Crypto brokerage infrastructure firm Alpaca raised $135 million in equity funding to expand the rails used by exchanges and tokenization platforms to offer U.S. stocks onchain. The funding, announced July 16, comes six months after the company closed a $150 million Series D round that valued it at $1.15 billion in January.
Peak XV led the equity round, joined by investors Elefund, BNP Paribas’ Opera Tech Ventures, and Unbound. Payward, the parent company of Kraken, and BMO provided debt financing as part of a combined $435 million funding package.
Alpaca operates the Instant Tokenization Network, which allows market participants to mint and redeem tokenized stocks against underlying shares around the clock. The infrastructure connects equities to crypto’s 24/7 settlement rails by pairing blockchain-based stock exposure with stablecoin funding or redemption.
Market Leadership and Growth
Tokenized equities grew nearly 3,000% in 2025, reaching roughly $963 million in market value by January 2026. Alpaca clears or custodies 94% of tokenized U.S. equities, with $1.5 billion in underlying stocks backing tokenized products through its infrastructure.
Three market leaders rely on Alpaca’s platform: Binance, Ondo, and Dinari. Coinbase and Kraken have also expanded into onchain stocks, though they operate separately from Alpaca’s infrastructure.
Regulatory Framework
Despite tokenization, regulated firms must still hold underlying shares and process corporate actions. The tokenized equities model pairs blockchain settlement with traditional equity custody requirements, creating a hybrid infrastructure layer between traditional finance and crypto markets.
The funding expansion signals Alpaca’s effort to scale infrastructure as demand for onchain stock exposure accelerates across the crypto ecosystem.
Frequently Asked Questions
How much did Alpaca raise?
Alpaca raised $135 million in equity funding, part of a combined $435 million package that also included debt financing from Payward, the parent company of Kraken, and BMO.
What is Alpaca's Instant Tokenization Network?
It lets market participants mint and redeem tokenized stocks against underlying shares around the clock, connecting equities to crypto's 24/7 settlement rails.
Which platforms rely on Alpaca?
Three market leaders rely on Alpaca's platform: Binance, Ondo, and Dinari. Alpaca clears or custodies 94% of tokenized U.S. equities.
