Superstate
Superstate runs a shelf of tokenized private funds and the SEC-registered transfer agent that keeps their registers. Qualified purchasers can buy four funds through it, each from $100,000: USTB (Treasury bills; Invesco; 0.15%; same-day redemption), USCC (crypto basis trade; Bitwise; 0.75%; daily), CUSHY (stablecoin credit; Coinbase Asset Management; 0.75% plus a 10% performance fee; quarterly redemptions) and VBDC (listed BDCs; Valinor; 1.25%; daily, gated). Superstate no longer manages its flagship funds: it issues and records their shares as tokens and controls the token contracts.
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Platform Identity
- Website
- superstate.com
- Headquarters
- New York, New York, USA
- Founded
- 2023
- Parent
- Superstate Inc. (private; Series B $82.5M January 2026, led by Bain Capital Crypto and Distributed Global)
- Platform type
- Tokenized Fund and Securities Infrastructure: Private Fund Shelf, SEC-Registered Transfer Agent and On-Chain Public Equities
- Regulatory
- multiple
- Eligibility
- qualified purchaser
AltStreet Coverage
- Review status
- Published
- Coverage type
- Investment platform
- Review date
- Oct 23, 2026
- Last updated
- Oct 23, 2026
- Composite score
- 6.0
Key Data Points
- EDGAR-linked offerings
- 8
- Filing-verified raised
- $6.20B
Manager (Form ADV)
Investment adviser records matched to this platform from SEC Form ADV filings (IARD). Figures are manager-level — they describe the advisory firm, not any single offering on this page.
INVESCO ADVISERS, INC.
SEC-Registered Adviser- CRD / SEC#
- 105360 · 801-33949
- Status
- Approved
- Regulatory AUM
- $749.52B
- Private funds
- 30
- Item 11 disclosures
- None reported
- Main office
- ATLANTA, GA
- Latest ADV filed
- Jun 11, 2026
SUPERSTATE ADVISERS LLC
SEC-Registered Adviser- CRD / SEC#
- 336188 · 801-132908
- Status
- Approved
- Regulatory AUM
- $1.25B
- Private funds
- 2
- Item 11 disclosures
- None reported
- Main office
- NEW YORK, NY
- Latest ADV filed
- Mar 27, 2026
COINBASE ASSET MANAGEMENT, LLC
SEC-Registered Adviser- CRD / SEC#
- 322174 · 801-126060
- Status
- Approved
- Regulatory AUM
- $840.47M
- Private funds
- 6
- Item 11 disclosures
- None reported
- Main office
- STAMFORD, CT
- Latest ADV filed
- Jul 22, 2026
BITWISE INVESTMENT MANAGER, LLC
SEC-Registered Adviser- CRD / SEC#
- 317943 · 801-126704
- Status
- Approved
- Regulatory AUM
- $721.82M
- Private funds
- 1
- Item 11 disclosures
- None reported
- Main office
- SAN FRANCISCO, CA
- Latest ADV filed
- Jun 30, 2026
Item 11 disclosures are affirmative answers to Form ADV's disciplinary questions, which can include affiliate events — they are not a count of violations. Source: SEC Form ADV data, refreshed monthly.
Reference Reading
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