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Alpaca raises $135 million to expand tokenized stock infrastructure

Alpaca said its network clears or custodies about 94% of tokenized U.S. equities and holds more than $1.5 billion in underlying shares for partners.

Reported · Written up by our desk · Market Structure

Crypto brokerage infrastructure firm Alpaca has raised $135 million to expand its rails for tokenized stock settlement, aiming to connect traditional U.S. equities to blockchain settlement infrastructure, CoinDesk reported.

Alpaca said regulated firms still need to hold the underlying shares and handle corporate actions, a constraint it designed its infrastructure to address. It said Instant Tokenization Network supports minting and redeeming tokenized stocks against underlying shares around the clock.

The company said it clears or custodies roughly 94% of tokenized U.S. equities and holds more than $1.5 billion in underlying stocks backing the tokenized equities held through its infrastructure. It also noted that these products can be linked to crypto’s 24/7 settlement through stablecoin-based funding or redemption.

The round was led by Peak XV, with participation from Elefund, BNP Paribas’ Opera Tech Ventures, and Unbound. CoinDesk added that the broader financing package includes debt primarily from Kraken parent Payward and BMO, following a $150 million Series D in January that valued Alpaca at $1.15 billion.

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