Securitize Inc., the BlackRock-backed tokenization platform, cleared its final SEC registration hurdle on June 5, 2026, and now awaits a June 29 shareholder vote to complete its $1.25 billion SPAC merger with Cantor Equity Partners II (NASDAQ: CEPT). If approved, the combined entity — Securitize ...
"Capital markets are just ledgers that need updating — blockchain is a better ledger." — Carlos Domingo, CEO, Securitize
Securitize Inc., the BlackRock-backed tokenization platform, cleared its final SEC registration hurdle on June 5, 2026, and now awaits a June 29 shareholder vote to complete its $1.25 billion SPAC merger with Cantor Equity Partners II (NASDAQ: CEPT). If approved, the combined entity — Securitize Corp., trading under NYSE ticker SECZ — will become the first company built entirely on securities tokenization infrastructure to list on a major U.S. exchange.
The listing arrives as the tokenized real-world asset (RWA) market reaches $31.4 billion in on-chain value, up from $6 billion in early 2025, according to CoinGecko. Securitize manages over $4 billion in tokenized assets, operates as an SEC-registered transfer agent and broker-dealer, and serves as the infrastructure layer for BlackRock's $2.5 billion BUIDL fund. Revenue for the first nine months of 2025 hit $55.6 million — an 841% year-over-year increase — and Q1 2026 delivered $19.5 million, up 39% from Q1 2025.
This report examines the economics of Securitize's public listing, its competitive position against Ondo Finance and Centrifuge, the Computershare partnership targeting $70 trillion in U.S. equities, and what the listing signals about the maturation of tokenization as financial infrastructure.
Securitize announced its business combination agreement with Cantor Equity Partners II on October 28, 2025. The deal structure sets the pre-money equity valuation at $1.25 billion. Gross proceeds are projected at up to $465 million assuming zero shareholder redemptions: approximately $240 million from CEPT's trust account and $225 million from a private investment in public equity (PIPE) round led by Borderless Capital, ParaFi Capital, Arche, and Hanwha Investment & Securities.
The SEC declared the Form S-4 registration statement effective on June 5, 2026. The record date for voting shareholders is May 11, 2026, with the special meeting scheduled for June 29. If approved, closing is expected to follow within days.
Davis Polk & Wardwell serves as legal counsel to Securitize. Cantor Fitzgerald, which sponsors the SPAC vehicle, also maintains a broader relationship with crypto markets through its involvement in Tether's reserve attestation processes and its own digital asset initiatives.
One structural detail warrants attention: Securitize has stated its intention to tokenize its own equity post-listing, creating a dual representation where SECZ shares exist simultaneously on the NYSE transfer system and on-chain. If executed, this would be the first instance of a publicly traded company issuing its stock natively on a blockchain at the point of IPO. Exodus (EXOD) previously tokenized existing shares in late 2024, but did not do so as part of the initial listing event.
Securitize generates revenue across four layers of the tokenization stack:
Transfer Agent Fees. As an SEC-registered transfer agent, Securitize earns fees for maintaining shareholder registries, processing subscriptions and redemptions, and managing the KYC/AML pipeline for tokenized securities. This is recurring, asset-based revenue tied to total assets under administration.
Platform Licensing and Issuance. Issuers pay fees to deploy tokenized securities using Securitize's issuance engine. The platform supports tokenization of private equity, private credit, real estate, and now public equities.
Secondary Market Trading. Securitize Markets operates as an alternative trading system (ATS), registered with the SEC and FINRA, enabling secondary trading of digital asset securities. This generates transaction-based revenue.
Advisory and Integration. Custom work for institutional clients, including integration of tokenized assets into existing custody and settlement workflows.
The nine-month revenue figure of $55.6 million in 2025 (ending September) represents an 841% increase year-over-year. Q1 2026 revenue of $19.5 million was the company's highest quarter on record. Management's internal projection for full-year 2026 is approximately $110 million, according to SPAC filing documents — roughly double the annualized run rate from the 2025 nine-month period.
