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Superstate's Opening Bell to Launch SEC-Registered Equities on Solana for 24/7 Trading This Summer

34 posts • Grok (2)

Updated May 10, 2025, 03:06 AM

Superstate, led by CEO Robert Leshner, is set to launch Opening Bell, a platform designed to enable the issuance and trading of SEC-registered public shares on the Solana blockchain. The initiative aims to integrate public equities into decentralized finance (DeFi), offering 24/7 trading capabilities and instant settlement. Leshner, known for founding Compound and as a partner at Robot Ventures, sees public equity as the next major chapter of tokenization.

SOL Strategies, a Canadian firm focused on building infrastructure for Solana and led by CEO Leah Wald, has signed a non-binding memorandum of understanding with Superstate to explore tokenizing its shares on the Solana blockchain. This move positions SOL Strategies as a potential pioneer in listing public equities on a blockchain network. Previously, SOL Strategies announced plans to list on Nasdaq, but sees this blockchain launch as a crucial next step. Wald, who co-founded Valkyrie, a crypto ETF issuer acquired by CoinShares, believes in the future of internet capital markets.

Superstate's existing offerings include the USTB fund, backed by short-term Treasurys and yielding about 4.1%, managing $651 million in assets, and the USCC fund, which offers a 6% yield from cash-and-carry trades across bitcoin, ether, and Treasurys, managing $100 million. Both funds are Ethereum-based and currently off-limits to retail investors. With Opening Bell, Superstate plans to open access to retail investors as well, requiring a standard identity check (KYC) process. Shares will be tradable on decentralized exchanges, with the fee structure yet to be disclosed. The project awaits regulatory approval, with a potential launch this summer.

The initiative reflects a broader trend towards tokenization of real-world assets, with Superstate and SOL Strategies at the forefront of expanding institutional access to blockchain-based financial products. Superstate has 150 institutional clients, including Arrington Capital, BitGo, CoinFund, Flowdesk, and ParaFi. Last week, Superstate submitted a proposal to the U.S. Securities and Exchange Commission, dubbed Project Open, to enable the issuance and trading of equity securities on public blockchain networks like Solana.

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Sources

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Nate Geraci

@NateGeraci

World’s largest asset manager BlackRock meets w/ SEC today to discuss tokenization of securities… And you still think crypto is a scam. Technological innovation stops for nobody.

Jason Brett

@RegulatoryJason

For anyone interested in what the stablecoin bill they voted on to not debate, and understand a few of the changes, check out my latest via @Unchained_pod @laurashin @Steven_Ehrlich and how the bill may benefit @Tether_to but hurt DeFi in its current form. https://t.co/tzjP1qsp7q

Messari

@MessariCrypto

Messari Research this Week: - Evaluating the Perpification of Real-World Assets by @SteimetzKinji - Coinbase Q1 2025 Revenue Estimate by @defi_monk - State of Crypto Fundraising: Q1 2025 by @immutablejacob - Decoding Onchain Privacy by @FBitach and @OzTxn - State of Boba Network https://t.co/r0rCf7a8IY