According to Woofun AI, European startup Spiko achieved a stealth rise in the tokenized cash fund sector, and its asset management scale surpassed the $3 billion mark in just over two years. The company, headquartered in Paris, France, is redefining the revenue logic of idle funds by building a bridge between traditional finance and the crypto world. Spiko chose Porcupine as the brand mascot for independence and protection, which coincides with its position in the financial world to protect users' assets and pursue steady returns. Its core business is not simply putting assets on the chain, but through digital infrastructure, enterprises and individuals can manage cash more easily, turning otherwise inefficient demand funds into competitive sources of income.
Spiko's team genes have profoundly influenced the direction of its business. The company was founded in June 2023 and was co-founded by Paul-Adrien Hyppolite and Antoine Michon. The backgrounds of the two founders complement each other perfectly: Paul-Adrien Hyppolite was the Deputy Head of the Financial Markets Department at the French Finance Authority, with deep private equity experience and familiar with the operating rules and regulatory red lines of traditional financial markets; while Antoine Michon worked as a deployment strategist at Palantir (PLTR.US) and acted as a digital transformation advisor to the French government, and is good at implementing complex technologies into efficient digital products.
This dual gene of “finance+technology” enables Spiko not only to accurately grasp the compliance requirements of traditional financial products, but also to lower the usage threshold through technical means, and spread refined cash management services that originally only served large institutions to a wider range of customers.
The market pain point was the starting point for Spiko. For SMEs and startups, cash in accounts often faces a dilemma: the return on current accounts is meager, and investing in long-term assets sacrifices liquidity. Spiko launched the first batch of euro and dollar treasury monetary funds within the European Union in June 2024 to resolve this conflict. In the early stages, Spiko closed a €4 million financing led by French venture capital firm Frst.
This move marks an initial verification of the viability of tokenizing money market funds and lays the financial foundation for subsequent product iterations and market expansion. Through digital means, Spiko allows customers who are already difficult to access professional cash management services to enjoy institutional-level asset allocation efficiency.
Capital market recognition has further accelerated Spiko's development. In July 2025, Spiko closed a Series A funding round of $22 million, led by Index Ventures, with the participation of digital venture capital funds from White Star Capital, Frst, Rerail, Blockwall, and Bpifrance.
Notably, prominent figures such as Revolut co-founder Nikolay Storonsky, Bridge co-founder Zach Abrams, Wise CTO Harsh Sinha, and Blackstone Group (BX.US) Co-Chief Investment Officer Lionel Assant also participated in the investment. By October 2026, Spiko announced the completion of a $90 million Series B round led by NEA (New Enterprise Associates), with investors including Speedinvest, Flourish Ventures, Shapers, EQNX, Mirana Ventures, and Wintermute Ventures. So far, Spiko has raised a total of $120 million.
However, the scale of financing is not the only indicator of commercial success; the key is whether it can establish sustainable customer relationships and revenue streams within clear risk boundaries.
The compliance framework is the cornerstone of Spiko's business. Its core money market fund uses the European Union's UCITS regulatory framework and has been approved by the French Financial Markets Authority (AMF). At the same time, it also holds a corresponding French financial business license, and the fund's assets are kept by professional custodians.
This clear foundation of traditional financial supervision provides investors with a high sense of security. However, there are differences in regulatory requirements for different products. In particular, Cash & Carry products involving futures arbitrage on crypto assets cannot directly apply the regulatory findings of money market funds. Obtaining regulatory approval doesn't mean capital protection, nor does it mean that investors in all countries can buy without barriers; Spiko needs to find a balance between compliance and product innovation.
Spiko's product lines are divided into three categories: T-Bills, Smart Cash, and Cash & Carry, which correspond to different capital requirements and risk appetite. The T-Bills series mainly invests in short-term government bonds and offers products in EUR, USD, and GBP to obtain short-term interest rate returns. According to key information disclosed in September 2026, the ongoing fee is 0.25% per year, with no performance fees or redemption fees. Standard redemptions are usually settled on the same day. Smart Cash was launched in March 2026 and uses a “portfolio+total income swap” structure.
The fund holds shares covered by the MSCI World Index and the S&P 500 Index, and signed an swap agreement with BNP Paribas to transfer stock earnings to the bank in exchange for an overnight reference rate plus agreed additional points. Smart Cash mainly promotes shares in EUR, USD, GBP, and CHF. The initial investment amount is as low as one currency unit, the annual management fee for the euro share is 0.25%, and there is also an operating service fee of up to 0.10% per year. In this product, Amundi acts as an authorized investment manager, CACEIS under Crédit Agricole is responsible for hosting and administration, and Spiko undertakes registration, tokenization platform, and brokerage functions, enabling division of labor and collaboration in investment, custody, and register maintenance.
Cash & Carry products set their sights on the crypto market and arbitrage through spot and futures spreads. Take the simplified case as an example. If the spot price of the asset is $100 and the futures contract is priced at $101 a month later, the strategy is to buy the spot and sell the futures. Theoretically, you can get $1 spread profit per unit. The rules updated in July 2026 show that the strategy covers BTC, ETH, SOL, and XRP, allocates in batches according to yield thresholds and position limits, and preserves cash or money market allocations when opportunities are scarce.
The fund obtains revenue through notes issued by Marex (MRX.US), and therefore faces the risk of fluctuating current price spreads and the risk of default by the issuer of the note. The product is aimed at qualified professional investors, with an initial subscription threshold of €100,000 or equivalent, a 0.10% annual management fee, and 25% performance compensation for the portion of earnings exceeding SOFR or €STR. In terms of distribution, Spiko connects around 20 partners through APIs, and carries assets of nearly 500 million euros, including digital financial service providers such as Ramify, Memo Bank, and Bitstack, expanding customer reach through embedded applications.
Operational data reveals Spiko's market position. As of October 21, Spiko's total management scale increased by 323% from the beginning of the year, surpassing $3 billion, and accumulated approximately US$45.3 million in interest. The total number of users of each product was 15,721. Looking at the product structure, Smart Cash has a share asset management scale of about 1.78 billion euros, and the asset management scale of Euro T-Bills is about 467 million euros. The former has become the platform's largest single product.
According to data compiled by Woofun AI, in the RWA platform comparison, Spiko's distributed assets are worth about US$2.72 billion, or US$2.72 billion, while Securitize and Ondo are approximately US$4.34 billion and US$3.99 billion, respectively.
Despite the different business focuses — Securitize provides infrastructure, Ondo covers treasury bonds and stocks, and Spiko focuses on cash management and active strategies — its scale is already competitive. According to DeFilLama, Spiko's revenue in the past 30 days was approximately $556,000, but this is mainly estimated based on asset size and preset rates. Performance fees are not fully included, and are only used as a reference for third-party management fee estimates.
The core of Spiko's business model is to combine traditional financial cash management logic with tokenized infrastructure to support subscription and redemption through stablecoins, improving the flexibility of fund allocation. Although growth in management scale and successful financing prove market demand, the challenge for the future is the ability to continuously attract capital, depending on the competitiveness of product returns, the level of fees, and the ability to manage liquidity and manage risk. The real opportunity is not only to move fund shares to the blockchain, but also to make cash management products more easily integrated into customers' daily financial operations to achieve efficient revenue capture while adhering to the bottom line of fund security.