Securitize Posts Record Revenue as It Heads Toward a Public Listing
Securitize posted record first-quarter revenue of $19.5 million, up 39%, as the tokenization platform prepares to list publicly through a $1.25 billion SPAC merger. Losses widened on growth and public-company spending.
Quick Insights
- Securitize reported record Q1 2026 revenue of $19.5 million, up 39% year on year, driven by a 201% surge in its asset-servicing business.
- Net loss widened to $7.9 million as the firm spent on growth and public-company preparation, though it stayed profitable on an adjusted EBITDA basis at $800,000.
- The company ended the quarter with $3.4 billion in tokenized assets under management, $24.9 billion in assets under administration and $1.9 billion in transaction volume.
- Securitize is going public via a $1.25 billion SPAC merger with Cantor Equity Partners II, expected to close in the first half of 2026 under the ticker SECZ.
Securitize, the Miami-based tokenization platform, reported the highest quarterly revenue in its history on Wednesday, posting $19.5 million for Q1 2026, a 39% increase year on year. The results land as the company advances toward a public listing through a $1.25 billion SPAC merger with Cantor Equity Partners II, and underscore the growing institutional demand for tokenized real-world assets even as the firm continues to run a net loss.
Asset Servicing Revenue Jumped 201% in a Year
The standout figure is the asset-servicing business, where revenue surged 201% to $8.3 million from $2.8 million a year earlier. That growth reflects the rapid expansion of Securitize Fund Services, which serviced 650 active funds as of 31 March. Tokenization revenue, the company's original core line, held roughly flat at $11.1 million, reflecting stable conditions in the broader digital asset market.
The shift in revenue mix matters. Securitize is transitioning from a business that earns one-time fees for tokenizing assets toward one that earns recurring fees for servicing the funds it has already brought on-chain. Recurring revenue is exactly what public-market investors reward, and the timing of the shift ahead of the listing is unlikely to be a coincidence. Much of the servicing growth ties to flagship products including BlackRock's BUIDL tokenized money market fund, which Securitize administers.
Net Loss Widened to $7.9 Million on Growth Spending
Despite the revenue record, net loss widened to $7.9 million, or 88 cents per diluted share, up from the prior year. Adjusted EBITDA fell to $800,000 from $4.1 million. CFO Francisco Flores framed the wider loss as a function of deliberate investment rather than deteriorating fundamentals.
"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."
The company stayed profitable on an adjusted EBITDA basis even through the increased spending, which is the metric most relevant for a firm in a growth and public-listing phase rather than a mature one.
Securitize Plans to Tokenize Its Own Equity Once Public
The merger with Cantor Equity Partners II, a Nasdaq-listed SPAC sponsored by an affiliate of Cantor Fitzgerald, is expected to close in the first half of 2026. The deal carries a $1.25 billion pre-money valuation and a $225 million PIPE, with the combined company set to trade under the ticker SECZ. CEPT shares rose 5% on the earnings news.
In a detail that captures the company's own thesis, Securitize plans to tokenize its own equity using its transfer agent and platform once public. That would create a traditional DTCC-settled share alongside a blockchain-based tokenized version of the same equity, trading 24/7 with instant settlement. The listing would make Securitize one of the very few publicly traded companies focused primarily on tokenized securities and real-world assets, giving public investors a rare direct way to bet on the tokenization thesis itself.
