# Alpaca Expands Tokenized-Stock Network With 94% Custody Coverage

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/23311
Published: 2026-09-23T13:50:43.000Z
Updated: 2026-09-23T13:50:43.000Z

Alpaca has expanded its tokenized-equity infrastructure with in-kind conversion and shareholder-governance services as the company reports custody coverage for approximately 94% of tokenized U.S. equities and exchange-traded funds.

On July 16, Alpaca said more than $1.5 billion in underlying stocks backing tokenized equities were held in custody through its infrastructure. The 94% figure is a company-reported estimate of custody coverage, not a market-share measurement.

Alpaca launched its Instant Tokenization Network on Oct. 2, 2025. The network supports round-the-clock minting and redemption, allowing approved institutions to convert brokerage-held shares into tokenized assets without first selling them for cash or stablecoins.

Ondo Finance added the conversion capability Sept. 21. Approved institutions can contribute existing shares to mint Ondo Stocks tokens or redeem those tokens for the underlying shares and ETFs through Alpaca’s network.

Alpaca is also adding shareholder-governance services for supported tokenized equities. A July 20 partnership with Broadridge covers proxy voting, investor communications, regulatory disclosures and reconciliation of voting entitlements.

The expansion follows Alpaca’s $150 million Series D financing announced Jan. 14 at a $1.15 billion valuation, along with a $40 million credit line. Alpaca announced another $135 million financing July 16 and said total financing had reached $435 million, including debt financing.

Alpaca has described its network as supporting about 94% of tokenized U.S. equities and ETFs.

Alpaca’s legal disclosures identify Alpaca Securities LLC as the Financial Industry Regulatory Authority and Securities Investor Protection Corporation member broker-dealer. AlpacaDB Inc. and Alpaca Crypto LLC own and develop the Instant Tokenization Network.