Superstate

A core thesis of mine is that Direct Listings will materially increase in marketshare and prominence vs traditional IPOs and SPACs with the integration of blockchain technology. Superstate is putting this thesis into action. Direct listing, powered by blockchain-integrated transfer agents and tokenized equities, are the future. Under this model: ✅ No underwriting fees ✅ The market sets the price--not the underwriters ✅ New shares may now be issued That said, Direct Listing have played a small part to date in public issuance. In 2024: IPOs: 178 deals; $30B in capital raised SPACs: 57 deals; $9B in capital raised Direct Listings: 3 deals; $0.3B capital raised With a technology forward U.S. Securities and Exchange Commission and a Chairman who wants to "make public markets great again," it's now or never.

Today we’re excited to introduce Direct Issuance Programs: a new way for SEC-registered public companies to raise capital directly from global investors onchain. For the first time, issuers can offer tokenized shares on Ethereum and Solana and receive stablecoin proceeds directly into their wallets. This brings primary issuance onto modern rails while preserving full compliance with U.S. securities laws. ▶️ How it works With a Direct Issuance Program, investors purchase newly issued, registered shares directly from the company. Instead of underwriting or ATM desk fees, issuers can redirect that value back to investors through discounts to real-time market prices. It’s a more efficient, transparent model for capital formation, with no intermediaries dictating allocation or economics. ▶️ Benefits for Issuers ➕ Lower cost of capital compared to traditional ATM offerings (2–3% fees) ➕ Broader global distribution across eligible investors ➕ Control over discounts, price thresholds, and offering size ➕ Instant access to capital settled directly in stablecoins ▶️ Benefits for Investors ➕Direct access to newly issued shares ➕Discounts at or below Nasdaq and NYSE market prices ➕Immediate onchain settlement into their wallet ➕Full economic and governance rights, plus emerging onchain utility over time Primary markets are moving onchain. Direct Issuance Programs give issuers a modern, compliant mechanism for raising capital that operates alongside today’s traditional exchanges, rather than replacing them. The first issuer offerings are expected to go live in 2026. Learn more about Direct Issuance Programs: https://lnkd.in/eVjQyZ6c Connect with our team to learn more: clients@superstate.co #CapitalMarkets #PrimaryMarkets #Tokenization #OnchainFinance #DigitalAssets #FinancialInnovation #Fintech #Solana #Ethereum Solana Foundation #directissuanceprogram #capitalraising #capitalmarkets #capitalmarketstechnology #superstateopeningbell #superstatecrypto #superstate

Don’t miss Superstate CEO Robert Leshner today at Rosenblatt Securities' 17th Annual FinTech Summit. He’s joining leaders from Fairmint, ClearToken, Kaiko, and CoinFund for “Putting Assets on Chain: The Tremendous Promise of Tokenization.” Register to tune in: https://lnkd.in/emQBZ3qS

As tokenized markets mature, high-quality, verifiable data is critical. Superstate uses Chainlink Labs to securely bring NAV and AUM data onchain for USTB, now a $800M+ tokenized T-bill fund. Learn more about USTB: https://lnkd.in/eATF9wrZ #onchaindata #chainlink #superstatefunds #tokenizedfunds #tokenizedtbills, #treasurybills #moneymarketfunds #finance #investing

Looking to grow my team -- don't DM me just apply if you're hungry. https://lnkd.in/gjfsYXBi

Traditional brokerage infrastructure puts clear limits on what investors can do with their assets. Margin exists, but the capital stays inside the broker’s walled garden, useful only for buying more stocks on the same rails. As Superstate CEO Robert Leshner told Decrypt: “A lot of brokers offer margin, but you can’t really do anything with the money besides buy more stocks. When you self-custody an asset, you can bring it to a DeFi protocol, borrow against it, and actually use the capital…to buy a car, a house, anything.” This is where modern market infrastructure changes what’s possible. When an asset lives onchain, whether it’s a treasury fund or a share of public equity, it can plug into open, programmable financial systems. That means better liquidity, broader utility, and real composability for investors. And that’s the technology Superstate is building. Our tokenized funds (USTB , USCC) and our onchain equity platform (🔔Opening Bell) are designed around the same principle: upgrade the underlying rails so traditional assets can move, settle, and interoperate the way modern markets should. See the full interview: https://lnkd.in/ee_Zp4cs Learn more about Superstate: https://superstate.com/ #tokenization #tokenizedequities #tokenizedfunds #tokenizedrealworldassets #capitalmarketinfrastructure #capitalmarkets #superstatecrypto #superstatefunds #superstateopeningbell

Next Tuesday, Superstate CEO Robert Leshner will speak at Rosenblatt Securities' 17th Annual FinTech Summit. He’ll join leaders from Fairmint, ClearToken, Kaiko, and CoinFund on the panel “Putting Assets on Chain: The Tremendous Promise of Tokenization.” Register today and mark your calendars for December 9th to tune in: https://rblt.com/fts2025

As 2025 wraps up, it’s clearer why tokenization has accelerated over the last year. The technology matured, but the bigger shift was the environment around it: ➕More issuers choosing to bring assets onchain ➕Real DeFi use cases that give tokenized assets purpose ➕Growing demand from crypto-native and institutional users ➕A regulatory climate that no longer creates unnecessary friction In this conversation with The Defiant, Superstate CEO and Co-founder Robert Leshner breaks down the structural changes that defined this year’s momentum and why they matter heading into 2026. Hear the full episode: https://lnkd.in/e_bETncp #tokenization #tokenizationofrealworldassets #realworldassettokenization #superstatefunds #superstateopeningbell #cryptocapitalmarkets #defi #decentralizedfinance