Tokenization startup Superstate has closed an $82.5 million Series B financing led by Bain Capital Crypto and Distributed Global. The round included participation from Brevan Howard Digital and Galaxy Digital, alongside Haun Ventures, Sentinel Global, Bullish, Hypersphere Capital, Flowdesk and Interception, with existing investors 1kx, ParaFi, and Road Capital also participating.
One of the company’s most notable transactions involved its partnership with Galaxy to tokenize the Nasdaq listed stock at the transfer agent level, giving investors full shareholder rights rather than derivative exposure. Superstate operates as an SEC registered investment adviser and transfer agent, taking a regulated approach while some other web3 asset managers have pursued lighter routes to compliance.
Beyond secondary market tokenization, Superstate has launched Opening Bell, a platform enabling public companies to issue new tokenized stock directly to investors on the Ethereum and Solana blockchains with settlement in stablecoins. The platform allows companies to issue additional shares under existing registrations using the same CUSIP, or file new registrations for different share classes. The Direct Issuance Programs are expected to launch in 2026 following standard SEC registration filings.
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