Bitfinex Securities has completed a record $50 million tokenized capital raise for metals company Alkemya through its ALKN tokenized security. According to the announcement shared with Cointelegraph, this represents the largest capital raise completed on Bitfinex Securities' platform, surpassing the previous record of $30 million involving USTBL, a tokenized product linked to short-term U.S. Treasuries. Following the Alkemya transaction, Bitfinex Securities has now completed seven capital raises and listed 16 assets on its platform. An Alkemya spokesperson confirmed that ALKN marks the company's first tokenization project, allowing the company to raise capital against its nickel asset base while providing investors with fractional, digitally transferable interests in the partnership.
The fundraising involves ALKN, a tokenized security representing limited partnership interests in Luxembourg-based Alkemya Metacore SCSp. As reported by the companies, the partnership owns approximately 7 million meters of 99.99% pure nickel wire, with its nickel holdings independently valued at about $1.64 billion. Each ALKN token represents fractional interests in the Luxembourg partnership, allowing eligible investors to receive digital ownership of the nickel wire holdings without requiring the company to sell its full underlying asset position. The tokenized structure places legal investment interests in the Luxembourg partnership onchain while the underlying physical asset remains the nickel inventory held through Alkemya Metacore, allowing for fractional ownership and electronic transferability among eligible holders.
According to the announcement, Alkemya plans to use the proceeds to commercialize engineered nickel products for industrial applications, including semiconductor materials. The company has not disclosed a specific date for the completion of its next ALKN tranche beyond keeping additional tokens available through October 15. Investors who did not participate in the completed $50 million raise will still have access to additional ALKN tokens during this extended offering period. The tokenization allows Alkemya to access capital markets while maintaining ownership of its physical nickel inventory, providing a flexible funding mechanism for the company's expansion plans.
The transaction comes as tokenized commodities have expanded beyond precious metals, with the value of tokenized commodities and equities moving above $7 billion in April, according to Bitfinex research. As reported by crypto.news, the tokenized commodity market has increased nearly 600% since early 2025, with tokenized commodities increasingly being used as onchain collateral across centralized platforms and decentralized finance protocols. Bitfinex Securities operates under El Salvador's Digital Assets Issuance Law, with the securities entity registered under PSAD-0001 with an October 24, 2023 registration date. The platform continues to expand its offering of tokenized real-world assets (RWAs) as institutional and retail investors increasingly seek exposure to physical assets through digital securities.
Secondary trading of ALKN will remain unavailable until at least the completion of the next fundraising tranche, according to the companies. This restriction ensures that the tokenized structure maintains its integrity during the ongoing capital raise process. The ALKN structure places legal investment interests in the Luxembourg partnership onchain while the underlying physical asset remains the nickel inventory held through Alkemya Metacore, allowing for fractional ownership and electronic transferability among eligible holders. The restriction is designed to preserve the tokenized security's compliance with regulatory frameworks and maintain proper capital raise procedures throughout the offering period.
