Bitwise launches tokenized stock portfolio for non-U.S. investors…

How does the Bitwise automated token portfolio work?

Bitwise has introduced automated token portfolios that allow qualified investors outside the United States to automatically follow professionally designed tokenized U.S. stock portfolios while retaining assets in their wallets. The crypto asset management company, which manages $9 billion in assets, uses Coinbase's tokenized U.S. stocks as the underlying assets, while Glider is responsible for execution and automatic rebalancing.

Bitwise investment managers are responsible for designing and publishing the rules-based model, the Automated Token Portfolio (ATP). The first portfolio will focus on three major themes: the seven technology giants plus SpaceX, robotics companies and artificial intelligence leaders. Bitwise charges a 0.15% strategic usage fee, excluding transaction fees and platform fees. Unlike traditional investment funds, investors do not need to transfer positions into a collective instrument controlled by an asset management company. Individuals 'tokenized shares remain in the user's unmanaged wallet, while Glider adjusts their positions to align them with the weights set by Bitwise.

Matt Hougan, chief investment officer at Bitwise, said: "For more than a century, acquiring professional models has meant handing assets over to funds. ATP means you can keep assets in your wallet and the model will come to you proactively." Hougan added that ATP allows investors to allocate themed portfolios more quickly and accurately than many traditional investment structures.

Why is self-custody important to tokenized stocks?

The custody structure is one of the main differences between ATP and traditional ETFs or managed funds. Investors keep tokenized stocks in their wallets rather than holding stocks that represent shares of a pooled portfolio. This structure allows investors to have more control over individual positions. Because assets remain on the chain, users can also lend them or use them as collateral in supported decentralized financial agreements, but this introduces additional smart contracts, liquidity and counterparty risk. The model separates portfolio design from asset custody: Bitwise determines which assets should be included in the portfolio and how to allocate weights, while Glider performs the necessary rebalancing operations to align investors 'wallets with the model.

Brian Huang, co-founder and CEO of Glider, said that this structure provides global investors with the services of institutional investment managers through on-chain infrastructure, while adding functions that traditional brokerage accounts cannot achieve. Its ultimate form is somewhere between traditional model investment portfolios and on-chain automation strategies. Investors can obtain professionally constructed asset allocations without having to hand over the underlying tokenized securities to Bitwise.

Investor Points

Bitwise is testing whether professional portfolio management can be achieved on-chain without transferring custody rights. If this model is recognized, competition for tokenized stocks could expand from mere stock issuance to portfolio construction, automatic rebalancing, and DeFi compatibility.

Can tokenized portfolios compete with ETFs?

ATP does not replace the basic functions of ETFs. Traditional funds provide familiar structures, mature market liquidity and access through traditional brokerage accounts. Bitwise's new product is aimed at investors who are willing to directly hold tokenized assets and access blockchain infrastructure. This difference makes ATP more practical in investment themes that can be built faster than new exchange-traded products. Instead of setting up separate funds for each industry or basket, Bitwise can be based on Coinbase's existing tokenized stock release model, with Glider copying the configuration in user wallets. This approach can also make portfolio customization easier over time. New models can be created around existing tokenized assets without having to build new collective investment vehicles for each strategy.

Availability remains a major limitation. These portfolios are aimed at qualified non-U.S. users in supported jurisdictions, which means that U.S. investors cannot use the product, even though they are built based on tokenized U.S. stocks.

Why does Bitwise expand beyond crypto funds?

The launch of ATP is a continuation of Bitwise's expansion into professional asset management combined with on-chain infrastructure products. The company has launched model investment portfolios and tokenized investment products in 2026. In January, Bitwise partnered with Morpho to launch a select unmanaged vault. The next month, it launched seven professionally built crypto portfolios for financial advisers and provides system monitoring and rebalancing services. Subsequently, it opened its crypto model portfolio to retail investors through Parrot. ATP extends this strategy into the equity space by combining tokenized stocks with automated portfolio management. Coinbase provides tokenized assets, Bitwise provides investment methodology, and Glider provides infrastructure to ensure that positions are consistent with the model chosen.

The bigger test is whether tokenization can create investment products that not only provide blockchain versions of traditional brokers 'existing assets, but also bring more value. Self-custody, automatic rebalancing, and potential DeFi use give ATP functions that are not normally available in traditional investment portfolios, but whether they can be widely adopted depends on investors 'willingness to accept the additional risks and complexity of the on-chain market for these functions.