Securitize Nears NYSE Listing as SECZ at a $1.25 Billion Valuation

The SEC declared effective Securitize’s merger registration filing on June 5, putting the Miami-based real-world asset (RWA) tokenization platform one shareholder vote away from a New York Stock Exchange debut as SECZ at a pre-money equity valuation of $1.25 billion. Cantor Equity Partners II (Nasdaq: CEPT), the special purpose acquisition company sponsoring the deal, will put it to shareholders on June 29; if approved, the combined company operates as Securitize Corp. on the NYSE.

That listing would hand institutional investors their first equity stake in the infrastructure layer beneath an on-chain asset market now exceeding $32 billion, a way to position for the category’s buildout through a standard brokerage account without directly purchasing tokenized products or crypto tokens.

Before the Listing, NYSE Named Securitize Its First Digital Partner

In Q1, the New York Stock Exchange named Securitize its design partner and first digital transfer agent for the NYSE’s Digital Trading Platform, the exchange’s infrastructure project for blockchain-based securities. Securitize Markets, the firm’s broker-dealer subsidiary, was simultaneously designated the first broker-dealer connected to NYSE Digital ATS (alternative trading system). Both appointments arrived before the S-4 declaration of effectiveness came through in June.

The structural position is unusual. The company seeking a NYSE listing is the same company the NYSE has chosen to build the tokenization rails for that exchange’s own securities infrastructure. As digital transfer agent, Securitize records and confirms ownership of blockchain-based securities issued on the NYSE platform, a function that has historically belonged to established transfer agents for conventional shares. The exchange’s choice to designate a tokenization-native firm for that role, bypassing those incumbents, established Securitize as the transfer agent for blockchain-based securities on an infrastructure the NYSE has committed to build.

The NYSE relationship was one of three significant Q1 commercial developments. Securitize and Uniswap Labs connected BlackRock’s BUIDL (USD Institutional Digital Liquidity Fund, BlackRock’s tokenized money market fund) to UniswapX decentralized exchange infrastructure, giving institutional holders access to on-chain liquidity. BUIDL runs across seven blockchain networks, including Ethereum, Solana, and Avalanche. Separately, Securitize won the mandate to tokenize loan interests tied to the Trump International Hotel and Resort in the Maldives.

The Uniswap integration extended Securitize’s business model from issuance into secondary-market infrastructure. The firm issues tokenized assets and operates the plumbing that makes those assets tradable after issuance. That secondary layer, and the recurring servicing fees it generates, accounted for Q1’s largest revenue gain.

A $32 Billion Market and Its Dominant Infrastructure Layer

Per CoinGecko’s 2026 RWA market analysis, the tokenized real-world asset sector grew 256.7% across fifteen months, from $5.42 billion at the start of 2025 to $19.32 billion by March 31. RWA.xyz data, which tracks on-chain value excluding stablecoins, shows the figure crossing $32 billion by May, more than 200% above the same period a year earlier. The market expanded roughly 35% in Q1 alone, from approximately $23 billion at end of 2025 to $31 billion by March 31. Tokenized U.S. Treasuries make up roughly half of total on-chain RWA value; commodities, led by gold-backed tokens, hold about 16%.

• $32B+ on-chain RWA value (excl. stablecoins) as of May 2026, per RWA.xyz
• 200%+ year-on-year growth in the on-chain RWA market
• 35% Q1 2026 growth alone, from ~$23B to $31B by March 31
• $1.5B tokenized equities market as of May 2026, or 4.8% of total on-chain RWAs

Securitize sits at the institutional center of that market. The firm services 650 active funds through its Securitize Fund Services unit and processed $1.9 billion in transaction volume during Q1, covering investments, redemptions, dividends, and cross-chain asset movements. Its clients include BlackRock, Apollo, KKR, Hamilton Lane, and VanEck. Tokenized assets under management (AUM) reached $3.4 billion as of March 31 and climbed past $4 billion by April; assets under administration (AUA), a broader figure covering third-party-serviced products, stood at $24.9 billion at Q1’s close. AUM generates the recurring management and servicing fees that drove Q1’s revenue surge; AUA reflects the broader administrative franchise Securitize runs for asset managers that haven’t yet migrated their full fund books on-chain.

The SPAC Structure and the $1.25 Billion Valuation

Securitize and CEPT signed their definitive business combination agreement on October 28, 2025, per the Form 425 disclosure filed with the SEC. CEPT is a SPAC sponsored by an affiliate of Cantor Fitzgerald, the financial services firm whose former chairman, Howard Lutnick, became U.S. Secretary of Commerce in 2025. The deal values Securitize at a pre-money equity figure of $1.25 billion; at management’s full-year 2026 revenue guidance of approximately $110 million, that implies roughly an 11x revenue multiple.

