Spiko has raised $90 million in Series B funding, the company said. The round will go toward scaling its tokenized cash fund business, which now manages $2.7 billion in assets, and expanding into new markets.
The raise lands as tokenized versions of traditional cash instruments — money market funds, Treasury bills, and similar products — draw more attention from investors who want blockchain-based exposure without the volatility of crypto assets.
What Spiko's fund actually does
Spiko's tokenized cash fund gives investors a way to hold cash-equivalent assets on a blockchain. The fund's $2.7 billion in assets under management makes it one of the larger players in a niche that's grown quickly over the past two years.
The pitch is straightforward: yield-bearing cash instruments, wrapped in tokens that can move 24/7 and settle in minutes rather than days. For crypto-native funds and treasuries sitting on idle stablecoins, products like Spiko's offer a way to earn yield without leaving the blockchain ecosystem.
Where the $90 million goes
The company plans to put the new capital into two main buckets. First, scaling the existing tokenized cash fund — meaning more capacity, more integrations with custodians and exchanges, and presumably more staff. Second, geographic expansion. Spiko hasn't said which new markets it's targeting, but the tokenized cash space has seen the most traction in jurisdictions with clear regulatory frameworks for digital assets.
That second bucket is the harder one. Tokenized cash funds touch securities law, money transmission rules, and tax treatment, and those rules differ wildly from country to country. Expanding into new markets means legal work as much as technical work.
The competitive field
Spiko isn't alone. Several other firms offer tokenized cash or Treasury products, and traditional asset managers have started experimenting with blockchain-based share classes. The $2.7 billion AUM figure puts Spiko in the conversation, but it's a fraction of the trillions parked in conventional money market funds.
The bet behind Spiko's raise is that a slice of that conventional cash will migrate on-chain — not all at once, but steadily, as custody, compliance, and settlement infrastructure improve. Whether that migration happens on the timeline investors hope is another question.
What to watch
Spiko hasn't disclosed its valuation, the names of participating investors, or a timeline for the expansion. Those details will matter for gauging how aggressively the company can move. The tokenized cash category also faces a macro test: when short-term rates fall, the yield advantage of these products shrinks, and the pitch shifts from "earn more" to "settle faster."
For now, the company has fresh capital and a clear mandate. The next public milestone will likely be an announcement about which new markets it enters — or the first sign that $2.7 billion is climbing toward a larger number.
