Binance Reveals Alpaca Revenue Split Behind Stock Push

Binance disclosed a revenue-sharing arrangement with custodian and brokerage infrastructure API provider Alpaca, which has become a major infrastructure provider in the custody of tokenized US stocks and exchange-traded funds (ETFs).

Under Binance Securities Trading Terms published Tuesday, Binance will receive 50% of Alpaca’s payment-for-order-flow fees and 65% of remaining profit from user stock lending after users are paid interest, Binance will receive 50% of Alpaca’s payment-for-order-flow, or PFOF, fees and 65% of profit from user stock lending after the platform pays user interest.

Alpaca provides brokerage, clearing and custody infrastructure for Binance’s stock trading product and is also a major infrastructure provider in tokenized US stocks and ETFs. The company raised $150 million at an $1.15 billion valuation for its brokerage infrastructure in January.

The disclosure shows how Binance may monetize its push beyond crypto after launching access to more than 7,000 US-listed stocks and ETFs and previewing a later tokenized stock product called bStocks.

Cointelegraph contacted Binance for comment on the arrangement and asked whether it holds a minority stake in Alpaca.

Binance Securities Trading Terms for tokenized stocks and ETFs, Revenue-Sharing Arrangements. Source: Binance

Alpaca said it held $480 million in assets under custody (AUC) as of December 2025, which represents a 29% market share of the current $1.62 billion value of total tokenized stocks, according to data provider RWA.xyz.

The total value of tokenized stocks rose by around 29% during the past 30 days, while holders rose 35% to 304,700. However, monthly active addresses declined by over 77%, to 31,877, signaling that investors are holding, rather than actively trading, these assets.

Tokenized stock market total value. Source: RWA.xyz 

Crypto exchanges expand into tokenized US stocks

Other large cryptocurrency exchanges are also expanding their offering to include US stocks and ETFs, responding to the growing investor demand for more accessible blockchain-based trading products.

In April, crypto exchange Bitget launched a proxy offering tied to the pre-initial public offering (IPO) phase of Elon Musk’s aerospace manufacturing and space transportation company, SpaceX, Cointelegraph reported at the time. 

Related: South Korea plans July rules for tokenized securities

Binance also launched a SpaceX-linked pre-IPO futures product tied to the expected valuation of the company ahead of its public listing, Cointelegraph reported on May 21.

Source: Binance

In January, Vienna-based crypto exchange Bitpanda said it was expanding its offering to include about 10,000 stocks and ETFs.

In April 2025, Kraken launched  11,000 US-listed stocks and ETFs with commission-free trading in an effort to bring “equities and digital assets together” under one trading platform, as part of a “phased national rollout.” 

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