Securitize, the tokenization platform behind BlackRock's $2.5 billion BUIDL fund, is twelve days from a shareholder vote that would make it the first pure-play real-world asset (RWA) tokenization company to trade on the New York Stock Exchange. The SEC declared effective the S-4 registration stat...
"The entire equities and ETF market worldwide is probably like $150 trillion. Only if a small percentage of that, like 2% or 3%, moves onchain, it gets you very close to that $5 trillion." — Carlos Domingo, CEO & Founder, Securitize
Securitize, the tokenization platform behind BlackRock's $2.5 billion BUIDL fund, is twelve days from a shareholder vote that would make it the first pure-play real-world asset (RWA) tokenization company to trade on the New York Stock Exchange. The SEC declared effective the S-4 registration statement for Securitize's merger with Cantor Equity Partners II (CEPT), a special purpose acquisition company. Shareholders of record as of May 11, 2026 will vote on June 29. If approved, the combined entity will trade under the ticker SECZ at a pre-money valuation of $1.25 billion.
The listing arrives at a moment when the broader tokenized RWA market — excluding stablecoins — has crossed $31 billion, up roughly 300% year-over-year from $6.6 billion. Securitize itself reported Q1 2026 revenue of $19.5 million, a 39% year-over-year increase, with assets under management at $3.4 billion as of March 31. The company projects $110 million in full-year 2026 revenue and $24 million in net income.
The deal's significance extends beyond one company's capital markets event. In the span of six months, Securitize has signed a memorandum of understanding with the NYSE to serve as the inaugural digital transfer agent for tokenized equities, received FINRA approval to custody tokenized securities in a standard broker-dealer, and partnered with Computershare — registrar for Microsoft, Amazon, and Tesla — to enable issuer-sponsored tokenized shares. Collectively, these moves are building the regulated plumbing required for tokenized equities to operate within existing U.S. market structure rather than alongside it.
The transaction is structured as a de-SPAC merger with Cantor Equity Partners II. Key terms, as disclosed in SEC filings:
The merger was first announced in October 2025. The SEC declared the S-4 registration statement effective in June 2026, clearing the path for the shareholder vote. If approved, closing is expected shortly after the vote, subject to customary conditions.
Securitize was founded in 2017 by Carlos Domingo. At a $1.25 billion valuation against projected 2026 revenue of $110 million, the implied price-to-sales ratio is approximately 11.4x. For context, this sits between traditional financial infrastructure companies (typically 5-8x) and high-growth fintech names (15-25x).
Securitize's Q1 2026 earnings, filed publicly, reveal a company in transition between growth and profitability:
| Metric | Q1 2026 | Q1 2025 | Change | |--------|---------|---------|--------| | Total Revenue | $19.5M | $14.0M | +39% | | Asset Servicing Revenue | $8.34M | $2.77M | +201% | | Tokenization Revenue | $11.14M | $11.25M | -1% | | Adjusted EBITDA | $0.8M | $4.1M | -80% | | Net Loss | ($7.9M) | — | — | | Net Loss Per Share | ($0.88) | — | — |
The revenue mix is shifting. Asset servicing — recurring fees from managing tokenized fund operations — tripled year-over-year and now represents 43% of total revenue, up from 20% in Q1 2025. Tokenization revenue, the one-time fees for putting assets on-chain, was essentially flat. This shift toward recurring revenue is structurally significant: it suggests the business is beginning to monetize the assets already on its platform rather than depending solely on new issuance.
However, the EBITDA decline from $4.1 million to $0.8 million reflects heavy investment in the infrastructure buildout described below. The company is spending ahead of revenue, a familiar pattern in financial infrastructure businesses approaching an inflection point.
Key operating metrics as of March 31, 2026:
The six months preceding the SPAC vote have seen Securitize execute a series of partnerships that, taken together, form an end-to-end infrastructure stack for tokenized securities within U.S. regulated markets.
NYSE Memorandum of Understanding (March 2026): The New York Stock Exchange named Securitize as its inaugural digital transfer agent for a forthcoming Digital Trading Platform for tokenized stocks and ETFs. According to a press release from Intercontinental Exchange (NYSE's parent company), the platform aims to enable blockchain-native securities to trade alongside traditional instruments. The NYSE launched 24x7 trading for tokenized stocks in January 2026.
FINRA Broker-Dealer Expansion (May 2026): Securitize Markets, LLC received FINRA approval through the Continuing Membership Application process to custody tokenized securities within a standard broker-dealer. This makes it the first broker-dealer approved to facilitate atomic swaps — instant settlement between tokenized securities and stablecoins on-chain. The approval also covers underwriting activities, enabling Securitize to offer services from issuance through secondary trading.
Computershare Partnership (April 2026): Computershare, which serves as transfer agent for over 25,000 companies globally, agreed to support its clients in issuing Issuer-Sponsored Tokens (ISTs) alongside traditional equities. Computershare will process corporate actions for tokenized holdings alongside directly registered shares. This partnership is significant because it connects tokenized equity issuance to the existing transfer agent infrastructure used by large-cap U.S. corporations.
DTC Tokenization Service (Expected H2 2026): The Depository Trust & Clearing Corporation's tokenization service, designed to bridge traditional custody and blockchain, is expected to reach production readiness in the second half of 2026. While not a Securitize-exclusive initiative, it complements the infrastructure Securitize is building.