Three conditions remain between the June 5 S-4 clearance and SECZ’s first trading day:

• CEPT shareholder approval at the June 29 special meeting
• Satisfaction of customary closing conditions after shareholder sign-off, including NYSE listing-standards review
• Completion of the merger mechanics via Senna Merger Sub and Pinecrest Merger Sub, the two legal entities named in the business combination agreement

As in all SPAC transactions, shareholders holding CEPT can redeem their shares for cash from the trust account before closing, regardless of how they vote on the merger; the redemption volume will affect how much capital the combined company carries into its NYSE debut. The eligible voter pool was fixed to shareholders of record as of May 11, three weeks before the S-4 clearance landed.

Record Revenue Against an Unresolved Cash Burn

Q1 2026 revenue came in at $19.5 million, the highest quarterly result in Securitize’s history, up 39% year-over-year, per the Q1 2026 earnings release. Asset servicing revenue jumped from $2.77 million to $8.34 million, a 201% gain, fueled by expanded AUM and recurring fees from tokenized funds. Francisco Flores, Securitize’s chief financial officer, noted in the release that net cash used in operating activities reached $9.1 million in the quarter.

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.

Carlos Domingo, co-founder and CEO of Securitize, said that in the Q1 2026 earnings release. Management’s full-year 2026 guidance calls for approximately $110 million in revenue and $32 million in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, adjusted for one-time items). The implied multiple at the $1.25 billion pre-money valuation runs roughly 39x the annualized Q1 adjusted EBITDA figure. Public markets will set where Securitize Corp. actually trades; the SPAC structure set the opening ask.

Securitize’s barely positive adjusted EBITDA of $0.8 million in Q1 sits next to a GAAP net loss of $7.9 million. The company spent $9.1 million in operating cash during the quarter. GAAP profitability hasn’t arrived.

The FINRA Approval and Its Implications for Tokenized IPOs

In the weeks after Q1 closed, FINRA (the Financial Industry Regulatory Authority, the self-regulatory organization for U.S. broker-dealers) approved Securitize to hold custody of tokenized securities and underwrite tokenized initial public offerings and secondary market offerings. The approval extends Securitize’s scope beyond administering existing tokenized funds and into creating and distributing new ones, including tokenized equity issuances for companies seeking blockchain-native capital raises. FINRA’s approval to underwrite tokenized IPOs adds a potential revenue stream separate from fund administration: underwriting fees on issuance plus ongoing transfer-agent fees from the resulting issuer relationship. Neither exists at meaningful scale yet.

The SEC is moving in the same direction. Bloomberg reported that the agency may soon announce an innovation exemption framework for tokenized equities, which would address a key structural uncertainty facing the tokenized stock market. A January 28, 2026 SEC staff guidance document had already distinguished issuer-sponsored tokenized securities, where ledger records are integrated into the master securityholder file, from third-party custodial or synthetic products, laying groundwork for a clearer compliance path.

After Q1 closed, Computershare, the world’s largest transfer agent with operations across more than 20 countries, announced a partnership with Securitize to handle issuer-sponsored tokenized shares. The deal pairs Computershare’s decades of issuer relationships and legal frameworks built around conventional securities transfers with Securitize’s on-chain compliance tooling and blockchain infrastructure. Two of the largest entities in securities transfer, one traditional and one blockchain-native, are now building shared infrastructure for issuer-sponsored tokenized shares.

Who Buys SECZ and Why?

SECZ, if the June 29 vote clears, would be the first exchange-listed equity in a company whose revenue depends entirely on the RWA market growing. An institutional portfolio manager seeking exposure to the tokenization buildout has had two routes: buy tokenized fund shares directly, which requires on-chain accounts and regulated onboarding, or hold crypto tokens tied to the tokenization theme, which carry speculative risk disconnected from operating fundamentals. A SECZ listing creates a third route through a standard brokerage account.

Benchmark analysts, cited in CoinMarketCap’s Q1 2026 coverage, described Securitize as a “picks-and-shovels” play on tokenization infrastructure. Their calculation: capturing just one basis point of the NYSE’s roughly $44 trillion market capitalization would more than double Securitize’s Q1 tokenized AUM of $3.4 billion. The gap between the current operating footprint and the market the valuation is pricing becomes clear in that number.

Standard Chartered projects the tokenized asset market to reach $30 trillion by 2034; Citi has forecast $5.5 trillion by 2030. At the current $32 billion on-chain figure, the market has grown more than 200% in a year and remains well below 1% of either estimate.

Public markets will apply stricter scrutiny than private backers did: revenue trajectory, secondary market depth in tokenized assets, and the pace of regulatory finalization will all factor into where SECZ trades in ways that venture rounds didn’t require. The company’s barely positive adjusted EBITDA from Q1, alongside ongoing GAAP net losses, documents a business still spending for scale ahead of profitability.

The June 29 shareholder vote is the one remaining gate; after that, public markets will price the tokenization infrastructure buildout for the first time.

Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Securities markets carry inherent risk, and past revenue growth does not guarantee future results. Readers should consult a qualified financial professional before making any investment decisions. Figures reflect publicly available data as of the publication date.