The First Tokenized S&P 500 Index Fund, Powered by Centrifuge's Proof-of-Index Infrastructure in Partnership with S&P DJI
The First Tokenized S&P 500 Index Fund, Powered by Centrifuge's Proof-of-Index Infrastructure in Partnership with S&P DJI
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An email from Bhaji Illuminati, CEO of Centrifuge Labs

Centrifuge Token Holder Update
(Q4 2025)

Dear Centrifuge supporters,

Looking back, 2025 was a defining year for Centrifuge. Over twelve months, we migrated to EVM, built our bench of institutional hires and partners, scaled Anemoy operations, launched a DeFi connectivity layer, and consolidated the equity business to align fully around the CFG token. We grew the team by 11 across DeFi BD, asset management, engineering, and marketing. As a result, TVL increased from $50m to over $1b and Centrifuge is once again viewed as a leader in RWA.

2025 was about laying the foundation. 2026 is about execution and scale. We’re ready. 

Please join us January 29th for our first Quarterly Investor Update. We’ll share 2025 results and revenue, where we stand today, how we’re thinking about 2026, and host a live Q&A.

Financials/KPIs:

  • Total Value Locked: $1.4b ($1.2b Q3)
  • Token Holders: 7,731 holders 
  • Final number of CFG Tokens migrated: 91%
  • Centrifuge Team (FTE): 27

Highlights

  • Janus AAA CLO (JAAA) remains the largest institutional fund by AUM (RWA.xyz)
  • Centrifuge received two Tokenized Asset Coalition Best of 2025 Awards: Best Comeback and Largest Asset Allocation
  • We launched Centrifuge Whitelabel, a self-serve infrastructure stack designed to accelerate protocol adoption. Daylight was the first company to build a custom product on Centrifuge
  • We received a SEC-registered transfer agent license and announced our tokenized equities offering with Caesar AI as our first customer
  • Centrifuge V3.1 finalized and audited, following multiple security reviews conducted throughout Q4
  • Introduced RWA Bento with Onigiri Capital, offering $100k starter packages for early-stage teams building RWA products. Any other VCs/ partners that want to create a joint offering, let us know! Your portcos can get to market faster using Centrifuge’s audited, battle-tested infra
  • CFG token strategy

In the News:

Market Commentary: 

Partner Coverage:

Thank you for your continued support. We look forward to seeing you at our Quarterly Investor Update next week.

Best,
Bhaji

PS - selfie of the quarter! Strategizing Coinbase’s plan to “Tokenize Everything”

Centrifuge Token Holder Update
(Q3 2025)

Dear Centrifuge supporters,

Hopefully everyone survived the weekend okay, and hopefully Yano’s right here.

Q3 was a monumental quarter for Centrifuge. We went beyond headlines to real KPIs and are now the 3rd largest RWA issuer and largest institutional fund (JAAA). We also launched funds with Apollo and S&P. 

The team has been heads down executing, focused on speed and capturing market share during this decisive window for RWAs. Today, I published a proposal to the DAO to consider transitioning operational execution to Centrifuge Labs under the oversight of the Centrifuge Network Foundation (CNF) - a structure designed to increase transparency, accelerate decision-making, and strengthen CFG value accrual. There is one value accrual mechanism: CFG. 

To your regularly scheduled programming:

Financials/KPIs:

  • Total Value Locked: $1.2b ($529m Q2)
  • Token Holders: 61,716 wallets & 54,918 holders
  • CFG Tokens Migrated: 52%
    • Please migrate if you haven’t already - just over 1 more month left! 
  • DAO Contributors (FTE): 25

Highlights

  • Surpassed $1b in TVL
  • Brought two new funds to market: 
    • SPXA - First ever tokenized S&P 500 index fund licensed by S&P. $5M anchor
    • ACRDX - Apollo’s ADCF strategy. $50M anchor 
  • JAAA and JTRSY were selected among first 5 launch partners available on Aave’s Horizon which scaled to $100M in the first week. Access the market here
  • Continued multichain expansion: $250M JAAA deployment by Grove on Avalanche 
  • deRWA expands to Stellar, Solana and Base
  • Centrifuge V3 EVM migration complete
  • People
    • Jürgen Blumberg, former Chief Operating Officer EMEA for the ETF Accelerator business at Goldman Sachs, joins Centrifuge as COO. 
    • Foster Wright, former President of CoinDesk, joins as the CEO of RWA Summit. The RWA Summit will spin off into a new, independent entity under Foster’s leadership.
    • 2 new DeFi BD hires: Adam Bawi, Nadim Chamoun
  • CFG token strategy 

In the News:

Market Commentary: 

Partner Coverage:

Thanks to everyone for the support. I’ll be in New York the week of November 10th for anyone around that would like to grab a coffee. 

Looking forward to a productive and exciting Q4. 

Best,
Bhaji

Centrifuge Token Holder Update
(Q2 2025)

Dear Centrifuge supporters,

$400m deployed into JTRSY, $1b committed to JAAA, partnership with S&P DJI and fee switch turning ON! 