The cumulative effect: a tokenized security issued via Securitize could be minted by Computershare as transfer agent, listed on the NYSE's digital platform, traded 24/7, custodied within Securitize's FINRA-approved broker-dealer, and settled atomically on-chain. Each link in this chain is now either operational or under regulatory construction.
BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize, remains the company's most visible product and a significant driver of asset growth. Key data points:
BlackRock's second tokenized fund with Securitize — the Daily Reinvestment Stablecoin Reserve Vehicle — is in planning stages. The expansion from a single product to a multi-product relationship with the world's largest asset manager ($11.6 trillion AUM) provides Securitize with a credibility moat that competitors have not replicated.
Other institutional clients include Apollo, Hamilton Lane, KKR, and VanEck. The breadth of the client roster — spanning private equity, real estate, and asset management — suggests tokenization demand is not confined to a single asset class.
The tokenized RWA sector has consolidated around a handful of platforms, each occupying a distinct niche:
| Platform | Focus | Approximate TVL/AUM | Key Feature | |----------|-------|---------------------|-------------| | Securitize | Institutional funds, equities | $3.4B AUM | Full-stack: issuance, custody, secondary trading, transfer agent | | Ondo Finance | Tokenized Treasuries | ~$2.75B (OUSG + USDY) | Dominant in public treasury tokenization | | Centrifuge | Private credit | ~$256M | Longest-running private credit marketplace | | Hashnote (Circle) | Money market (USYC) | — | Circle-owned; stablecoin ecosystem integration | | Backed Finance | Equity/ETF wrappers | — | 1:1 collateralized wrappers of public securities | | Plume Network | RWA issuance (L2) | — | Purpose-built L2 with native compliance |
Securitize's differentiation is regulatory depth. It holds SEC-registered transfer agent status, a FINRA-approved broker-dealer, and ATS (Alternative Trading System) licenses. No other tokenization platform combines all three. Ondo Finance, the closest competitor by AUM, operates primarily as an issuer of tokenized treasury products without the custody and settlement infrastructure Securitize has built.
The competitive question is whether vertically integrated infrastructure (Securitize's model) or protocol-native, DeFi-first distribution (Ondo's model) captures more of the value chain as the market scales. Both approaches have trade-offs. Securitize's stack is heavier, more expensive to operate, and constrained by regulatory perimeters. Ondo's approach is lighter and faster to deploy but may face regulatory friction as volumes grow.
Securitize's NYSE listing arrives within a regulatory environment that is, for the first time, explicitly accommodating tokenized securities:
SEC Strategic Plan (June 2, 2026): The SEC's Draft Strategic Plan for FY 2026-2030, published under Chairman Paul Atkins, names digital assets and distributed ledger technology as core priorities. The plan calls for clearer rules on tokenized offerings, custody, trading, and staking. A 30-day public comment period closes July 2, 2026.
Federal Banking Guidance (March 2026): The Federal Reserve, FDIC, and OCC issued updated guidance on how banks should handle securities tokenized on public blockchains, providing clearer parameters for institutional participation.
FINRA Precedent (May 2026): Securitize's approval to custody tokenized securities within a standard broker-dealer establishes a precedent that other firms can follow through the CMA process.
The regulatory trajectory is toward integration of tokenized instruments into existing market structure rather than creation of parallel, crypto-specific regimes. This aligns with Securitize's strategy of building within the regulated perimeter. It also represents a structural advantage relative to offshore or DeFi-native competitors that may face higher compliance costs to access U.S. markets.
Redemption risk: SPAC mergers carry inherent uncertainty around shareholder redemptions. If a significant portion of the $240 million trust is redeemed, the cash proceeds to Securitize will be materially reduced.
Profitability timeline: The company reported a $7.9 million net loss in Q1 2026 despite record revenue. The full-year projection of $24 million in net income assumes significant margin expansion in Q2-Q4 that has not yet been demonstrated.
Concentration risk: BlackRock's BUIDL represents a substantial portion of Securitize's AUM. Loss or reduction of the BlackRock relationship would materially affect the business.
Market size uncertainty: The $31 billion tokenized RWA market (ex-stablecoins) remains small relative to the $150 trillion global equities market Domingo references. The path from $31 billion to the $5 trillion addressable market is predicated on institutional adoption that, while accelerating, has not been proven at scale.
Regulatory reversal: While the current SEC posture is favorable, the 2026-2030 strategic plan is a draft, and political leadership changes could alter the regulatory environment.
Valuation question: At 11.4x projected revenue, the valuation assumes significant market expansion. If tokenized RWA growth decelerates, the multiple may prove unsustainable relative to traditional financial infrastructure peers.
The Securitize SPAC vote on June 29 is not merely a corporate finance event. It is a test of whether public market investors will assign a premium valuation to the infrastructure layer of tokenized finance. At $1.25 billion, the market is pricing Securitize not on its current $3.4 billion in AUM or its $19.5 million quarterly revenue, but on the option value of being the regulated plumbing through which trillions in tokenized equities might eventually flow.
The company's infrastructure buildout — NYSE partnership, FINRA approvals, Computershare integration — is methodical and sequential, each piece dependent on the last. Whether this stack becomes the default rails for tokenized securities or an over-engineered solution for a market that develops more slowly than projected will likely become clearer over the next twelve to eighteen months.
The data available today shows a company with accelerating revenue, expanding institutional relationships, and a regulatory environment that is, for the first time, actively building space for its products. Whether these conditions persist — and whether Securitize can convert infrastructure into sustained profitability — remains the open question the public markets will now price.