Superstate Gains $14m in Series A Led by Distributed Global and CoinFund

Superstate, an innovative asset management firm, announced today the successful closure of its Series A financing round, raising $14 million. This funding will catalyze the firm’s mission to offer cutting-edge investment solutions to institutional investors, while paving the way for democratizing investment opportunities through advanced blockchain tokenization.

The Series A round, a noteworthy achievement following their $4 million Seed financing in June 2023, was co-led by Distributed Global and CoinFund. It witnessed substantial participation from industry giants like Breyer Capital, Galaxy, Arrington Capital, Road Capital, CMT Digital, Folius Ventures, Nascent, Hack VC, Modular Capital, and Department of XYZ, underscoring the broad interest in Superstate’s vision.

Robert Leshner, Co-founder and CEO of Superstate, highlighted the firm’s dedication to reshaping the investment landscape. “The future of investments are programmable, compliant, and transparent,” he said. Superstate aims to transcend the limitations of first-generation tokenized funds, which were constrained to private blockchains or offshore entities, thus barring U.S. investors.

The newly raised capital is earmarked for expanding Superstate’s team, launching private funds aimed at institutional investors, and forging a path for tokenized, publicly registered investment funds. This strategic allocation of resources is aimed at cementing Superstate’s position as a leader in the digital asset management space.

Superstate is championing the creation of regulated, self-custodied on-chain funds that promise exposure to traditional assets through innovative on-chain investment products. These funds are set to capitalize on the speed, programmability, and compliance benefits of blockchain tokenization. Key advantages of these on-chain funds include investor-directed ownership, facilitating rapid and unrestricted control over assets; next-generation utility, allowing for programmable and compatible assets with on-chain contracts and applications; and transparent, embedded compliance, ensuring real-time regulatory adherence.

In June 2023, Superstate took a significant step by filing a draft prospectus with the U.S. Security and Exchange Commission for the Superstate Short-Term Government Bond Fund. This initiative, an open-ended mutual fund, plans to incorporate a secondary record of ownership on the Ethereum blockchain, illustrating Superstate’s commitment to integrating traditional finance with innovative blockchain technology.

Jake Brukhman, Founder & CEO of CoinFund, expressed his enthusiasm for Superstate’s novel approach. “Superstate’s approach to tokenization will bridge the gap between high-quality compliant financial products and the massive advantages and innovation DeFi is poised to offer to traditional finance,” he remarked.

Superstate’s pioneering efforts in modernizing the infrastructure of investment funds underscore the firm’s commitment to offering investment products that leverage the advantages of blockchain tokenization, such as speed, programmability, and compliance. For more information about their offerings for institutional investors, visit

Image source: Shutterstock


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Galaxy Interactive raises another $325M fund aimed at Metaverse and next gen games

Galaxy Interactive, a venture capital firm focused on next-generation interactive technology, has announced it has raised $325 million for its second fund from 70 different investors.

The fund is focused on virtual and augmented reality, artificial intelligence and blockchain-based games.

In a Tuesday announcement, Galaxy Digital, the majority owner of Galaxy Interactive, stated that $150 million from the fund has already been allocated to new portfolio companies, including Republic, 1047 Games, Elodie, Roar, Art Blocks and Masterworks, with other additional investments to be announced in coming months.

Established in 2018 by general partners Sam Englebardt and Richard Kim, the company now has more than $650 million in assets under management and has invested in more than 75 companies.

Englebardt describes the interactive sector as “the intersection of content, finance and tech” and believes it will drive considerable growth. The firm is notably focused on digital collectibles and building a metaverse, as Englebardt believes digital ownership via nonfungible tokens (NFT) is a foundational pillar for a more immersive version of the internet.

Mike Novogratz, founder and CEO of Galaxy Digital, said the two general partners had seen the potential of the sector very early on:

“They [Englebardt and Kim] were the first people to pound my desk, insisting that gaming and digital objects — which weren’t even called ‘NFTs’ yet — would provide the biggest opportunity for blockchain technology to scale and that Galaxy Digital needed to specialize in this space.”

Related: Bitfury CEO confirms IPO considerations are part of expansion plans

Money is flowing into the sector, with Bitkraft Ventures, one of the biggest investors in gaming and esports startups, launching a $75-million token fund earlier this month focused on blockchain gaming and digital entertainment.

Outside of interactive content, reports surfaced on Wednesday that Multicoin Capital intends to have raised $250 million by the end of 2021 for a third venture fund aimed at crypto startups.

In June, Andreessen Horowitz raised its third crypto fund, at a $2.2billion valuation, making it the biggest-ever crypto venture fund.