Paris-based Spiko closed a $90 million Series B round to accelerate expansion of its tokenized cash fund platform, which already manages $2.7 billion in assets. The firm offers tokenized money market funds backed by short-duration government instruments and is now targeting new geographic markets, positioning itself as a primary on-chain liquidity vehicle for institutional clients.
For Armada's crypto repo desk, Spiko represents both a potential collateral issuer and a competitive reference point. As tokenized T-Bills become more prevalent as repo collateral, understanding the credit, liquidity, and custody structure of platforms like Spiko is essential for due diligence. The fundraise also signals growing institutional appetite for tokenized cash instruments, which could expand the counterparty universe of family offices and asset managers seeking repo financing against such holdings.