Superstate has raised $82.5 million in a Series B funding round as it seeks to expand its blockchain-based platform for issuing and trading regulated equities directly on public blockchains. The financing underscores growing institutional interest in applying tokenization to core capital market functions, including initial public offerings and secondary trading.
The round was led by Bain Capital Crypto and Distributed Global, with participation from Haun Ventures, Brevan Howard Digital, Galaxy Digital, Bullish, ParaFi, and other digital asset-focused investors. The New York-based firm said the capital will support product expansion, regulatory infrastructure, and talent as it builds what it describes as a full onchain issuance layer for public securities.
Building Regulated Onchain Equity Infrastructure
Superstate’s strategy centers on enabling companies to issue and manage SEC-registered shares natively on blockchains such as Ethereum and Solana. As a registered transfer agent, the firm handles issuance, settlement, and ownership records directly onchain, allowing near real-time updates while remaining within US securities regulations.
Chief Executive Officer Robert Leshner said tokenization is moving from experimentation to implementation across capital markets. The company aims to replace manual and delayed processes associated with traditional IPOs with automated, blockchain-based workflows that can shorten settlement cycles and broaden distribution.
Superstate plans to expand its transfer agent services and its Opening Bell platform, which supports tokenized public equities. In late 2025, the firm introduced Direct Issuance Programs that allow public companies to issue and sell digital shares directly to investors without relying solely on legacy underwriting and settlement rails.
Existing Assets and Competitive Landscape
The company already manages more than $1.23 billion in assets across two tokenized funds, providing an operational base as it moves into equity issuance. Its US Government Securities Fund holds roughly $794.6 million in assets under management with a yield of about 3.52%, while its Crypto Carry Fund manages approximately $441.9 million and targets higher returns through digital asset strategies.
Superstate is entering a competitive and rapidly evolving market. Large financial institutions, including major banks and asset managers, are piloting tokenized money market funds and other regulated products as they explore onchain settlement and distribution. At the same time, native crypto firms are pushing deeper into regulated finance, positioning tokenization as a bridge between traditional markets and blockchain infrastructure.
Institutional Momentum behind Tokenization
The funding round comes as tokenized real-world assets, particularly US Treasurys, have expanded sharply. The market for tokenized Treasury products grew from under $200 million in early 2024 to nearly $7 billion by late 2025, driven by demand for onchain yield and faster settlement. BlackRock’s tokenized Treasury fund has emerged as a market leader, highlighting the scale institutions are now willing to commit.
For Superstate, the challenge will be extending that momentum into equity markets, where regulatory complexity, issuer adoption, and investor trust remain key hurdles. The firm’s backers appear to be betting that compliant, blockchain-native issuance can ultimately reshape how companies access public capital.