Alkemya Metacore Raises $50M in Tokenized Equity Backed by Class 1 Nickel Wire

Alkemya Metacore SCSp has closed a $50 million pre-launch capital raise structured as tokenized equity, with Class 1 nickel wire serving as collateral, Luxembourg-based sponsor Alkemya Luxembourg S.à.r.l. announced Tuesday.

The raise is intended to fund the company's precision industrial nickel wire operations ahead of a planned token listing. The structure converts equity stakes in the business into blockchain-based tokens, allowing investors to hold a digitally represented ownership interest backed by a physical commodity.

"Alkemya Metacore SCSp has secured USD 50 million in a pre-launch capital raise for its precision industrial nickel wire business, backed by Class 1 nickel wire."

Alkemya Luxembourg S.à.r.l., official announcement

The deal fits within a broader wave of real-world asset (RWA) tokenization that has accelerated since 2023. RWA tokenization refers to the process of representing ownership of physical or financial assets, such as commodities, real estate, or private equity, as tokens on a blockchain. Nickel, a metal central to battery manufacturing and energy infrastructure, is a less common collateral choice than gold or U.S. Treasuries, which have dominated the RWA space.

Nickel prices have historically been volatile. The London Metal Exchange nickel market experienced one of its most dramatic dislocations in 2022 when prices briefly doubled in a single session before trading was suspended.

Tokenized equity in pre-listing companies carries meaningful uncertainty. Regulatory treatment of such instruments varies sharply across jurisdictions. The European Union's Markets in Crypto-Assets (MiCA) framework, now in full effect, provides some clarity for token issuers operating out of Luxembourg, but securities regulators in other markets may classify the tokens differently. Secondary market liquidity for tokenized equity tied to niche industrial commodities also remains largely unproven. Broad RWA platforms have demonstrated demand for tokenized Treasuries and credit products, but industrial commodity-backed equity sits further from the mainstream.

Alkemya has disclosed limited information about its operational history, management team, or revenue profile. That opacity is not unusual for pre-launch raises, but it raises the due diligence bar for prospective token holders. The listing timeline and the blockchain infrastructure underpinning the token structure were not specified in the announcement.

The $50 million figure is notable for a pre-listing RWA deal in the industrial sector. The total value of tokenized real-world assets on public blockchains crossed $15 billion earlier in 2026, driven primarily by tokenized U.S. government debt products from issuers including BlackRock and Franklin Templeton. Commodity-backed tokenization has lagged that pace, making Alkemya Metacore's raise one of the larger announced deals in that sub-category. Whether the planned listing delivers the liquidity the structure promises will depend heavily on secondary market participation and the regulatory reception in the jurisdictions where the tokens are offered.