Binance, Alpaca seal revenue‑share for tokenized stocks
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- Binance disclosed a revenue‑sharing agreement with Alpaca for tokenized stocks and ETFs trading.
- Alpaca reported $480 million in assets under custody as of Dec 2025, giving it a 29 % share of the $1.62 billion tokenized‑stock market (RWA.xyz).
- Tokenized‑stock market grew 29 % in total value and 35 % in holder count over the last 30 days, while monthly active addresses dropped >77 % to 31,877, indicating a shift toward holding.
- Bitget launched a proxy offering tied to SpaceX’s pre‑IPO, while Binance introduced a SpaceX‑linked futures product.
- Kraken launched 11,000 US‑listed stocks and ETFs with commission‑free trading in April 2025, and Bitpanda expanded to about 10,000 stocks and ETFs in January.
Why it matters: Alpaca captures a larger slice of the booming tokenized‑stock market and earns revenue from Binance, while investors see a market that’s expanding in value but shrinking in active trading, potentially limiting liquidity.
