Bitfinex Securities says it has completed a $50 million tokenized capital raise for metals company Alkemya, the largest fundraising round on the platform so far. The deal adds to Bitfinex Securities’ push into tokenized real-world assets by using a digital security tied to an industrial metals holding structure.

The fundraising was carried out through ALKN, a tokenized security linked to limited partnership interests in Luxembourg-based Alkemya Metacore SCSp. According to the company, the partnership holds roughly 7 million meters of 99.99% pure nickel wire that has been independently valued at about $1.64 billion.

Tokenized access to a nickel-backed partnership

ALKN represents fractional interests in the partnership rather than direct ownership of the underlying metal. An Alkemya spokesperson said the issuance is the company’s first tokenization project, aimed at turning part of its existing nickel asset base into a fundraising instrument.

The structure gives investors digitally transferable exposure to the partnership through a tokenized security. In practice, that allows Alkemya to raise capital against a physical inventory asset while using Bitfinex Securities as the distribution venue.

How Alkemya says it will use the funds

Alkemya plans to direct the proceeds toward commercializing engineered nickel products. The company said those products are intended for applications that include semiconductors, pointing to an industrial use case beyond holding the metal itself.

The source article does not provide a breakdown of spending or a timeline for deployment of the new capital. It identifies the raise primarily as a financing step tied to Alkemya’s effort to develop products from its nickel-related asset base.

Offer remains open for eligible investors

Although Bitfinex Securities described the $50 million raise as completed, additional ALKN tokens are still set to remain available to eligible investors through Oct. 15. That indicates the current milestone does not close off further participation under the offering terms outlined by the companies.

Bitfinex Securities also said secondary trading in ALKN will not start until at least the completion of the next fundraising tranche. For now, that means the token’s tradability remains limited even after the record raise has been announced.

What comes next

The next confirmed steps are the continued availability of ALKN to eligible investors until Oct. 15 and, after a further fundraising tranche is completed, the earliest point at which secondary trading may begin. Beyond that, the key development to watch is whether Alkemya advances the commercialization of its engineered nickel products using the newly raised capital.

For Bitfinex Securities, the transaction stands as its largest raise to date and another example of tokenized securities being used to fund real-world asset businesses. The article does not state whether similar offerings are planned next, only that this round sets a new platform record.

Source: cointelegraph.com