Securitize, the tokenization platform behind BlackRock's $2.5 billion BUIDL fund, is 15 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. Cantor Equity Partners II (CEPT) shareholders meet June ...
"This approval marks another important milestone for Securitize and the broader adoption of tokenization. Over the past several years, we have built regulated infrastructure designed to bring capital markets onchain in partnership with many of the world's leading financial institutions." — Carlos Domingo, Co-Founder & CEO, Securitize
Securitize, the tokenization platform behind BlackRock's $2.5 billion BUIDL fund, is 15 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. Cantor Equity Partners II (CEPT) shareholders meet June 29 to approve the merger; the combined entity will list under ticker SECZ at a pre-transaction valuation of $1.25 billion.
The company posted Q1 2026 revenue of $19.5 million, up 39% year-over-year, with asset-servicing fees surging 201%. It manages $3.4 billion in tokenized assets and administers $24.9 billion in assets under advisement. The listing arrives as the broader RWA tokenization market — excluding stablecoins — has grown to roughly $19–36 billion, up from $5.4 billion fifteen months ago.
Securitize's public debut is not merely a capital markets event. It is a pricing signal for an infrastructure layer that BlackRock, Apollo, KKR, and the NYSE itself have committed to building on.
The business combination agreement was signed October 27, 2025, between Securitize, Inc. and Cantor Equity Partners II, a special-purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald. CEPT raised $240 million in its IPO, with the full amount deposited into trust alongside a $5.8 million sponsor private placement.
The SEC declared the S-4 registration statement effective in early June 2026. CEPT shareholders of record as of May 11, 2026, will vote at a special meeting on June 29 at Hughes Hubbard & Reed LLP in Manhattan. The sponsor has committed to vote its 6.58 million shares — approximately 21.5% of outstanding CEPT ordinary shares — in favor of the merger.
Brandon Lutnick, son of U.S. Secretary of Commerce Howard Lutnick and chairman of Cantor Fitzgerald's SPAC vehicle, leads CEPT. The Cantor connection places Securitize at the intersection of traditional brokerage infrastructure and digital asset issuance — Cantor's fixed-income desk is one of the largest government-bond dealers in the U.S.
Upon closing, the combined company will operate as Securitize Corp. and trade on the NYSE under ticker SECZ.
Securitize disclosed the following for Q1 2026:
| 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 | — | — | | AUM (end of period) | $3.4B | — | — | | AUA (end of period) | $24.9B | — | — |
For the first nine months of 2025, Securitize reported $55.6 million in revenue, an 841% increase year-over-year. Management has guided 2026 full-year revenue at approximately $110 million.
The revenue mix tells the story. Tokenization fees — one-time charges for structuring and minting assets onchain — have plateaued. The growth engine is now recurring asset-servicing revenue: transfer-agent fees, dividend distributions, compliance monitoring, and corporate-action processing. This shift mirrors the transition in traditional fintech from transaction-based to AUM-based revenue models.
The EBITDA compression — from $4.1 million to $0.8 million — reflects headcount and infrastructure investment ahead of the NYSE listing and platform expansion. Net loss was $7.9 million, or $0.88 per diluted share. The company is not yet profitable on a GAAP basis.
Securitize's client list functions as a competitive barrier. The platform serves as the tokenization engine for:
Post-quarter, Securitize signed an agreement with Computershare, the world's largest transfer agent by market share, to become its partner for issuer-sponsored tokenized securities. That deal embeds Securitize into the plumbing of traditional equity servicing.
The pattern is consistent: the largest allocators in global capital markets are building on Securitize's rails rather than constructing in-house alternatives. Each partnership increases switching costs.
In March 2026, the New York Stock Exchange signed a memorandum of understanding with Securitize to develop a blockchain-based Digital Trading Platform. Securitize will serve as the first designated digital transfer agent.
According to the MOU, the platform would:
Securitize's role is to mint tokenized stock and ETF shares, track ownership, and process corporate actions — dividends, splits, mergers — on blockchain rails.
The platform requires SEC and FINRA approval. The NYSE has targeted a late 2026 launch, though regulatory timelines remain uncertain. If approved, this would be the first major U.S. exchange to offer tokenized versions of listed securities.
