Superstate to build a compliant on-chain issuance layer after $82.5M raise

Superstate has raised $82.5 million in Series B funding to develop a full on-chain issuance layer for United States Securities and Exchange Commission-registered equities.

Bain Capital Crypto and Distributed Global co-led the latest round, joined by a long list of strategic participants including Haun Ventures, Brevan Howard Digital, Galaxy Digital, ParaFi Capital, Bullish, 1kx, Road Capital, and Sentinel Global, Superstate said in Jan 22. X post.

Following the latest round, Superstate’s total disclosed funding has now surpassed $100 million since its launch in 2023.

“This year, tokenization will catalyse the transformation of capital markets,” Leshner said in a statement, adding that the company plans to use the fresh capital to expand its legal, engineering, and institutional finance teams.

Superstate expands beyond tokenized treasuries

Superstate currently manages over $1.23 billion in assets across two regulated investment products, namely the US Government Securities Fund and the Crypto Carry Fund.

The company’s roadmap, however, stretches far beyond yield-bearing funds. Superstate is accelerating efforts to roll out an on-chain issuance layer purpose-built for SEC-registered equities.

It plans to enhance both its transfer agent platform and “Opening Bell,” its flagship tokenized equity issuance platform, to handle larger workflows and distribution pipelines.

As a registered transfer agent, Superstate manages real-time records of share ownership and automates settlement processes, enabling IPOs and secondary trading without traditional intermediaries by using blockchain rails.

In late 2025, Superstate’s Opening Bell platform began supporting Direct Issuance Programs, allowing public companies to issue tokenized shares directly to investors. 

These shares carry the same governance and economic rights as traditional stocks but are delivered on-chain, with investors paying in stablecoins and receiving digital securities without the need for underwriters.

Notably, Galaxy Digital and SharpLink have already tokenized their shares via Superstate’s infrastructure, while Solana-native firm Forward Industries became one of the first companies to issue registered equity directly on-chain using Opening Bell. 

Superstate is also collaborating with exchange partners like Backpack to enable secondary trading for these natively-issued assets.

An increasingly competitive market

Across the globe, market capitalisation of tokenized Treasury products has surged from under $200 million in early 2024 to nearly $7 billion by the end of 2025, a nearly 50x increase in under two years.

Industry heavyweight BlackRock has been a key player, with its USD Institutional Digital Liquidity Fund (BUIDL) surpassing $2 billion in assets by offering daily on-chain yields from short-term government bonds.

However, Superstate’s compliance-first approach and legal parity with traditional securities position it uniquely among infrastructure providers.