Securitize, the tokenization infrastructure firm backed by BlackRock, cleared its final SEC registration hurdle on June 5, 2026, setting a shareholder vote for June 29 to complete a $1.25 billion SPAC merger with Cantor Equity Partners II (Nasdaq: CEPT). The combined entity will trade on the New ...
"Tokenization is poised to be the most consequential upgrade to U.S. capital-market infrastructure in a generation." — Carlos Domingo, CEO, Securitize
Securitize, the tokenization infrastructure firm backed by BlackRock, cleared its final SEC registration hurdle on June 5, 2026, setting a shareholder vote for June 29 to complete a $1.25 billion SPAC merger with Cantor Equity Partners II (Nasdaq: CEPT). The combined entity will trade on the New York Stock Exchange under ticker SECZ — making it the first pure-play tokenization company to list on a major U.S. exchange.
The listing caps a 12-month stretch in which Securitize posted 841% year-over-year revenue growth (first nine months of 2025 vs. 2024), secured FINRA approval for broker-dealer custody of tokenized securities, partnered with NYSE to build a tokenized stock platform, and reached $3.4 billion in tokenized assets under management. The company projects $110 million in 2026 revenue and $32 million in EBITDA, up from $69 million in full-year 2025.
The IPO arrives as the broader tokenized asset market surpasses $31 billion, tokenized U.S. Treasuries alone hit $15.35 billion, and Jefferies projects the crypto public-market ecosystem could reach $1 trillion in aggregate market capitalization within five years. Securitize's listing functions as a referendum on whether tokenization infrastructure commands standalone public-market value — or remains a feature embedded in incumbent financial firms.
The transaction mechanics:
Upon closing, the combined company will operate as Securitize Corp. The firm plans to tokenize its own equity using its platform — creating parallel traditional and blockchain-native versions of the same share class. Traditional shares settle through DTCC rails; tokenized shares settle on-chain via Securitize's transfer agent infrastructure.
This dual-structure represents an operational proof of concept: the tokenization company tokenizes itself.
Securitize's revenue trajectory reflects institutional demand for tokenization infrastructure:
| Metric | FY2024 | 9M 2025 | FY2025 (est.) | Q1 2026 | FY2026 (proj.) | |--------|--------|---------|---------------|---------|----------------| | Revenue | $18.8M | $55.6M | $69M | $19.5M | $110M | | YoY Growth | — | 841% | ~267% | 39% | ~59% | | Tokenized AUM | — | — | $4.0B | $3.4B* | $9.0B | | AUA | — | — | — | $24.9B | — | | EBITDA | — | — | — | $0.8M (adj.) | $32M |
*Q1 2026 AUM of $3.4B reflects quarter-end snapshot; average AUM was $3.2B.
Q1 2026 breakdown: Asset servicing revenue surged 201% year-over-year to $8.3 million. Transaction volume during the quarter totaled $1.9 billion across 650 active funds serviced by Securitize Fund Services. Net loss widened to $7.93 million from $5.12 million in Q1 2025, attributed to IPO preparation costs, interest expenses, and fair value adjustments on derivative liabilities.
Revenue composition is shifting from one-time issuance fees toward recurring asset-servicing income — a structural improvement in revenue quality that mirrors the SaaS transition in traditional fintech.
Securitize assembled a regulatory stack in Q1-Q2 2026 that no competitor currently matches:
FINRA Broker-Dealer Expansion (May 4, 2026) FINRA approved Securitize Markets to custody tokenized securities within its broker-dealer entity, enable atomic on-chain settlement between tokenized securities and stablecoins, and participate as underwriter/selling group in primary and secondary tokenized offerings. This marks the first time a standard broker-dealer received authorization to hold custody of tokenized securities.
SEC-Registered Alternative Trading System (ATS) Securitize Markets has operated an SEC-regulated ATS since 2019, providing secondary market trading for digital asset securities.
