Alpaca raises $435 million total to scale tokenised US equity infrastructure

Alpaca, a crypto brokerage infrastructure firm, has secured a $135 million equity round to expand the settlement and custody rails that allow exchanges and tokenisation platforms to offer US stocks onchain. Peak XV led the equity raise, with BNP Paribas’ Opera Tech Ventures, Elefund, and Unbound also participating. Debt financing from Kraken’s parent company Payward and BMO brought the combined package to $435 million. The round follows a $150 million Series D in January that valued Alpaca at $1.15 billion; no new valuation was disclosed alongside this raise.

Alpaca’s position in the tokenised equity market is substantial: the firm clears or holds in custody approximately 94% of tokenised US equities, including products tied to Binance, Ondo, and Dinari, and holds more than $1.5 billion in underlying stocks backing those instruments. Its Instant Tokenization Network enables around-the-clock minting and redemption of tokenised stocks against their underlying shares, pairing equity exposure with stablecoin settlement rails.

The capital deployment points to a structural reality the funding announcement makes explicit: tokenising a stock does not eliminate the requirement for a regulated entity to hold the underlying shares, process corporate actions, and bridge blockchain transactions back to traditional markets. That compliance and custody layer is precisely where Alpaca sits, and the concentration of market share it has accumulated suggests that infrastructure bottleneck is consolidating quickly. Tokenised equities grew nearly 3,000% in 2025, reaching roughly $963 million in market value by January, and competition has since broadened as Coinbase, Kraken, and other firms have moved further into onchain assets.