Securitize, the first tokenization platform to go public, lists its own stock on Avalanche and Solana

Original by Odaily Planet Daily (@OdailyChina)

Author: Golem (@web 3_golem)

Securitize, the leading tokenization platform, has gone public via a SPAC merger.

On July 2, Securitize completed its business combination with special purpose acquisition company (SPAC) Cantor Equity Partners II and began trading on the New York Stock Exchange under the ticker symbol "SECZ." SECZ opened at $12.45, peaked at $13.70 around midday (an increase of approximately 10%), and ultimately closed at $12.3, bringing its market capitalization to nearly $2 billion.

Securitize is the first company to be listed simultaneously on the NYSE and on-chain. At its debut, it tokenized its common stock. Eligible US investors can purchase tokenized SECZ shares individually on Avalanche and Solana through Securitize's regulated platform. According toRWA.xyz data, on its first day of issuance, SECZ became the largest tokenized stock globally, with a total on-chain value exceeding $295 million.

SECZ is also the first major tokenized stock launched on-chain by Securitize. This signals that the "behemoth" dominating the RWA track is beginning to expand its territory.

The Tokenization Platform Focused on Selling Only the "Real Thing"

Securitize is undoubtedly the leader in the RWA track. According to DeFiLlama data, the total market value of RWAs issued on-chain by Securitize exceeds $4.4 billion, far surpassing platforms like Circle, Tether, and Ondo to rank first (Odaily note: excluding stablecoins like USDT and USDC). However, compared to platforms like Ondo, xStocks, and Binance's bStocks, retail investors may find Securitize much less familiar, and some users might have never heard of it.

Ranking of Total On-Chain Market Cap of Tokenization Platforms

It's not that Securitize deliberately avoids the public; rather, its products are not really relevant to most retail investors, primarily targeting institutions. The 24 on-chain tokenized products it has issued, totaling over $4 billion in assets, are mostly bonds, private credit, and money market funds. There is only one tokenized individual stock (CURR, with minimal trading volume).

Securitize's most representative on-chain product is the tokenized BUIDL money market fund for BlackRock. To date, this fund has a scale exceeding $2.2 billion, making it the second-largest tokenized money market fund product in the current RWA market (Odaily note: the largest is Circle's USYC).

But with Securitize issuing its own stock as the first major tokenized stock on-chain, this may be changing.

Securitize's listing can also be seen as the true starting point for its tokenized stock business. The slogan on its official website succinctly summarizes the difference between Securitize and other tokenized stock platforms: "OWN THE REAL THING, NOT A SYNTHETIC VERSION."

Each tokenized stock on Securitize represents direct ownership of actual shares, entitled to the same legal and economic rights as any traditional shareholder, including dividends, voting rights, and all other rights. This is fundamentally different from the numerous "tokenized stocks" currently on the market. Those are often mere "equity certificates," where investors can only enjoy the underlying economic benefits (like dividends) without transferring true ownership or regulatory protection. This includes tokenized stocks issued by Ondo, xStocks, Binance's bStocks, and Bitget's Reality.

However, the price Securitize pays for offering "real" tokenized stocks is that ordinary people cannot buy them.

For example, to purchase SECZ now, investors must complete KYC, KYC/AML checks, meet jurisdictional requirements, and comply with applicable securities laws to be eligible. If an investor does not have a US identity, they cannot even pass KYC. Securitize whitelists the wallet addresses of qualified investors, and only these addresses can trade tokenized SECZ. Therefore, even on decentralized DEXs, ordinary people cannot buy Securitize's tokenized stocks.

When launching tokenized SECZ, Securitize posted on Platform X, stating: "This means that while traditional US stock markets will be closed on Friday (July 3) in observance of Independence Day, SECZ will continue to trade." This might sound somewhat ironic, as the number of people globally eligible to trade SECZ is extremely limited. Meanwhile, retail investors worldwide can gain exposure through other tokenized stock platforms that don't sell the "real thing."

High user barriers do not hinder Securitize's determination to develop tokenized stocks. Securitize President Brett Redfearn stated after the IPO that the company is discussing the possibility of tokenizing other IPOs within the next year.

Is Securitize Undervalued?

From an investment perspective, is the newly listed Securitize currently undervalued? SECZ closed at $12.3, but the official total outstanding shares have not been disclosed, so we can only estimate its market cap.

In its S-4 filing with the SEC, Securitize valued itself at $1.25 billion. The SPAC and PIPE financing subscription price was $10 per share, corresponding to approximately 125 million shares. Combined with the shell company Cantor Equity Partners II's roughly 30 million outstanding common shares, Securitize's total shares post-merger are likely around 160 million. Therefore, Securitize's market cap on its first trading day was approximately $1.96 billion, peaking near $2.2 billion during the session.

In April this year, investment bank Benchmark gave Securitize a post-listing target price of $16, believing it stands to benefit significantly from the tokenized asset wave. Benchmark emphasized that Securitize is not just a tokenization platform but possesses a "comprehensive regulatory qualification system" covering broker-dealer, transfer agent, and trading functions, expected to generate diversified revenue across the full lifecycle of asset issuance, secondary trading, and custody services.

According to Securitize's S-4 filing, revenue for the first nine months of 2025 was $55.6 million. Full-year 2025 revenue has not been disclosed yet, but management forecasts annual revenue of approximately $69 million. Meanwhile, Securitize's Q1 2026 revenue was $19.5 million, a 39% increase from Q1 2025, marking the highest single-quarter revenue in the company's history, with projections for 2026 revenue of approximately $110 million.

Based on management's expected 2025 revenue, Securitize's static price-to-sales (P/S) ratio for 2025 is about 28x. A comparable listed company for Securitize's valuation is the RWA platform Figure, which primarily focuses on real estate and private credit. Figure's static P/S ratio for 2025 is around 15x. In comparison, Securitize's P/S ratio seems somewhat expensive. From a tokenized AUM perspective, Securitize has $4.4 billion, while Figure has $19.4 billion. Securitize's market cap to AUM ratio is approximately 0.45, compared to Figure's 0.38. Securitize is still higher than Figure.

Although Securitize exceeds Figure in both metrics, and the valuation is not clearly undervalued, considering the richness of Securitize's business and its leading position in the RWA track, such data does not seem excessively overvalued. The capital market is still anticipating Securitize's future performance, especially in the tokenized stock sector.

Undoubtedly, the tokenized stock market is one of "bad money driving out good." Most investors are primarily interested in gaining exposure to stock trading risks and are not particularly interested in underlying ownership, voting rights, or other shareholder benefits. Therefore, Securitize, which raises trading barriers and only sells "real" stocks on-chain, might be at a disadvantage.

This could also be a strategic move by Securitize, putting it dozens of steps ahead of competitors. Consider the early internet video copyright market in China. At that time, piracy was rampant on Chinese video sites, and users didn't care whether the content was legitimate. Many video companies thought spending money to buy legitimate copyright libraries was foolish. However, LeEco insisted on high-cost bulk purchasing and stockpiling legitimate copyrights, becoming the biggest winner when relevant policies were implemented. Securitize might be waiting for that regulatory hammer to drop.

But the most ironic part now is that for most retail investors, even if we are bullish on Securitize's future development and want to value-invest in SECZ, we can only wait for other tokenized stock platforms to list the "fake" version.