Securitize, the BlackRock-backed tokenization platform, is set to begin trading on the New York Stock Exchange under the ticker SECZ on July 2, 2026, following a shareholder vote on June 29 and expected closing of its merger with Cantor Equity Partners II (Nasdaq: CEPT) on July 1. The deal values...
"When we started more than eight years ago, the idea that major institutions would embrace tokenized securities was still largely theoretical. Today, tokenization is moving into the mainstream." — Carlos Domingo, CEO, Securitize
Securitize, the BlackRock-backed tokenization platform, is set to begin trading on the New York Stock Exchange under the ticker SECZ on July 2, 2026, following a shareholder vote on June 29 and expected closing of its merger with Cantor Equity Partners II (Nasdaq: CEPT) on July 1. The deal values Securitize at $1.25 billion and is expected to deliver approximately $400 million in gross proceeds. It marks the first time a pure-play real-world asset (RWA) tokenization firm will trade on a major U.S. stock exchange.
The listing arrives as the on-chain tokenized RWA market has crossed $31.76 billion in distributed value (excluding stablecoins), up roughly 300% year-over-year according to RWA.xyz data. Securitize reported Q1 2026 revenue of $19.5 million, a 39% year-over-year increase, though net losses widened to $7.9 million from $4.5 million a year earlier. Management projects $110 million in full-year 2026 revenue and $32 million in adjusted EBITDA. The company's trajectory — growing revenue alongside widening losses — presents a familiar tension for public market investors evaluating high-growth infrastructure plays.
Securitize announced its definitive business combination agreement with Cantor Equity Partners II on October 28, 2025. The SEC declared the S-4 registration statement effective on June 5, 2026, clearing the path for a shareholder vote.
Key transaction terms:
The sub-30% redemption rate is notable. According to industry data, SPAC redemptions in 2025-2026 often exceed 95%. Securitize's lower redemption figure signals relatively higher conviction among SPAC holders compared to the broader market.
Securitize's Q1 2026 earnings, reported on May 20, showed a company in expansion mode, not margin optimization.
| 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 | -$4.5M | -75% (wider) | | Loss Per Share | -$0.88 | — | — |
The headline: revenue grew 39%, but net losses widened 75%. The $0.8 million adjusted EBITDA, down from $4.1 million a year earlier, reflects deliberate spending increases ahead of the public listing. Asset servicing revenue — the recurring fee stream from managing tokenized assets post-issuance — tripled, accounting for 43% of total revenue, up from 20% a year ago. Tokenization revenue, the one-time fee for creating tokenized assets, was flat.
The shift in revenue mix matters. Recurring servicing fees on a growing asset base provide more predictable cash flow than project-based tokenization mandates. As of March 31, 2026, Securitize reported $3.4 billion in assets under management, $24.9 billion in assets under administration, and $1.9 billion in aggregated transaction volume.
Management's full-year 2026 guidance of $110 million in revenue and $32 million in adjusted EBITDA implies a significant acceleration in the remaining three quarters — requiring roughly $90 million in revenue and $31 million in EBITDA across Q2-Q4. That trajectory assumes continued growth in the tokenized asset base and servicing fees.
The on-chain tokenized RWA market (excluding stablecoins) reached $31.76 billion in distributed value as of mid-June 2026, according to RWA.xyz. That figure is up roughly 300% year-over-year from approximately $6.6 billion.
A critical distinction in RWA data: "distributed value" ($26.71 billion by one RWA.xyz measure) represents assets that are actually transferable on-chain. "Represented value," the $345.07 billion figure frequently cited in industry press, includes off-chain assets registered but not yet issued as transferable tokens. The gap between these figures — roughly 13:1 — illustrates how early tokenization adoption remains.
Tokenized U.S. Treasuries dominate the market, with approximately $14.79 billion in distributed value across 82 Treasury assets and 65,729 holders, yielding a 3.35% 7-day APY as of June 10, 2026. BlackRock's BUIDL fund, for which Securitize serves as the tokenization platform, has reached approximately $2.5 billion in AUM and is deployed across eight blockchains: Ethereum, Solana, Polygon, Optimism, BNB Chain, Avalanche, Arbitrum, and Aptos.
