Securitize, the tokenization platform with $3.4 billion in assets under management as of Q1 2026, is six days from a shareholder vote that would make it the first pure-play tokenization infrastructure firm to trade on the New York Stock Exchange. CEPT shareholders vote June 29 on the $1.25 billio...
"The traditional markets are going to stay. We're going to see a new market emerge in parallel that will run on blockchain rails and be much more efficient." — Carlos Domingo, CEO, Securitize
Securitize, the tokenization platform with $3.4 billion in assets under management as of Q1 2026, is six days from a shareholder vote that would make it the first pure-play tokenization infrastructure firm to trade on the New York Stock Exchange. CEPT shareholders vote June 29 on the $1.25 billion SPAC merger with Cantor Equity Partners II. If approved, the combined entity will trade under the ticker SECZ.
The listing arrives after a 90-day sprint of regulatory and commercial milestones: FINRA approval for tokenized securities custody in May, a memorandum of understanding with NYSE to build a digital transfer agent platform in March, and a partnership with Computershare — transfer agent for 58% of the S&P 500 — in April. Q1 2026 revenue hit a record $19.5 million, up 39% year-over-year, though the company remains unprofitable with a net loss of $7.93 million.
The listing is a concrete test of whether public markets will assign durable value to tokenization infrastructure, or whether the $1.25 billion valuation reflects forward expectations that the broader $33.7 billion tokenized RWA market has yet to justify at the unit-economics level.
Securitize announced the business combination with Cantor Equity Partners II (Nasdaq: CEPT) in January 2026. The deal structure:
The SEC declared the Form S-4 registration statement effective on June 5, 2026. The record date for voting shareholders is May 11, 2026. If approved and customary closing conditions are met, trading under SECZ is expected to begin shortly after the vote.
The 100% rollover from existing investors — particularly BlackRock, Morgan Stanley, and Tradeweb — is notable. In SPAC transactions, partial or full redemptions by existing investors are common. Full commitment from this investor cohort signals alignment on hold period and forward valuation.
Securitize reported first-quarter 2026 results on May 14:
| Metric | Q1 2026 | Q1 2025 | Change | |--------|---------|---------|--------| | Total Revenue | $19.48M | $14.01M | +39% | | Asset Servicing Revenue | $8.34M | $2.77M | +201% | | Tokenization Revenue | $11.14M | $11.24M | -1% | | Net Loss | ($7.93M) | ($5.12M) | Wider | | Adjusted EBITDA | $0.83M | $4.10M | -80% | | AUM (period-end) | $3.4B | — | — |
The revenue split reveals a structural shift. Asset servicing — the recurring fees generated from managing tokenized assets post-issuance — grew 201% and now represents 43% of total revenue, up from 20% a year ago. Tokenization revenue, the one-time fees from creating new token issuances, was flat. This suggests the business is transitioning from a project-based model toward an annuity-like stream tied to AUM growth.
The net loss widened to $7.93 million ($0.88/share) from $5.12 million, driven by listing preparation costs, interest expenses, and fair-value adjustments on derivative liabilities tied to the SPAC structure. Adjusted EBITDA compressed to $0.83 million from $4.1 million.
Management projects full-year 2026 revenue of $110 million, with $85 million already contracted or recurring. AUM is targeted at $9 billion by year-end, up from $3.4 billion at Q1 close. The gap between $19.5 million in Q1 and the implied $90.5 million needed in Q2-Q4 to hit guidance is substantial and relies on pipeline conversion from existing institutional relationships.
On May 4, 2026, FINRA granted Securitize Markets LLC expanded broker-dealer permissions through its Continuing Membership Application (CMA) process. The approval covered three capabilities:
The custody piece is the most significant. Until this approval, tokenized securities existed in a regulatory gray zone where custody arrangements were fragmented across multiple entities and legal frameworks. Bringing custody into a FINRA-regulated broker-dealer collapses the settlement stack: instead of T+1 clearing through DTCC or third-party custodians, Securitize can now settle token-for-stablecoin transactions in seconds within its ATS.
Carlos Domingo described it as "a foundational unlock," noting it "allows us to facilitate atomic settlement transactions between securities and cash equivalents within our broker-dealer ATS, eliminating the need for fragmented processes."
The practical implication: Securitize can now offer end-to-end tokenized IPO services — from underwriting through settlement and ongoing custody — without relying on external intermediaries for the core settlement function. This vertical integration is the infrastructure moat the company is building ahead of the public listing.
Two partnerships announced in Q1 2026 position Securitize as embedded infrastructure rather than a standalone platform:
NYSE Digital Transfer Agent Program (March 24, 2026): The New York Stock Exchange signed a memorandum of understanding designating Securitize as the first digital transfer agent eligible to mint blockchain-native securities on an upcoming NYSE-affiliated tokenized securities platform. The program is still under development, but it signals NYSE's intent to offer tokenized versions of listed securities alongside traditional share classes. Subject to regulatory approvals, Securitize would act as the minting and servicing layer.
