Crypto brokerage infrastructure firm Alpaca has raised $135 million to expand the rails used by exchanges and tokenization platforms to offer U.S. stocks on-chain.
Peak The raise follows a $150 million Series D round in January that valued the company at $1.15 billion.
Debt financing, primarily from Kraken parent Payward and BMO, brought the total to $435 million.
Alpaca clears or retains approximately 94% of tokenized US equities, including products linked to market leaders Binance, Ondo and Dinari. The company said it has more than $1.5 billion in underlying shares backing tokenized shares held through its infrastructure.
Funding highlights a central constraint facing tokenized stocks, where putting shares on chain does not remove the need for a regulated company to hold the underlying shares, process corporate actions, and connect blockchain transactions to traditional markets.
Its instant tokenization network allows market participants to create and redeem tokenized stocks against underlying stocks 24 hours a day. Products often combine blockchain-based stock market exposure with stablecoin funding or redemption, connecting stocks to crypto’s 24/7 settlement rails.
