Superstate raises $82.5 million Series B funding to expand onchain equity issuance infrastructure

Superstate has raised $82.5 million in Series B financing as it pushes deeper into onchain primary markets aimed at modernizing capital formation, the company said Thursday.

The round was led by Bain Capital Crypto and Distributed Global, with participation from Haun Ventures, Brevan Howard Digital, Galaxy Digital, Sentinel Global, Bullish, Hypersphere Capital, Flowdesk, 1kx, Intersection, ParaFi, and Road Capital, according to a statement shared with The Block. Superstate did not disclose a post-money valuation.

“Superstate reflects the kind of company we’re excited to back: category-defining infrastructure with a clear customer, a clear use case, and a clear path to scale, positioned at the center of bringing real-world assets and capital formation onto public blockchains,” Distributed Global President Herve Bizira said in the statement.

The new round builds on Superstate’s earlier fundraising, bringing its total disclosed funding to more than $100 million. The company raised a $4 million seed round in June 2023, and later that year closed a $14 million Series A financing round led by Distributed Global and CoinFund with support from firms such as Breyer Capital, Galaxy, Arrington Capital, Road Capital, CMT Digital, Folius Ventures, Nascent, Hack VC, Modular Capital, and Department of XYZ.

The funding follows a period of rapid growth for Superstate, which said Thursday that its assets under management have now surpassed $1.2 billion across its tokenized investment products.

Superstate plans to use the new capital to accelerate its expansion beyond tokenized Treasury offerings and into a broader issuance layer for U.S. Securities and Exchange Commission-registered equities on Ethereum and Solana.

The firm added that it will continue investing in regulated market infrastructure, including compliant issuance, settlement, and shareholder recordkeeping systems. It also plans to expand its transfer agent infrastructure and Opening Bell, its onchain equities issuance platform, to support additional issuers, workflows, and distribution channels.

From tokenization pilots to primary markets

Superstate said it has transitioned from proof-of-concept experimentation to operating high-volume market infrastructure. In late 2025, the company expanded its Opening Bell platform to support its Direct Issuance Programs — regulated systems that allow SEC-registered public companies to issue and sell tokenized shares directly to investors on Ethereum and Solana.

As The Block previously reported, these Direct Issuance Programs allow firms to raise capital without an underwriter, while investors pay in stablecoins and receive tokenized shares that carry the same economic and governance rights as traditional stocks. Superstate operates as an SEC-registered transfer agent, enabling real-time settlement and automatic updates to shareholder registries as the tokens move onchain.

“This year, tokenization will catalyze the transformation of capital markets,” Superstate CEO Robert Leshner said on Thursday, adding that the company also plans to continue expanding its team across engineering, legal, and institutional finance.

The firm has already supported several onchain equity deployments through Opening Bell. Galaxy Digital and Ethereum treasury firm SharpLink previously tokenized existing shares using Superstate’s infrastructure, while Solana treasury company Forward Industries became one of the first public companies to issue SEC-registered equity directly on the Solana blockchain. Superstate also recently partnered with crypto exchange Backpack to support trading of natively issued tokenized stocks.