Superstate, a New York–based fintech firm, has raised $82.5 million in a Series B round to expand onchain capital markets and modernize how companies raise money and go public. The firm says the funding will build an onchain issuance layer for SEC-registered equities on Ethereum and Solana.
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 crypto-focused investors. “This year, tokenization will catalyze the transformation of capital markets,” said CEO Robert Leshner.
According to its assets page, Superstate manages about $1.23 billion in assets across two tokenized funds. The US Government Securities Fund (USTB) holds roughly $795 million and yields about 3.52%, while the Crypto Carry Fund (USCC) holds about $442 million and yields around 5.58%.
The company will also expand its transfer agent platform and its Opening Bell platform to support more issuers, workflows and distribution channels. Opening Bell added Direct Issuance Programs in late 2025 to let public companies issue digital shares directly on public blockchains.
Tokenized U.S. Treasury products surged from under $200 million to nearly $7 billion in under two years (Ed. note: this growth occurred in less than twenty-four months). BlackRock’s USD Institutional Digital Liquidity Fund accumulated close to $2 billion in that market.