Long-range industry projections vary widely. Boston Consulting Group has estimated the tokenized asset market could reach $16 trillion by 2030. Research and Markets projects $18.9 trillion by 2033. These projections are not forecasts — they are scenario analyses with significant uncertainty. The current $31.76 billion on-chain base would need to grow roughly 500x in four years to hit the low end of these estimates.
Securitize operates as tokenization infrastructure — a regulated platform that other asset managers build on. Its competitive position derives from regulatory licensing (SEC transfer agent registration, FINRA-registered Alternative Trading System) and institutional relationships.
Key competitors occupy different segments:
The distinction between infrastructure provider (Securitize) and product issuer (Ondo, Franklin Templeton) is significant. Securitize benefits from growth across its client base without taking on asset management risk. However, it also means Securitize's revenue depends on winning and retaining institutional mandates in what remains a fragmented and early-stage market.
On June 24, 2026, Continental Stock Transfer & Trust Company, one of the largest transfer agents in the United States, selected Securitize as its preferred tokenization partner. The arrangement gives Securitize access to Continental's client base of SPACs, IPOs, and publicly traded companies — a distribution channel that could accelerate adoption beyond the current digital-native asset manager base. Securitize also counts Apollo, BNY, Hamilton Lane, KKR, and VanEck among its issuer partners.
The investor roster on the Securitize cap table reads as a cross-section of traditional finance and crypto-native capital:
Traditional finance: BlackRock, Morgan Stanley Investment Management, Hamilton Lane, Tradeweb Markets, ARK Invest, Hanwha Investment & Securities
Crypto-native: Blockchain Capital, Jump Crypto, ParaFi Capital, Borderless Capital
SPAC sponsor: Cantor Fitzgerald (via Cantor Equity Partners II)
BlackRock's involvement extends beyond equity investment. Securitize is the tokenization platform for BUIDL, BlackRock's flagship tokenized Treasury fund. That operational relationship creates revenue dependency — and, viewed differently, a significant competitive moat. Displacing an incumbent infrastructure provider in a regulated, institutional context is materially harder than switching vendors in consumer software.
The presence of Tradeweb Markets ($1.4 trillion+ in average daily trading volume across fixed income and derivatives) and BNY (the world's largest custodian bank) in the cap table signals that major market infrastructure players are positioning around tokenization, not just observing it.
Securitize's choice of a SPAC merger as its path to public markets warrants scrutiny. The track record for SPAC-listed companies is poor: since 2019, only approximately 11% of companies that went public through SPAC mergers are trading above their original offering price, according to industry data compiled by analysts.
The SPAC market has recovered volume — 138 SPACs raised $25.8 billion in 2025, nearly triple the $8.7 billion raised in 2024. Fifty SPACs raised a combined $10 billion in just the first two months of 2026. SPACs accounted for 40% of U.S. IPO deal count in 2025, up from 27% in 2024.
However, market participants and analysts note that the current SPAC cohort differs from the 2021 vintage. Companies entering SPAC transactions in 2025-2026 generally show proven revenue, operating discipline, and identifiable paths to profitability — in contrast to the pre-revenue, projection-driven targets that characterized the 2021 boom.
Securitize fits the current mold: it has real revenue ($19.5 million Q1, $110 million projected FY2026), real customers (BlackRock, Apollo, KKR), and a regulatory moat. Whether the market will treat SECZ as a legitimately differentiated public company or subject it to the SPAC discount that has haunted its predecessors is one of the key questions for the July 2 debut.
Securitize's NYSE listing is a benchmark event for the tokenization sector. A company built to move traditional financial assets onto blockchain rails is itself submitting to public market discipline — quarterly earnings calls, analyst coverage, and the relentless scrutiny that comes with a stock ticker.
The numbers present a company at an inflection point: $19.5 million in quarterly revenue with clear growth drivers (asset servicing fees tripled), but $7.9 million in net losses that need to narrow for the investment thesis to hold. The $110 million full-year revenue target is ambitious given Q1 pacing.
The broader question is whether the tokenized RWA market's ~300% year-over-year growth rate can sustain long enough for Securitize to reach profitability before the $400 million in SPAC proceeds is consumed. The company's positioning — as infrastructure rather than asset manager, with regulatory licensing and institutional relationships that are difficult to replicate — provides structural advantages. But structural advantages are not the same as profitability.
SECZ begins trading on July 2. The market will render its verdict from there.