Financials/KPIs:

  • Total Assets Financed: $1.2b ($739m Q1)
  • Total Value Locked: $529.2m ($126.6m Q1)
  • Token Holders: 61,328 wallets & 55,799 holders
  • DAO Contributors (FTE): 24
  • CFG Tokens Migrated: 43%

Highlights

  • Announced collaboration with S&P DJI to bring the S&P 500 Index onchain at the Real-World Asset Summit in Cannes (regarded as the best conference at EthCC). This milestone marks the upcoming launch of both a first-of-its-kind proof-of-index infrastructure for tokenized index products, and the debut of the first tokenized S&P 500 Index fund, powered by S&P DJI index data and built on Centrifuge. 
  • Partnered with Janus Henderson to bring its flagship AAA CLO Strategy, JAAA, onchain. Grove, the institutional credit platform incubated in the Sky ecosystem, is seeding the fund with a massive $1 billion allocation.
  • Announced RWA Launchpad - a first-of-its-kind suite of institutional-grade, pre-built smart contracts designed to accelerate the deployment of real-world asset products. 
  • Announced Plume as the first blockchain to integrate Centrifuge yield and app layer, enabling issuance, composability and RWA development activity across the ecosystem. Converge was announced as the second chain to implement the same playbook. Here’s a tweet where I explain our chain agnostic GTM strategy. 
  • Rolled out deRWA tokens, offering issuers a unique wrapping service to create freely transferable tokens, designed to integrate seamlessly with DeFi protocols. Announced a major integration on Solana, bringing Centrifuge RWA products directly to users across Solana’s DeFi landscape, starting with trading protocol Raydium, lending platform Kamino, and savings product Lulo. 
  • JTRSY received a rating upgrade from A+ to AA+ by Particula, reaffirming JTRSY’s standing as one of the top institutional-grade tokenized funds available onchain.
  • The protocol fee switch is being turned on, starting with JAAA. We will share more over the coming weeks regarding our plan for CFG utility and value accrual. 

In the News:

Market Commentary: 

I’m in Lisbon this month. Would love to link up with anyone around. 

As always, thank you very much for all your help and support. We look forward to seeing you at the RWA Summit in NYC in September.

Best,
Bhaji

Centrifuge Token Holder Update
(Q1 2025)

Dear Centrifuge supporters,

Q1 has been a very exciting start for the team: the Janus Henderson Anemoy Treasury Fund (JRTSY, formerly LTF) won the Maker Grand Prix and allocations are expected next week! We also unveiled our V3 upgrade and are full steam ahead on establishing Centrifuge as the RWA category leader.

Financials/KPIs:

  • Total Assets Financed: $739.04m ($50.3m Q1)
  • Total Value Repaid: $686.25m ($72.2m Q1)
  • Total Value Locked: $126.6m
  • Token Holders: 60,931 wallets & 56,046 holders
  • DAO Contributors (FTE): 26

Highlights

  • JRTSY was selected as a winner of the Maker Grand Prix, beating out many of the largest traditional and digital asset managers, and securing a $200M initial allocation. A key highlight of our proposal is providing diversification beyond treasuries and expanding the Sky investor toolkit to better navigate an evolving interest rate and macroeconomic landscape. 
  • We received governance approval to build Centrifuge V3 - the open standard for tokenized finance. Key improvements of V3 include permissionless deployment of customizable tokenization products, protocol-level chain abstraction, out-of-the-box token standards and DeFi composability - available across every EVM chain. 
  • Announced partnerships with Wintermute, Frax, BounceBit and Plume’s Nest
  • Leadership team changes included my appointment to CEO and Anil as CGO & CSO. Hired a new Director of DeFi, BD from Usual: Andrew Lafortezza
  • We went through a major upgrade of the Centrifuge App, making it easier than ever for fund managers to create, manage, and customize their pools. See the app 
  • Hosted our RWA Summit Series in New York during DAS, bringing together major players in the RWA space for a half day event featuring dynamic content and networking dedicated to shaping the future of the tokenized real-world asset industry

In the News:

We are very grateful for all your input, help and introductions made over the recent months and look forward to seeing you again at one of our RWA events this year.

Best,
Bhaji

Centrifuge Token Holder Update
(Q4 2024)

Dear Centrifuge supporters,

As we enter 2025, a favorable regulatory environment, institutional capital inflows, and the rising maturity of onchain markets will converge to solidify RWAs as the cornerstone of crypto's integration with traditional finance. Against this backdrop, Centrifuge is uniquely positioned to spearhead the institutional adoption of tokenization and capitalize on the opportunities it presents.

Q4 included our landmark event of the year, the RWA Summit in New York, which has become widely regarded as the best RWA industry event. In 2024, we hosted 5 RWA Summits globally, resulting in 5k new leads and a strong BD funnel. The event series is now cashflow positive through sponsorship and ticket sale revenue. 

Highlights

  • Centrifuge won the Institutional Asset Manager award for Best Technology Provider and Anemoy won Best Digital Asset Service Provider
  • BlockTower achieved a 97% reduction in costs on their $220 million securitization fund through the Centrifuge platform - read case study 
  • Anemoy’s Liquid Treasury Fund hit the RWA.xyz top 10 leaderboard
  • LTF became the first tokenized fund rated by both Moody's and Particula, receiving the highest ratings ever awarded to a tokenized fund by each agency.
  • Centrifuge integrated with Fireblocks enabling asset managers to launch and manage funds using Fireblocks to custody both Centrifuge-native RWAs and the CFG token.
  • The Centrifuge app launched a major redesign 

Financials/KPIs:

  • Total Assets Financed: $735.4m ($44.1m Q4)
  • Total Value Locked: $123.2m
  • Total Value Repaid: $683.5m ($146.2m Q4)
  • Token Holders: 60,292 wallets & 55,585 holders
  • DAO Contributors (FTE): 26

In the News:

Thank you for your support and collaboration throughout 2024. I’m excited to see what we can achieve together in 2025!

Best,
Bhaji

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