Mubadala Capital, the asset manager backed by Abu Dhabi’s sovereign wealth fund, is moving one of its private market funds onchain through a partnership with KAIO. The fund will be brought onto Base, Solana and Sui, three blockchains that have been competing to host more institutional financial products.
Coinbase is also taking a stake in the onchain fund, according to the announcement. The deal ties one of the crypto industry’s biggest exchanges to a tokenization effort aimed at packaging private market exposure in a digital format.
Tokenization has become a preferred pitch for firms trying to bridge traditional finance and blockchain rails. Instead of leaving fund interests locked inside conventional market plumbing, managers are testing whether blockchain infrastructure can make those assets easier to distribute and administer. That is the broad direction here, though the announcement did not spell out a public launch date, size of the fund or terms of the stake.
For Solana, the move adds another institutional use case to a network that has been courting real-world asset issuers and financial firms. Base, Coinbase’s Ethereum layer-2 network, and Sui are also in the mix, which shows this was built as a multi-chain rollout rather than a single-network experiment.
The market will now watch for more detail from Mubadala Capital, KAIO and Coinbase on how the fund will be represented onchain and whether any additional private market products follow. Traders will also be looking for signs that the effort attracts other large asset managers, since institutional adoption has become one of the clearest tests for tokenization beyond the crypto crowd.
Mubadala puts private-market fund on three blockchains as Coinbase takes stake
Abu Dhabi's Mubadala Capital is advancing tokenization by bringing one of its private market funds onchain across Base, Solana, and Sui networks. Coinbase also takes a stake in KAIO's onchain fund, indicating growing institutional interest in blockchain-based asset management.