Bitfinex Securities raises record $50M for Alkemya nickel token

Bitfinex Securities has completed a record $50 million tokenized capital raise for metals company Alkemya through a security backed by partnership interests tied to an independently valued $1.64 billion nickel asset base.

Bitfinex Securities and Alkemya said in an announcement on Thursday that the fundraising involved ALKN, a tokenized security representing limited partnership interests in Luxembourg-based Alkemya Metacore SCSp.

The partnership owns about 7 million meters of 99.99% pure nickel wire, according to the companies. Its nickel holdings have been independently valued at about $1.64 billion, giving Alkemya an asset base against which it can raise capital through the tokenized structure.

For Bitfinex Securities, the $50 million total is the largest capital raise completed on its platform. The company said in the announcement that its previous record stood at $30 million and involved USTBL, a tokenized product linked to short-term U.S. Treasuries.

Bitfinex Securities sets a new $50 million fundraising record

Following the Alkemya transaction, Bitfinex Securities has now completed seven capital raises and listed 16 assets, according to figures provided by the platform.

ALKN is also Alkemya’s first tokenization project, an Alkemya spokesperson said in the announcement. Under the structure, eligible investors receive fractional interests in Alkemya Metacore SCSp in digital form, with the tokens designed to be transferable between eligible holders.

The fundraising gives Alkemya capital against its existing nickel holdings without requiring the company to sell the full underlying asset position. Proceeds from the offering are expected to fund the commercialization of engineered nickel products for industrial uses, including semiconductor applications.

Investors who did not participate in the completed $50 million raise will still have access to additional ALKN tokens. Bitfinex Securities plans to keep the offering open to eligible investors until Oct. 15 as Alkemya proceeds with another fundraising tranche.

Secondary trading will not start immediately. According to the companies, ALKN will remain unavailable for secondary-market trading until at least the next fundraising tranche has been completed.

ALKN gives investors fractional interests in the nickel partnership

The ALKN structure places the legal investment interest in the Luxembourg partnership onchain while the underlying physical asset remains the nickel inventory held through Alkemya Metacore.

Each token represents an interest in the limited partnership instead of direct ownership of individual sections of nickel wire. Alkemya said the digital structure allows those partnership interests to be divided into fractional holdings and transferred electronically among eligible investors.

Nickel is used across several industrial sectors, and Alkemya plans to direct the newly raised funds toward engineered products, including materials intended for semiconductor applications. The company has not disclosed a date for the completion of its next ALKN tranche beyond keeping additional tokens available through Oct. 15.

The transaction also comes as tokenized commodities have expanded beyond precious-metal products. In April, crypto.news reported that the value of tokenized commodities and equities had moved above $7 billion, with gold-backed products accounting for a large part of the market while tokenized oil, gas and agricultural assets were also gaining activity.

The same report cited Bitfinex research that put the tokenized commodity market at roughly $7 billion after an increase of nearly 600% since early 2025. Bitfinex said tokenized commodities were increasingly being used as onchain collateral across centralized platforms and decentralized finance protocols.

Earlier Bitfinex Securities offerings included Treasuries and debt

Before the Alkemya transaction, Bitfinex Securities had used its infrastructure for tokenized government debt exposure, corporate financing and other securities.

Crypto.news previously reported in November 2024 that the platform had launched a tokenized U.S. Treasury offering under El Salvador’s Digital Asset Law. Issued by NexBridge Digital Financial Solutions, USTBL represented shares in the iShares $ Treasury Bond 0-1yr UCITS ETF, which tracks U.S. government debt with maturities of less than one year.

The initial USTBL subscription period targeted a minimum raise of $30 million and accepted Tether’s USDT, with Bitcoin payments planned afterward. Bitfinex Securities said in the announcement in connection with the Alkemya deal that its previous fundraising record was the $30 million USTBL raise.

Earlier tokenized deals on the platform included corporate debt. In April 2024, Bitfinex Securities launched a tokenized debt offering designed to raise $6.25 million for construction of a Hampton by Hilton hotel near El Salvador International Airport. The HILSV security was issued on Liquid Network, a Bitcoin sidechain, and carried a five-year term with a 10% annual return.

Bitfinex Securities had also entered the tokenized bond market in 2023 with ALT2611, a 36-month security denominated in USDT and issued by a Luxembourg-based securitization fund managed by Mikro Kapital. The offering targeted $10 million and carried a 10% coupon, although early subscriptions fell below the original fundraising target.

Bitfinex has built regulated operations around tokenized assets

Bitfinex’s securities business operates alongside the group’s other regulated activities in El Salvador. In July, the company completed its Salvadoran licence set, covering spot trading, derivatives and regulated tokenized securities through separate operations.

Bitfinex Securities had received approval under El Salvador’s Digital Assets Issuance Law before the group completed the rest of the licensing structure. The National Commission of Digital Assets registry lists the securities entity under PSAD-0001 with an Oct. 24, 2023 registration date, and its permitted business includes issuance and trading infrastructure for tokenized financial products.

The platform’s tokenization work has also extended into distribution and infrastructure agreements. In November 2025, Tether’s Hadron tokenization platform, KraneShares and Bitfinex Securities announced a tokenized capital markets partnership under which Bitfinex Securities would provide regulated infrastructure and support access to secondary-market liquidity for tokenized products.

Under the Alkemya timetable, additional ALKN tokens remain available to eligible investors through Oct. 15, while secondary trading is scheduled to stay closed until at least the completion of the next fundraising tranche.