Spiko quietly builds $3 billion in assets with tokenized cash management funds
Paris-based startup Spiko has grown to more than $3 billion in assets under management a little over two years after launch, according to its official dashboard checked on Oct. 21. The company, founded in June 2023 by Paul-Adrien Hyppolite and Antoine Michon, has built its business around tokenized cash management products rather than broad crypto speculation. Its lineup now spans short-dated government bond funds under the T-Bills brand, the swap-based Smart Cash strategy, and a crypto basis product called Cash & Carry. Spiko said in its October 2026 Series B announcement that total funding had reached $120 million. The latest round brought in $90 million led by New Enterprise Associates, following a $22 million Series A in July 2025 led by Index Ventures and an earlier €4 million raise led by Frst. The company’s core money market funds operate under the European Union’s UCITS framework and have approval from France’s Autorité des marchés financiers, though the article notes that regulatory treatment and risk differ across products, especially for the crypto arbitrage strategy. As of Oct. 21, Spiko’s dashboard showed assets up 323% from the start of the year, with about $45.03 million in cumulative interest generated. The company also said its API distribution channel had around 20 partners and carried close to €500 million in assets. Third-party data from RWA.xyz placed Spiko at about $2.72 billion in distributed asset value, behind Securitize and Ondo, while DefiLlama estimated roughly $556,000 in revenue over the past 30 days.
