Abu Dhabi-based asset manager Mubadala Capital has launched a tokenised version of one of its private market strategies, in a move that further embeds the United Arab Emirates in the fast‐growing market for blockchain-based investment products.
The strategy, aimed at qualified investors, has been brought onchain using infrastructure from UAE tokenisation specialist KAIO and is available simultaneously across the Base, Solana and Sui networks. The fund has already gathered around $75m in onchain assets, with Coinbase taking exposure to it on its own balance sheet.
Coinbase’s participation gives the vehicle a high‐profile institutional backer and underlines how established digital-asset firms are seeking to expand beyond trading into onchain asset management. The fund is accessible on Base, the Ethereum layer‐2 network incubated by Coinbase, alongside Solana and Sui, reflecting a multi‐chain approach designed to reach different segments of the crypto market.
Mubadala Capital, which is backed by Abu Dhabi’s sovereign wealth resources, is using KAIO’s technology to convert interests in one of its existing private markets funds into blockchain tokens. Those tokenised interests are then issued and recorded across the three supported networks, allowing eligible investors to hold and transfer positions using compatible digital wallets.
The launch comes as major global asset managers accelerate efforts to put traditional securities and investment strategies on public blockchains, a process widely referred to as tokenisation. Large Wall Street institutions have projected that trillions of dollars of financial assets could eventually be represented as tokens, citing potential efficiencies in settlement, reporting and secondary market trading.
For the UAE, Mubadala Capital’s initiative adds to a series of moves intended to position the country as a centre for tokenised finance and digital-asset innovation. Regulators and government-linked entities in Abu Dhabi and Dubai have been promoting the development of blockchain-based financial services, seeing them as a way to attract international capital and technology firms.
The fund’s early scale – with about $75m already recorded onchain – suggests growing comfort among qualified investors with holding exposure to private markets via tokenised structures. By placing the strategy on Base, Solana and Sui, Mubadala Capital and KAIO are also testing investor appetite across networks that differ in technical design, user communities and ecosystem depth.
Tokenisation advocates argue that representing fund interests as blockchain tokens can simplify administration, improve transparency and enable more flexible transferability for eligible holders, while still operating within existing regulatory frameworks for private funds. In this case, the underlying strategy remains a private markets fund, with the blockchain layer functioning as the record‐keeping and transfer mechanism rather than altering the core investment approach.
The move also reflects a broader reshaping of digital-asset markets. As trading patterns have shifted since June, attention has increasingly turned from pure cryptocurrency speculation towards blockchain-based versions of traditional financial products, including funds and securities.
Although overall tracked markets have seen outflows during this period, certain exchanges and platforms have continued to attract inflows and maintain significant shares of user assets and spot trading. Within that environment, the emergence of tokenised funds such as Mubadala Capital’s onchain product signals how both traditional finance and crypto-native firms are looking to new structures to sustain growth and broaden participation.
Mubadala Capital’s partnership with KAIO, and Coinbase’s decision to take direct exposure, highlight how sovereign wealth-backed managers, tokenisation technology providers and major digital-asset platforms are increasingly working together. Their shared bet is that putting established investment strategies on public blockchains will become a core part of global capital markets in the years ahead.
