Coinbase, a platform for buying, selling and trading crypto, at the end of April announced the launch of its Coinbase Bitcoin Yield Fund, a long-bitcoin fund. Bitcoin, explains the company, does not generate a yield. “Bitcoin yield funds have emerged to address this limitation,” it says, with the new fund designed “to lower expected investment and operational risks.”

On 7 May, global financial services provider Apex Group announced that it had been selected by Coinbase Asset Management to provide fund administration services. These services will be delivered by Apex Malta and are meant to be specifically for digital asset strategies and the company’s Coinbase Bitcoin Yield Fund.

“We’re extremely pleased to strengthen our alliance with Coinbase AM to support the launch of CBYF this month,” commented Apex Group CEO and founder Peter Hughes. “This fund further expands global access to meet the growing demand for bitcoin yield. Apex Group has ten years of expertise in crypto fund administration and is committed to innovation. We also have the ability to deliver secure, reliable and scalable solutions and pride ourselves on our capacity to handle the complexities of digital asset fund administration transfer agency and distribution  while adhering to fiduciary standards.”

Aspen Digital, a digital asset manager regulated by the Financial Services Regulatory Authority of Ontario (FSRA), also played a significant role by seeding the fund and serving as an exclusive wealth-distribution partner in the United Arab Emirates and Asia, noted a press release.

Founded in 2012, Coinbase has 100m users, says the company. It held $404bn of assets on its platform as at the end of 2024, according to its annual report, and trading volume for the year came to $1.16trn.