Securitize, the tokenization platform behind BlackRock's $2.85 billion BUIDL fund, is ten days from a shareholder vote that would make it the first tokenization-native firm to trade on the New York Stock Exchange. The June 29 special meeting of Cantor Equity Partners II (CEPT) shareholders will d...
"Becoming a public company would position Securitize to continue scaling that infrastructure globally as tokenization increasingly becomes part of mainstream financial markets." — Carlos Domingo, CEO, Securitize
Securitize, the tokenization platform behind BlackRock's $2.85 billion BUIDL fund, is ten days from a shareholder vote that would make it the first tokenization-native firm to trade on the New York Stock Exchange. The June 29 special meeting of Cantor Equity Partners II (CEPT) shareholders will decide whether to approve a business combination valuing Securitize at $1.25 billion pre-money — a figure underpinned by $55.6 million in nine-month 2025 revenue (up 841% year-over-year) and Q1 2026 revenue of $19.5 million.
The listing arrives at an inflection point for real-world asset (RWA) tokenization. On-chain RWA value reached $32.4 billion as of June 18, 2026, according to RWA.xyz, nearly five times the level three years ago. Securitize sits at the center of the infrastructure stack: it is the designated digital transfer agent for NYSE's planned tokenized securities platform and the tokenization provider for funds managed by BlackRock, Apollo, Hamilton Lane, KKR, and VanEck. A successful SECZ listing would provide the first pure-play public equity proxy for institutional tokenization infrastructure.
The SPAC merger between Securitize and Cantor Equity Partners II was announced on October 27, 2025. The SEC declared the Form S-4 registration statement effective on June 5, 2026, clearing the final regulatory hurdle before the shareholder vote.
Key transaction terms:
| Parameter | Detail | |---|---| | Pre-money equity value | $1.25 billion | | PIPE financing | $225 million (upsized) | | Trust account | ~$244 million | | Ticker | SECZ | | Exchange | NYSE | | Shareholder vote | June 29, 2026 | | Record date | May 11, 2026 | | Expected close | Shortly after vote, if approved |
PIPE investors include Arche, Borderless Capital, Hanwha Investment & Securities, InterVest, and ParaFi Capital. Existing shareholders — including ARK Invest, BlackRock, and Morgan Stanley Investment Management — will roll 100% of their equity into the combined entity, according to Securitize's press release. The full roll signals alignment with the longer-term thesis rather than a liquidity event for early backers.
The SPAC sponsor, an affiliate of Cantor Fitzgerald, provides a Wall Street distribution channel. Cantor Fitzgerald has been active in both traditional fixed income and, more recently, digital asset markets. The sponsor relationship connects Securitize to institutional capital flows beyond the crypto-native cohort.
Securitize's revenue trajectory reflects the broader institutional adoption curve of tokenized products, but the growth rate warrants context.
Revenue history:
| Period | Revenue | YoY Change | |---|---|---| | 2023 (full year) | $8.2 million | — | | 2024 (full year) | $18.8 million | +129% | | 9 months ending Sept. 30, 2025 | $55.6 million | +841% vs. prior year period | | Q1 2026 | $19.5 million | +39% vs. prior year quarter |
The 841% nine-month figure for 2025 is heavily influenced by the ramp-up of BlackRock's BUIDL fund, which launched in March 2024 and crossed $1 billion in AUM by Q1 2025. Securitize earns fees as transfer agent, broker-dealer, and tokenization provider for fund subscriptions and redemptions.
Assets under management stood at $3.4 billion as of March 31, 2026, with an average of $3.2 billion during Q1 2026. The AUM figure spans multiple tokenized funds across several institutional partners.
The Q1 2026 growth rate of 39% year-over-year represents a normalization from the triple-digit expansion of 2025. Whether the company can sustain growth rates that justify the $1.25 billion valuation depends on new product launches — particularly tokenized equities — and whether institutional tokenization moves beyond treasuries into higher-margin asset classes.
Securitize operates as infrastructure rather than an asset manager. The platform provides the regulatory and technical plumbing — SEC-registered transfer agent, FINRA-registered broker-dealer, KYC/AML pipeline — that allows institutional issuers to tokenize funds and securities on public blockchains.
Major institutional relationships:
The multi-issuer model creates a network effect: each new institutional partner brings AUM onto the platform, which in turn generates transfer agent and broker-dealer fees. The platform handled subscriptions, redemptions, and the KYC pipeline for all listed products, with BUIDL offering daily dividend payouts and near real-time 24/7/365 peer-to-peer transfers.
In a June 2026 interview, Domingo stated that tokenized equities and ETFs could grow the RWA market from roughly $30 billion to as much as $5 trillion, arguing that even a small share of the $150 trillion global equities market moving on-chain would generate substantial volume, according to CoinDesk.
The March 24, 2026 Memorandum of Understanding between NYSE (owned by Intercontinental Exchange) and Securitize represents a structural shift in how U.S. equities could trade.
