Bitfinex Securities raises record $50 million in tokenized nickel deal

Bitfinex Securities completed a record $50 million tokenized capital raise for metals company Alkemya. The raise 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. The companies said the nickel wire was independently valued at about $1.64 billion. Bitfinex Securities said the raise exceeded its previous record of $30 million for USTBL. USTBL is a tokenized U.S. Treasury product issued under El Salvador's Digital Asset Law. Bitfinex Securities has completed seven capital raises to date. The platform has listed 16 assets to date. An Alkemya spokesperson said ALKN is the company's first tokenization project. ALKN gives investors fractional, digitally transferable interests in the partnership. Alkemya plans to use the proceeds to commercialize engineered nickel products for applications including semiconductors. Additional ALKN tokens will remain available to eligible investors through Oct. 15. Secondary trading will not begin until at least the completion of the next fundraising tranche.