Securitize, the BlackRock-backed tokenization infrastructure provider, faces a June 29 shareholder vote that would complete its merger with Cantor Equity Partners II (CEPT) and list the combined entity on the New York Stock Exchange under ticker SECZ. The SEC declared the Form S-4 registration ef...
"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 BlackRock-backed tokenization infrastructure provider, faces a June 29 shareholder vote that would complete its merger with Cantor Equity Partners II (CEPT) and list the combined entity on the New York Stock Exchange under ticker SECZ. The SEC declared the Form S-4 registration effective on June 5. Pre-money equity valuation stands at $1.25 billion, with a $225 million fully committed PIPE financing attached to the deal.
The listing would make Securitize the first tokenization-native company to trade on a major U.S. stock exchange. The company reported Q1 2026 revenue of $19.5 million, up 39% year over year, while managing $3.4 billion in tokenized assets under management and $24.9 billion in assets under administration. Existing equity holders — including ARK Invest, BlackRock, Blockchain Capital, Hamilton Lane, Jump Crypto, Morgan Stanley Investment Management, and Tradeweb Markets — will roll 100% of their ownership into the combined entity.
The deal arrives as the broader tokenized real-world asset market has grown from approximately $6 billion in early 2025 to over $31 billion by mid-2026, according to data tracked by RWA.xyz.
Securitize announced its merger with Cantor Equity Partners II, a special purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald, in early 2026. The transaction structure includes three capital components:
The SEC declared the S-4 registration statement effective on June 5, 2026. Shareholders of record as of May 11 are eligible to vote at the special meeting scheduled for June 29. If approved, the combined entity will operate as Securitize Corp. and trade on the NYSE under ticker SECZ.
Davis Polk served as legal counsel on the transaction. The deal follows a conventional SPAC timeline — announcement, SEC review, S-4 effectiveness, shareholder vote, closing — but its significance lies in the issuer profile. No company whose primary business is tokenizing real-world assets on public blockchains has previously listed on a major U.S. exchange.
Securitize's Q1 2026 earnings, reported through its CEPT proxy filings, reveal a company growing revenue while still operating at a loss:
| Metric | Q1 2026 | Q1 2025 | Change | |--------|---------|---------|--------| | Revenue | $19.5M | $14.0M | +39% | | Asset Servicing Revenue | $8.34M | $2.77M | +201% | | Tokenized AUM | $3.4B | — | — | | AUA | $24.9B | — | — | | Aggregated Transaction Volume | $1.9B | — | — | | Net Loss | ($7.9M) | — | — | | Adjusted EBITDA | $0.8M | $4.1M | -80% |
The revenue growth is concentrated in asset servicing — the recurring fee stream generated from administering tokenized fund structures after issuance. This segment tripled year over year to $8.34 million, suggesting that Securitize's economic model is shifting from one-time issuance fees toward ongoing management revenue as the installed base of tokenized products grows.
Net loss widened to $7.9 million ($0.88 per diluted share). Adjusted EBITDA fell to $0.8 million from $4.1 million in Q1 2025. Management attributed the compression to upfront technology integration costs and workforce expansion ahead of anticipated demand from NYSE, Uniswap, and institutional pipeline buildout.
At a $1.25 billion pre-money valuation against $19.5 million in quarterly revenue (approximately $78 million annualized), the implied price-to-sales ratio is approximately 16x. That multiple is high relative to traditional financial infrastructure companies but within range of growth-stage fintech valuations seen in recent SPAC transactions.
Securitize's largest single client relationship is with BlackRock. The firm serves as transfer agent and tokenization platform for the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), launched in March 2024 as BlackRock's first tokenized fund on a public blockchain.
BUIDL has grown to approximately $2.5 billion in assets under management across multiple blockchain deployments including Ethereum, Avalanche, Aptos, Polygon, Optimism, BNB Chain, and Solana. It represents roughly 73% of Securitize's $3.4 billion tokenized AUM — a concentration that is both a competitive advantage and a key-person risk.
In February 2026, Securitize and Uniswap Labs announced an integration enabling BUIDL shares to trade via UniswapX's request-for-quote framework. The system uses whitelisted market participants — Flowdesk, Tokka Labs, and Wintermute — to provide liquidity, with trades settling atomically onchain against USDC. BlackRock made a strategic investment in UNI tokens as part of the arrangement.
On May 8, 2026, BlackRock filed with the SEC for two additional tokenized fund products and onchain shares for an existing $7 billion money-market fund — all of which would use Securitize infrastructure. If approved, these filings could materially expand the AUM pipeline beyond BUIDL.
Separately, Securitize is providing infrastructure for the New York Stock Exchange's tokenized securities platform, though specifics of that arrangement remain limited.
