Backed Coinbase Global (BCOIN): What It Is

Backed Coinbase Global, also called bCOIN, is a blockchain token designed to track the share price of Coinbase Global Inc. It is a tracker certificate issued as an ERC-20 token, rather than a token created by Coinbase itself or ordinary Coinbase stock held directly in a brokerage account. Backed describes its bTokens as representing structured products and says they are backed 1:1 by underlying assets held with Swiss third-party custodians. The issuer also describes them as bankruptcy-remote book-entry securities. These are features of the product structure, not a guarantee that every holder can redeem a token in every circumstance. Backed says bCOIN is intended for eligible cryptocurrency market participants and does not sell its tokens to U.S. persons or for their benefit. Check the issuer’s current terms and restrictions before interacting with the token.

The stated purpose of bCOIN is to provide eligible users with on-chain exposure to the price of Coinbase Global shares. Its value is intended to follow the underlying share price, but the token is not the same as owning a share through a traditional brokerage account. It does not give holders the ordinary rights of a Coinbase shareholder simply by virtue of holding the token. Backed says its tokens can be used in crypto applications, and its broader bToken products have been used by protocols including Gnosis, Angle Protocol, Ribbon Finance, Aragon, and Blueberry. That does not mean each named protocol supports bCOIN specifically or that the token has deep liquidity on every chain. The product’s availability, transferability, and redemption options depend on its terms, user eligibility, and the platforms that support it.

The reported circulating and total supply is about 46,364 BCOIN, with no maximum supply listed. Supply figures can change, so treat this as a snapshot rather than a permanent limit. As of 2026-11-05, the token’s reported price was about $150.87 and its market capitalization was about $7.0 million; these figures fluctuate and do not establish how easily a holder can sell. BCOIN is issued across Polygon, BNB Chain, xDai, Arbitrum, Avalanche, Ethereum, and Base. It is not listed as the native token of any of these networks. When transferring or acquiring it, check the exact token contract and chain supported by the wallet or platform you use. Tokens with the same ticker can refer to unrelated projects, and a transfer on an unsupported network may not be recoverable.

BCOIN carries risks beyond the normal price movement of Coinbase shares. Its value can fall with the underlying stock, and the token may trade at a premium or discount to the value it is intended to track. Holders also rely on Backed’s product structure, custodians, and the availability of issuance, redemption, and trading services. Regulatory restrictions can limit who may acquire or hold it, and liquidity may vary across chains and platforms. Backed states that bCOIN is not licensed by or affiliated with Coinbase Global Inc.; Coinbase is not responsible for the token. Use a wallet that supports the correct chain and token standard, keep recovery credentials private, and verify the receiving address and network before sending. Self-custody reduces reliance on an exchange but puts the risk of lost keys or mistaken transfers on the wallet holder.