Crypto brokerage infrastructure firm Alpaca raised $135 million to expand the rails used by exchanges and tokenization platforms to offer U.S. stocks onchain.
Peak XV led Alpaca’s equity round, with participation from Elefund, BNP Paribas’ Opera Tech Ventures and Unbound, according to an announcement on Thursday. The raise follows a $150 million Series D in January that valued the company at $1.15 billion.
Debt financing, primarily from Kraken parent Payward and BMO, brought the total package to $435 million.
Alpaca clears or custodies roughly 94% of tokenized U.S. equities, including products connected to market leaders Binance, Ondo and Dinari. The company said it has more than $1.5 billion of underlying stocks backing tokenized equities held through its infrastructure.
The funding underscores a central constraint facing tokenized equities, where putting a stock onchain does not remove the need for a regulated firm to hold the underlying shares, process corporate actions and connect blockchain transactions to traditional markets.
Its Instant Tokenization Network allows market participants to mint and redeem tokenized stocks against underlying shares around the clock. The products often pair blockchain-based stock exposure with stablecoin funding or redemption, connecting equities to crypto’s 24/7 settlement rails.