SUPERSTATE INC.

address 0x43415eB6ff9DB7E26A15b704e7A3eDCe97d31C4e
CUSIP 86851T204
CIK 1981398
type reg d / private placement







DESCRIPTION
Operator of a financial service company intended to build the future of compliant, blockchain-based financial products. The company's products include short-term government bond funds that can be held in a cryptocurrency wallet or by a crypto custodian, enabling shareholders to record that they own a government bond fund on the ethereum blockchain.

Website superstate.co
Entity Types Private Company, Hedge Fund
Also Known As Superstate
Legal Name Superstate Inc.
Business Status Generating Revenue
Ownership Status Privately Held (backing)
Financing Status Venture Capital-Backed
Year Founded 2023
Universe Venture Capital
Employees 19

Primary Industry Other Financial Services
Verticals Cryptocurrency/Blockchain, FinTech
Keywords  bonds fund
          bonds market
          crypto institutional services
          cryptocurrency ecosystem
          cryptocurrency wallets
          ethereum blockchain
          ethereum blockchain technology
          ethereum token


CONTACT INFORMATION
Primary Contact
Robert Leshner
Co-Founder, Chief Executive Officer & Board Member
[email protected]
Business: +1 (646) 360-4938

Primary Office
205 West, 28 2nd Street
Suite 6B
San Francisco, CA
United States
[email protected]
Phone: +1 (646) 360-4938














DOMAINS
https://superstate.co/
https://docs.superstate.co/
https://api.superstate.co/api-docs/openapi.json
https://api.superstate.co/
https://forum.sky.money/t/tokenization-grand-prix-application-ustb/24974
https://makerdao-forum-backup.s3.dualstack.us-east-1.amazonaws.com/original/3X/b/3/b3f5696c4b8cd770550ba6569891255281f5a01d.png
https://vscode.blockscan.com/ethereum/0xade87e81dc2c6bbf53093b9a2c2543a2666bb1c0
https://www.sec.gov/edgar/browse/?CIK=1981398
https://data.sec.gov/submissions/CIK0001981398.json





















====[MONKEY GOOGLE]====

USTB FUND
The Superstate Short Duration US Government Securities Fund (the “Fund”) offers Qualified Purchasers access to short-duration Treasury Bills.

The Superstate Short Duration US Government Securities Fund (the “Fund”) offers Qualified Purchasers access to short-duration Treasury Bills. The Fund’s investment objective is to seek current income as is consistent with liquidity and stability of principal, targeting returns in line with the federal funds rate. Ownership in the Fund is represented by USTB, a token held on multiple networks or in book-entry record keeping. Subscriptions and redemptions are facilitated through USD or USDC, with liquidity each market day.

All content available on this Website is general in nature, not directed or tailored to any particular person, and is for informational purposes only. Neither the Website nor any of its content is offered as investment advice and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. The information contained herein reflects the opinions and projections of Superstate as of the date hereof, which are subject to change without notice at any time. Superstate does not represent that any opinion or projection will be realized. Neither Superstate nor any of its advisers, officers, directors, or affiliates represents that the information presented on this Website is accurate, current or complete, and such information is subject to change without notice. Any performance information must be considered in conjunction with applicable disclosures. Past performance is not a guarantee of future results. Neither this Website nor its contents should be construed as legal, tax, or other advice. Individuals are urged to consult with their own tax or legal advisers before entering into any advisory contract.

Superstate is currently exempt from registration with the U.S. Securities and Exchange Commission (“SEC”) in reliance on the private fund adviser exemption under the Investment Advisers Act of 1940 (“Advisers Act”). Information about Superstate can be found by visiting the SEC website www.adviserinfo.sec.gov and searching for our firm name. Neither the information, nor any opinion expressed above should be construed as solicitation or recommendation to buy or sell a security or personalized investment, tax, or legal advice.




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Superstate (Financial Services)
Description	Operator of a financial service company intended to build the future of compliant, blockchain-based financial products.
Primary Industry	Other Financial Services
HQ Location	San Francisco, CA
Employees	
19
As of 2025
Total Raised	
$18.10M
Post Valuation	
$100.00M
12-Sep-2023
Last Financing Details	
$18.10M
Early Stage VC (Series A)|12-Sep-2023

