Securitize is expected to become publicly traded through its SPAC merger with Cantor Equity Partners II, Inc. (CEPT), with trading expected to commence under the ticker SECZ on or around July 2. The S-4 was recently declared effective after a longer-than-expected regulatory process that included multiple amendments and a transition to KPMG as auditor. Shareholders are expected to vote on June 29.
The transaction will create one of the first pure-play public ways to gain exposure to tokenization of real-world assets (RWAs), which is one of 3 high-growth areas within blockchain (the others being DeFi and stablecoin/payments).
The Benefits of Tokenization
Tokenization is simply the process of moving ownership of financial assets onto blockchain rails.
The current financial system relies on custodians, transfer agents, administrators, brokers, clearinghouses, and settlement procedures that were largely built decades ago. While these intermediaries serve important functions, they also create friction, increase costs, and slow the movement of capital.
The benefits are straightforward: faster settlement, 24/7 markets, fractional ownership, broader distribution, and programmable assets. Once assets exist on-chain, compliance, transfers, lending, collateralization, and settlement can all be automated through software.
The market remains small today, but growth has accelerated meaningfully over the past two years as institutions have become increasingly comfortable using blockchain infrastructure.
What is Securitize?
While tokenization has become one of the most widely discussed themes in crypto and fintech, relatively few companies are building the underlying infrastructure layer. This is where Securitize comes in.
Securitize can best be understood as a full-stack tokenization platform. The company helps issuers bring assets on-chain through issuance, investor onboarding, compliance, distribution, and smart contract infrastructure. It also provides the servicing layer through transfer agency, fund administration, recordkeeping, compliance, and asset servicing.
This makes the company difficult to categorize. Is it a financial software company, a transfer agent, a fund administrator, a capital markets infrastructure provider, or a blockchain company? The answer is all of the above.
The Competitive Landscape
The tokenization market is becoming increasingly competitive. Companies such as Ondo, Superstate, Figure, Centrifuge, xStocks, and eventually traditional market infrastructure providers such as DTCC are all pursuing different approaches to bringing assets on-chain.
The market is increasingly splitting into two camps. The first consists of crypto-native platforms that prioritize open access, DeFi composability, and retail distribution. The second consists of institutional platforms that prioritize regulatory compliance, transfer agent oversight, and integration with traditional capital markets.
Securitize has positioned itself firmly in the second category.
Rather than competing to build the most open or permissionless platform, Securitize has focused on building the regulatory and operational infrastructure required for large institutions to issue and manage tokenized assets.
Its biggest advantage is its vertically integrated platform. Securitize operates across issuance, transfer agency, broker-dealer services, ATS trading, fund administration, compliance, onboarding, and asset servicing, enabling it to capture value across the entire lifecycle of a tokenized asset rather than just a single piece of the stack.
We think owning the transfer agent is particularly important. Instead of creating wrapped versions of assets through intermediaries, Securitize can tokenize securities at the source while preserving the official shareholder record and investor rights. The recent controversy over "tokenized" SpaceX shares highlighted why this matters, as many products didn't provide direct ownership or true shareholder rights. Combined with its partnerships with Computershare and Continental, Securitize may be well-positioned to bring existing securities on-chain while maintaining the infrastructure institutions already trust.
Institutions Are Beginning to Choose Winners
The biggest question around tokenization has never been about technology; it has been whether institutions would actually move meaningful assets on-chain.
Over the last two years, that question has increasingly been answered.
Securitize has become the tokenization partner for many of the world's largest asset managers, including BlackRock, Apollo, VanEck, Hamilton Lane, and KKR. Rather than building blockchain infrastructure internally, institutions are increasingly partnering with Securitize.
The company is also expanding deeper into traditional market infrastructure through partnerships with NYSE and Computershare. Securitize and the NYSE are working to launch a tokenized equity exchange later in 2026, while the Computershare partnership bridges tokenized assets with one of the largest transfer agents in the world.
Financials
Securitize's financial results are beginning to reflect growing adoption of the platform. In Q1 2026, revenue reached $19.5 million, up 39% year over year (adjusted EBITDA was barely positive after additional fees due to becoming a public company).
Importantly, these results are being generated while tokenization remains a relatively small market. If tokenized assets continue to scale, Securitize's revenue opportunity expands alongside the broader ecosystem. The simplest way to think about the model is that as Securitize brings more AUM onto the platform, revenue should grow alongside it. More assets on the platform means more fund administration, transfer agency, compliance, issuance, and servicing fees flowing through the business.
Arca’s Take
We think Securitize could 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.
To frame the opportunity, we modeled Securitize's potential value as platform AUM scales out to 2030.
The key takeaway is simple: if tokenization grows, Securitize's revenue opportunity grows alongside it. Our model implies meaningful upside even at relatively modest levels of adoption, with the opportunity becoming increasingly attractive as platform AUM scales.
Of course, competition is increasing, with players including Ondo Finance, Superstate, Figure, and Centrifuge all pursuing different approaches to bringing assets on-chain. Pricing will likely compress over time, and projections at larger AUM levels should be viewed as illustrative rather than forecasts.
That said, Securitize's advantage is its end-to-end platform. The company operates across issuance, transfer agency, broker-dealer services, trading, fund administration, compliance, onboarding, and asset servicing, allowing it to capture value across the entire tokenization stack. They are also cash-rich (~$500mm) after this merger, allowing them to scale faster than most competitors.
Most tokenization companies remain private, making direct exposure difficult. With the SPAC vote scheduled for June 29 and trading expected around July 2, we believe Securitize could offer one of the clearest public-market ways to invest in what we view as one of the most important long-term trends in crypto.
As we’ve laid out multiple times, blockchain growth is happening and rivals other hot areas of investment like AI and robotics. The problem is simply matching the growth areas (RWA tokenization, stablecoins/payments, DeFi) to the ever-shrinking and often irrelevant investable universe of tokens and stocks. But when a pure-play opportunity emerges, one should pay attention.
Disclosure: Securitize serves as the fund administrator to certain Arca Funds.
And That’s Our Two Satoshis!
