Crypto brokerage infrastructure firm Alpaca has raised $135 million to expand its tokenized stock settlement network, a round led by Peak XV that brings total financing to $435 million when combined with debt. The company now holds over $1.5 billion in underlying stocks backing tokenized equities and has cleared or custodied roughly 94% of all tokenized U.S. equities on the market.
Funding details and backers
Alpaca's equity round was led by Peak XV and included participation from Elefund, BNP Paribas' Opera Tech Ventures, and Unbound, according to a Thursday announcement. 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 funding package to $435 million.
Tokenized stock infrastructure
Alpaca's Instant Tokenization Network allows market participants to mint and redeem tokenized stocks against underlying shares around the clock. The company clears or custodies products connected to major market leaders including Binance, Ondo, and Dinari. The infrastructure pairs blockchain-based stock exposure with stablecoin funding or redemption, effectively linking equities to crypto's 24/7 settlement rails.
The funding underscores a key constraint in the tokenized equities market: putting a stock onchain does not eliminate the need for a regulated firm to hold the underlying shares, process corporate actions, and connect blockchain transactions to traditional markets.
Market growth and competition
Tokenized equities grew nearly 3,000% in 2025, reaching roughly $963 million in market value by January. Competition has since expanded as Coinbase, Kraken, and other crypto firms have pushed further into onchain assets. Alpaca did not disclose a new valuation in its announcement.