Alkemya Metacore SCSp has secured $50 million in a pre-listing tokenized equity round backed by a physical stockpile of ultra-pure nickel. Structured around the ALKN token and operating under El Salvador’s digital asset framework, the transaction shatters Bitfinex Securities’ previous funding record and illustrates tokenization’s expansion into industrial commodities.
🔑 Key Takeaways
- $50 million raised via the ALKN token backed by 99.99% pure nickel
- Physical stockpile valued at $1.6–1.64 billion, custodied in Lugano
- Waterfall distribution: full capital return + 6% annual preferred + 80/20 split
- Listing planned on Bitfinex Securities, AGX and Archax
- Institutional offering closes October 15, 2026
The Underlying Asset: Ultra-Pure Nickel Wire
Alkemya Metacore holds approximately 7 million meters of nickel wire at 99.99% purity, with a diameter of just 0.025 mm. This « Class 1 » material has been independently valued at approximately $1.64 billion (some sources cite $1.6 billion).
The physical stockpile is held in institutional custody in Lugano, Switzerland. The wire is intended for transformation into engineered mesh products for high-tech industrial applications where conductivity and corrosion resistance are critical, from electromagnetic shielding to semiconductors.
ALKN Token Structure and Distribution Mechanics
ALKN tokens are issued by Alkemya Metacore SCSp, a special limited partnership (société en commandite spéciale) registered in Luxembourg and declared as issuer with El Salvador’s Comisión Nacional de Activos Digitales (CNAD). The offering is arranged by Hanover Square Capital (UK) Ltd and will be listed on Bitfinex Securities at an issuance price of $1.00 per token. It is restricted to institutional and professional investors only.
« This transaction not only validates that trajectory but also signals the growing importance of blockchain-enabled solutions in redefining how assets are issued, managed, and traded on a global scale. »
Hanover Square Capital, offering arranger
Cash flow distributions follow a strict waterfall mechanism designed to protect institutional investors:
- Full return of invested capital
- Cumulative preferred return of 6% per year, compounded annually on outstanding capital
- Profit sharing on an 80/20 basis in favor of token holders, after carry partner deduction
A Record for Bitfinex Securities
At $50 million, this raise surpasses the previous record of $30 million set on the platform with the USTBL tokenized product, also issued under the Salvadoran framework. To date, Bitfinex Securities has completed seven capital raises and listed sixteen tokenized assets. The transaction marks another step in the platform’s strategy to expand tokenization beyond traditional financial products such as U.S. Treasuries, toward physical industrial assets.
« A regulated venue for the issuance and trading of tokenised securities, combining blockchain technology with regulated market access for issuers and eligible investors. »
Bitfinex Securities
| Platform | Role | Region |
|---|---|---|
| Bitfinex Securities | Primary listing | Global |
| AGX (LabyrinthX / Hydra X) | Secondary listing | Asia |
| Archax Ltd | Listing + distribution | United Kingdom |
| HydraX Digital Assets | Custodian | Asia |
Use of Funds and Target Industrial Sectors
The capital raised will finance Alkemya Metacore’s working capital, including through its operating subsidiary Green Transitional Metals. The roadmap targets research, development and commercialization of engineered nickel products across seven strategic sectors:
- Electromagnetic shielding (EMI)
- Aerospace and defense
- Marine and desalination
- Energy and industrial
- Semiconductors
- Green hydrogen
- Rare and precious metals recovery
Legal Counsel and Technology Infrastructure
The transaction relies on a multinational legal stack: CMS DeBacker (Luxembourg law), Dentons El Salvador (Salvadoran law), Foley & Lardner (U.S. law) and CNPLaw LLP (Singapore law). Winston Taylor represented Bitfinex Securities. The Edison Group acted as investor relations advisor and published a pre-IPO research note, while Scytale handles onboarding and compliance under Luxembourg and European law.
Outlook and Liquidity Challenges
This raise demonstrates tokenization’s capacity to make traditionally illiquid, hard-to-divide assets accessible. Its success will ultimately depend on building an active secondary market. Secondary trading is expected to begin only after the next collection tranche is finalized, and liquidity will remain a determining factor in assessing the tokenized asset’s real appeal. The trading price may diverge from the implied valuation of nickel reserves, as investors must weigh the partnership structure, operating expenses and commercialization strategy before pricing the token.
Sources
This article is published for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decisions.
