Binance revealed a minority stake in Alpaca and a revenue-sharing agreement tied to order flow and stock lending. Alpaca powers execution, custody, and settlement for Binance’s stock and ETF
Binance disclosed a minority stake in brokerage infrastructure provider Alpaca as the exchange expands its U.S. stock and ETF offering for eligible users outside the United States. According to Binance Securities Trading Terms published Tuesday, the agreement also includes a revenue-sharing model tied to payment for order flow and stock lending, adding new details about how the platform plans to monetize its equities business.
According to the disclosed terms, Binance will receive 50% of Alpaca’s payment-for-order-flow fees. In addition, the exchange will collect 65% of remaining profit from user stock lending after users receive interest payments.
The arrangement comes after Binance launched access to more than 7,000 U.S.-listed stocks and ETFs. The service supports fractional purchases from as little as $5 and offers trading around the clock from Monday through Friday.
Binance said Nest Trading acts as the introducing broker, while Alpaca Securities handles execution, clearing, settlement, and custody. The exchange also noted that it does not directly custody the securities traded through the product.
Alpaca has become a major infrastructure provider for tokenized U.S. stocks and ETFs. According to the information provided, the company controls about 94% of that custody market.
The firm raised $150 million at a $1.15 billion valuation earlier this year. Alpaca CEO Yoshi Yokokawa said the company’s regulated broker-dealer infrastructure helped support Binance’s expansion into additional investment products.
Users can fund purchases with USDC and selected crypto assets, including BNB, USDT, USD1, and $U, where available.
The stock product does not currently issue tokenized shares. However, Binance said its planned bStocks product will allow eligible users to convert supported equities into on-chain assets.
The exchange also confirmed that users can participate in fully paid securities lending starting June 4, 2026. Meanwhile, Binance’s broader push into traditional markets follows similar moves by exchanges including Kraken, Bitpanda, and Bitget, which have expanded access to stocks and ETFs through blockchain-linked platforms.
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