Financial technology and tokenization firm Superstate has raised $82.5 million in a Series B funding round, bringing its total disclosed funding to over $100 million. The round was led by Bain Capital Crypto and Distributed Global, with participation from a consortium of prominent crypto investors including Haun Ventures, Brevan Howard Digital, Galaxy Digital, Sentinel Global, Bullish, Hypersphere Capital, Flowdesk, 1kx, Intersection, ParaFi, and Road Capital. The company did not disclose its post-money valuation.
Superstate's assets under management have now surpassed $1.2 billion across its tokenized investment products. This includes the US Government Securities Fund (USTB) with approximately $794.6 million in AUM and the Crypto Carry Fund (USCC) with roughly $441.9 million.
The company plans to use the fresh capital to accelerate its expansion beyond tokenized Treasury offerings. Its primary goal is to build a comprehensive on-chain issuance layer for U.S. Securities and Exchange Commission (SEC)-registered equities on the Ethereum and Solana blockchains. This involves scaling its regulated market infrastructure, including compliant issuance, settlement, and shareholder recordkeeping systems.
Superstate will specifically expand its transfer agent infrastructure and its flagship platform, Opening Bell, to support additional issuers, workflows, and distribution channels. In late 2025, the company expanded Opening Bell to support its Direct Issuance Programs. These regulated systems allow SEC-registered public companies to issue and sell tokenized shares directly to investors on Ethereum and Solana, enabling capital raising without a traditional underwriter.
"This year, tokenization will catalyze the transformation of capital markets," said Superstate CEO Robert Leshner. The firm operates as an SEC-registered transfer agent, facilitating real-time settlement and automatic updates to shareholder registries as tokens move on-chain.
The company has already supported several on-chain equity deployments. Galaxy Digital and Ethereum treasury firm SharpLink have tokenized existing shares using Superstate's infrastructure. Furthermore, Solana treasury company Forward Industries became one of the first public companies to issue SEC-registered equity directly on the Solana blockchain. Superstate also recently partnered with crypto exchange Backpack to support trading of natively issued tokenized stocks.
