“Tokenised fund” now covers very different products. In late September 2026, four announcements showed the range. One was a venture-capital-style fund you cannot easily sell. Another was a private cash fund that redeems in stablecoins at any hour. A third turned money-market fund shares into trading collateral, and the fourth is a planned retail access point. All four are company announcements, and they are reported here as such.
- ARK Venture Fund (ARKVX): tokenised through Securitize, on Ethereum, for eligible investors [1][2].
- State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP): live on Stellar [3][4].
- Bybit and Franklin Templeton: tokenised money-market fund shares accepted as off-exchange collateral [5].
- WisdomTree and MoonPay: a planned access point for the WTGXX tokenised Treasury fund. It is not live [6].
None of this is investment advice.
ARKVX: a venture fund onchain, with interval-fund liquidity
Company-reported. On 24 September ARK Invest and Securitize announced the tokenisation of the ARK Venture Fund [1]. ARK describes it as “an actively managed closed-end interval fund” that invests in private and public companies. It names OpenAI, Anthropic, Stripe and Databricks among the holdings, adding that “fund holdings are subject to change” [1]. Tokenised ARKVX will be available on Ethereum to “eligible investors accessing the Fund through Securitize” [1].
The liquidity point most readers will miss. A token can be moved around the clock, but the fund underneath works on a slower timetable. The release’s own risk disclosure says the shares “are not listed on a securities exchange, no secondary market is expected to develop, and shareholders may not be able to sell shares when desired”. It adds: “Liquidity is limited to periodic repurchase offers, which may be oversubscribed” [1]. Tokenisation does not change any of that.
Interests to note. ARK made a strategic investment in Securitize, announced in October 2025, and the release calls this launch the “next phase” of that relationship [1]. Securitize says it has about $5 billion of assets under management as of August 2026. That is its own figure [1].
SWEEP: a private cash fund, now on Stellar
Company-reported. The Stellar Development Foundation said the State Street Galaxy Onchain Liquidity Sweep Fund is live on the Stellar network [3]. Crypto Briefing dates the announcement 29 September and reports that the fund launched on Solana in May 2026 [4].
The structure [3]:
- What it is: “a tokenized private liquidity fund designed to enable 24/7 onchain cash management via stablecoin”. Eligible investors can subscribe and redeem in certain stablecoins, “subject to availability” of stablecoin in the fund’s portfolio.
- Controls: the fund uses Stellar’s native issuer controls for “authorization, freeze, and clawback”. The issuer can stop or reverse transfers, which regulated funds need and which most crypto tokens lack.
- Providers: State Street Investment Management issues the fund and Galaxy tokenises and distributes it. Anchorage provides custody, Chainlink supports pricing and reserve data, NAV Consulting acts as transfer agent, and State Street Bank and Trust holds the securities.
- Who can buy: it is a private placement for Qualified Purchasers who meet eligibility criteria and minimum investment amounts.
Why it matters. “24/7” cash management depends on stablecoin liquidity inside the fund. The phrase “subject to availability” appears twice in the release [3]. Treat round-the-clock redemption as a design goal, not a guarantee.
Bybit and Franklin Templeton: fund shares as collateral
Company-reported. On 28 September Bybit announced a strategic collaboration with Franklin Templeton [5]. The first step lets eligible clients pledge tokenised money-market fund shares, issued through Franklin’s Benji Technology Platform, to get USDT or USDC trading credit lines on Bybit [5]. The shares stay off the exchange in ByCustody, Bybit’s institutional custody platform, and their value is “mirrored” in Bybit’s trading environment. Clients keep earning the fund’s yield while using it as margin [5].
The release cites Franklin Templeton’s “$1.7 trillion in assets under management” and Bybit’s “more than 80 million users” [5]. These are the companies’ own figures. A tokenised wealth product on Bybit and the Mantle chain will follow, with details to be shared separately [5]. The release does not say which fund is eligible or what haircut applies.
Why it matters. This mirrors the UK authorities’ view that collateral mobility is tokenisation’s main near-term benefit. Pledging a yield-bearing fund while it stays in custody reduces exposure to the exchange. The client still depends on the custodian, the exchange’s valuation and the fund’s ability to redeem.
WisdomTree and MoonPay: planned, not live
Company-reported, and planned. On 17 September WisdomTree said it “plans to provide eligible U.S. investors with another way to invest in WTGXX”, its tokenised Treasury money-market fund, through an access point it “is building” on MoonPay’s technology [6]. MoonPay “plans to use WTGXX as part of its stablecoin reserve management”. WisdomTree says MoonPay’s network hosts “over 35 million accounts” [6].
Two cautions. First, the access point does not exist yet. Second, the release itself warns: “You could lose money by investing in WTGXX… An investment in WTGXX is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation” [6].
What this does not prove
- That tokenised ARKVX is liquid. Repurchase offers are periodic and may be oversubscribed. No secondary market is expected [1].
- That SWEEP always redeems 24/7. That depends on the fund holding enough stablecoin [3].
- The haircuts or eligible funds for Bybit’s collateral programme. The release gives neither [5].
- That WTGXX is available through MoonPay. It is planned [6].
- Independent confirmation of company assets or user numbers (Securitize ~$5bn, Franklin $1.7tn, Bybit 80m+, MoonPay 35m+) [1][5][6].
The Bottom Line
The month’s fund news sorts into two uses. One is access: putting ARK’s venture fund and, in time, WisdomTree’s Treasury fund in front of new eligible investors [1][6]. The other is utility: cash funds that redeem in stablecoins or serve as exchange collateral [3][5]. In every case the token changes how a fund is held and moved. It does not change the fund’s liquidity terms, its eligibility rules or its risks.
Sources
- ARK Invest and Securitize, “ARK Invest Tokenizes ARK Venture Fund (ARKVX) with Securitize” (PR Newswire), 24 September 2026. https://www.prnewswire.com/news-releases/ark-invest-tokenizes-ark-venture-fund-arkvx-with-securitize-302888300.html
- The same release as carried by Nasdaq, 24 September 2026. https://www.nasdaq.com/press-release/ark-invest-tokenizes-ark-venture-fund-arkvx-securitize-2026-09-24
- Stellar Development Foundation, “State Street Galaxy Onchain Liquidity Sweep Fund Goes Live on Stellar” (press page), 29 September 2026. https://stellar.org/press/state-street-galaxy-onchain-liquidity-sweep-fund-goes-live-on-stellar
- Crypto Briefing, “State Street, Galaxy launch SWEEP tokenized liquidity fund on Stellar,” 29 September 2026. https://cryptobriefing.com/state-street-galaxy-sweep-tokenized-fund/
- Bybit, “Bybit and Franklin Templeton Form Strategic Collaboration to Expand Access to Tokenized Investing” (PR Newswire), 28 September 2026. https://www.prnewswire.com/news-releases/bybit-and-franklin-templeton-form-strategic-collaboration-to-expand-access-to-tokenized-investing-302891429.html
- WisdomTree, “WisdomTree and MoonPay Collaborate to Expand U.S. Access to Tokenized Funds and to Support Stablecoin Reserves” (press release), 17 September 2026. https://ir.wisdomtree.com/news-events/press-releases/detail/805/wisdomtree-and-moonpay-collaborate-to-expand-u-s-access-to
