Crypto brokerage infrastructure firm Alpaca raised $135 million in a funding round led by Peak XV Partners, with participation from Elefund, BNP Paribas' Opera Tech Ventures and Unbound. According to the latest reports, the company secured as much as $300 million in debt financing from Kraken parent Payward and BMO. This follows a $150 million Series D in January that valued the company at $1.15 billion. The equity round was accompanied by the debt financing, with the company's valuation now exceeding $1 billion. The funding will be used to accelerate Alpaca's agent-first brokerage and API-first prime brokerage infrastructure, as reported by TradingView News. With this latest round, Alpaca has now raised a total of $435 million in funding to date.
As reported by CoinDesk, Alpaca clears or custodies roughly 94% of tokenized U.S. equities, including products connected to market leaders Binance, Ondo and Dinari. The company said it has more than $1.5 billion of underlying stocks backing tokenized equities held through its infrastructure. The global market capitalization of tokenized stocks has reached a record $2.3 billion, according to data aggregator Token Terminal. The funding underscores a central constraint facing tokenized equities where 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.
According to CoinDesk, Alpaca's Instant Tokenization Network allows market participants to mint and redeem tokenized stocks against underlying shares around the clock. The products often pair blockchain-based stock exposure with stablecoin funding or redemption, connecting equities to crypto's 24/7 settlement rails. As reported by TradingView News, the company will use the new financing to accelerate its agent-first brokerage and API-first prime brokerage infrastructure. Alpaca operates as a self-clearing broker-dealer, providing application programming interfaces (APIs) that allow financial institutions and developers to use the platform to enable trading in various securities, including equities, exchange-traded funds, options, fixed-income securities, and cryptocurrencies.
Yoshi Yokokawa, co-founder and CEO of Alpaca, is a former Lehman Brothers executive who began his career in securitization and alternative investments at Lehman Brothers in Japan before joining Nomura Securities as a vice president following its acquisition of Lehman's Asian operations. He launched Alpaca in 2015 as a machine-learning trading platform that has evolved into a brokerage infrastructure provider, and he led the company into Y Combinator's Winter 2019 accelerator cohort. Hitoshi Harada, the other co-founder, is a former Dell engineer. "Alpaca is uniquely positioned to become the default infrastructure layer for tokenized global capital markets and AI-native financial services," Yokokawa stated. "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."
As reported by CoinDesk, tokenized equities grew nearly 3,000% in 2025, reaching roughly $963 million in market value by January. The global market capitalization of tokenized stocks has now reached a record $2.3 billion, with more crypto platforms bringing traditional investment products onto blockchain rails. Competition has since expanded as Coinbase, Kraken and other crypto firms move further into onchain stocks. Alpaca did not disclose a new valuation in its announcement, with CoinDesk reaching out to the company for comments. Last month, Binance disclosed a revenue-sharing arrangement with Alpaca, which provides brokerage, clearing and custody infrastructure for Binance's stock trading product.
