Tokenized fund liquidity infrastructure company Fission has completed a $10 million Series A financing round, led by Pantera Capital, with participation from Circle Ventures, New Form, gumi Cryptos Capital, Borderless Capital, and Ari Rubenstein. The round was completed in September and officially announced on October 15.

Fission's core model is acting as a buyer to directly intervene: qualified holders can submit sale requests through the platform, and Fission handles the underlying legal and transactional mechanisms, allowing investors to exit ahead of traditional fund redemption windows. According to Fortune, traditional private fund share sales typically take around 200 days, while Fission aims to compress settlement times to within 90 seconds, using stablecoins for settlement. Fission has processed tens of millions of dollars in redemptions. The funds will be used to expand liquidity capacity, broaden the range of supported tokenized private markets and semi-liquid funds, and strengthen integration with institutions and digital investment ecosystems.

Rhett Fintech's perspective: Fission's financing points to a key issue in the next stage of the RWA track: the heat is shifting from the issuance end to the liquidity end. Tokenization has solved the technical efficiency of share registration and transfer, but it does not automatically create buyers. Fission has entered the market with a market-making buyer model, essentially building a 'pre-redemption' liquidity buffer for tokenized funds. For brand assets and operating rights classes of RWA, this logic has direct reference value: when the underlying assets lack public continuous quotes, introducing structured liquidity providers or repurchase mechanisms may be a necessary design to boost investor confidence, rather than an optional one.