Tokenization platform leader Securitize goes public, listing its own stock on Avalanche and Solana simultaneously

Original | Odaily (@OdailyChina)

Author｜Golem (@web3_golem)

Securitize, the leading tokenization platform, has gone public through a reverse merger.

On July 2nd, Securitize began trading on the New York Stock Exchange under the ticker "SECZ" after completing a business combination with special purpose acquisition company (SPAC) Cantor Equity Partners II. SECZ opened at $12.45, hit an intraday high of $13.70 (up about 10%), and finally closed at $12.3, approaching a market capitalization of $2 billion.

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

SECZ is also Securitize's first major tokenized stock launched on-chain. This is a signal, indicating that the "behemoth" dominating the RWA赛道 is starting to carve out its territory.

A Tokenization Platform Committed to Selling Only the "Real Thing"

Securitize is undoubtedly the leader in the RWA赛道. According to DeFiLlama data, the total market capitalization of RWAs issued on-chain by Securitize exceeds $4.4 billion, far surpassing platforms like Circle, Tether, and Ondo to rank first (Odaily note: stablecoins like USDT and USDC are not included in this calculation). However, compared to Ondo, xStocks, and Binance's bStocks, retail investors might find Securitize much less familiar, and some users may have never heard of it.

Ranking of tokenization platforms by total on-chain RWA market cap

It's not that Securitize deliberately tries to stay away from the public; rather, its products are largely unrelated to most retail investors, primarily targeting institutions. The 24 on-chain tokenized products it has issued, totaling over $4 billion in assets, mainly consist of bonds, private credit, and money market funds, with only one tokenized stock, CURR (which has basically no trading volume).

Securitize's most representative on-chain product is the tokenized BUIDL money market fund provided for BlackRock. As of now, the fund's size has exceeded $2.2 billion, making it the second-largest tokenized money market fund product in the current RWA market (Odaily note: the largest is USYC issued by Circle).

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

Securitize's listing can also be seen as the true starting point for its tokenized stock business. The slogan on its 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 the actual shares,, enjoying 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, which are often just a type of "beneficial interest certificate," allowing investors to only enjoy the economic benefits behind the stock (like dividends) but not conveying true ownership or regulatory protection. This category includes tokenized stocks issued by Ondo, xStocks, Binance's bStocks, and Bitget's Reality.

However, the price Securitize pays for pursuing "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 obtain the investment opportunity. If an investor does not have US status, they cannot even pass KYC. Securitize whitelists the wallet addresses of qualified investors, and only whitelisted addresses can trade tokenized SECZ. So, even on decentralized DEXs, ordinary people cannot buy Securitize's tokenized stocks.

When launching tokenized SECZ, Securitize posted on platform X, saying, "This means that while the traditional US stock market will be closed on Friday (July 3rd) for Independence Day, SECZ will continue trading." This might sound somewhat ironic because, globally, very few people are qualified to trade SECZ. At the same time, global retail investors can gain exposure through other tokenized stock platforms that don't sell the "real thing."

The high barrier for users does 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?

Putting aside the user perspective, looking at Securitize from an investment standpoint after its listing, is the current stock price undervalued? SECZ closed at $12.3, but the company has not disclosed the current total number of shares, so we can only estimate its market cap.

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

In April this year, investment bank Benchmark gave Securitize a post-listing target price of $16, believing it would significantly benefit from the wave of tokenized assets. Benchmark emphasized that Securitize is not just a tokenization platform but possesses a "complete regulatory qualification system" covering broker-dealer, transfer agent, and trading functions, poised to generate diversified revenue across the entire lifecycle including 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, though full-year 2025 revenue was not disclosed. Management projected full-year revenue of approximately $69 million. Meanwhile, Securitize's Q1 2026 revenue was $19.5 million, a 39% increase year-over-year, marking the highest single-quarter revenue in the company's history. The projection for 2026 revenue is about $110 million.

Based on management's expected 2025 revenue, Securitize's static price-to-sales (P/S) ratio for 2025 is approximately 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 about 15x. By comparison, Securitize's P/S ratio appears somewhat high. Viewing it from the perspective of tokenized AUM, Securitize has $4.4 billion, while Figure has $19.4 billion. Securitize's market cap to AUM ratio is about 0.45, while Figure's is 0.38; Securitize is still higher than Figure.

Although Securitize is higher than Figure on both metrics, suggesting the valuation isn't clearly undervalued, these figures still don't seem excessively high considering the richness of Securitize's business and its leading position in the RWA赛道. The capital market is still anticipating Securitize's future performance, especially in the tokenized stock sector.

Undoubtedly, the tokenized stock market is a 'bad money drives out good' market. Most investors are primarily interested in gaining exposure to stock trading, and are not very interested in the underlying ownership, voting rights, and other shareholder benefits. Therefore, Securitize, which sells "real" stocks on-chain at the cost of higher trading barriers, is at a disadvantage.

This could also be a strategic move that puts Securitize dozens of steps ahead of its competitors. Consider the early days of the online video copyright market in China. Back then, Chinese video websites were rampant with piracy; users didn't care whether the content was legitimate. Many video companies thought spending money to buy legitimate content libraries was foolish. However, LeEco insisted on the high-cost strategy of purchasing and stockpiling large amounts of legitimate copyrights. When relevant regulations were finally implemented, they became the biggest winner. Securitize might also be waiting for that regulatory hammer to fall.

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 "fakes."