On-Chain Capital Raising for SEC-Registered Companies
Public companies registered with the Securities and Exchange Commission have gained access to blockchain-based capital raising through Superstate's newly launched Direct Issuance Programs. The fintech firm's infrastructure allows businesses to sell tokenized shares directly to investors who pay with stablecoins on Ethereum and Solana networks.
Jim Hiltner, Superstate's co-founder and business development head, stated that while the regulatory framework for direct share issuance already existed, conducting these offerings on-chain creates new operational and economic possibilities. Any SEC-registered public company can now structure primary offerings through this infrastructure, which became operational immediately.
Streamlined Issuance and Settlement Process
Companies can begin filing programs right away, with initial public offerings expected to launch in 2026. The system utilizes Superstate's SEC-registered transfer agent infrastructure to automatically update shareholder registries as tokenized shares move between verified wallets, ensuring compliance with existing securities laws.
Issuers structure offerings under standard SEC registrations and receive stablecoin proceeds directly into their wallets. Tokenized shares are distributed instantly to verified investors, with each transaction updating the shareholder registry in real time. This process maintains ownership record integrity and enables immediate settlement.
Benefits and Market Impact
This model reduces financing costs by cutting underwriting and distribution fees while expanding global reach to eligible investors. Retail and institutional participants can purchase newly issued stock directly from companies, sometimes at prices below exchange rates, with shares settling to wallets immediately upon transaction completion.
Superstate launched Opening Bell in May, a platform designed for tokenizing SEC-registered equities and enabling compliant on-chain activity. SharpLink Gaming announced tokenization plans through Superstate in September, followed by Galaxy Digital's launch of tokenized public shares on Solana using the same transfer agent infrastructure.
The tokenized real-world asset market surpassed $24 billion on public blockchains by the third quarter of 2025. Ethereum and Solana accounted for over half of all real-world asset activity during this period, reflecting growing institutional adoption of blockchain-based financial instruments as traditional finance firms explore digital asset rails.
Compliance and Future Outlook
Hiltner emphasized the system's compliance-by-design approach, where transactions proceed only for investors who meet all requirements, while blocking those who do not. The platform merges established securities law with crypto's instant settlement capabilities, aiming to modernize capital markets infrastructure through regulatory compliance combined with on-chain execution.