Ethereum-Powered Securitize Lists on NYSE in $400M SPAC Merger

Crypto News

The tokenization platform Securitize will begin trading on the New York Stock Exchange on July 2 under the ticker SECZ, completing a roughly $400 million capital raise through its merger with Cantor Equity Partners II. Shareholders approved the business combination on June 29, and the deal formally closed on June 30 at a $1.25 billion pre-money valuation. The listing makes Securitize the first pure-play tokenization-infrastructure company to reach a major U.S. exchange. For a market built largely on Ethereum (ETH) rails, where regulated real-world-asset issuance has concentrated, a compliant tokenization firm hitting public-market scale is a structural milestone rather than a routine corporate event.

The financing structure carried an unusual signal of conviction. Fewer than 30% of Cantor Equity Partners II Class A holders elected to redeem their shares, leaving the combined company in control of more than 71% of the SPAC trust — far below the 80% to 90% redemption rates that have hollowed out most blank-check deals since 2021. A $225 million private investment in public equity, or PIPE, was oversubscribed, which chief executive Carlos Domingo described as the largest PIPE raised for a SPAC-acquired operating company in that window. Together with the trust, the transaction is expected to leave Securitize with over $400 million in cash before costs.

The company's anchor relationship is with BlackRock, whose BUIDL tokenized money-market fund — administered on Securitize's platform — has grown past $3 billion in total value locked. That single product has driven much of Securitize's asset-servicing growth and underpins its pitch to institutions. Apollo, KKR, Hamilton Lane and VanEck round out a client roster that few crypto-native firms can match. The appeal is straightforward: these allocators want regulated exposure to on-chain assets without abandoning compliance, and BUIDL's scale shows the demand is real rather than speculative. Unlike volatile altcoin markets, tokenized Treasuries offer yield-bearing instruments that institutions can hold on balance sheet.

Securitize's competitive moat is regulatory, not technical. The firm operates as an SEC-registered broker-dealer, transfer agent, fund administrator and alternative trading system operator in the United States, and holds a full investment-firm authorization under the European Union's DLT Pilot Regime. It administers roughly 650 funds — a licensing footprint almost no rival has assembled. That stack is what equity researchers cited in reiterating a Buy rating with a $16 price target earlier in June. In an environment where many digital-asset projects, from DeFi lenders like Aave to experimental algorithmic stablecoins, still operate in regulatory gray zones, Securitize's compliance-first build is its differentiator.

The numbers behind the listing show a company still scaling toward profitability. Securitize reported first-quarter 2026 revenue of $19.5 million, up 39% year over year, with asset-servicing revenue surging 201% to $8.3 million on the back of BUIDL and similar products. One-time listing costs pushed the firm to a $7.9 million net loss for the quarter. Management guides to roughly $110 million in 2026 revenue, of which about $85 million is already contracted or recurring. The company estimates the long-term addressable market for tokenizable assets — equities, bonds and alternatives — at $10 trillion to $19 trillion, a figure that frames the listing as an early bet on a structural shift.

After listing, Securitize plans to tokenize its own shares, running them in parallel with standard equity settled through the Depository Trust and Clearing Corporation. Investors would choose between conventional T+1 settlement and blockchain-based instant settlement, with the latter opening the door to around-the-clock trading. The firm is also a design partner with the NYSE on a tokenized-equities platform slated for March 2026. Tokenization is no longer confined to a single chain — networks such as Algorand have positioned themselves for the same use case — but Securitize's move would make it one of the first U.S.-listed companies to offer its own stock in both traditional and tokenized form.

Our reading is that these threads point to one arc: real-world-asset tokenization is graduating from pilot to public market while the rest of crypto sits in a defensive crouch. COINOTAG's aggregate data captures that split — the Fear and Greed Index reads 15 out of 100, deep in Extreme Fear, Bitcoin dominance stands at 69.8%, and total crypto market capitalization is roughly $1.68 trillion, far from any all-time high. Yet institutional flows into tokenized funds keep building regardless of sentiment. The SEC filings and the sub-30% redemption rate are the primary-source evidence that matters here: regulated tokenization infrastructure is drawing committed, not speculative, capital even as broader markets flash fear.