Key Takeaways:
Crypto brokerage infrastructure firm Alpaca raised $135 million in equity funding led by Peak XV to expand the rails used by exchanges and tokenization platforms offering U.S. stocks onchain, with debt financing from Kraken parent Payward and BMO bringing the total package to $435 million.
"The support from our investors reflects confidence in Alpaca's execution and the market opportunity ahead," Yoshi Yokokawa, co-founder and chief executive officer of Alpaca, said in a statement. "As tokenization reshapes access to global markets and AI accelerates the creation of new financial applications and market participants, demand is growing for regulated infrastructure built for this paradigm shift."
The raise follows a $150 million Series D in January that valued the company at $1.15 billion. Peak XV led the equity round with participation from Elefund, BNP Paribas' Opera Tech Ventures and Unbound. Alpaca clears or custodies roughly 94% of tokenized U.S. equities, including products connected to Binance, Ondo and Dinari, and holds more than $1.5 billion of underlying stocks backing tokenized equities through its infrastructure, according to the company.
The funding underscores a central constraint facing tokenized equities: 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. Alpaca's Instant Tokenization Network allows market participants to mint and redeem tokenized stocks against underlying shares around the clock, pairing blockchain-based stock exposure with stablecoin funding or redemption.
Revenue growth and user expansion
Alpaca has doubled revenue year over year for three consecutive years, the company said. Monthly active API users increased nearly fourfold in the six months before the announcement, supported partly by growing interest in agentic AI applications. The platform now supports more than 10 million brokerage accounts across hundreds of financial technology companies and institutions in over 40 countries.
The company has expanded its international regulatory presence through acquisitions in India's GIFT City, the United Kingdom and Europe, and has passported across all 30 countries in the European Economic Area. Alpaca also began offering access to European equities, broadening beyond U.S. securities.
Competitive landscape heats up
Tokenized equities grew nearly 3,000% in 2025, reaching roughly $963 million in market value by January, according to CoinDesk research. Competition has since expanded as Coinbase, Kraken and other crypto firms move further into onchain stocks. Alpaca's infrastructure positions it as a backend provider for these platforms rather than a direct competitor, handling the regulated brokerage layer that tokenization issuers require.
The company did not disclose a new valuation in the announcement.
This article is for informational purposes only and does not constitute investment advice.
