A major sovereign wealth fund just put a piece of its private investment business on a blockchain. Mubadala Capital, the asset management arm of Abu Dhabi's Mubadala Investment Company, has l
A major sovereign wealth fund just put a piece of its private investment business on a blockchain.
Mubadala Capital, the asset management arm of Abu Dhabi's Mubadala Investment Company, has launched a tokenized version of one of its private markets funds. The launch was built with Coinbase and Abu Dhabi-based tokenization firm KAIO. Mubadala's sovereign wealth fund grew 17% in 2025 to $385 billion, according to its own April 2026 results.
Mubadala Capital itself administers more than $600 billion across private equity, credit, venture capital, and co-investment, according to The National.
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The fund went live July 23 across three blockchains at once: Coinbase's Base network, Solana, and Sui. It has already pulled in about $75 million onchain, including money from Coinbase itself.
The companies say it's the first time a major U.S. public company has used a regulated tokenized asset for its own onchain treasury management.
Mubadala's move fits a pattern that has been in motion. Citi's Institute for Global Perspectives and Solutions says tokenization is moving "from pilot stage toward operational deployment," in a June 2026 report.
The global market for tokenized financial assets sits at roughly $17 billion today, per DefiLlama data cited by Citi, about triple where it was a year ago. U.S. Treasuries, bonds, and money market funds make up more than 55% of that. Gold and other commodities make up another 34%. Citi expects the market to hit $5.5 trillion by 2030 in its base case, with a range of $2.7 trillion to $8.2 trillion.
Most of that growth is expected to come from public securities, not private funds like the one Mubadala just tokenized.
That's an important distinction. Private markets are harder to scale onchain. They're illiquid and relationship-driven by nature, and tokenizing them doesn't change that.
Citi estimates only about $100 billion each in tokenized private credit and private equity globally by 2030, small next to the trillions expected in Treasuries and public stocks.
Three things are driving the shift, per Citi: DTCC, NYSE, and Nasdaq building tokenization directly into their core systems; stablecoins and other regulated onchain money, projected to reach $1.9 trillion by 2030; and improving regulation, including progress on the US CLARITY Act.
Solana, one of the three networks running Mubadala's fund, is built for speed and low fees. It processes far more transactions per second than older blockchains, at a fraction of the cost. That's made it a go-to choice for institutions testing tokenized assets, and the numbers back that up.
Solana's tokenized asset trading hit an all-time high of $5.8 billion in the second quarter, up 114% from the prior quarter, according to Blockworks Research. Tokenized equities alone made up $4.8 billion of that, more than four times the previous record. Solana now handles about 97% of all tokenized-equity trading across every blockchain.
That growth came even as speculative trading on the network, tied to meme coins, kept cooling off. Solana's overall network revenue actually fell 43% quarter over quarter. The tokenized asset growth looks like real institutional demand, not hype.
Mubadala running its fund on Solana, alongside Base and Sui, puts it in the same camp as a growing list of institutions using Solana as settlement infrastructure, not just a trading venue. Access to Mubadala's fund is limited to qualified institutional and accredited investors, keeping it within existing regulatory lines even as the infrastructure moves onchain.
Related: Solana's tokenized asset volume hits $5.8 billion in a record quarter