The tokenization infrastructure market remains fragmented, with no single platform holding majority share across all asset classes. Approximate market positions as of mid-2026:
| Platform | Tokenized AUM | Primary Focus | |----------|---------------|---------------| | Securitize | ~$3.4B | Institutional fund tokenization | | Hashnote / Circle (USYC) | ~$3.0B | Tokenized money market | | Ondo Finance (OUSG + USDY) | ~$2.75B | Tokenized Treasuries + yield stablecoins | | Franklin Templeton (Benji) | ~$2.5B | Tokenized money market fund | | Centrifuge | ~$430M | Private credit | | Plume Network | ~$180M | RWA-native chain | | Backed Finance | ~$120M | Tokenized equities/ETFs |
The competitive dynamic is notable for its vertical segmentation. Securitize operates as an issuer-of-record and transfer agent — the plumbing layer that handles compliance, KYC, and regulatory reporting. Ondo functions more as a fund manager creating its own tokenized products. Centrifuge operates as a marketplace connecting originators with DeFi capital. These are distinct economic roles with different fee structures and margin profiles.
Securitize's NYSE listing creates an asymmetric advantage: access to public equity capital markets for acquisitions, institutional credibility from exchange listing status, and a publicly traded stock that can serve as M&A currency. No competitor currently has a comparable public market listing. Ondo operates via a token (ONDO) that functions as a governance instrument but does not represent equity ownership in the operating company.
The tokenized real-world asset market, excluding stablecoins, grew from approximately $6 billion in early 2025 to over $31 billion by mid-2026, according to RWA.xyz data. Six asset categories have individually surpassed $1 billion in tokenized value: private credit, commodities, U.S. Treasuries, corporate bonds, non-U.S. government debt, and institutional alternative funds.
Tokenized U.S. Treasuries represent the largest single category at approximately $14.79 billion in distributed and represented value across 82 Treasury products.
For context, total global assets under management across all traditional funds exceed $120 trillion, according to Boston Consulting Group estimates. The $31 billion in tokenized assets represents approximately 0.026% penetration. Securitize CEO Carlos Domingo has stated that tokenized equities and ETFs could push the addressable market from approximately $30 billion to $5 trillion, though that projection requires regulatory approvals and infrastructure buildout that does not yet exist.
The DTCC announced in May 2026 that it would connect its tokenized securities service to the Stellar blockchain, with an SEC no-action letter from December 2025 authorizing tokenization of Russell 1000 stocks, ETFs, and U.S. Treasuries. Production testing is targeted for July 2026, with broader availability in H1 2027. This development suggests that incumbent financial infrastructure operators view tokenization as a core strategic priority rather than a peripheral experiment.
Client concentration. BlackRock's BUIDL accounts for roughly 73% of Securitize's tokenized AUM. Loss or significant reduction of this relationship would materially impact the financial profile.
Revenue quality. Despite 39% revenue growth, the company posted a $7.9 million net loss in Q1. Adjusted EBITDA of $0.8 million, down 80% year over year, indicates that current growth is being purchased through spending rather than generated organically. The path to sustained profitability remains undemonstrated.
SPAC structure. SPAC mergers have historically underperformed traditional IPOs in post-listing returns. A 2024 study by the SEC's Division of Economic and Risk Analysis found that SPAC stocks underperformed their benchmark by an average of 19.5 percentage points in the 12 months following de-SPAC transactions. Whether Securitize can break this pattern depends on continued revenue growth and an eventual path to profitability.
Regulatory dependency. The company's growth trajectory relies on continued regulatory accommodation of tokenized securities. The SEC's December 2025 no-action letter to DTCC and the broader framework being built under the GENIUS Act and CLARITY Act create a constructive environment, but regulatory reversals or delays could stall adoption.
Market environment. Bitcoin traded at approximately $63,700 as of June 20, 2026, with the crypto Fear & Greed Index at 23 (Extreme Fear). Bitcoin ETFs posted net outflows of $6.35 billion over the preceding 30 days. While Securitize's business is not directly correlated to crypto asset prices, depressed market sentiment can slow institutional appetite for blockchain-based financial products.
The Securitize NYSE listing, if the June 29 vote succeeds, will function as a price-discovery event for the tokenization infrastructure layer. At $1.25 billion, the market is assigning a concrete valuation to the regulatory compliance, transfer agent, and technology stack that sits between traditional asset managers and public blockchains.
The economic question is whether tokenization infrastructure generates durable, high-margin revenue or whether it becomes a commoditized plumbing layer where margins compress as competition intensifies. Securitize's asset servicing revenue tripling to $8.34 million suggests the former is possible, but a $7.9 million quarterly loss against $19.5 million in revenue indicates the unit economics have not yet proven out.
The investor roster rolling into the public entity — BlackRock, Morgan Stanley Investment Management, ARK Invest, Tradeweb — constitutes an implicit endorsement from institutions that collectively manage trillions in traditional assets. Whether that translates into sustained product pipeline and revenue growth will determine if the $1.25 billion valuation looks cheap or generous in 12 months.