Mubadala Capital puts private markets fund on blockchain in Coinbase deal

THE NATIONAL ·

Mubadala Capital, the asset management arm of Abu Dhabi's $385 billion sovereign wealth fund, has teamed up with Coinbase and Abu Dhabi-based FinTech firm Kaio to put one of its private market investment funds on the blockchain. The product, now live across three blockchain networks (Base, Solana and Sui), has already attracted $75 million from investors, including Coinbase itself, according to a statement shared by Mubadala Capital. The move opens up the investment strategy that was previously available only to a narrow group of institutional investors to a wider pool of investors anywhere in the world, through regulated crypto infrastructure rather than the traditional paperwork-heavy process. Private markets, which include investments in companies, assets and credit that are not listed on public stock exchanges, have historically been practically inaccessible to all but the largest investors such as sovereign funds, pension funds, and endowments. The minimum tickets are high, the paperwork complex and the distribution limited by geography and relationships. Tokenisation changes that equation. By representing a fund's shares as digital tokens on a blockchain, asset managers can make their products available to a broader range of qualified investors, settle transactions faster, and reduce administrative costs. Private market assets are notoriously illiquid, where once you invest, your money is typically locked up for years with no easy way out. Tokenisation eases that process by creating a secondary market where none previously existed, because tokens can be transferred between investors on a blockchain without the lengthy legal and administrative process traditional fund transfers require. This is genuinely new market infrastructure, not simply smaller slices of the same asset, that allows more participants in the market. The tokenised real-world assets market is fast gaining popularity and crossed $30 billion in early 2026, a 300 per cent year-on-year increase, drawing attention across institutional desks, according to an April report by DeFi and blockchain company Theo. BlackRock's BUIDL fund, a tokenised money market product launched in 2024, surpassed $2.5 billion in assets by May 2026, the report added. What makes this launch different is who is doing it. Mubadala's asset base grew 17 per cent to $385 billion in 2025, and Mubadala Capital manages and administers more than $600 billion across private equity, credit, venture capital and co-investment. This is not a start-up testing an idea. It is one of the world's largest sovereign-backed asset managers moving an established, diversified private markets strategy on to public blockchain infrastructure. “This strategy was built on differentiated access – to deal flow, to co-investment, to a global network that most investors cannot reach on their own,” said Max Franzetti, head of Mubadala Capital Solutions. “Bringing it onchain extends that access to a new class of qualified investors without compromising the institutional discipline that defines how we invest.” A standout element is Coinbase's decision to add the tokenised Mubadala Capital strategy directly to its own balance sheet. A publicly listed US company using a sovereign-backed Abu Dhabi fund as a treasury asset can be seen as a notable signal of how mainstream the convergence of traditional and digital finance has become. “Bringing exposure to a tokenised Mubadala Capital strategy on to Coinbase's balance sheet reflects the growing maturity of regulated real-world assets,” said Brett Tejpaul, co-chief executive of Coinbase Institutional. The launch fits a broader pattern. Abu Dhabi focuses on institutional Bitcoin and digital asset infrastructure such as custody, and regulated capital markets through Abu Dhabi Global Market , while Kaio, the ADGM-based infrastructure provider behind the product, already has funds from BlackRock, Brevan Howard and Hamilton Lane live on its platform, with around $150 million in total assets across more than 10 blockchains. The tokenised asset market is still small relative to global capital markets, but is growing rapidly. Forecasts for the tokenised asset market range from $2 trillion by 2030, excluding cryptocurrencies and stablecoins, according to McKinsey, to $30.1 trillion by 2034, according to Standard Chartered, with the figures signalling that institutional players are moving quickly to establish early positions.

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Mubadala Capital has decided to onboard private market funds onto the blockchain through a partnership with Coinbase. This is an important case showing that the tokenization trend of traditional financial assets is accelerating. The expansion of institutional capital inflows into the blockchain provides positive momentum for virtual assets and related infrastructure companies. Investors should monitor the growth rate of the real-world asset tokenization market and trends in institutional adoption.

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