Bitwise is launching Automated Token Portfolios — baskets of tokenized U.S. equities that live in an investor's crypto wallet and rebalance automatically, built on Coinbase's newly debuted tokenized stocks on Base. The initial lineup covers AI, robotics, and an equally-weighted version of the Magnificent Seven that also includes SpaceX alongside the usual seven. Portfolio technology comes from Glider, which handles rebalancing against Bitwise's models; eligible investors outside the U.S. keep the individual stocks in their own wallets while the software does the rest. The product represents what tokenized equities can become beyond just recreating stock trading on-chain. As Bitwise CIO Matt Hougan put it: "For over a century, getting a professional model meant handing your assets to a fund. ATPs mean you can keep the assets in your own wallet, and the model comes to you." The announcement also hints at what Coinbase's next batch of tokenized stocks may include — Microsoft, Amazon, Tesla, SpaceX, and Sandisk all appear in Bitwise's models, none yet confirmed by Coinbase.
Bitcoin climbed more than 4% over the past 24 hours to cross $80,000 for the first time since May, extending its seven-day advance to roughly 25% while the wider CoinDesk 20 index added 2.7%. The rally started after the U.S. Treasury announced it would at least double bond buybacks and has since been confirmed by deepening liquidity and spot buying that Glassnode calls "meaningful capital deployment." The nuanced read: roughly $3 billion in short positions were liquidated in two days while bitcoin network transactions remained near eight-year lows — suggesting short covering rather than fresh conviction drove much of the move. Funding rates held below 10% and seven-day skews for both bitcoin and ether remain negative, reflecting persistent demand for downside protection.
Copper, the London-based institutional custody firm once valued at $2.5 billion, is drawing acquisition interest at roughly $200 million — 60% below the $500 million price tag Cantor Fitzgerald was marketing just months ago. The company's ClearLoop settlement system handles over $50 billion in monthly notional volume across 1,000-plus counterparties, but preferred stock overhangs from $300 million in venture funding at peak valuations complicate any deal. The firm had been weighing an IPO earlier this year before pivoting to a sale; Bitgo, the custody peer Copper partnered with on ClearLoop, debuted publicly and has since lost more than 60% of its listing price.
