Crypto brokerage infrastructure firm Alpaca raised $135 million to expand the rails used by exchanges and tokenization platforms to offer U.S. stocks onchain.

Peak XV led Alpaca’s equity round, with participation from Elefund, BNP Paribas’ Opera Tech Ventures and Unbound, according to an announcement on Thursday. The raise follows a $150 million Series D in January that valued the company at $1.15 billion.

Debt financing, primarily from Kraken parent Payward and BMO, brought the total package to $435 million.

Alpaca clears or custodies roughly 94% of tokenized U.S. equities, including products connected to market leaders Binance, Ondo and Dinari. The company said it has more than $1.5 billion of underlying stocks backing tokenized…