Bitfinex Securities Completes Record $50M Tokenized Raise…

Bitfinex Securities has completed a $50 million tokenized capital raise for metals company Alkemya, the largest transaction the platform has handled since it began issuing digital securities. The financing was structured through ALKN, a tokenized security representing limited partnership interests in Luxembourg-based Alkemya Metacore SCSp.

The partnership owns approximately 7 million meters of 99.99% pure nickel wire. The two companies said the asset base has been independently valued at about $1.64 billion. For Alkemya, ALKN is its first tokenization project, and it lets investors hold fractional, digitally transferable interests in the partnership rather than direct title to specific quantities of nickel.

Moving beyond Treasuries

The raise tops Bitfinex Securities' previous record of $30 million for USTBL, a tokenized U.S. Treasury product issued under El Salvador's Digital Asset Law. The platform has now completed seven capital raises and listed 16 assets, building a track record of bringing traditional financial and physical assets onto blockchain-based infrastructure.

ALKN differs from most large tokenized real-world asset products, which have drawn adoption mainly through highly liquid instruments such as Treasuries, private credit and cash equivalents. Nickel is used across alloys, electronics and advanced manufacturing, and Alkemya plans to direct the proceeds toward commercializing engineered nickel products, including items intended for semiconductor applications.

The $50 million close does not mean ALKN will trade immediately. Additional tokens remain available to eligible investors through Bitfinex Securities until Oct. 15 as fundraising continues, and secondary trading will not begin until at least the completion of the next tranche. That gap highlights a key question for the structure: tokenization can make ownership digitally transferable without guaranteeing an active market from day one.

Liquidity and eventual pricing are the main factors to watch. A tokenized security can provide smaller investment units and blockchain-based settlement, but holders still need sufficient buyers and sellers to exit without large concessions. The trading price may also diverge from the implied value of the underlying nickel assets, since investors must weigh the partnership structure, operating expenses, the commercialization strategy and restrictions attached to the security rather than treating ALKN as a direct claim on nickel at its headline valuation.

For Bitfinex Securities, the record raise suggests demand for tokenized offerings is extending past digital versions of conventional securities into commodity-backed and industrial assets. Whether ALKN develops an active secondary market will offer a clearer test of how far that demand reaches.