Superstate announced it has closed an $82.5 million Series B financing as the company expands from tokenized Treasury products into infrastructure that enables SEC-registered public companies to issue and manage tokenized shares directly on public blockchains.
The round was co-led by Bain Capital Crypto and Distributed Global, with participation from a mix of crypto-native and institutional investors, including Haun Ventures, Brevan Howard Digital, Galaxy Digital, Bullish, Sentinel Global, and others. The company did not disclose a valuation, but the Series B pushes Superstate’s total disclosed funding to more than $100 million since launching in 2023.
Superstate’s near-term focus is scaling what it describes as an on-chain issuance layer for SEC-registered equities, building out the legal, engineering, and institutional finance capabilities needed to support larger issuer workflows and distribution. The company operates a platform branded “Opening Bell,” supported by transfer agent infrastructure designed to keep real-time records of share ownership and automate settlement as tokenized shares move on-chain.
The company has positioned its issuer product suite around “Direct Issuance Programs,” a structure intended to let public companies issue new tokenized shares directly to eligible investors, with purchases executed at real-time market prices and settled in stablecoins. Superstate has said initial issuer offerings under this model are expected to go live in 2026.
Alongside issuer infrastructure, Superstate has continued to build its tokenized investment products business. Recent reporting has pegged assets under management at more than $1.2 billion across its regulated tokenized products, as institutional and crypto market participants have increasingly used blockchain rails to access Treasury-backed yield strategies.
Competition in tokenized real-world assets has intensified as the market for tokenized Treasury products has expanded rapidly over the past two years. Superstate is betting that the next phase of tokenization adoption will be driven less by wrappers around existing assets and more by primary capital formation—bringing issuance, settlement, and ownership records directly onto modern, programmable infrastructure.
