Securitize (SECZ) abre capital: o gigante da tokenização entra em Wall Street

Securitize (SECZ ) tornou-se oficialmente uma empresa de capital aberto, marcando a primeira vez que uma empresa de infraestrutura de tokenização foi listada em uma grande bolsa americana tradicional.

Este marco para a empresa e para a indústria de criptomoedas ocorreu em 2 de junho, quando a Securitize Corp. começou a ser negociada na Bolsa de Valores de Nova York (NYSE) sob o ticker SECZ.

Com essa iniciativa, o público em geral pode agora acessar uma empresa puramente focada em tokenização, num momento em que ativos do mundo real tokenizados passaram de projetos piloto experimentais para uma categoria real nas finanças institucionais.

“Quando começamos há mais de oito anos, a ideia de que grandes instituições adotariam valores mobiliários tokenizados ainda era em grande parte teórica”, disse o cofundador e CEO da Securitize, Carlos Domingo, em um post no X. “Hoje, a tokenização está entrando no mainstream, e acreditamos que tornar‑nos uma empresa pública nos dá a visibilidade, credibilidade e capital para liderar a próxima fase de crescimento.”

The listing follows the Securities and Exchange Commission’s (SEC) declaration of its S-4 Registration Statement, effective earlier this month.

As a result, Securitize’s proposed SPAC merger with Cantor Equity Partners II was put to a shareholder vote on June 29. “This marks another important milestone for Securitize and for the broader institutional adoption of tokenization,” said Domingo at the time.

Then came the actual closing of its business combination with Cantor Equity Partners II, a special purpose acquisition company (SPAC) sponsored by a Cantor Fitzgerald affiliate. This final hurdle was cleared by Securitize shareholders earlier this week, when they voted to approve the business combination. The merger itself closed on July 1.

Domingo called “reaching the public markets” a significant milestone for the company, “and a reflection of the growing momentum behind tokenization.”

Most SPAC mergers tend to lose investors just as the company reaches its destination, as shareholders cash out their shares for a refund. But Securitize, backed by a number of blue-chip financial institutions and positioned at the center of the integration between traditional finance (TradFi) and blockchain technology, mostly dodged that bullet.

Less than 30% of Cantor Equity Partners II Class A shares were redeemed, meaning the combined company, Securitize Corp., retained over 71% of the SPAC’s trust account.

Besides relatively low shareholder redemptions, the SPAC transaction had an oversubscribed PIPE financing. The $225 million private investment in public equity (PIPE) being oversubscribed is not something you see regularly for an operating company going public through a SPAC, at least not in the last few years. This rare outcome showed strong institutional confidence in Securitize ahead of its listing.

Together with the trust proceeds, Securitize collected about $400 million before transaction costs. With this business combination, Securitize achieved a $1.25 billion pre-money valuation.

Desempenho do Primeiro Dia do SECZ: Como os Investidores Responderam ao Lançamento Público da Tokenização

O debut da Securitize no mercado público está sendo visto como um grande marco na maturação da economia de tokenização.

Isso indica que o debut é mais do que apenas um evento de liquidez, mas um teste de se os mercados públicos estão realmente interessados na tokenização e prontos para precificá‑la como um negócio independente, em vez de apenas uma curiosidade relacionada a cripto.

Following Securitize’s NYSE bell-ringing ceremony, the company received congratulations from across the industry.

“Tokenization has grown from concept to powering billions in real-world assets onchain, and now it’s trading on the world’s most iconic exchange,” said John Nahas, Chief Business Officer of AvaLabs. “This isn’t just a milestone for one company, it’s validation that the infrastructure layer for tokenized finance is here, it works, and institutions are building on it. The next chapter for capital markets is being written onchain.”

So, how was its first day? Did Wall Street’s growing interest in tokenization actually translate into demand for a company like Securitize, which connects real-world assets to public blockchains?

Well, Securitize’s shares opened trading on the NYSE at $12.45. In the very early hours of trading, there was some selling, but buyers stepped in. After the rally in the first couple of hours, SECZ consolidated, though the price held above $12.

Throughout the first-day session, the stock traded between an intraday low of $12.19 and a high of $13.70. SECZ closed at $12.30, down about 1.2% from the $12.45 open, with approximately 840,381 shares traded.

The stock’s inability to sustain its earlier rally suggests selling pressure prevailed, tempering what had looked like a strong mid-session debut.

Right on the first day of its public market launch, the company also announced the tokenized version of SECZ, initially available on Avalanche and Solana, to demonstrate its confidence in the technology, market structure, and regulatory pathway it has spent years building.

“We have long said that public equities are moving onchain, and there is no stronger validation of that belief than tokenizing our own public stock on Day 1. This move is intended to be a blueprint for other public companies to create more efficient, transparent and useful ownership experiences for their shareholders.”

