Bitfinex Securities has completed a record $50 million tokenized capital raise for metals company Alkemya, marking the platform's largest raise to date as it expands its offering of tokenized real-world assets (RWAs).

The raise was conducted through ALKN, a tokenized security representing limited partnership interests in Luxembourg-based Alkemya Metacore SCSp, the companies said in an announcement shared with Cointelegraph on Thursday. The partnership owns approximately 7 million meters of 99.99% pure nickel wire, which the companies said was independently valued at about $1.64 billion.

Tokenized real-world assets are blockchain-based instruments that represent ownership or economic interests in off-chain assets such as commodities, funds, and government debt, with the aim of making those interests fractional and digitally transferable. The sector has scaled rapidly in the past two years, led by tokenized United States Treasuries and on-chain money market funds from major asset managers including BlackRock and Franklin Templeton, while commodity tokenization has so far centered largely on gold-backed tokens such as Paxos' PAXG and Tether Gold. Nickel, the underlying asset in this case, is an industrial metal used across sectors including stainless steel, batteries, and electronics; stainless steel production accounts for the largest share of global nickel consumption, with battery demand a fast-growing component in recent years.

Bitfinex Securities told Cointelegraph that the $50 million raise surpassed its previous record of $30 million, set by USTBL, a tokenized US Treasury product issued under El Salvador's Digital Asset Law. That law, adopted in 2023, created a dedicated licensing regime for digital asset issuance, and Bitfinex Securities began operating in the country after obtaining a digital asset service provider license under the framework in 2025. The platform has completed seven capital raises and listed 16 assets to date.

An Alkemya spokesperson said that ALKN marks the company's first tokenization project. The token gives investors fractional, digitally transferable interests in the partnership, allowing Alkemya to raise capital against its nickel asset base.

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 Bitfinex Securities until Oct. 15. Secondary trading will not begin until at least the completion of the next fundraising tranche, making the close of the current offering window and the follow-on tranche the next milestones for a deal that tests whether physically backed industrial metals can draw the investor interest already seen in tokenized gold and government debt.