Securitize, the tokenization platform managing over $4 billion in real-world assets on behalf of BlackRock, Apollo, Hamilton Lane, KKR, and VanEck, is 12 days from a shareholder vote that would make it the first tokenization-native company listed on the New York Stock Exchange. The SPAC merger wi...
"Over the past several years, we have built regulated infrastructure designed to bring capital markets onchain in partnership with many of the world's leading financial institutions. Becoming a public company would position Securitize to continue scaling that infrastructure globally as tokenization increasingly becomes part of mainstream financial markets." — Carlos Domingo, Co-Founder & CEO, Securitize
Securitize, the tokenization platform managing over $4 billion in real-world assets on behalf of BlackRock, Apollo, Hamilton Lane, KKR, and VanEck, is 12 days from a shareholder vote that would make it the first tokenization-native company listed on the New York Stock Exchange. The SPAC merger with Cantor Equity Partners II, valued at $1.25 billion pre-money, received SEC clearance on June 5, 2026. Shareholders vote June 29. The combined entity would trade under ticker SECZ.
The listing arrives as Securitize posts record quarterly revenue of $19.5 million (Q1 2026, +39% YoY), expands its tokenized AAA CLO fund (STAC) to Solana with a $250 million commitment from Ethena Labs, and deepens its role as BlackRock's preferred blockchain infrastructure partner. The broader tokenized RWA market has reached $31.76 billion, up roughly 300% year-over-year, according to industry data aggregators.
The financial picture is not uniformly positive. Securitize reported a net loss of $7.9 million in Q1 2026, widening 75% from the year-ago quarter. Adjusted EBITDA fell to $0.8 million from $4.1 million. The company is scaling fast but burning cash to do it — a dynamic that public-market investors will scrutinize once SECZ begins trading.
Securitize first announced its merger with Cantor Equity Partners II (Nasdaq: CEPT) in October 2025. The deal values Securitize at $1.25 billion pre-money. The SEC declared the registration statement on Form S-4 effective in early June 2026, clearing the final regulatory hurdle before the shareholder vote.
Key transaction terms:
If approved, Securitize Corp. would become the first pure-play tokenization infrastructure company on a major U.S. stock exchange. The company is registered with the SEC as a transfer agent and operates a broker-dealer subsidiary, a regulatory stack that took years to assemble and that few competitors replicate.
Securitize reported Q1 2026 results on May 21, 2026. The numbers tell two stories simultaneously.
| Metric | Q1 2026 | Q1 2025 | Change | |--------|---------|---------|--------| | Total Revenue | $19.5M | $14.0M | +39% | | Net Loss | ($7.9M) | ($4.5M) | -75% | | Loss per Share | ($0.88) | — | — | | Adjusted EBITDA | $0.8M | $4.1M | -80% | | AUM | $3.4B | — | — | | AUA | $24.9B | — | — |
Revenue reached a company record, driven by management fees on growing AUM and platform fees from new fund launches. Assets under management stood at $3.4 billion as of March 31, 2026, rising to over $4 billion by April 2026 according to company disclosures.
The loss widening reflects the cost of going public — legal, audit, and regulatory compliance expenses associated with the SPAC merger — plus continued investment in engineering and business development. The company reported approximately breakeven operating cash flow before working capital adjustments and public-company-related costs.
Securitize's 2026 KPI targets, disclosed in SEC filings, project $110 million in full-year revenue, of which $85 million is described as contracted or recurring. The company targets $9 billion in AUM, 200 asset manager relationships (up from 185), 25 integrated blockchain protocols, and 75 tokenized public equities by year-end.
Securitize operates as a full-stack tokenization platform: issuance, transfer agency, compliance, and secondary market infrastructure. Founded in 2017 by Carlos Domingo, it holds SEC transfer agent registration and a broker-dealer license, enabling it to serve as the legal record-keeper for tokenized securities while facilitating their trading.
The institutional roster includes:
On June 12, 2026, Securitize expanded STAC — the Securitize Tokenized AAA CLO Fund — to Solana, with Ethena Labs committing $250 million to the fund. BNY serves as custodian for the underlying AAA-rated CLO tranches. The fund invests in U.S. dollar-denominated AAA CLO tranches from primary and secondary markets, using a fundamentals-driven, unlevered approach targeting floating-rate structured credit.
On March 24, 2026, NYSE announced a partnership with Securitize to develop a blockchain-based trading platform for U.S.-listed equities and ETFs. The platform would combine NYSE's Pillar matching engine with Securitize's blockchain-based post-trade infrastructure.