– Domingo

Uma Plataforma Regulamentada de Ponta a Ponta: Como a Securitize se Tornou a Líder de Mercado da Tokenização

O debut da Securitize na NYSE ocorre enquanto a tendência de tokenização evolui de experimento para uma base emergente das finanças modernas. Mas a empresa está envolvida no setor há quase nove anos.

Securitize was founded in late 2017, during the early days of tokenization, when the idea of tokenized securities gaining adoption among major financial institutions was merely theoretical. But Securitize had conviction, and over the following years, the company focused on building a regulatory stack that few competitors can now match.

Today, it has grown into one of the world’s leading regulated platforms for issuing, managing, and servicing tokenized securities. Securitize operates as an SEC-registered broker-dealer, an SEC-regulated alternative trading system (ATS), an SEC-registered transfer agent, and a fund administration affiliate in the United States.

At the same time, it operates a Trading & Settlement System (TSS) under the European Union’s DLT Pilot Regime, giving Securitize a comprehensive regulatory footprint.

The combination of licenses allows the company to handle the full lifecycle of a tokenized security rather than only a piece of it. As a result, Securitize has become one of the biggest players in the tokenization space, with over $4 billion in tokenized assets.

Notably, the platform has captured the attention and capital of some of the largest names in traditional finance, including BlackRock, Apollo, Hamilton Lane (HLNE ), KKR, VanEck, BNY, and Morgan Stanley (MS ).

It services about 650 funds through Securitize Fund Services, administering almost $25 billion across them.

Securitize’s highest-profile collaboration, however, has been with BlackRock’s tokenized money market fund, BUIDL, which has surpassed $3 billion in total locked value (TVL), per DeFi Llama, spread across several public blockchains, including Ethereum, Solana, Avalanche, BNB Chain, Optimism, Arbitrum, Aptos, and Polygon.

BUIDL is one of the largest products of its kind and a prime example of institutional appetite for on-chain finance.

BlackRock, the world’s largest asset manager, also led Securitize’s $47 million funding round in 2024. Hamilton Lane (HLNE), ParaFi Capital, and Tradeweb Markets (TW ) (TW), along with Circle, Paxos, and Aptos Labs, also participated in the round.

But there’s more. Securitize has made several other significant developments in recent months.

Back in December, the company announced it would soon launch the first fully compliant on-chain trading platform for real public stocks, allowing investors to own tokenized shares of public companies issued and recorded on-chain.

Importantly, Securitize said it would not use synthetic token models that simply track stock prices via derivatives or offshore entities, but would instead offer full legal ownership, with each share issued by the company itself, giving token holders real shareholder rights, such as dividends and voting privileges, while the assets are held in self-custody.

“This is not a synthetic price tracker or an IOU against a custodian,” Securitize said. “These are real, regulated shares: issued onchain, recorded directly on the issuer’s cap table, and tradable through a familiar Web3 swap-style experience.”

Then, in March this year, Securitize announced a partnership with the NYSE to build a round-the-clock tokenized equities trading platform.

When it comes to company financials, Securitize reported record quarterly revenue of $19.5 million for Q1 2026, rising 39% YoY. This includes $8.3 million in asset servicing revenue, which surged about 200%, and $11.1 million in tokenization revenue.

It ended the quarter with $3.4 billion in tokenized assets under management, $24.9 billion in assets under administration, and $1.9 billion in aggregated transaction volume.

Despite this growth, the company’s net loss widened to $7.9 million, or 88 cents per diluted share, as Securitize prepared for its public debut and increased expansion expenses. On an adjusted EBITDA basis, though, the company remains profitable, even as it declined to $800,000 from $4.1 million in the same quarter last year.

“Despite increased investments in headcount to support the growth of the business and prepare for becoming a public company, we delivered strong positive operating leverage for the quarter. We also ended the quarter with a solid liquidity position and approximately breakeven operating cash flow before working capital movements and public-company related expenses.”

– CFO Francisco Flores

Securitize’s strong numbers across tokenized assets, AUM, serviced funds, and transaction volume demonstrate the scale and success it has achieved in a relatively young market.

Uma Listagem Pública com Implicações em Todo o Setor

A entrada da Securitize nos mercados públicos é significativa, pois oferece aos investidores, pela primeira vez, uma forma limpa de investir diretamente na infraestrutura que impulsiona o mercado tokenizado em rápido crescimento, em vez de em criptomoedas.

Instead of holding volatile digital tokens or shares in a diversified financial company that treats tokenization as a side project, Securitize provides direct exposure to the tokenization thesis itself.

It is not the first company in the blockchain space to go public; many others are already listed on major exchanges, including the crypto exchange Coinbase, the payments company Circle, and the financial services company Galaxy Digital (GLXY ).

