CoinDesk
Spiko's flagship Amundi Overnight Swap Fund, or SAFO, held $2.39 billion in assets under management as of late last month. The French fintech said the fund had overtaken Circle's USYC and BlackRock's BUIDL by the end of October, with both rivals holding more than $2 billion.
Over the preceding three months, Spiko's assets grew about 30% a month and its investor base expanded about 18% a month, reaching more than 10,000 individuals and legal entities. The company also raised $90 million in October at a valuation of around $800 million.
Why it matters
Spiko offers blockchain-based money market funds under the European Union's UCITS framework, which governs the creation, management and cross-border marketing of retail-distributable funds. Its growth puts a European platform alongside much larger asset managers in the market for tokenized cash products.
SAFO debuted in conjunction with BNP Paribas and Amundi. Tokenized cash equivalents, including highly liquid Treasury bills, have become an institutional crypto market focus, with BlackRock and Franklin Templeton among the firms offering blockchain-based funds.
Market impact
The reported rankings highlight competition for assets between European and US-linked tokenized funds. Spiko CEO Paul-Adrien Hyppolite sees room for European money market funds to grow relative to bank deposits, though that is his assessment rather than a forecast of fund flows.
Spiko is expanding in London, and SAFO is registered with the UK's Financial Conduct Authority. Hyppolite said the company is also looking at the US market, although no expansion is underway.
Frequently asked questions
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How quickly has Spiko's investor base grown?
Spiko said its investor base grew about 18% a month over the preceding three months, reaching more than 10,000 individuals and legal entities.
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Which firms worked with Spiko on the SAFO fund?
SAFO debuted in conjunction with BNP Paribas and Amundi.
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What regulatory framework applies to Spiko's funds?
Spiko offers blockchain-based money market funds under the European Union's UCITS framework, which governs the creation, management and cross-border marketing of retail-distributable funds.
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How much capital did Spiko raise in October?
Spiko raised $90 million in October at a valuation of around $800 million.
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Where is Spiko expanding beyond France?
Spiko is expanding in London, and SAFO is registered with the UK's Financial Conduct Authority. CEO Paul-Adrien Hyppolite said the firm is looking at the US market, but no expansion is underway.
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