Computershare Agreement (April 29, 2026): Computershare, which acts as transfer agent for approximately 58% of the S&P 500, signed an agreement to support U.S.-listed clients issuing equity securities in tokenized form through Securitize's technology. The structure uses Issuer-Sponsored Tokens (ISTs) that sit alongside existing shares in the Direct Registration System, rather than derivative-style tokens that reference underlying stock. Computershare will process corporate actions for IST holdings alongside other directly registered holdings.
The Computershare deal, in particular, represents potential access to a significant portion of the $70 trillion U.S. equity market. However, the agreement is a framework — actual adoption depends on individual issuers opting in and investor demand for tokenized share formats.
The broader tokenized real-world asset market provides the demand backdrop for Securitize's listing:
The market remains heavily concentrated in Treasury-backed money market products. BUIDL and BENJI together represent nearly $5 billion — roughly 15% of the total tokenized RWA market — and both are fundamentally low-yield, low-risk products. The expansion into tokenized equities, credit, and alternative assets is where the revenue growth thesis lives, but these segments are earlier-stage and face more complex regulatory and market-structure challenges.
Securitize's current AUM of $3.4 billion represents approximately 10% of the total tokenized RWA market. The concentration risk is real: BlackRock's BUIDL alone likely constitutes a significant share of that $3.4 billion figure, creating meaningful client-concentration exposure.
Securitize is not alone in pursuing institutional tokenization infrastructure:
tZERO: Operates SEC- and FINRA-regulated entities for tokenized securities issuance, trading, and custody. Has secondary market trading infrastructure but has not pursued a public listing or matched Securitize's AUM scale. Currently entangled in patent litigation with Securitize — a 105-patent dispute that could affect both firms' operational scope.
Ondo Finance: Focused on tokenized yield products (particularly U.S. Treasuries). Has built significant TVL in DeFi-native markets but operates with a different regulatory posture — more crypto-native, less TradFi-embedded.
DTCC: The incumbent clearinghouse is running its own tokenized securities pilots. DTCC processes $114 trillion in annual securities transactions and represents the most formidable competitive threat if it decides to internalize tokenization rather than partner with external firms.
ICE/OKX Joint Venture: Intercontinental Exchange (NYSE's parent) and OKX announced a 50/50 joint venture for tokenized markets in June 2026, signaling that the exchange operator sees tokenization as a parallel track to the Securitize partnership.
The competitive picture suggests that Securitize's window of advantage is tied to speed of regulatory approvals and partnership lock-in. The FINRA custody approval, NYSE MOU, and Computershare deal collectively create switching costs — but these advantages erode if incumbents build or acquire equivalent capabilities.
At $1.25 billion pre-money, Securitize trades at approximately:
These multiples are elevated by traditional fintech standards but not unusual for infrastructure companies in nascent markets with high growth projections. For context, Securitize management projects revenue rising from $69 million (2025) to $110 million (2026) to undisclosed but higher figures as AUM scales toward $9 billion.
Key risk factors:
Client concentration: BlackRock's BUIDL is likely a substantial portion of the $3.4 billion AUM. Loss or reduction of the BlackRock relationship would materially impact both revenue and the commercial narrative.
Revenue guidance execution: The Q1-to-full-year gap requires $90.5 million in Q2-Q4 revenue, implying sequential quarterly growth of approximately 55% over Q1 levels. The $85 million contracted/recurring base provides a floor, but the remaining $25 million depends on pipeline conversion.
Regulatory risk: The tokenized securities framework remains subject to SEC, FINRA, and state-level regulatory changes. The GENIUS Act for stablecoins has six deadlines in July 2026 alone, and broader crypto regulatory uncertainty persists.
Patent litigation: The ongoing tZERO patent dispute (105 patents) creates both legal cost exposure and potential operational restrictions on tokenization methods.
Incumbent competition: DTCC's own tokenization pilots and ICE's joint venture with OKX suggest that the infrastructure incumbents may build rather than buy, potentially commoditizing Securitize's technology layer.
SPAC execution risk: SPAC redemptions prior to the June 29 vote could reduce available capital. While full rollover from existing investors is committed, new CEPT shareholders may redeem.
The Securitize listing is less about one company's IPO and more about whether tokenization infrastructure can sustain standalone public-market economics. The revenue is real — $19.5 million in Q1, growing at 39%. The partnerships are real — NYSE, Computershare, BlackRock. The regulatory clearances are real — FINRA custody, atomic settlement, tokenized IPO underwriting.
What remains unproven is the margin structure at scale. Asset servicing revenue is growing fast but from a small base. The company is burning cash while preparing for a public listing. And the $1.25 billion valuation embeds forward expectations that require AUM to nearly triple from $3.4 billion to $9 billion within the year.
The June 29 vote will determine whether Securitize becomes a public reference point for tokenization valuations — a benchmark that the rest of the market, including competitors and incumbents, will be measured against. If approved, the first quarterly earnings as a public company (likely Q3 2026 reporting) will face intense scrutiny on AUM growth and revenue conversion rates. The infrastructure is in place. The question is whether the economics follow.