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Canada-listed SOL Strategies will be the first to list its shares through the new platform.
Robert Leshner, CEO of Superstate
Superstate, the New York-based blockchain company helmed by Robert Leshner, is rolling out Opening Bell, a platform that will let companies issue and trade SEC-registered public shares directly on blockchains. Leshner is best known for founding Compound, a pioneering decentralized lending protocol, and as a partner at Robot Ventures, an early-stage investor in crypto startups such as EigenLayer, Lido Finance and Flashbots.
Until now, Superstate’s turf was tokenized funds. Its flagship vehicle, USTB, backed by short-term Treasurys, yields about 4.1% and manages $651 million in assets. The newer USCC fund, which wrings returns from cash-and-carry trades across bitcoin, ether and Treasurys, manages $100 million and offers a 6% yield. Both are Ethereum-based and off-limits to retail investors. With Opening Bell, Superstate is opening the doors to support equities on the Solana blockchain and retail investors as well as institutions.
“Our ultimate goal is not to be an asset manager,” says Leshner. “We see public equity as the next major chapter of tokenization and our focus from here on out.”
The pitch is programmable stock integrated into decentralized finance (DeFi) and tradable around the clock. Investors, after a standard identity check (KYC) either through Superstate or a partner wallet, will land on an approved list and will be able to buy or sell shares via their favorite decentralized exchange. Shares will settle instantly and show up in your wallet like any other crypto asset. The fee structure has not been disclosed.
The first to sign up is SOL Strategies, a Canadian firm focused on building infrastructure for Solana. Pending regulatory approval, its shares will be tradable on Solana this summer. SOL Strategies had previously announced plans to list on Nasdaq, but sees this launch as another crucial next step. “We believe that the future is Internet capital markets, and we want to be there first,” says President and CEO Leah Wald, who previously cofounded Valkyrie, a crypto ETF issuer acquired by CoinShares last year. Details of the offering, including the number of shares to be issued on the blockchain, have not yet been finalized.
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