Superstate has secured $82.5 million in Series B funding as it accelerates its push into onchain primary markets, aiming to modernize how companies raise capital and issue equity. The company announced the round on Thursday, marking a major milestone in its efforts to bring regulated securities onto public blockchains.
The financing was led by Bain Capital Crypto and Distributed Global, with participation from a broad group of institutional and crypto-focused investors. These include Haun Ventures, Brevan Howard Digital, Galaxy Digital, Sentinel Global, Bullish, Hypersphere Capital, Flowdesk, 1kx, Intersection, ParaFi, and Road Capital. Superstate did not disclose its valuation following the raise.
With this round, Superstate’s total disclosed funding now exceeds $100 million. The company previously raised a $4 million seed round in June 2023, followed by a $14 million Series A later that year. Those earlier rounds were also backed by Distributed Global, alongside CoinFund and several well-known venture firms in technology and digital assets.
Investors say Superstate stands out for its clear focus and practical approach. In a statement, Distributed Global President Herve Bizira described the company as “category-defining infrastructure” with a well-defined customer base and a clear path to scale. He added that Superstate is well positioned to sit at the center of efforts to bring real-world assets and capital formation onto public blockchains.
The new capital comes amid a period of rapid growth. Superstate said its assets under management have surpassed $1.2 billion across its tokenized investment products, signaling growing demand for blockchain-based financial infrastructure that operates within existing regulatory frameworks.
Superstate plans to use the funding to expand beyond tokenized U.S. Treasury offerings and build a broader issuance layer for U.S. Securities and Exchange Commission-registered equities. The company is focusing on Ethereum and Solana, two of the most widely used public blockchains for financial applications.
A key part of this strategy is continued investment in regulated market infrastructure. Superstate said it is building systems for compliant issuance, settlement, and shareholder recordkeeping. It also plans to expand its transfer agent capabilities and further develop Opening Bell, its onchain equity issuance platform, to support more issuers, workflows, and distribution channels.
Over the past year, Superstate has moved beyond early tokenization pilots into what it describes as high-volume market operations. In late 2025, the company expanded Opening Bell to support Direct Issuance Programs. These regulated programs allow SEC-registered public companies to issue and sell tokenized shares directly to investors onchain.
Under this model, companies can raise capital without relying on traditional underwriters. Investors purchase shares using stablecoins and receive tokenized equity that carries the same economic and governance rights as conventional stock. As an SEC-registered transfer agent, Superstate manages real-time settlement and automatically updates shareholder records as tokens move between wallets.
Superstate CEO Robert Leshner said the company believes tokenization is approaching a turning point.
“This year, tokenization will catalyze the transformation of capital markets,” he said, adding that Superstate plans to continue hiring across engineering, legal, and institutional finance roles to support its expansion.
The firm has already supported several onchain equity initiatives. Galaxy Digital and Ethereum-focused treasury firm SharpLink have tokenized existing shares using Superstate’s infrastructure. Meanwhile, Solana treasury company Forward Industries became one of the first public companies to issue SEC-registered equity directly on the Solana blockchain. More recently, Superstate partnered with crypto exchange Backpack to enable trading of natively issued tokenized stocks.
As interest grows in blending traditional finance with blockchain technology, Superstate is positioning itself as a bridge between regulated markets and onchain systems. With fresh capital and expanding partnerships, the company aims to play a central role in shaping how equities are issued, settled, and managed in the years ahead.
