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Fund services giant Apex to tokenize Omnes’ Bitcoin mining note on layer-2 blockchain Base

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What Bitcoin's (BTC) falling hash rate might mean for prices

Apex Group, the fund services giant with over $3.5 trillion in assets under administrative care, extended its tokenization range with a structured product offering institutions exposure to bitcoin mining, to be issued and managed on U.S. exchange Coinbase’s Ethereum overlay platform, Base.

Since buying real-world asset (RWA) specialist Tokeny last May, Apex has been steamrolling into the tokenization industry, and on Tuesday said it will tokenize the Omnes Mining Note, OMN, an institutional-grade structured note backed by bitcoin hashrate.

The OMN provides professional non-U.S. investors with direct economic exposure to new bitcoin production measured in hashrate, which is the computational power used to validate transactions and produce the largest cryptocurrency, without the operational complexities of managing mining infrastructure, hardware, energy or regulatory hurdles, according to a release.

Each OMN is backed by a fixed 1 petahash per second (1 PH/s) of Bitcoin hashrate for the duration of the 36-month tenor. Ownership is recorded in book-entry form and mirrored onchain under the ERC-3643 standard, according to the Omnes website. ERC-3643 is an Ethereum-based protocol for tokenizing RWAs developed by Tokeny.

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“Tokenization gives investors mobility and utility that traditional notes cannot,” said Peter Hughes, founder and CEO of Apex Group, in the statement. “Qualified investors can transfer OMN onchain and, over time, potentially use it as a form of collateral in permissioned lending without selling the asset. This enhances liquidity while giving Omnes a more scalable and globally distributable structure.”

Apex said last week that its partnership on the Coinbase Bitcoin Yield Fund, which it handles as a transfer agent and record keeper of the funds net asset value, would be available to investors on the Base network.

“Bringing a regulated debt product backed by mining onto Base is a huge win. It proves that onchain finance isn’t just for crypto-native assets – it’s for real-world industrial infrastructure too,” said Jesse Pollak, head of Base.

“Bitcoin mining is the only mechanism that creates new Bitcoin through protocol issuance. This is economically distinct from yield strategies that rely on redistributing existing Bitcoin,” said Emmanuel Montero, Omnes’ CEO.

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Crypto World

Fira Debuts Fixed-Rate DeFi Lending Protocol with $450M in Deposits

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Fira Debuts Fixed-Rate DeFi Lending Protocol with $450M in Deposits

Ethereum-based decentralized finance (DeFi) lending protocol Fira said on Tuesday it was launching with about $450 million in deposits, highlighting demand for fixed-rate onchain credit.

Fira said the protocol’s fixed-rate credit market allows users to lock borrowing costs and lending returns for defined periods by organizing lending around maturities rather than floating utilization-based rates, according to an announcement shared with Cointelegraph.

The fixed-rate model differs from most DeFi lending protocols, where borrowers cannot lock funding costs, and lenders cannot predict returns, making long-term DeFi lending less predictable. Fira’s said its model organizes markets by maturity and determines interest rates by supply and demand mechanics, replacing utilization algorithms that fluctuate with borrowing activity.

Fira said the design is intended to create a more predictable onchain credit market by introducing yield curves and defined maturities, features that are standard in traditional fixed-income markets but rare in DeFi.

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Fira is not the first DeFi lending protocol built around fixed-rate credit. Other protocols with similar structures include Notional Finance, IPOR and Term Finance.

Fira debuts fixed-rate onchain credit market. Source: Fira

Euler-linked liquidity migrated into Fira

Fira said it debuted with $450 million in deposits, which were “reallocated” from users of the modular lending platform Euler Finance during the pre-launch phase that started on Jan. 8, Pete Siegel, chief financial officer at Fira, told Cointelegraph. 

“Fira was pre-launched in January. It opened with a first market called UZR, which enabled roughly a thousand users who were already on Euler, in a product available on Euler to migrate their assets at a fixed rate.”

Siegel said the deposits reflect user interest in fixed-rate lending products.

DeFi lending protocol rankings by TVL. Source: DeFiLlama

DefiLlama currently shows Fira with about $451.6 million in total value locked on Ethereum, compared with roughly $25.3 billion for Aave, the sector’s largest lending protocol.

Related: Maestro launches mining-backed Bitcoin credit market for institutions

Fira said its smart contracts have undergone six independent security audits conducted by Sherlock, Spearbit via Cantina, Hexens and yAudit between November 2025 and early 2026.

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Fira’s bug bounty program through Sherlock offers up to $500,000 in rewards for users finding critical vulnerabilities in the protocol’s open-source Ethereum-based smart contracts.