CoinDesk
Bitfinex Securities is opening a $50 million tokenized capital raise for Alkemya Metacore, a Luxembourg-based industrial metals platform built around a $1.6 billion stockpile of high-purity nickel wire. The ALKN security, available for primary subscription to eligible investors until October 15, gives blockchain-based exposure to 7 million meters of wire held in Swiss custody and used across semiconductors, aerospace, defense and electromagnetic interference shielding. Bitfinex Securities framed it as the first tokenized commodity offering to clear El Salvador's digital asset regulatory framework, with funds routed to Alkemya's operating subsidiary Green Transitional Metals.
Why it matters
Traditional commodities like gold and oil have been moving onchain for years through tokenized products and perpetual-style contracts on venues such as Hyperliquid, but industrial metals have lagged because the underlying assets are trapped in long, opaque supply chains and hard to wrap into tradable instruments. Alkemya's structure turns high-purity nickel wire, typically a procurement headache for chipmakers and defense primes, into a 24/7 tradable security with collateral and continuous hedging use cases. El Salvador's regulatory nod matters more than the dollar figure: it gives other issuers a working template for bringing industrial commodities onchain in a jurisdiction that has been courting tokenized-asset activity since 2021.
Market impact
With $50 million in primary capital chasing a $1.6 billion stockpile, the raise is small relative to underlying asset value, but the structural significance is outsized. The deal validates a tokenized-commodities playbook competitors from gold-backed DeFi tokens to perpetual commodity contracts have been circling, and gives Bitfinex Securities a regulatory-cleared template it can clone for other industrial metals. Jesse Knutson, Bitfinex Securities' head of operations, called it another example of bringing previously inaccessible asset classes to market within stringent regulatory guardrails, language that signals more listings ahead.
Frequently asked questions
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What is the ALKN token?
ALKN is a tokenized security offered by Bitfinex Securities that gives investors exposure to Alkemya Metacore's $1.6 billion stockpile of high-purity nickel wire, with primary subscription running until October 15.
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Why is this nickel tokenization notable?
Bitfinex Securities framed ALKN as the first tokenized commodity offering to clear El Salvador's digital asset regulatory framework, giving other issuers a working template for bringing industrial metals onchain.
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What does the underlying nickel wire get used for?
The wire serves semiconductor, aerospace, defense, electromagnetic interference shielding, power systems and green hydrogen applications, with planned work in rare and precious metals recovery.
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How much is Bitfinex Securities raising?
The company is conducting a $50 million tokenized capital raise on behalf of Alkemya Metacore, with funds routed to its operating subsidiary Green Transitional Metals.
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Where is the underlying nickel stored?
The 7 million meters of high-purity nickel wire is held in custody in Switzerland, with the offering structured through a Luxembourg-based industrial metals platform.
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