Jul 16, 2026 — Crypto brokerage infrastructure firm Alpaca raised $135 million to expand rails used by exchanges and tokenization platforms to offer U.S. stocks onchain.
Peak XV led the equity round, with participation from Elefund, BNP Paribas’ Opera Tech Ventures, and Unbound. The raise follows a 1.15 billion. Debt financing primarily from Kraken parent Payward and BMO brought the total package to $435 million. Alpaca did not disclose a new valuation in the announcement.
Market position (company claims via CoinDesk): clears or custodies roughly 94% of tokenized U.S. equities, including products connected to Binance, Ondo, and Dinari; more than $1.5 billion of underlying stocks backing tokenized equities through its infrastructure. Instant Tokenization Network allows mint/redeem of tokenized stocks against underlying shares around the clock, often paired with stablecoin funding/redemption.
Structural point emphasized: tokenization does not remove the need for a regulated firm to hold underlying shares, process corporate actions, and connect blockchain transactions to traditional markets. Tokenized equities grew nearly 3,000% in 2025 to roughly $963 million market value by January; competition from Coinbase, Kraken, and others expanding.
Company blog (Alpaca, Jul 16): frames raise as “agent-first brokerage infrastructure” for tokenized markets and AI-native financial services; monthly active API users grew nearly 4x in last six months as agentic AI capabilities expanded; doubled revenue YoY for three consecutive years; acquired IFSCA-regulated broker-dealer in GIFT City (India); passporting across 30 EEA countries; CEO Yoshi Yokokawa and Peak XV Principal Aakash Kapoor quoted on programmable/tokenized markets opportunity.