Spiko's Euro T-Bill Fund Is 30% Smaller. The Accounts Behind Most of Its Arbitrum Redemptions Now Hold Spiko's Amundi Fund.

Spiko's euro T-bill fund, EUTBL, has 30% fewer tokens than it did on September 27. On Arbitrum, where OnChain Benchmark traced redemptions since September 1, the accounts behind 64.3% of what was redeemed now hold another Spiko fund instead: the Spiko Amundi Overnight Swap Fund, run with Amundi. On Arbitrum, much of EUTBL's fall is a reshuffle between two Spiko funds, not holders leaving Spiko.

Spiko sells regulated cash funds as tokens

Spiko is a London- and Paris-based company that issues money-market funds as tokens on public blockchains, so that a share of the fund is a token a company can hold, move or pledge. Its flagship funds are UCITS funds authorized by France's Autorité des Marchés Financiers, in euros, dollars, pounds and Swiss francs, and it sells them mainly to businesses parking cash they do not need for payroll or suppliers. When it announced a US$90 million Series B on October 6, Spiko reported US$2.7 billion across its funds and more than 10,000 business and individual clients, and said companies can set rules that move surplus cash into its funds automatically.

EUTBL, Spiko's euro T-bill money-market fund, has been issued on Ethereum since April 2024 and now sits on six chains. In March 2026 Spiko added the Spiko Amundi Overnight Swap Fund (SAFO), managed by Amundi, which describes itself as the leading European asset manager, with close to €2.6 trillion of assets. SAFO earns its return from fully collateralized total return swaps with banks, and is aimed at the treasury and collateral needs of corporates and financial institutions.

Most Arbitrum redemptions came from accounts now holding SAFO

Between 00:00 UTC on September 1 and October 20, 258 accounts sent 251.33 million EUTBL to the fund's redemption contract on Arbitrum, which Arkham labels as Spiko's, and the tokens were burned. 31 of those accounts, which redeemed 161.73 million EUTBL or 64.3% of the total, were minted SAFO tokens within seven days of their first redemption, in at least half the number of EUTBL tokens they redeemed. For 27 of them the SAFO tokens were within 15% of the EUTBL tokens redeemed, and all 31 still hold SAFO.

The largest case was on October 19. One account's entire 104,796,336.67 EUTBL, 19.5% of the fund that morning, was moved to the redemption contract at 09:34 UTC and burned at 09:52 UTC. At the NAV of €1.060886 published by the fund's Chainlink oracle, that was about €111.2 million, or about US$124.8 million at the ECB reference rate. At 18:08 UTC the same account was minted 139.68 million SAFO tokens, making it the largest holder of SAFO's EUR distributing class on Arbitrum, with 59% of its tokens there. Without that account, the share of Arbitrum redemptions from accounts now holding SAFO is 38.9%.

EUTBL is 30% smaller and Stellar is now its largest chain

Across the six chains OnChain Benchmark reads, EUTBL had 435.52 million tokens at 00:00 UTC on October 20, about €462.0 million, down 30.0% from 622.09 million on September 27. On October 19 alone it fell from 537.13 million; burns of 107.78 million less mints of 6.17 million that day match the fall exactly. Before then the outflow had paused after the 13.56% fall OnChain Benchmark reported on October 9. Arbitrum, the fund's largest chain since October 3, fell from 43.6% to 30.3% of EUTBL in a day, and Stellar now holds 50.9%.

Why it matters

A tokenized fund's supply is now a weak gauge of demand for the manager behind it. EUTBL's 30% fall reads like clients leaving Spiko, yet on Arbitrum most of the redeemed tokens came from accounts that hold Spiko's Amundi fund today. Spiko's Amundi-run fund, announced in March, now holds the accounts behind most of EUTBL's Arbitrum redemptions. The redemptions came as the European Central Bank's deposit rate stood at 2.50%, after rises in June and September; the onchain record does not show whether each holder chose the switch or a treasury rule made it.

It also shows what tokenization does to a fund switch. On October 19, €111.2 million of EUTBL was redeemed and burned in the morning and the same account held a new fund by the evening. Each step, the transfer to the redemption contract, the burn and the new fund's issue, is a public, timestamped record that anyone could read the same day. For tokenized cash, the platform, not the single fund, is now the unit to measure.