Investment Manager, LLC ("Bitwise"). Each ATP determines the constituent assets and their weights according to a published methodology. ATPs are made available to eligible users through Glider, an independent platform operated by Glider Fi Inc., which has independently chosen to offer Bitwise-published model portfolios to its users pursuant to a commercial licensing arrangement. The arrangement between Bitwise and Glider is non-exclusive, and additional implementing platforms may be added in the future.
Not investment advice. Nothing on this page constitutes personalized investment advice, a recommendation to buy or sell any asset, or a determination that any ATP is suitable or appropriate for any person. Bitwise does not provide investment advice to users who select an ATP and does not make any suitability determination for any user.
No advisory relationship. Selecting an ATP does not create an advisory, fiduciary, or contractual relationship between you and Bitwise. Your contractual and service relationship is with the implementing platform (currently Glider), whose terms of service govern your use of the service and constitute your binding agreement with that platform.
No custody or discretion. Bitwise does not custody, hold, or control any user's assets; does not hold any private key, session key, or signing authority; and does not initiate, authorize, or execute any transaction in any user's wallet. All implementation and rebalancing is performed by the implementing platform through the session credentials you independently authorize.
Risk of loss. Digital assets and tokenized securities involve a high degree of risk, including the risk of total loss. An ATP is not a deposit, is not insured by any government or protection scheme, and there is no recovery mechanism. Past performance does not indicate future results. Bitwise makes no guarantee of returns, performance, or the absence of losses.
Tokenized-asset risk. Where an ATP provides exposure to tokenized stocks or other tokenized real-world assets, those tokens are issued by a third party (not Bitwise). Any backing, shareholder rights (including voting and dividends), and redemption rights depend entirely on the issuer's terms and structure and may be limited, conditional, or unavailable. Coinbase represents that its tokenized stocks are backed 1:1 by equity shares. Bitwise has not independently verified this claim and makes no representation regarding the backing, rights, or redeemability of any tokenized stock.
ADGM issuance structure. The tokenized stocks included in ATPs are issued by a Coinbase entity licensed in the Abu Dhabi Global Market (ADGM), a financial free zone in Abu Dhabi, United Arab Emirates, under the supervision of the ADGM Financial Services Regulatory Authority (FSRA). This issuance structure became operational in August 2026 and has not been tested through a market stress event, issuer default, or regulatory challenge. Your rights as a holder of tokenized stocks are governed by ADGM law and by Coinbase's terms and conditions and the applicable ADGM prospectus - not by U.S. securities law or any investor-protection framework applicable in the United States or your home jurisdiction. The tokenized stocks may be subject to vesting conditions that limit certain rights (including voting and redemption) until those conditions are satisfied. Dividends are automatically reinvested rather than paid in cash. To exercise redemption rights (i.e., to convert a tokenized stock back to the underlying share or its cash equivalent), a holder must have a brokerage or bank account capable of receiving the proceeds, subject to the terms set forth in the applicable prospectus. Coinbase has stated that it can freeze or seize tokens at the wallet level where required by law or regulation. Bitwise has not independently verified the legal structure underlying Coinbase's tokenized stock program, the nature or enforceability of the backing arrangement, the completeness of shareholder rights, or the ability of any holder to redeem tokenized stocks for the underlying shares.
Smart-contract and protocol risk. ATPs operate onchain through smart contracts. Smart contracts may contain undiscovered vulnerabilities despite auditing, and an exploit can result in partial or total loss. Onchain exploits can occur faster than any party can respond, and onchain transactions are generally irreversible.
Lending and leverage risk. If you independently choose to lend or borrow against assets held through an ATP, you take on additional risk including the risk of automatic liquidation at unfavorable prices. Any decision to lend or borrow is made at your own initiative and is not part of any Bitwise model portfolio.
Model portfolio updates. Each ATP reflects Bitwise's published allocation methodology, which is reconstituted periodically. Bitwise has no obligation to update, maintain, or continue publishing any model portfolio. If Bitwise publishes a reconstitution, implementation onchain is carried out by the implementing platform's infrastructure through the session credentials the user has authorized. Bitwise makes no guarantee as to the timing, accuracy, or completeness of any implementation.
No suitability determination. No person has made any determination that any ATP described here is suitable, appropriate, or consistent with your financial situation, investment objectives, or risk tolerance. You bear sole responsibility for that evaluation.
Glider and distribution partners. Glider operates the platform, controls execution and rebalancing infrastructure, and makes its own representations, disclosures, and terms. You should review Glider's Terms of Service, which constitute your binding agreement with Glider and govern your use of the service. Bitwise is not responsible for the operation, availability, or security of Glider, or for any representation made by Glider or any other implementing platform.
Regulatory uncertainty. The regulatory treatment of onchain model portfolios, tokenized assets, and decentralized finance protocols is evolving and unsettled. Changes in law, regulation, or guidance could affect the availability, structure, or tax treatment of any ATP.
Bitwise's registration status. Bitwise is registered with the U.S. Securities and Exchange Commission as an investment adviser. That registration relates to Bitwise's separately conducted advisory business (including ETFs, separately managed accounts, and other products) and does not mean that (a) the SEC has approved or endorsed any ATP, (b) Bitwise is acting as your adviser in connection with any ATP, or (c) any regulatory protections afforded to Bitwise's advisory clients extend to ATP users.
No offer or recommendation. Nothing on this page is an offer, solicitation, or recommendation by Bitwise to buy, sell, or hold any asset or to select any ATP, or a representation that any ATP is suitable for any person.
Eligibility. ATPs are available only to eligible persons outside the United States. ATPs are not available to U.S. Persons (as defined under Regulation S of the U.S. Securities Act of 1933).
