Alpaca Raises $135 Million for Tokenized Stocks

Peak XV, BNP Paribas, and Kraken parent Payward are joining in as Alpaca expands the infrastructure for tokenized U.S. equities. The company says it already clears or custodies 94% of these stocks.

Key Takeaways

• Alpaca raised $135 million to keep building the infrastructure for tokenized U.S. stocks.
• The round was led by Peak XV, with participation from Elefund, BNP Paribas’ Opera Tech Ventures, and Unbound.
• Alpaca says it clears or custodies about 94% of tokenized U.S. equities and supports more than $1.5 billion in underlying stocks.

Alpaca, which builds brokerage infrastructure for crypto companies, has raised $135 million (€118 million) to keep expanding the systems that exchanges and tokenization platforms use to bring U.S. stocks onchain. The raise underscores how much demand there is for the plumbing that links traditional equity markets with crypto-style trading and settlement.

New Funding Round

Peak XV led the equity round, with Elefund, BNP Paribas’ Opera Tech Ventures, and Unbound also taking part, Alpaca said Thursday. The new capital comes after a $150 million (€131 million) Series D in January, when the company was valued at $1.15 billion (€1 billion).

In addition to the equity raise, Alpaca also secured debt financing, mostly from Kraken parent Payward and BMO. Altogether, the package totals $435 million (€379 million). Alpaca did not disclose a fresh valuation.

Backbone for Tokenized Stocks

Alpaca says it now clears or custodies roughly 94% of tokenized U.S. equities, including products linked to Binance, Ondo, and Dinari. The company also says those tokenized assets are backed by more than $1.5 billion (€1.3 billion) in underlying stocks moving through its infrastructure.

The basic idea is simple: putting a stock on the blockchain does not eliminate the need for a regulated intermediary. Someone still has to hold the actual shares, process corporate actions, and bridge blockchain activity with the traditional market.

Why This Matters

For European crypto readers, the deal is another sign that tokenized equities are moving beyond a niche experiment and into a real market segment. Crypto exchanges are expanding into stocks and commodities already showed how major trading platforms are widening their offerings to keep capital inside their ecosystems, and Alpaca is supplying the infrastructure behind those products. Alpaca’s Instant Tokenization Network allows tokenized stocks to be minted and redeemed around the clock against the underlying shares, which lines up neatly with crypto’s 24/7 settlement model.

That growth is happening as the tokenized equities market has surged. In 2025, the category rose nearly 3,000 percent to about $963 million (€840 million) in market value in January, while Coinbase, Kraken, and other crypto firms continued adding more onchain stock products.