NEA leads $90 million bet on Spiko's $2.6 billion of tokenized cash funds

Spiko's assets went from $1 billion in February to $2 billion in July ^[16], about $200 million of new money a month ^[18]. The next stretch, to $2.6-2.7 billion by late September ^[3], added $600-700 million in two to three months ^[19]. That is at or above the earlier pace.

NEA priced the round on that run. The report does not include Spiko's fees, its revenue, the round's valuation or any figure for BlackRock's cash funds. At $90 million the round is about four times the $22 million Series A of July 2025 ^[13][14]. It brings total funding to roughly $120 million ^[4], or about one dollar of equity for every $22 of fund assets ^[15].

The BlackRock comparison is Spiko's own positioning, as Crypto Briefing reports it ^[12]. The report puts Spiko's advantage down to building for public blockchains from day one under European rules while incumbents adapt legacy products, and it adds the words "if it holds" ^[12]. The lead you can actually measure is over other tokenized issuers in Europe ^[6].

The round can play out three ways. In Europe, Spiko sells a treasury tool to businesses and SMEs ^[11]. According to the report, smaller European companies have had fewer convenient money market options than American ones ^[10], so here Spiko is selling a product many buyers did not have before. In the US, which the new money is also meant to reach ^[5], businesses have long had easy access to money market products ^[10]. Spiko's pitch there comes down to daily interest accrual and on-chain transfer ^[7], offered to treasurers who already hold cash funds. The third route is the October deal with Fipto, which lets holders of EURC and USDC move straight into Spiko's funds through platforms such as Coinhouse ^[17]. That money comes out of stablecoin balances, not out of an incumbent's fund.

I think the evidence supports the European and stablecoin readings and does not yet support the American one. Spiko runs UCITS-compliant funds under AMF oversight ^[8]. They hold Eurozone and US Treasury bills and are backed by sovereign T-bills or collateralized swaps ^[7]. Its venture backers, Axel Weber among them ^[2], are paying for an asset base several times the current one. Two things would prove the competitor thesis: a separate US asset figure growing at anything near the $200 million a month the whole business added between February and July ^[18], or named corporate clients moving cash out of incumbent funds and into Spiko's.