Planned features:
Securitize would act as NYSE's first digital transfer agent, overseeing digital share issuance and record-keeping. The platform requires SEC and FINRA approval and is expected to launch by late 2026.
According to a June 9, 2026 interview published by CoinDesk, Domingo stated that tokenized stocks could unlock a $5 trillion crypto market. That figure is an aspiration, not a forecast. The NYSE platform remains pre-launch and subject to regulatory approval.
BlackRock's relationship with Securitize has deepened consistently since BUIDL launched in March 2024. The trajectory:
BUIDL is now the largest tokenized U.S. Treasury fund on public blockchains. Its acceptance as collateral on Binance marked a structural shift: institutional traders can post yield-generating tokenized Treasury positions as margin, rather than holding idle stablecoins.
The second fund filing — the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle — uses on-chain data to connect ownership records with regulated transfer agents and investor eligibility systems. Securitize Transfer Agent, LLC would maintain the official record of ownership on public blockchains. This signals that BUIDL was a proof of concept; BlackRock is now building a repeatable on-chain product line.
Securitize is the largest tokenization platform by institutional AUM, but the market is fragmenting.
Ondo Finance controls approximately 70% of the tokenized equity segment, with over $700 million in TVL and $12 billion in cumulative trading volume across 70,000+ holders on Ondo Global Markets. Ondo partnered with Franklin Templeton in March 2026 to tokenize five ETFs, making Franklin Templeton the largest traditional asset manager to support on-chain distribution directly.
Franklin Templeton runs its own tokenized fund (FOBXX, the Franklin OnChain U.S. Government Money Fund) and has partnered with Ondo rather than Securitize for its latest push.
Backed Finance operates tokenized stock products (xStocks) primarily in European markets.
The competitive dynamic is nuanced. Securitize dominates tokenized alternatives (private credit, CLOs, PE secondaries) and institutional fund infrastructure. Ondo leads tokenized public equities. Franklin Templeton straddles both through selective partnerships. None has a monopoly.
The on-chain tokenized RWA market (excluding stablecoins) stands at approximately $31.76 billion as of mid-June 2026, according to industry aggregators. That represents roughly 300% year-over-year growth.
Six asset classes have individually surpassed $1 billion:
The market grew from approximately $23 billion at year-end 2025 to $31 billion by March 31, 2026 — approximately 35% growth in one quarter. The GENIUS Act, which passed in July 2025 and enters enforcement no later than January 2027, provides a federal regulatory framework for stablecoin issuers that serves as settlement infrastructure for many of these tokenized products.
Profitability timeline. Securitize's $7.9 million Q1 net loss, widening 75% YoY, raises standard growth-stage questions. The company projects $110 million in 2026 revenue, but the cost structure associated with regulatory compliance, multi-chain expansion, and institutional sales is significant. Public-market investors will demand a visible path to sustained profitability.
SPAC discount risk. SPAC mergers carry well-documented stigma in public equities. Post-merger SPAC companies have historically underperformed traditional IPOs. Securitize's $1.25 billion pre-money valuation will be tested immediately upon listing.
Regulatory dependency. The NYSE tokenized equities platform requires SEC and FINRA approval. Delay or denial would remove a major growth catalyst. The CLARITY Act, which would provide a broader federal framework for digital assets, is currently stalled in the Senate, as covered in separate reporting.
Concentration risk. BlackRock's BUIDL represents a substantial portion of Securitize's AUM. A single institutional relationship driving outsized revenue is a risk factor that SECZ investors will price.
Market cyclicality. The 300% YoY RWA growth rate is partly a function of a low base. Growth deceleration is mathematically certain. The question is whether Securitize can maintain its infrastructure position as the market matures and incumbents build competing capabilities in-house.
Securitize's NYSE listing, if approved on June 29, would mark the first time a tokenization-native company trades on a major U.S. exchange. The company has assembled a regulatory stack (transfer agent + broker-dealer), an institutional client roster (BlackRock, Apollo, KKR, Hamilton Lane), and a multi-chain platform that collectively represent the most complete tokenization infrastructure available to traditional asset managers.
The economics remain early-stage. Revenue is growing at 39% but the company is unprofitable and widening losses. The $1.25 billion valuation implies the market is pricing infrastructure optionality — the bet that Securitize's pipes will carry an increasing share of a $31.76 billion (and growing) tokenized asset market.
What SECZ's first weeks of trading will reveal is whether public-market investors share that bet, or whether they apply the SPAC discount that has penalized many growth-stage listings. The underlying infrastructure, however, is already processing billions in institutional capital. That is not a projection. It is on-chain.