Mubadala Capital tokenizes private markets fund across Solana, Sui and Base as Coinbase adds exposure to balance sheet

Mubadala Capital, the $430 billion asset management arm of Abu Dhabi's sovereign wealth fund, has launched a tokenized version of one of its private markets strategies on Solana, Sui and Coinbase's Base network — marking one of the largest sovereign-backed entrants into the real-world asset tokenization space.

The firm partnered with UAE-based tokenization infrastructure provider KAIO to issue and administer the onchain fund, which has already attracted roughly $75 million in onchain assets. Coinbase is also taking exposure to the fund on its own corporate balance sheet, though the size of the investment was not disclosed.

The move deepens the intersection between traditional finance and blockchain-based capital markets. By deploying across Solana and Sui alongside Base, Mubadala Capital gains access to two of the most active ecosystems for high-throughput onchain finance, each known for low-cost transaction processing and growing institutional tooling.

KAIO, which currently hosts $144 million in tokenized funds across its platform, counts Hamilton Lane, Brevan Howard and Laser Digital among its existing clients. The firm's infrastructure handles issuance, administration and distribution of the tokenized fund shares to qualified investors.

Bringing it onchain extends that access to a new class of qualified investors without compromising the institutional discipline that defines how we invest," said Max Franzetti, head of Mubadala Capital Solutions, in a statement.

Brett Tejpaul, head of Coinbase Institutional, said the exchange's decision to add the fund to its corporate balance sheet reflects "growing interest in regulated tokenized assets as treasury holdings." He added that as regulated assets become programmable, "they can become part of a broader onchain economy that is more transparent, composable and accessible.

Tokenization has emerged as one of the fastest-growing segments in digital assets, with major asset managers including BlackRock, Franklin Templeton, Apollo and Invesco having launched or expanded onchain fund products. Industry projections range from Citi's estimate of $5.5 trillion in tokenized securities by 2030 to a Boston Consulting Group and Ripple forecast of $18.9 trillion in total tokenized assets by 2033.

The launch also aligns with the UAE's broader push to position itself as a regulatory and financial hub for tokenized assets, as Abu Dhabi and Dubai continue rolling out digital asset frameworks and attracting institutional experimentation with onchain funds, bonds and stablecoins.