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Superstate has closed an $82.5M Series B round as it expands from tokenized Treasury products into SEC-registered equity issuance on 
Ethereum and Solana.
What's the Scoop?
- Funding Details: The round was led by Bain Capital Crypto and Distributed Global, with participation from Haun Ventures, Brevan Howard Digital,
Galaxy Digital, ParaFi, and others. The Series B brings Superstate's total disclosed funding above $100M, following a $4M seed in June 2023 and a $14M Series A later that year. - AUM Growth: Superstate's assets under management have surpassed $1.2B across its tokenized investment products.
- Expanding Scope: The firm plans to move beyond tokenized Treasuries into onchain primary markets, building infrastructure for SEC-registered companies to issue and sell tokenized shares directly to investors via stablecoins.
- Existing Deployments: Galaxy Digital and SharpLink have tokenized existing shares through Superstate's Opening Bell platform.
Bankless Take:
Superstate's raise reflects growing conviction that tokenization's next phase lies in primary issuance, not just wrapping existing assets — which offers little if any advantages over simply buying stocks through traditional brokerages. While the wording of their announcement remains ambiguous, they certainly seem to be interested in spearheading actual capital formation. What I mean by this is helping public companies issue stocks onchain but, also, potentially helping companies “IPO” via blockchains. The latter proves much more interesting. In the meantime, we can expect fees to compress from tokenized stocks as more competitors come to market.
