Sovereign wealth money is going onchain. Mubadala Capital, the asset management division of Abu Dhabi’s Mubadala Investment Company, has tokenized a private markets fund across multiple blockchains in partnership with tokenization platform KAIO and Coinbase. The announcement dropped on July 23, 2026, and it comes with a detail worth pausing on: Coinbase is not just providing infrastructure here. It is investing directly in the fund for onchain treasury management purposes.
What actually happened
The structure is straightforward enough. Mubadala Capital worked with KAIO to convert a private markets fund into a regulated, blockchain-native token. Access is restricted to qualified institutional and accredited investors, which keeps it inside the familiar guardrails of traditional finance while putting the underlying mechanics on a distributed ledger.
The fund in question carries a headline figure of $75M, and a related tokenized vehicle, designated MCAS-TA, was showing roughly $63.5M on the books as of June 2026. KAIO has already facilitated the tokenization of more than $200M in assets across funds managed by names like BlackRock, Brevan Howard, and Hamilton Lane. This particular initiative traces back to a partnership that Mubadala and KAIO announced in December 2025, which was focused on exploring tokenized access to private market strategies. Less than eight months later, the exploration phase is apparently over and the product is live.
