Coinbase adds six tokenized stocks after $228M debut

Coinbase has added six tokenized equities, including Amazon, Microsoft, and Tesla, to Base after its first batch generated $227.7 million in decentralized exchange volume within about 30 days.

Base said on Sept. 4 that Amazon (AMZNc), Microsoft (MSFTc), Strategy (MSTRc), SanDisk (SNDKc), SpaceX (SPCXc) and Tesla (TSLAc) are now available onchain, expanding Coinbase’s tokenized stock range weeks after the initial release.

The additions give eligible investors exposure to five publicly traded companies and privately held SpaceX through tokens that can move across supported applications on the Ethereum layer-2 network. Developers can also integrate the assets into trading, lending, and other financial products built for Base.

Coinbase tokenized stocks expand beyond the first four assets

Coinbase started its Base rollout on Aug. 24 with tokens tied to Apple, Alphabet, Meta, and Nvidia. As crypto.news previously reported on the launch, the products use Base’s B20 standard and represent beneficial interests in shares held through regulated custody.

Adding six tickers brings the live lineup to 10. Amazon, Microsoft, SanDisk and Tesla add exposure to major U.S. technology companies, while MSTRc tracks Strategy, the Nasdaq-listed company known for holding Bitcoin on its balance sheet.

SPCXc provides exposure linked to SpaceX, which remains a private company rather than a stock listed on a public U.S. exchange. Coinbase had included SpaceX exposure in an earlier international tokenized-share rollout, alongside Nvidia, Alphabet, and Strategy.

Under the structure described by Coinbase, Coinbase Onchain SPV Ltd. issues a matching B20 token against each underlying share or eligible equity interest. The issuer operates from the Abu Dhabi Global Market and holds the assets separately from Coinbase through a custody arrangement.

Coinbase describes each token as a beneficial claim on the corresponding equity rather than a synthetic instrument that only follows its price. Tokenholders, however, are not directly entered on the underlying company’s shareholder register.

Alpaca Securities acts as the broker and custodian for the public equities. The company is registered with the U.S. Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.

Coinbase says the shares are placed in segregated, bankruptcy-remote custody. The prospectuses for the products provide the specific legal terms, fees, and risks attached to each token.

DEX volume reached nearly $228 million in one month

Token Terminal data placed trading volume for Coinbase-issued stock tokens at $227.7 million across Base decentralized exchanges during the 30 days preceding the latest expansion.

The analytics platform measures trades executed through decentralized venues rather than transfers between blockchain addresses. Daily DEX activity exceeded $33 million at its peak, according to the same dataset.

An earlier Token Terminal update put cumulative volume at $124.8 million, with NVDAc accounting for $71.6 million, or 57% of activity recorded at that point. Volume therefore continued to rise after the first surge surrounding the August launch.

Separate RWA.xyz figures showed that the tokenized-stock sector was already growing before Coinbase added the new products. In late August, monthly transfers climbed 415% to $29.5 billion, while the value of tokenized equities distributed onchain stood near $2.54 billion.

Transfer volume and trading volume measure different activities. Transfers may include collateral movements, automated transactions, or assets moving between applications, while DEX volume records token swaps completed through decentralized exchanges.

RWA.xyz also counted about 1.3 million monthly active addresses and 2.36 million tokenized stockholders at the time. Wallet totals do not necessarily represent separate people because one user can control several addresses, and custodial services may combine assets belonging to multiple customers.

Token holders can trade and use the assets in DeFi

Eligible users can keep Coinbase’s stock tokens in self-custodial wallets and trade them outside regular Nasdaq or New York Stock Exchange hours. Onchain markets can remain open overnight, on weekends, and during U.S. market holidays.

Coinbase also allows the B20 assets to connect with supported decentralized finance applications. Aerodrome supplies decentralized trading liquidity, while Aave, Morpho, and Euler support or plan to support lending and borrowing functions.

Other integrations listed during the first launch included 0x, 1inch, KyberSwap, and CoW Swap. Chainlink provides price information designed to help applications track changes in the value represented by each token.

The setup lets a qualifying holder buy a token through a decentralized exchange and later use it as collateral in a compatible lending market. Access, borrowing limits, and liquidation terms depend on the rules set by each protocol.

Prices may separate from the underlying shares when U.S. markets are closed, particularly if onchain liquidity becomes thin. Coinbase’s prospectus warns that market interruptions, limited liquidity and different trading hours can cause a token to trade above or below the equity it represents.

Corporate actions also work differently from a standard brokerage account. Coinbase says dividends are generally reinvested in additional underlying shares after applicable withholding taxes and fees, with an onchain multiplier adjusting the equity value represented by each token.

The raw number of tokens in a wallet does not change when the multiplier is updated. Coinbase uses the same mechanism to account for stock splits without disrupting positions held inside DeFi applications.

U.S. investors remain excluded from the Base offering

Although most of the underlying companies are based or listed in the United States, Coinbase does not make the B20 securities available to U.S. persons. The products have not been registered under the Securities Act of 1933 or state securities laws.

Coinbase offers them under Regulation S, an SEC exemption for qualifying securities transactions conducted outside the United States. The restriction applies to sales made within the country and transactions carried out for the account or benefit of a U.S. person.

American customers can access conventional stocks and exchange-traded funds through Coinbase Capital Markets, but the regulated brokerage service is separate from the B20 assets on Base. Apex Clearing handles execution, clearing, and custody for the conventional brokerage offering.

Users who obtain a B20 token through an open decentralized market must still pass the issuer’s identity, sanctions, and jurisdiction checks to become verified holders. Unverified holders cannot redeem tokens for the underlying shares, U.S. dollars, or accepted stablecoins, according to the product terms.

Verified redemptions carry a 0.05% fee and may face delays caused by compliance checks, settlement procedures or the sale of the underlying security. The final amount can differ from the value displayed when a redemption request is submitted.

Coinbase’s tokens have also started appearing in third-party investment products. In August, Bitwise introduced three automated portfolios for eligible non-U.S. users, covering the Magnificent Seven plus SpaceX, robotics companies and artificial intelligence businesses.

The Bitwise models use Glider to execute trades and rebalance assets held in a user’s own wallet. Bitwise charges a 0.15% methodology fee, excluding Glider’s platform charges and the trading costs incurred during portfolio adjustments.