Superstate raises $82.5M to build blockchain-based IPO issuance platform

Financial technology and tokenization company Superstate has raised $82.5 million in a Series B round as it pushes deeper into onchain capital markets, aiming to modernize the way companies raise money and go public using blockchain.

The 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-focused investors, according to a press release shared with Cointelegraph.

“This year, tokenization will catalyze the transformation of capital markets,” said Robert Leshner, CEO of Superstate. “We're grateful to our partners that allow us to grow our best-in-class team, products, and ambitions,” he added.

According to its website, Superstate currently manages more than $1.23 billion in assets across two tokenized funds. The bulk of that capital sits in the US Government Securities Fund (USTB), which holds about $794.6 million in AUM and offers a yield of 3.52%, while the Crypto Carry Fund (USCC) accounts for roughly $441.9 million with a higher yield of 5.58%.

Superstate’s supported equities. Source: Superstate website

Related: New protocol targets redemption delays in $20B tokenized market

Superstate to scale onchain issuance layer

Superstate plans to use the new capital to expand beyond its initial Treasury-backed offerings and build a full onchain issuance layer for United States Securities and Exchange Commission (SEC)-registered equities on Ethereum (ETH) and Solana (SOL).

The New York–based firm also revealed plans to expand its transfer agent platform and Opening Bell, a platform for tokenized public equities, to support more issuers, workflows and distribution channels.

In late 2025, Superstate expanded its Opening Bell platform to support Direct Issuance Programs, allowing public companies to issue and sell digital shares directly to investors on public blockchains.

As an SEC-registered transfer agent, Superstate manages issuance, settlement and ownership records onchain, allowing trades and ownership updates in real time. The company says this replaces slow, manual processes and makes fundraising and IPOs more efficient while staying compliant.

Related: Goldman Sachs, BNY to offer tokenized money market funds for clients

Tokenized US Treasurys surge 50x

As Cointelegraph reported, tokenized US Treasury products have become one of the fastest-growing areas in the real-world asset market, expanding nearly 50-fold in under two years as institutions seek onchain yield.

The sector’s market capitalization rose from less thn $200 million in early 2024 to nearly $7 billion by late 2025. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) led the market, accumulating close to $2 billion in assets by offering tokenized exposure to short-term Treasurys with daily yield and onchain settlement.

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