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Bitfinex Securities is raising $50 million through a tokenized security backed by nickel wire. The ALKN token represents limited partnership interests in Alkemya Metacore SCSp, a vehicle whose crown jewel is roughly 7 million linear meters of ultra-pure nickel wire sitting in a Swiss vault.
That inventory has been independently valued between $1.6 billion and $1.64 billion.
What the ALKN token actually is
Each ALKN token is priced at $1.00, but the offering documents peg its intrinsic launch value at approximately $2.05 per token. The total supply is capped at 800 million tokens, and the minimum capital raise threshold sits at $50 million.
Investors need to put up at least $120,000 to participate, which firmly places ALKN in institutional and high-net-worth territory.
The return structure resembles a traditional private equity waterfall. Investors receive their capital back first, then a 6% preferred annual return before any surplus profits get split 80/20.
The underlying asset, roughly 7,026,905 linear meters of 99.99% pure NP1-grade nickel wire, is stored in a secure Swiss facility. Independent valuation puts the hoard’s worth north of $1.6 billion.
The tech stack and trading venues
ALKN runs on the Liquid Network, a Bitcoin sidechain developed by Blockstream. The token infrastructure leverages Hadron technology from Tether alongside Blockstream’s AMP protocol.
For now, trading is live on Bitfinex Securities itself. Secondary listings on HydraX and Archax are anticipated around mid-2026. Archax holds a UK Financial Conduct Authority license.
Bitfinex Securities holds authorization in El Salvador and also operates under the Astana International Financial Centre in Kazakhstan.
Bitfinex Securities’ bigger picture
The platform already facilitates trading in tokenized US Treasury bills, and it manages approximately $250 million in assets under management across its various offerings. Its operational capacity recently peaked at $310 million in late 2025, and there are plans to expand those limits further.
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