Crypto▲ Bullish
Bitfinex Securities raises record $50M for Alkemya nickel token
Bitfinex Securities raised $50M via ALKN, a tokenized security tied to $1.64B in nickel. The raise tops its previous $30M record and keeps additional tokens open through Oct. 15.
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Bitfinex Securities has raised $50 million through ALKN, a tokenized security backed by nickel holdings. The transaction is the largest capital raise completed on the platform, the companies said in an announcement on Thursday.
The ALKN token represents limited partnership interests in Alkemya Metacore SCSp, a Luxembourg vehicle that owns about 7 million meters of 99.99% pure nickel wire. The nickel inventory has been independently valued at about $1.64 billion, according to the companies.
Bitfinex Securities' previous record was a $30 million raise through USTBL, a tokenized product tied to short-term U.S. Treasuries. The platform has now completed seven capital raises and listed 16 assets, based on figures it provided.
ALKN is Alkemya's first tokenization project, an Alkemya spokesperson said. Eligible investors receive fractional interests in the Luxembourg partnership in digital form, with the tokens designed to be transferable between eligible holders.
The proceeds are expected to fund the commercialization of engineered nickel products for industrial uses, including semiconductor applications. The structure gives Alkemya capital against its existing nickel holdings without requiring the company to sell the full underlying asset position.
Additional ALKN tokens remain available to eligible investors through Oct. 15. Secondary trading will not start until at least the completion of the next fundraising tranche, the companies said.