Mubadala Capital tokenizes a $75m private markets strategy through KAIO, with Coinbase taking exposure

What happened

Mubadala Capital announced on 23 July 2026 that it had tokenized a private markets strategy through KAIO, with $75m live at launch. The tokenized fund was issued across Solana, Sui and Base. Coinbase took exposure to the onchain vehicle as part of the transaction. Mubadala Capital and KAIO had announced an intention to explore digital access to private market investments in January 2026, making the July issuance the production step from that agreement. Coverage framed the deal as the first time a sovereign-linked asset manager of this size had put a private markets strategy onchain with a crypto exchange as an investor.

Why it matters

Private markets tokenization has so far been driven by asset managers seeking wealth-channel distribution. A sovereign-linked manager issuing across three networks with an exchange as an anchor investor is a different pattern: it uses onchain issuance to widen the investor base for an institutional strategy rather than to retail a fund. The multi-network issuance is also notable. Splitting a single strategy across Solana, Sui and Base fragments secondary liquidity unless the platform maintains fungibility, which makes the transfer and bridging design a determinant of whether the tokens trade at all.

What is not settled

The size of Coinbase's investment, the eligibility criteria for other investors and the redemption terms of the tokenized vehicle have not been disclosed.