Bitfinex Securities Raises Record $50M for Nickel-Backed ALKN Tokens

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• Bitfinex Securities raised $50 million in ALKN tokens for Alkemya Metacore, its largest capital raise to date, topping the $30 million it previously raised for a tokenized Treasury bill product.
• ALKN is backed by roughly 7 million meters of 99.99%-pure nickel wire, held in Swiss custody and valued at about $1.64 billion.
• That $50 million covers a little over 6% of the $800 million token program Alkemya’s Luxembourg partnership was actually structured to hold, and subscriptions stay open through October 15.

Bitfinex Securities has raised $50 million in tokenized capital for Alkemya Metacore, the largest single raise the exchange’s securities arm has completed, backed by nickel wire the Luxembourg firm values at roughly $1.64 billion. The raise adds to broader Web3 fundraising updates, as tokenized assets gain traction across digital capital markets.

A sliver of a much bigger program

That $50 million covers only a small piece of what Alkemya actually built. Under the structure it set up with law firm CMS Luxembourg roughly five months earlier, Alkemya Metacore, a Luxembourg limited partnership, authorized up to 800 million tokens at $1 nominal value each, a program worth as much as $800 million.

What actually sold in this round works out to a little over 6% of that ceiling, and roughly 3% of the nickel stockpile it is meant to represent. The “record raise” framing is accurate against Bitfinex Securities’ own history, while the deal also highlights the expansion of tokenized securities trading into commodity-backed assets. It is a smaller share of Alkemya’s own plan.

“Alkemya represents yet another example of how we’re using blockchain technology to bring previously inaccessible asset classes to market within stringent regulatory guardrails,” said Jesse Knutson, Bitfinex Securities’ head of operations.

Nickel wire as collateral

The wire backing ALKN is used in electromagnetic shielding, aerospace parts and semiconductor manufacturing. Alkemya’s own valuation of the stockpile, about $1.64 billion, matches a figure independent research firm Edison Investment Research put on the same nickel in a report published in May, three months before this raise.

Bitfinex Securities calls the offering the first tokenized nickel product globally and the first tokenized commodity sold under El Salvador’s digital asset framework, the same regulatory regime it used last year for a tokenized US Treasury bill product that, until now, held the platform’s fundraising record.

What happens through October

Subscriptions for additional ALKN tokens stay open to eligible investors through October 15. Bitfinex says secondary trading will not begin until Alkemya closes its next funding tranche. Proceeds are earmarked for Green Transitional Metals, the Alkemya subsidiary developing nickel products for hydrogen electrolyzers and precious-metals recovery.