Transfer Agent Registration Securitize acts as SEC-registered transfer agent for tokenized fund shares, including BlackRock's BUIDL and products from Apollo, Hamilton Lane, KKR, and VanEck.
The combined effect: Securitize can issue, custody, trade, settle, and service tokenized securities within a single regulated entity — collapsing functions traditionally split across transfer agents, custodians, clearinghouses, and broker-dealers.
On March 24, 2026, NYSE (part of Intercontinental Exchange, NYSE: ICE) and Securitize signed a memorandum of understanding for a "Digital Trading Platform." Key terms:
Separately, on April 29, 2026, Securitize and Computershare — the world's largest transfer agent managing shareholder records for approximately 16,000 issuers — announced an agreement to support U.S.-listed companies in issuing Issuer-Sponsored Tokens (ISTs). These are actual shares in token form, not derivatives or synthetic products. Issuers can include ISTs alongside existing shares held in the Direct Registration System (DRS).
The NYSE and Computershare partnerships together create a distribution pathway for tokenized public equities at scale — connecting the largest exchange, the largest transfer agent, and the leading tokenization platform.
The tokenization infrastructure market in 2026 includes multiple platforms, but consolidation is accelerating:
Active competitors:
Securitize's differentiation:
Carlos Domingo noted in January 2026: "If you look at the companies that looked like they were going to dominate, most disappeared, ran out of money or sold on bad terms." The attrition in the 2018-2022 cohort of security token platforms (Harbor, Swarm, Polymath's pivot from Ethereum) supports this observation.
Securitize's IPO arrives amid steep growth in the underlying market:
Top tokenized fund products by AUM:
The crypto IPO pipeline extends beyond Securitize. BitGo listed on NYSE in January 2026 at $2.6 billion market cap (up 24.6% first day). Kraken, Consensys, and Ledger are preparing listings. According to Jefferies, crypto companies raised $3.4 billion through U.S. stock market listings in 2025 alone, with Circle and Bullish each exceeding $1 billion.
Valuation premium: At $1.25 billion pre-money on projected $110 million 2026 revenue, Securitize trades at approximately 11x forward revenue — in line with high-growth fintech but requiring sustained 50%+ annual growth to justify.
AUM concentration: BlackRock's BUIDL represents a significant portion of Securitize's $3.4 billion tokenized AUM. Loss of a single anchor client would materially impact asset-servicing revenue.
Profitability timeline: Q1 2026 net loss of $7.93 million, with adjusted EBITDA barely positive at $0.8 million. The company must demonstrate margin expansion as it scales.
Competitive encroachment: Traditional financial infrastructure firms (DTCC, Broadridge, State Street) are building tokenization capabilities internally. NYSE's own platform may eventually reduce dependency on third-party providers.
Regulatory risk: FINRA approvals and SEC registrations provide current moat, but regulatory frameworks for tokenized securities remain in flux. Changes to custody rules or ATS requirements could alter competitive dynamics.
SPAC execution risk: SPAC mergers carry redemption risk from CEPT shareholders, potentially reducing available capital if significant holders redeem before closing.
Securitize's NYSE listing represents a structural test for the tokenization sector. The company has accumulated regulatory licenses, institutional partnerships, and revenue growth that collectively create a vertically integrated position — from issuance through custody to secondary trading — that no competitor currently replicates.
The economic question is whether tokenization infrastructure generates durable, defensible margin or becomes a commoditized utility. Securitize's Q1 2026 results suggest early signs of the former: asset-servicing revenue grew 201% as recurring fees from fund administration displaced one-time issuance charges. But adjusted EBITDA of $0.8 million on $19.5 million revenue leaves limited margin for error.
The NYSE and Computershare partnerships signal that incumbent infrastructure is choosing to integrate with Securitize rather than compete directly — for now. Whether that relationship persists as tokenized volumes scale from billions to trillions remains the central uncertainty. What is measurable today: $3.4 billion in tokenized AUM, $24.9 billion in assets under administration, 650 active funds, and a public market debut 22 days away.