Spiko US T-Bills Money Market Fund (USTBL)

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Historical price evolution of Spiko US T-Bills Money Market Fund

Daily historical data. Updated automatically.

Spiko was co-founded in 2023 in Paris by Paul-Adrien Hyppolite, former economist at the French Treasury Directorate General who began his career in private equity, and Antoine Michon, former technology advisor to the French Minister for Public Sector Transformation, with prior experience at the Prime Minister's Digital Services Directorate and at Palantir. Both founders are graduates of French Grandes Écoles (ENS/X-Mines) and established the company with the objective of transforming European financial market infrastructure through blockchain tokenisation.

In June 2024, Spiko completed a pre-seed funding round of EUR 4 million led by Frst, with participation from Blockwall, Kima, Financière Saint James and Bpifrance. The round also included participation from business angels such as Adrien Montfort from Sorare, Frédéric Montagnon from Arianee and Nicolas Bacca from Ledger.

On 22nd November 2024, Spiko launched the first two money market funds with fully tokenised registration approved by France's AMF (Autorité des marchés financiers), becoming the first EU UCITS funds with fully tokenised registration. These include the Spiko US T-Bills Money Market Fund (Bloomberg ticker: SPKUSMM), which invests in United States Treasury Bills, alongside the Spiko EU T-Bills Money Market Fund (Bloomberg ticker: SPKEUMM). Units are transferable 24/7 between investors on blockchain with a minimum investment of USD 1,000 or EUR 1,000. The operational structure includes CACEIS Bank for custody accounts, CACEIS Fund Administration for fund administration, Twenty-First Capital for asset management and PwC for auditing.

In January 2025, the Spiko US T-Bills Money Market Fund exceeded USD 50 million in net assets with an annualised IRR of 4.37%, at which point the tokenised funds were deployed on Arbitrum One. On 17th July 2025, Spiko completed a Series A round of USD 22 million led by Index Ventures, the fund that backed companies such as Robinhood, Bridge and Revolut, with participation from White Star Capital, Frst, Rerail, Bpifrance Digital Venture Fund and Blockwall. Business angels in this round included Nikolay Storonsky from Revolut, Jean-Luc Robert from Kyriba, Zach Abrams from Bridge, Harsh Sinha from Wise and Lionel Assant from Blackstone. At that time, Spiko managed over USD 400 million in AUM with over USD 900 million in corporate working capital processed from more than 1,000 companies, all through organic growth without dedicated sales team.

The Spiko US T-Bills Money Market Fund (SPKUSMM) is a variable net asset value UCITS money market fund domiciled in France and regulated by the AMF, which invests exclusively in US Treasury Bills. Its distinctive characteristic lies in the fact that the share register is completely tokenised on blockchain (Ethereum, Arbitrum and Polygon), being the first fund of this type approved in the European Union. Each fund share is represented by a blockchain token that investors can transfer continuously 24 hours a day, 7 days a week, eliminating the business day restrictions typical of traditional funds. Spiko acts as on-chain transfer agent, dispensing with traditional custodians and depositaries as intermediaries in the share register.

The underlying assets are US Treasury Bills, short-term government debt instruments with maturities between 4 and 52 weeks issued by the US Treasury. The interest generated by these instruments accumulates daily in the fund's net asset value and is distributed proportionally amongst token holders. Investors can make deposits via SWIFT bank transfer or stablecoins, and effect withdrawals on the same business day if the order is issued before 10:30 CET. The physical custody of the Treasury Bills lies with CACEIS Bank, whilst the Chainlink CCIP protocol facilitates the transfer of shares between the different blockchains without the need for redemption and resubscription processes. The fund applies an annual management fee of 0.25%.

Data verified against external sources. Some values may have changed since the last update.