Coinbase is set to launch a Bitcoin Yield Fund on May 1, targeting institutional investors outside the United States. The fund aims to offer annualized returns between 4% and 8% on Bitcoin holdings. It will employ a limited leverage cash-and-carry trade strategy designed to provide steady returns while prioritizing security by avoiding risky loans and call selling. Early backing for the fund includes notable investors such as Aspen Digital. This initiative reflects Coinbase's expansion of its institutional services amid growing global demand for crypto-based yield products. The launch comes at a time when Bitcoin over-the-counter desks are experiencing low activity despite recent inflows, highlighting a supply-demand dynamic in the market.