Edit Data Points

Securitize


Ondo


Blockchain.com

Developer of a digital security issuance and compliance platform intended to provide security tokens to investors.	Developer of a cryptocurrency trading platform designed to make decentralized finance accessible to anyone.	Developer of a digital assets platform designed to buy and sell cryptocurrencies.
Financial Software	Other Financial Services	Financial Software
San Francisco, CA	New York, NY	London, United Kingdom
151
As of 2025
37
As of 2024
300
As of 2023
$149.26M
$23.90M
$1.17B
_	
$200.00M
01-Jan-2023
$5.00BE
14-Nov-2023
$47.00M
Later Stage VC|01-May-2024
Undisclosed Amount
Accelerator/Incubator
Undisclosed Amount
Secondary Transaction - Private
Unique Website Visitors
966 trailing 7 day average as of 07-Dec-2024
2.5K
500
1.2K
1.8K
Sep '24
Oct '24
Nov '24
Dec '24
Jan '25
Feb '25
Name	Title	Board Seats	Office	Contact
Robert Leshner	Co-Founder, Chief Executive Officer & Board Member	1	San Francisco, CA	
Reid Cuming	Co-Founder, Chief Operating Officer & Board Member	1	San Francisco, CA	
Dean Swennumson	Co-Founder & Head of Operations	 	San Francisco, CA	
Jim Hiltner	Co-Founder, Head of Business Development & Board Member	1	San Francisco, CA	
Name	Title	Representing	Role	Since	Contact
Jim Hiltner	Co-Founder, Head of Business Development & Board Member	Superstate (Financial Services)	Co-Founder, Head of Business Development & Board Member		
Reid Cuming	Co-Founder, Chief Operating Officer & Board Member	Superstate (Financial Services)	Co-Founder, Chief Operating Officer & Board Member		
Robert Leshner	Co-Founder, Chief Executive Officer & Board Member	Superstate (Financial Services)	Co-Founder, Chief Executive Officer & Board Member	Jan 2023
Deal History (1)
Show
All Deals

Expand deals by default
Deal #1: Early Stage VC (Series A), $18.1M, Completed; 12-Sep-2023

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Deal Info
Deal Types
Early Stage VC, Series A
Announced Date
01-Jun-2023
Deal Date
12-Sep-2023
Deal Status
Completed
Financing Source
Venture Capital
Stock Split
1 : 1
Company Info
Financing Status
Venture Capital-Backed
Business Status
Generating Revenue
CEO/Lead MGT
Robert Leshner


Site
San Francisco, CA
Total Capital
Deal Amount
$18.10M
Pre-money Valuation
$81.90M
Post Valuation
$100.00M
Total Invested Capital
$18.10M
Raised to Date
$18.10M
Equity
VC Round
1st Round
% Acquired
29.32%
Investor Ownership
29.32%
Total Invested Equity
$18.10M
Deal Synopsis
The company raised $18.10 million through a combination of Series A-1 and Series A-2 venture funding in a deal led by CoinFund and Distributed Global on September 12, 2023, putting the company's pre-money valuation at $81.90 million. ParaFi Capital, Intersection Growth Partners, 1kx, Cumberland Ventures, Breyer Capital, Galaxy Digital Holdings, Arrington Capital, Road Capital Management, CMT Digital, Folius Ventures, Nascent, Hack VC, Modular Capital, and The Department of XYZ also participated in the round. The funds will be used to expand the company's team, launch private funds to institutional investors, and create a framework for compliant, tokenized, publicly registered investment funds. less

Investors
#	Investor Name	Status	Lead/Sole	Comments
1.	1kx	New Investor	No	
Form of Payment:
Cash
2.	Arrington Capital	New Investor	No	
Form of Payment:
Cash
3.	Breyer Capital	New Investor	No	
Form of Payment:
Cash
4.	CMT Digital	New Investor	No	
Form of Payment:
Cash
5.	CoinFund	New Investor	Yes	
Lead Partner:
Jake Brukhman


Form of Payment:
Cash
6.	Cumberland Ventures	New Investor	No	
Form of Payment:
Cash
7.	Distributed Global	New Investor	Yes	
Form of Payment:
Cash
8.	Folius Ventures	New Investor	No	
Form of Payment:
Cash
9.	Galaxy Digital Holdings	New Investor	No	
Form of Payment:
Cash
10.	Hack VC	New Investor	No	
Form of Payment:
Cash

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Advisors
#	Advisor Name	Service Type	Hired By	Comments
1.	Orrick	
Legal Advisor

Superstate (Financial Services)

Tranches
#	Tranche Date	Amount	Financing Type	Comments
1.

01-Jun-2023	$4.00M	
Seed Round

Tranche Size Status:	Actual
2.

15-Jun-2023	$4.00M	
Early Stage VC

Stock Type:	Preferred
Tranche Size Status:	Actual
Stock Series Type:	A
3.