Several Bitcoin miners, including Marathon Digital (MARA ) Holdings, Riot Platforms (RIOT ), CleanSpark (CLSK ), Bitfarms, Core Scientific (CORZ ), and Cipher Mining (CIFR ), are also trading on stock exchanges.

While multiple blockchain companies are already available to the broader public for participation in the digital assets industry, Securitize’s business model is fundamentally different. Its focus is on bringing traditional financial assets, such as private credit, private equity, investment funds, real estate interests, and treasuries, onto blockchain networks within regulated frameworks.

Yet another reason why the listing matters is that Securitize is an infrastructure provider to the very market in which its own stock now trades.

Furthermore, the event marks growing acceptance of tokenized securities among institutions, showing that the world’s largest financial institutions don’t see blockchain as a replacement for capital markets but as a means to improve settlement efficiency, reduce operational costs, broaden investor access, enhance transparency, and automate compliance.

Being one of the main infrastructure providers enabling this transition, Securitize’s public debut symbolizes the sector’s evolution from experimentation to commercialization.

Interestingly, the timing of Securitize’s listing is not incidental. It coincides with accelerating growth across the tokenized RWA market and positive regulatory developments.

On the regulatory front, the SEC issued a statement on tokenized security taxonomies and a clarification on how federal securities law applies to tokenized securities, ending a period of ambiguity that had kept many larger institutions on the sidelines.

Notably, the GENIUS Act has established a comprehensive regulatory framework for dollar-backed payment stablecoins. By providing legal certainty, it encourages banks and financial institutions to confidently build their own products while enhancing customer safety and driving broader adoption.

Then there’s the fast-growing tokenized market, which is projected to be worth trillions over the coming decade. While estimates vary, they all agree on the direction of the trend: strong year-over-year growth, deepening institutional participation, and the development of infrastructure.

As of writing, the total RWA value stands at $31.75 billion, up from $12 billion a year ago and under $3 billion in 2024.

US Treasuries and money market funds are currently the largest and fastest-growing category. Other prominent asset classes being increasingly tokenized include commodities, stocks, asset-backed credit, specialty finance, active strategies, corporate credit, and venture capital.

This may just be the beginning if BlackRock (BLK ) CEO Larry Fink is to be believed. He expects all assets to eventually be tokenized, increasing the liquidity and accessibility of legacy markets.

Perspectivas de Mercado: Avaliando as Perspectivas Futuras do SECZ

Ahead of the listing, Securitize framed its public debut as a milestone for the industry and a confirmation of its years of effort.

According to CEO Domingo, the event reflects the growing momentum behind tokenization. He also said that becoming a public company would provide Securitize with more resources to support its next phase of growth.

“As institutional adoption accelerates, we believe tokenization is evolving from isolated products into a fully interconnected financial system,” Domingo said.

Meanwhile, Securitize’s growing financial metrics, including record quarterly revenue, suggest that commercial adoption is starting to translate into operating scale. According to Domingo:

“Tokenization is poised to be the most consequential upgrade to U.S. capital-market infrastructure in a generation and this is reflected in the continuous growth of the industry and our strong quarterly revenue numbers, the highest in the company’s history, despite the broader crypto market backdrop.” 

On the sell side, Benchmark Equity Research maintained its Buy rating on Securitize and set a $16 price target based on its 2027 revenue projection of $178 million.

Benchmark analyst Mark Palmer noted that the tokenization infrastructure firm has “separated itself from the field,” and that “at a time when the sentiment around digital asset-related equities has been at a low ebb, the company’s stock is poised to be a positive outlier.”

According to Palmer, Securitize’s competitive positioning is driven by a cross-jurisdictional regulatory stack that competitors can’t quickly replicate, as well as deepening relationships with BlackRock and other major players like Computershare.

Asset management firm Arca holds a similar view, believing the company to be “one of the most compelling ways to invest in tokenization. Rather than betting on any single asset or issuer, investors could gain exposure to the infrastructure layer that benefits as more assets move on-chain.”

Their argument for Securitize is simple: if tokenization grows, so will the company’s revenue. Even modest levels of adoption imply “meaningful upside,” wrote Arca in an X post.

As for rising competition, with the likes of Superstate, Centrifuge, Figure, and Ondo Finance pursuing different approaches to bringing assets on-chain, “Securitize’s advantage is its end-to-end platform,” allowing the cash-rich company to “capture value across the entire tokenization stack.”

Conclusão

Securitize’s NYSE debut as SECZ marks a defining moment for both the company and the broader tokenization industry. Emerging as a pure-play opportunity, it provides public investors exposure to one of the most important long-term trends in crypto while serving as an indicator of blockchain-based financial infrastructure’s integration with traditional capital markets.

Whether the listing ultimately proves successful will depend on how the tokenization space progresses, how quickly Securitize’s tokenized equity roadmap materializes into revenue, and how the company’s ongoing patent dispute with tZERO gets resolved.