The revenue concentration risk is notable. A significant portion of Securitize's income derives from its relationship with BlackRock, which uses Securitize as transfer agent and infrastructure provider for the BUIDL fund. The extent of revenue dependency on this single relationship is disclosed in SEC filings but has not been broken out as a precise percentage in public materials.
The tokenization platform market has consolidated around three primary models, each occupying a distinct layer of the value chain.
| Metric | Securitize | Ondo Finance | Centrifuge | |---|---|---|---| | Primary Role | Transfer agent, broker-dealer, ATS | Fund manager, token issuer | Private credit marketplace | | Assets on Platform | $4B+ | $3.5-3.8B TVL | ~$500M originated | | Regulatory Status | SEC-registered TA and BD, FINRA-registered ATS | SEC-registered investment adviser | Operates via SPV structures | | Key Product | Infrastructure (issuance, compliance, trading) | OUSG, USDY, Ondo Global Markets | Tinlake/Centrifuge Chain pools | | Institutional Anchor | BlackRock (BUIDL) | Franklin Templeton, State Street | MakerDAO (historical) | | Public Listing | NYSE via SPAC (pending June 29) | Token (ONDO) trades publicly | Token (CFG) trades publicly |
Securitize and Ondo Finance are not direct competitors — they occupy adjacent positions. Securitize provides the plumbing; Ondo builds products on top. In fact, both companies have explored integration paths. Ondo's TVL surpassed $3 billion in April 2026, with the Ondo Global Markets platform for tokenized U.S. stocks and ETFs exceeding $1 billion TVL within eight months of launch.
Centrifuge occupies a different niche: tokenized private credit origination, historically tied to the MakerDAO ecosystem. Its total originated volume is substantially smaller, and its protocol-token model (CFG) creates different economic incentive structures than Securitize's equity-based model.
The critical distinction is regulatory architecture. Securitize holds a full suite of U.S. securities licenses — transfer agent, broker-dealer, ATS — making it the only tokenization platform that can legally custody, issue, and trade tokenized securities end-to-end within the U.S. regulatory perimeter. This regulatory moat is difficult to replicate. Transfer agent registration alone requires SEC approval and ongoing compliance infrastructure that deters smaller competitors.
On April 29, 2026, Securitize announced a partnership with Computershare, the world's largest transfer agent. Computershare manages shareholder registries for more than 25,000 companies and serves as transfer agent for approximately 58% of the S&P 500.
The partnership introduces the Issuer Sponsored Token (IST), a mechanism allowing U.S.-listed companies to issue tokenized shares alongside existing stock. Under this model, Computershare continues to serve as the transfer agent of record, maintaining the official shareholder registry. Securitize provides the blockchain infrastructure that enables a parallel on-chain representation of those shares.
The addressable market is the entire U.S. equity market: approximately $70 trillion in aggregate market capitalization. In a June 9, 2026 CoinDesk interview, Securitize CEO Carlos Domingo estimated that tokenized stocks could generate a $5 trillion crypto-native market over time.
There is an important economic distinction here. The IST model does not displace Computershare's role or fee structure — it adds a layer. Securitize would earn incremental fees for on-chain issuance and administration, while Computershare retains its existing transfer agent economics. This creates a cooperative rather than competitive dynamic between the two firms.
Whether public companies will adopt tokenized share representations at scale remains unproven. The demand case rests on 24/7 settlement, reduced reconciliation costs, programmatic dividend distribution, and the ability for shareholders to self-custody equity in blockchain wallets. The counterargument is that existing DTCC infrastructure already settles U.S. equities efficiently at T+1 as of May 2024, and the incremental benefits of tokenization may not justify the operational overhead for large issuers.
