Key Takeaways
- • Spiko says its flagship Spiko Amundi Overnight Swap Fund (SAFO) held $2.39 billion in assets under management at the end of October, which the company characterizes as the largest tokenized fund by AUM, ahead of Circle's USYC, the Hashnote International Short Duration Yield Fund, and BlackRock's BUIDL.
- • Spiko reports assets growing roughly 30% per month and its investor base expanding about 18% per month over the past three months, to more than 10,000 legal entities and individuals.
- • The French fintech raised $90 million in October at a valuation of about $800 million.
- • SAFO operates under the EU's UCITS framework and launched seven months ago in partnership with BNP Paribas and Amundi.
- • Spiko plans a London office and a potential U.S. market entry next year, pointing to the roughly $8 trillion U.S. money market industry as the opportunity.
Summary
Spiko says its flagship tokenized fund, the Spiko Amundi Overnight Swap Fund (SAFO), reached $2.39 billion in assets under management at the end of October, according to the company as reported by CoinDesk. The French fintech claims this positions SAFO ahead of tokenized products from Circle (USYC), Hashnote (the Hashnote International Short Duration Yield Fund Ltd), and BlackRock (BUIDL), which the company says each hold more than $2 billion. These are company-provided figures and have not been independently verified in the source material.
Spiko reports that SAFO's assets have grown about 30% a month over the past three months, while its investor base has expanded about 18% a month to more than 10,000 legal entities and individuals. The company raised $90 million in October at a valuation of roughly $800 million. SAFO is structured as a blockchain-based money market fund under the EU's UCITS regulatory framework and launched seven months ago in partnership with BNP Paribas and Amundi.
The source notes that tokenized cash equivalents such as short-dated Treasury bills are becoming a core segment of institutional crypto markets, with large asset managers extending into blockchain-based fund structures. Co-founder Paul-Adrien Hyppolite argues that Spiko's French roots may partly explain why it has received less attention than U.S.-linked peers, and says Europe presents a significant opening for tokenized money market funds.
Spiko is preparing to expand beyond France, with a London office underway and a potential U.S. market entry planned for next year. Hyppolite points to the U.S. money market industry, which he estimates at about $8 trillion, or roughly 40% of cash held in bank deposits, as the scale of the opportunity. Timing and scope of the U.S. entry remain subject to the company's plans as described in the source.
Spiko reports that SAFO's assets have grown about 30% a month over the past three months, while its investor base has expanded about 18% a month to more than 10,000 legal entities and individuals. The company raised $90 million in October at a valuation of roughly $800 million. SAFO is structured as a blockchain-based money market fund under the EU's UCITS regulatory framework and launched seven months ago in partnership with BNP Paribas and Amundi.
The source notes that tokenized cash equivalents such as short-dated Treasury bills are becoming a core segment of institutional crypto markets, with large asset managers extending into blockchain-based fund structures. Co-founder Paul-Adrien Hyppolite argues that Spiko's French roots may partly explain why it has received less attention than U.S.-linked peers, and says Europe presents a significant opening for tokenized money market funds.
Spiko is preparing to expand beyond France, with a London office underway and a potential U.S. market entry planned for next year. Hyppolite points to the U.S. money market industry, which he estimates at about $8 trillion, or roughly 40% of cash held in bank deposits, as the scale of the opportunity. Timing and scope of the U.S. entry remain subject to the company's plans as described in the source.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.