The economic implications are significant. Transfer-agent services in U.S. equities represent a multi-billion-dollar fee pool currently dominated by Computershare, Broadridge, and EQ Shareowner Services. Securitize's NYSE role positions it to capture a portion of this revenue as tokenized equity issuance scales.
The RWA tokenization market has consolidated around a small number of platforms, each with distinct positioning:
| Platform | Focus | AUM/TVL | Regulatory Status | |---|---|---|---| | Securitize | Institutional fund tokenization | ~$3.4B AUM | SEC-registered broker-dealer, transfer agent, ATS; EU DLT Pilot Regime | | Ondo Finance | Tokenized Treasuries, retail/DeFi access | ~$2.75B TVL | Token-level compliance | | Maple Finance | Private credit/institutional lending | $12B+ originated loans | Pool-delegate model | | Centrifuge | Structured credit, supply-chain finance | ~$500M+ | MakerDAO integration | | Franklin Templeton | Tokenized money-market fund (BENJI) | ~$700M+ | Registered investment company |
Securitize's differentiation is regulatory breadth. It holds an SEC broker-dealer license, transfer-agent registration, and operates a regulated Alternative Trading System. No competitor holds all three simultaneously. This regulatory stack is what allows it to serve as transfer agent for both BlackRock and the NYSE.
Ondo Finance, Securitize's closest competitor by AUM, targets a different segment — permissionless DeFi access to Treasury yields via OUSG and USDY. The two platforms are more complementary than competitive at this stage: Securitize serves institutional issuers; Ondo serves DeFi-native yield seekers.
The broader RWA tokenization market provides the demand backdrop for Securitize's listing:
Industry projections range widely. Boston Consulting Group has cited a $16 trillion addressable market by 2030. Securitize's own S-4 filing references a $19 trillion total addressable market. These figures should be treated as directional estimates, not forecasts.
What is measurable: the market grew roughly 5x in three years, from approximately $5 billion to $26 billion in on-chain value. The growth rate has been sustained, though concentration risk is high — BlackRock's BUIDL alone accounts for roughly 10-13% of the non-stablecoin market.
SPAC redemption risk. CEPT shareholders may redeem shares rather than participate in the merger. High redemption rates could reduce available cash and dilute the capital structure.
Profitability timeline. Securitize reported a net loss of $7.9 million in Q1 2026 and adjusted EBITDA of just $0.8 million. Scaling infrastructure and headcount are compressing margins. The path to sustainable profitability depends on AUM growth outpacing operating expenses.
Regulatory dependency. The NYSE Digital Trading Platform requires SEC and FINRA approval. Delays or denial would remove a significant revenue catalyst. The GENIUS Act stablecoin bill, which would clarify settlement-medium rules, remains stalled in the U.S. Senate.
Client concentration. BlackRock's BUIDL represents a significant portion of Securitize's AUM. Loss of the BlackRock relationship, while unlikely given BlackRock's equity stake, would materially impact revenue.
Market cyclicality. RWA tokenization has grown during a period of elevated Treasury yields (4.5-5.0%), which makes tokenized money-market products attractive. A rate-cutting cycle could reduce demand for the product category that drives Securitize's largest client fund.
Political exposure. The Cantor Fitzgerald connection, through Brandon Lutnick, introduces reputational risk tied to the political profile of Secretary of Commerce Howard Lutnick. Regulatory scrutiny of conflicts of interest is possible.
Securitize's NYSE listing, if approved, would be the first public-market test of a pure-play tokenization infrastructure company. The $1.25 billion valuation prices the company at roughly 11x projected 2026 revenue of $110 million — a multiple that embeds expectations of sustained AUM growth and margin expansion that have not yet materialized in reported financials.
The company's position is defensible: no competitor holds the same regulatory licenses, and no competitor has the same client roster. The NYSE partnership alone represents a potential step-function in addressable market. But the business remains pre-profit, client-concentrated, and dependent on regulatory approvals that are not guaranteed.
What Securitize's listing ultimately tests is whether tokenization infrastructure is a venture-stage experiment or a durable financial-services category. The answer will be priced in public markets starting, potentially, in early July.