Alpaca, the leading tokenized stock infrastructure provider, raises $435M
- Tokenization Insight
- 4 hours ago
- 2 min read
Alpaca, the biggest tokenized stock infrastructure provider you have never heard of, just raised $435M.
Founded in California in 2015 by Yoshi Yokokawa and Hitoshi Harada, Alpaca, the API-based brokerage infrastructure provider for crypto, stocks and options trading, followed up on its $150M Series D round in Jan 2026 with another $435M raised.
The total amount is split between $135M equity round, led by Peak XV Partners (formerly Sequoia India) with participation from Elefund, Opera Tech Ventures (BNP Paribas VC arm), and Unbound. And a $300M debt financing package from Payward (Kraken) and BMO.
➡️ Who is Alpaca?
Alpaca is not a consumer brand. It is API-native brokerage infrastructure that lets fintechs, exchanges, and financial institutions embed U.S. stocks and options trading directly into their products without building brokerage, clearing, or custody from scratch.
Crucially, Alpaca is a self-clearing broker-dealer in the U.S. and Japan. That means it does not just route trades. It executes, clears, settles, and custodies assets end-to-end. It offers a full stacked brokerage-as-a-service solution to 300 companies across 40 countries, including SBI Securities and Kraken.
Most recently Alpaca participated in DTCC's landmark Tokenization Services launch by converting traditional equities into tokenized version and making them available to blockchain participants.
➡️ Why this matters for tokenization
Alpaca has quietly become the core infrastructure for tokenized U.S. stocks. It is the brokerage and clearing backbone behind tokenized stock platforms such as Ondo Finance, xStocks and Dinari.
Of the $1.85B tokenized stocks on the market, it is responsible for providing the clearings, connectivity and custody services for $1.5B or 81% of the entire market. Its revenue has doubled consecutively for the past three years.
As tokenized stocks continues to gain traction, Alpaca's various revenue streams is likely to scale with the trading volume it handles and clears.
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