Spiko now controls $2.7 billion in tokenized cash funds, and most of crypto Twitter has never heard of them.
The Paris-based firm just closed a $90 million Series B round, one of the largest funding rounds in the tokenized real-world assets space this year. While retail traders were glued to Bitcoin price charts, institutional money was flowing into something far less flashy and far more consequential.
What Spiko Actually Does
Spiko tokenizes cash funds, think money market instruments, short-duration treasuries, and cash equivalents, and puts them on-chain. The pitch is simple: give institutions, DAOs, and crypto-native funds a place to park capital that earns a yield without leaving the blockchain ecosystem.
It is boring by crypto standards. It is also exactly what institutional capital wants.
The $90 million raise will be used to expand into new geographic markets and scale the infrastructure behind its existing $2.7 billion in tokenized assets. That number alone puts Spiko in elite company. For context, the entire tokenized treasury market was estimated at roughly $1.5 billion at the start of 2024. Spiko alone has nearly doubled that figure.
Why This Matters More Than the Headline Suggests
Tokenized cash funds are not a niche experiment anymore. They are becoming the on-chain equivalent of a savings account for serious capital. When a firm manages $2.7 billion in this category and just raised $90 million to grow faster, it signals one thing clearly: institutional demand for on-chain yield is accelerating, not plateauing.
This also puts pressure on DeFi protocols that have spent years pitching themselves as the destination for idle capital. If regulated, tokenized fund wrappers can offer competitive yields with compliance built in, the addressable market for pure DeFi lending products starts to look more contested.
Traditional finance is not just watching tokenization. It is funding it aggressively.
What Crypto Holders Should Watch
Spiko's expansion signals that the real-world asset tokenization narrative is moving from proof-of-concept to infrastructure buildout. Protocols with direct exposure to RWA flows, particularly those built on chains Spiko integrates with, stand to benefit as more capital seeks on-chain yield rails.
Watch which blockchain networks Spiko chooses for its expansion markets. That decision alone could move significant liquidity toward specific ecosystems.
If you are still treating tokenized treasuries as a side story, the $90 million just raised to scale a $2.7 billion business suggests the market disagrees with you.