Superstate said Thursday it raised $82.5 million in a Series B round to expand its tokenization infrastructure that moves stocks and government securities onto blockchains like Ethereum and Solana. (Ed. note: BlackRock’s tokenized money-market fund later expanded across chains and grew by several billion dollars.) Announced
The round was led by Bain Capital’s crypto division and Distributed Global, with participation from investors including Haun Ventures and Galaxy Digital. Superstate builds the plumbing firms use to issue and settle tokenized traditional assets on-chain.
Large financial firms have adopted tokenized instruments. BlackRock debuted a tokenized money-market fund on Ethereum in 2024 and expanded it to other chains.
The New York Stock Exchange unveiled an on-chain platform it plans to use for trading tokenized stocks and ETFs. Superstate recently helped tokenize shares for Galaxy Digital and Solana Company.
Robert Leshner, Superstate’s CEO, said retail interest will grow when investors use tokenized stocks as collateral in decentralized finance. “You can take that money and buy a car or buy a house and leave the system entirely with it,” he said.
Crypto firms are competing for market share. Coinbase launched Coinbase Tokenize to let customers buy and sell on-chain stocks and to enable institutions to tokenize assets, According to reporting. “We believe in that convergence that does seem to be accelerating.”
