Spiko's flagship tokenized fund, the Spiko Amundi Overnight Swap Fund (SAFO), held $2.39 billion in assets under management as of late last month, according to the company. The fund is part of what Spiko describes as the largest tokenized fund in the world — one that most people have likely never heard of.
A fund built on overnight swaps
SAFO is structured around overnight swap exposure rather than direct holdings of traditional money-market instruments. The fund is tied to Amundi, the European asset manager, through the swap arrangement. Spiko issues tokenized shares that represent positions in the fund, giving holders on-chain exposure to a strategy that otherwise sits in the traditional short-term funding markets.
The $2.39 billion figure puts SAFO well ahead of most tokenized treasury products that have grabbed headlines over the past two years. Yet Spiko has kept a low profile compared with the better-known names in the tokenization space.
Why the size matters
Tokenized funds have mostly been small experiments — a few million dollars here, a few hundred million there. A single fund crossing the $2 billion mark changes that picture. It suggests that institutional or high-net-worth holders are willing to park meaningful sums in a tokenized vehicle when the underlying strategy is simple and the issuer is credible.
The comparison to Amundi is part of that credibility. Amundi is one of Europe's largest asset managers, and its involvement in the swap structure gives SAFO a link to a mainstream financial institution. Spiko handles the tokenization layer: the issuance, transfer, and record-keeping of fund shares on a blockchain.
What the fund actually does
Overnight swap funds are not new in traditional finance. They give investors exposure to short-term rates through swap agreements rather than by buying Treasury bills or commercial paper directly. The advantage is operational: the fund can maintain exposure without holding the underlying securities on its balance sheet.
Tokenizing that structure adds another layer. Holders get a digital token that represents their share of the fund, and transfers can settle on-chain. For investors already active in crypto markets, that removes the friction of moving money in and out of traditional fund accounts.
Spiko hasn't disclosed the exact composition of SAFO's swap counterparties or the blockchains on which the fund's shares are issued. The company also hasn't said how many holders the fund has or what portion of the $2.39 billion comes from a small number of large investors.
The quiet leader in tokenized funds
Spiko's position as the largest tokenized fund issuer is unusual given how little public attention it has received. Most coverage of tokenized funds has focused on products from larger asset managers or on tokenized money-market funds that target crypto-native users. Spiko sits in a different lane: a European fund structure wrapped in tokens, distributed to investors who want short-term yield with blockchain settlement.
The $2.39 billion AUM figure, as of late last month, is a snapshot. It doesn't say whether the fund is growing or shrinking, and Spiko hasn't published a breakdown of inflows and outflows. What it does show is that tokenized funds can reach serious scale without a loud marketing campaign.
What comes next
Spiko hasn't announced any new products or expansion plans tied to SAFO's size. The next data point will be the fund's assets under management for the current month, which the company will likely disclose on its usual schedule. Until then, the $2.39 billion figure stands as the clearest measure of how far tokenized funds have moved beyond the pilot stage.
