Financial technology and tokenization firm Superstate has raised $82.5 million in Series B funding as it accelerates its mission to modernize IPOs and equity issuance using public blockchains. The new capital will help the company expand beyond tokenized Treasury products and build regulated, onchain infrastructure for issuing and trading U.S. equities.
The funding round was led by Bain Capital Crypto and Distributed Global, with participation from Haun Ventures, Brevan Howard Digital, Galaxy Digital, Bullish, ParaFi, and several other crypto-native investors. The raise signals growing institutional confidence in blockchain-based capital markets and the tokenization of real-world assets.
According to Superstate CEO Robert Leshner, tokenization is reaching a turning point. He said the company plans to use the funding to grow its team, scale its products, and push forward its long-term ambition of transforming how companies raise capital and go public.
Superstate is headquartered in New York and is already an established player in onchain finance. The firm currently manages over $1.23 billion in assets across two tokenized investment funds, positioning it as one of the more mature operators in the real-world asset space.
Superstate’s Tokenized Funds and Current Market Position
Superstate’s largest product is its U.S. Government Securities Fund (USTB), which holds approximately $794.6 million in assets under management. The fund offers investors onchain exposure to U.S. Treasurys with a yield of around 3.52%, combining traditional government-backed securities with blockchain-based settlement and transparency.
Its second product, the Crypto Carry Fund (USCC), manages roughly $441.9 million and targets a higher yield of 5.58% by using crypto-based strategies. Together, these funds demonstrate Superstate’s ability to operate at institutional scale while remaining compliant with U.S. regulations.
These offerings have benefited from a broader surge in demand for tokenized U.S. Treasury products. As institutions search for safer onchain yield, tokenized government securities have become one of the fastest-growing segments in the real-world asset market, growing nearly 50 times in under two years.
The rapid adoption of these products has helped legitimize blockchain-based financial infrastructure and created momentum for more ambitious use cases, such as tokenized equities and IPO issuance.
Building an Onchain IPO and Equity Issuance Platform
With its new funding, Superstate plans to expand far beyond Treasury-backed products. The company is developing a full onchain issuance layer for SEC-registered equities, allowing companies to issue and trade regulated shares directly on public blockchains such as Ethereum and Solana.
A core part of this strategy is the expansion of Opening Bell, Superstate’s platform for tokenized public equities. The company also plans to enhance its transfer agent platform, supporting more issuers, workflows, and distribution channels across the capital markets lifecycle.
In late 2025, Superstate expanded Opening Bell to support Direct Issuance Programs, enabling public companies to issue and sell digital shares directly to investors without relying on traditional, intermediated IPO processes. This approach aims to reduce costs, increase speed, and improve transparency while maintaining full regulatory compliance.
As an SEC-registered transfer agent, Superstate manages share issuance, settlement, and ownership records directly onchain. This allows for real-time updates to ownership and near-instant settlement, replacing legacy systems that often rely on slow, manual, and fragmented processes.
The company believes this infrastructure can significantly improve fundraising, secondary trading, and IPO execution while preserving investor protections required under U.S. securities law.
Superstate’s move comes amid explosive growth in tokenized real-world assets overall. The market capitalization of tokenized U.S. Treasury products alone has risen from under $200 million in early 2024 to nearly $7 billion by late 2025. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has led the category, accumulating close to $2 billion in assets by offering daily yield and onchain settlement.