Under the agreement, Securitize is the first digital transfer agent eligible to mint blockchain-native securities for corporate or ETF issuers on NYSE's upcoming Digital Trading Platform. The platform is designed to enable:
The platform will operate as a separate venue from the main NYSE, requiring SEC and FINRA approval. Launch is expected by late 2026, according to NYSE's filings.
This positions Securitize at the intersection of two markets: it would serve as tokenization infrastructure for the $32 billion on-chain RWA market and simultaneously as the transfer agent layer for a potential migration of traditional equities onto blockchain rails.
Nasdaq has announced a competing initiative — an equity token design — but has opted for a DTCC-integrated model rather than fully on-chain settlement. The architectural choice reflects differing bets on how much of the post-trade stack can move on-chain within current regulatory constraints.
The tokenization infrastructure market has segmented by asset class and buyer profile.
Platform comparison (as of Q2 2026):
| Platform | Primary Focus | AUM / TVL | Model | |---|---|---|---| | Securitize | Institutional fund tokenization | ~$3.4B | Transfer agent + broker-dealer | | Ondo Finance | Tokenized treasuries (retail/DeFi) | ~$2.75B (OUSG + USDY) | Product issuer | | Centrifuge | Private credit tokenization | Variable | DeFi-native pool infrastructure | | Maple Finance | Institutional private credit | Variable | Institutional lending | | Backed Finance | Tokenized securities (EU) | Smaller | Regulatory wrapper |
Securitize and Ondo Finance hold comparable AUM figures, but their business models differ. Securitize is infrastructure — other issuers build on top of it. Ondo creates and manages its own tokenized treasury products. The distinction matters for public market investors: Securitize's revenue is diversified across multiple issuers, while Ondo's is concentrated in proprietary products.
No direct competitor has filed for a U.S. public listing. A successful SECZ debut would give Securitize a capital markets advantage — access to public equity financing, heightened regulatory credibility, and a liquid currency for potential acquisitions.
The tokenized RWA market has expanded from approximately $14.1 billion at the start of 2026 to $32.4 billion as of June 18, 2026, according to RWA.xyz. Conservative estimates from CoinGecko's RWA Report 2026 project the market crossing $100 billion by year-end 2026.
Asset class breakdown (approximate, Q2 2026):
| Category | On-Chain Value | |---|---| | U.S. Treasuries | ~$12.88 billion | | Commodities | ~$7.37 billion | | Private credit | ~$5 billion | | Other (equities, real estate, funds) | ~$7.15 billion |
Long-term projections vary. Ripple and BCG forecast $18.9 trillion by 2033 (~53% CAGR from a 2025 base of ~$0.6 trillion). McKinsey's estimate is more conservative, placing the figure at $2-4 trillion by 2030 excluding stablecoins and deposits.
What the data shows: the market has grown, but it remains concentrated in low-risk, yield-bearing instruments (treasuries and investment-grade credit). The migration to higher-complexity asset classes — equities, real estate, derivatives — is where Securitize's NYSE partnership becomes relevant. If tokenized equities gain traction, Securitize's position as NYSE's designated digital transfer agent could shift its revenue mix toward higher-volume, higher-frequency transaction fees.
SPAC execution risk. Shareholder approval is not guaranteed. SPAC redemption rates have historically run high; the final trust value available post-redemptions will determine the actual capital raised.
Revenue concentration. BlackRock's BUIDL fund appears to account for a substantial portion of Securitize's AUM and, by extension, its fee revenue. Loss of the BlackRock relationship — or a material decline in BUIDL AUM — would affect the financial profile.
Regulatory dependence. The NYSE Digital Trading Platform requires SEC and FINRA approval. Timeline delays or scope limitations could postpone the tokenized equities revenue opportunity that underpins the growth thesis.
Market risk. The $1.25 billion valuation implies expectations of continued high growth. Q1 2026 revenue of $19.5 million annualizes to approximately $78 million, placing the valuation at roughly 16x forward revenue. This is within range for high-growth fintech but assumes sustained acceleration.
Competitive pressure. Ondo Finance, Centrifuge, and new entrants — including traditional financial infrastructure firms like DTCC — could compress margins or capture share in tokenized assets.
The Securitize SPAC vote on June 29 is a test of whether public equity markets are prepared to price tokenization infrastructure as a standalone asset class. The company's financial trajectory is real: $55.6 million in nine-month 2025 revenue, blue-chip institutional partners, and a designated role in NYSE's tokenized securities buildout.
The $1.25 billion valuation prices in expectations that tokenized equities will become a meaningful revenue driver beyond the current treasury-dominated RWA market. Whether that bet pays off depends on regulatory approvals for the NYSE Digital Trading Platform, the pace of institutional adoption, and whether the broader RWA market sustains its current growth trajectory. The shareholder vote will provide the first market-priced signal of institutional conviction in that thesis.