The BlackRock USD Institutional Digital Liquidity Fund (BUIDL), launched in March 2024 with Securitize as transfer agent, holds approximately $2.5 billion in assets under management across six blockchains as of May 2026. It is one of the two largest tokenized U.S. Treasury products alongside Circle's USYC.
BlackRock has signaled that tokenized funds are a repeatable product line. On May 12, 2026, BlackRock filed a new tokenized fund structure with the SEC, again using Securitize infrastructure. In February 2026, BUIDL became available for trading through UniswapX technology — a step that brings institutional-grade tokenized treasuries into DeFi settlement rails.
For Securitize, BUIDL represents both a revenue pillar and a proof of concept. The fund's growth validates the transfer-agent-as-a-service model and provides a reference customer that no competitor can match. However, this same concentration creates dependency risk: if BlackRock were to insource its tokenization infrastructure or shift to a competitor, the revenue impact on Securitize would be material.
The SEC published its Draft Strategic Plan for fiscal years 2026-2030 on June 2, 2026 — a 68-page document that places digital assets and distributed ledger technology under Goal One, the agency's first regulatory objective. This marks the first time in the SEC's history that digital assets have been designated as a formal institutional priority.
The plan outlines several objectives directly relevant to tokenization platforms: clearer rules for tokenized offerings, custody frameworks, trading venue regulation, and staking guidance. The SEC also indicated it would coordinate with the CFTC on overlapping jurisdictional questions.
For Securitize, this regulatory trajectory is favorable. The company has already invested heavily in compliance infrastructure — its transfer agent and broker-dealer registrations represent sunk costs that would become competitive advantages if the SEC creates clearer, more rigorous licensing requirements for tokenization platforms. Competitors without these registrations would face higher barriers to entry.
The timing is not coincidental. The SEC's strategic shift coincides with the GENIUS Act (stablecoin regulation) approaching its July deadline, the CLARITY Act progressing through the Senate, and a broader Congressional push to formalize digital asset law before the 2026 midterm elections.
Redemption Risk. SPAC transactions face significant redemption risk. If CEPT shareholders redeem a substantial portion of trust shares ahead of the June 29 vote, gross proceeds could fall well below the $465 million target. Recent SPAC transactions in 2025-2026 have seen redemption rates exceeding 80% in some cases.
Revenue Concentration. Dependence on the BlackRock relationship for a significant share of revenue creates single-counterparty risk. The SPAC filing acknowledges this concentration but does not provide a precise breakdown.
Market Adoption. The $70 trillion addressable market cited in the Computershare partnership is theoretical. Actual adoption of tokenized equity by S&P 500 issuers depends on regulatory clarity, cost-benefit analysis, and institutional inertia. No major public company besides Exodus has tokenized its equity to date.
Competitive Entry. Traditional financial infrastructure providers — DTCC, Broadridge, and potentially Computershare itself — could develop competing tokenization capabilities, reducing Securitize's value-add in the plumbing layer.
Valuation. At $1.25 billion pre-money against $55.6 million in nine-month 2025 revenue (annualized ~$74 million), the implied revenue multiple is approximately 17x. This is above the median for fintech SPACs but within the range observed for high-growth financial infrastructure companies.
Securitize's public listing is a test of whether tokenization infrastructure can sustain a standalone public-market valuation. The company occupies the regulatory high ground — full SEC and FINRA registrations — and has anchored itself to BlackRock's institutional distribution, giving it a client base that competitors cannot easily replicate.
The economic question is whether the tokenization layer captures enough value in the capital markets stack to justify a $1.25 billion valuation. At approximately 17x annualized revenue, the market is pricing in sustained high growth and the expectation that Securitize can convert the Computershare partnership and SEC regulatory tailwinds into recurring, scalable revenue.
The June 29 vote is procedural but not trivial. SPAC redemption rates will determine whether Securitize receives its full $465 million in proceeds or a substantially smaller amount. Either way, the listing establishes a public-market benchmark for tokenization platform economics — a data point the sector has lacked until now.