TL;DR:
- Alpaca raised $135 million in equity unding led by Peak XV to expand infrastructure for tokenized stocks and onchain brokerage services.
- Debt financing from Payward and BMO could bring the total package to $435 million, following a $150 million Series D in January.
- Alpaca says it has cleared or custodied roughly 94% of tokenized U.S. equities and holds over $1.5 billion in underlying stocks through its infrastructure for regulated platforms.
Alpaca has raised $135 million to expand the exchange rails behind tokenized stocks, giving one of the sector’s key brokerage infrastructure providers more capital as onchain equities move from experiment to distribution fight. Peak XV led the equity round, with Elefund, BNP Paribas’ Opera Tech Ventures and Unbound participating. The financing follows a $150 million Series D in January that valued Alpaca at $1.15 billion. The raise signals that tokenized stocks now need regulated plumbing, not only demand from crypto-native traders chasing 24/7 exposure.
Tokenized stocks need custody, clearing and redemption rails
The package is larger when debt is included. Alpaca said it secured as much as $300 million in debt financing from Kraken parent Payward and BMO, bringing the total financing package to $435 million. The company plans to accelerate its agent-first brokerage and API-first prime brokerage infrastructure, language that points beyond tokenized stock wrappers toward automated financial applications and new market participants. Alpaca is positioning itself as back-end market infrastructure, where exchanges, tokenization platforms and AI-native finance may need clearing, custody and execution rails.
Alpaca already sits unusually close to the tokenized-equity stack. The company has cleared or custodied roughly 94% of tokenized U.S. equities, including products tied to Binance, Ondo and Dinari, and says it holds more than $1.5 billion in underlying stocks backing tokenized equities through its infrastructure. Its Instant Tokenization Network lets market participants mint and redeem tokenized stocks against underlying shares around the clock. The constraint remains traditional ownership, because regulated firms still must hold shares, process corporate actions and connect blockchain transfers to conventional holds more than $1.5 billion in underlying stocks backing tokenized equities through its infrastructure. Its Instant Tokenization Network lets market participants mint and redeem tokenized stocks against underlying shares around the clock. The constraint remains traditional ownership, because regulated firms still must hold shares, process corporate actions and connect blockchain transfers to conventional markets.
Market timing explains the urgency. Tokenized equities grew nearly 3,000% in 2025, reaching about $963 million in market value by January, while separate data cited in the reports placed tokenized stock capitalization at a record $2.3 billion. Competition is widening as crypto platforms bring traditional investment products onchain, often using stablecoins for funding or redemption and opening access to investors outside the United States.
Alpaca’s challenge is turning early dominance into defensibility, because more exchanges, brokers and issuers now want the same rails. The funding buys scale, but the test is whether infrastructure can keep pace with tokenized equity demand as public equity products become programmable, international and tradable outside ordinary brokerage hours through platforms built for both institutions and software agents at global scale now.
