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Spiko’s tokenized funds hit $3 billion market cap, up 536% in a year
The Paris and London fintech's tokenized money market funds have grown more than fivefold, with Stellar carrying most of the load
Spiko’s tokenized funds have reached a $3 billion market cap. That figure is up 536% in a single year.
For a company founded in 2023, that is quick work.
Most of that money sits on Stellar, which hosts $1.9 billion of Spiko’s funds. Arbitrum, the Ethereum layer-2 network, holds $669 million. Smaller amounts are spread across Ethereum and other chains.
What Spiko actually sells
Spiko issues regulated tokenized money market funds. Spiko’s version puts the fund shares on a blockchain. Investors hold a token instead of a line item at a traditional transfer agent.
The underlying assets are mostly Eurozone and US Treasury bills.
The lineup includes T-bill-backed funds and swap-based products managed alongside Amundi. Everything falls under French UCITS rules, Europe’s main framework for regulated retail investment funds.
The products offer daily liquidity and accrue yield. Spiko keeps the regulatory side intact through partnerships with established custodians, including CACEIS and BNP Paribas.
How the numbers stacked up
The growth curve has been steep. Spiko’s assets under management were $400 million in July 2025. They crossed $1 billion in February 2026, then $2 billion in July 2026.
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By October 6, 2026, the figure stood at $2.7 billion. By October 21, 2026, it had reached approximately $3 billion.
The final month alone added about $374 million, a 14.07% gain.
On October 6, 2026, Spiko closed a $90 million Series B led by NEA. The round brought total funding to $120 million at an $800 million valuation.
The platform now serves more than 10,000 businesses and individuals. Those customers are spread across more than 25 jurisdictions.
Why Stellar is carrying the load
The chain split is one of the more interesting details here. Stellar hosts $1.9 billion of Spiko’s funds, far more than any other network.
Arbitrum’s $669 million share gives Spiko a foothold in the Ethereum ecosystem.
The bigger tokenization picture
Spiko’s angle is European. Its funds lean on Eurozone government debt as well as US T-bills, and they live under French UCITS regulation.
What this means
Spiko plans to launch new funds and expand into European markets including Germany, Italy, Spain, and the Nordics.
Spiko went from $400 million to roughly $3 billion in about 15 months, picked up an $800 million valuation along the way, and did it selling something as unglamorous as short-term government debt.