Apex Group and Omnes unveiled the Omnes Mining Note (OMN), introducing a 36-month structured note that tokenizes exposure to Bitcoin mining hashrate on Coinbase’s Base network. The product is designed as a regulated, on-chain instrument that gives institutional investors access to Bitcoin mining economics without requiring direct ownership of mining infrastructure.
The note is built around 1 petahash per second (PH/s) of hashrate and records investor ownership through a traditional book-entry register while mirroring that ownership on-chain. OMN combines conventional fund-record infrastructure with blockchain-based transferability through the ERC-3643 standard.
A Tokenized Route to Bitcoin Mining Exposure
That structure is intended to create a compliant secondary-transfer framework for a typically illiquid asset class. Transfers are limited to whitelisted, professional, non-U.S. institutional investors, making compliance controls central to how the instrument functions in practice. The ERC-3643 standard, developed by Tokeny, provides the technical layer for those permissioned transfers.
Unlike products built around redistribution or synthetic yield, OMN is tied directly to Bitcoin production. The note gives investors economic exposure to new Bitcoin issuance through mining output rather than through secondary-market strategies. Omnes CEO Emmanuel Montero described that distinction as central to the product’s identity.
Apex positioned tokenization as a way to improve flexibility around a traditionally operationally heavy asset. The firm argues that on-chain representation can give investors more mobility and potential utility than a conventional structured note, including the possibility of future use in permissioned lending without forcing liquidation.
Compliance and Operations Stay at the Center
Apex’s role goes beyond administration in the narrow sense. Its platform is set up to manage issuance, transfer agency and the on-chain mirroring of the book-entry record, shifting much of the operational burden away from investors and onto the issuer-administrator framework. That reduces the need for direct handling of mining assets while increasing the importance of reliable recordkeeping and control systems.
The model also introduces a more demanding governance burden. Valuation will depend on transparent measurement and independent verification of the 1 PH/s backing and the Bitcoin production tied to that hashrate over the full 36-month term. In addition, whitelist controls, KYC and AML processes, collateral rules and any future lending use will need to remain tightly aligned with the transfer restrictions embedded in the token standard.
The OMN launch shows how tokenization is moving beyond financial claims and into industrial infrastructure exposure. The product is effectively a test of whether institutional investors will accept a hybrid model where traditional legal ownership records and on-chain token mechanics operate side by side under a permissioned framework.