12-Sep-2023	$14.10M	
Early Stage VC

Stock Type:	Preferred
Tranche Size Status:	Actual
Stock Series Type:	A
Stock Info + Cap Table History
Type of Stock
Preferred
Series of Stock
A1
Shares Sought
5,003,875
Price Per Share
$7.04E
# of Shares Acquired
4,165,560
% Owned by Buyer Before
0.00%
% Owned by Buyer After
29.32%
Conversion Ratio
1
Series A-2 Terms
Liquidation Preferences:
Pari Passu
Participating vs. Non-participating:
Non-participating
Dividend Rights:
Yes
Anti-dilution Provisions:
Weighted Average
Redemption Rights:
No
Board Voting Rights:
Yes
General Voting Rights:
Yes
Stock	# Of Shares
Authorized	Par Value	Original
Issue Price	Liquidation	Liquidation
Pref. Multiple	Conversion
Price	% Owned
Series A-2	2,162,159	$0.000010	$1.85	$1.85	1x	$1.85	15.22%
Series A-1	2,841,716	$0.000010	$7.04	$7.04	1x	$7.04	14.10%
Stock Price Data
Deal Closed: 12-Sep-2023
Galaxy Digital Holdings (GLXY)
VWAP 30 days prior
$3.76
Price 5 days prior
$3.72
Price 1 day prior
$3.54
Price on Close Date
$3.65
Price 1 day after
$3.53
Price 5 days after
$3.80
Price 30 days after
$3.52
†Indicates an add-on
EEstimated
‡Not necessarily a summation of individual debt figures
Cap Table History (as of 12-Sep-2023)
Stock	# Of Shares
Authorized	Par Value	Original
Issue Price	Liquidation	Liquidation
Pref. Multiple	Conversion
Price	% Owned
Series A-2	2,162,159	$0.000010	$1.85	$1.85	1x	$1.85	15.22%
Series A-1	2,841,716	$0.000010	$7.04	$7.04	1x	$7.04	14.10%
Series Terms for: A-1, A-2 (as of 12-Sep-2023)
Liquidation Preferences:
Pari Passu
Participating vs. Non-participating:
Non-participating
Dividend Rights:
Yes
Anti-dilution Provisions:
Weighted Average
Redemption Rights:
No
Board Voting Rights:
Yes
General Voting Rights:
Yes
Deal Synopsis
The company raised $18.10 million through a combination of Series A-1 and Series A-2 venture funding in a deal led by CoinFund and Distributed Global on September 12, 2023, putting the company's pre-money valuation at $81.90 million. ParaFi Capital, Intersection Growth Partners, 1kx, Cumberland Ventures, Breyer Capital, Galaxy Digital Holdings, Arrington Capital, Road Capital Management, CMT Digital, Folius Ventures, Nascent, Hack VC, Modular Capital, and The Department of XYZ also participated in the round. The funds will be used to expand the company's team, launch private funds to institutional investors, and create a framework for compliant, tokenized, publicly registered investment funds.

===INVESTORS===
#	Investor Name	Status	Lead/Sole	Comments
1.	1kx	New Investor	No	
Form of Payment: Cash
2.	Arrington Capital	New Investor	No	
Form of Payment: Cash
3.	Breyer Capital	New Investor	No	
Form of Payment:Cash
4.	CMT Digital	New Investor	No	
Form of Payment: Cash
5.	CoinFund	New Investor	Yes	
Lead Partner: Jake Brukhman
Form of Payment: Cash
6.	Cumberland Ventures	New Investor	No	
Form of Payment: Cash
7.	Distributed Global	New Investor	Yes	
Form of Payment: Cash
8.	Folius Ventures	New Investor	No	
Form of Payment: Cash
9.	Galaxy Digital Holdings	New Investor	No	
Form of Payment: Cash
10.	Hack VC	New Investor	No	
Form of Payment: Cash
11.	Intersection Growth Partners	New Investor	No	
Form of Payment: Cash
12.	Modular Capital	New Investor	No	
Form of Payment: Cash
13.	Nascent	New Investor	No	
Form of Payment: Cash
14.	ParaFi Capital	New Investor	No	
Form of Payment: Cash
15.	Road Capital Management	New Investor	No	
Form of Payment: Cash
16.	The Department of XYZ	New Investor	No	
Form of Payment: Cash

Advisors
#	Advisor Name	Service Type	Hired By	Comments
1.	Orrick	 Legal Advisor Superstate (Financial Services)


Tranches
#	Tranche Date	Amount	Financing Type	Comments
1.
01-Jun-2023	$4.00M	
Seed Round
Tranche Size Status:	Actual
2.
15-Jun-2023	$4.00M	
Early Stage VC
Stock Type:	Preferred
Tranche Size Status:	Actual
Stock Series Type:	A
3.
12-Sep-2023	$14.10M	
Early Stage VC
Stock Type:	Preferred
Tranche Size Status:	Actual
Stock Series Type:	A

ACTIVE INVESTORS
Name	Investor Type	Holding	Investor Since	Board	Related Deals
1kx	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
Arrington Capital	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
Breyer Capital	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
CMT Digital	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
CoinFund	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
Contact:
Jake Brukhman
Cumberland Ventures	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
Distributed Global	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
Folius Ventures	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
Galaxy Digital Holdings	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
Hack VC	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
Intersection Growth Partners	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
Modular Capital	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
Nascent	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
ParaFi Capital	Asset Manager	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
Road Capital Management	Hedge Fund	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor
The Department of XYZ	Venture Capital	Minority	Sep 2023	 	
#1. Early Stage VC (Series A): Sep 2023, $18.10M, New Investor







======================SEC FILINGS======================
Type	Filed Date	Title	CIK
D	12-Sep-2023	Notice of Exempt Offering of Securities	1981398
D	16-Jun-2023	Notice of Exempt Offering of Securities	1981398