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

Original by Odaily (@OdailyChina)

Author: Golem (@web3_golem)

Securitize, the leading tokenization platform, has gone public through 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, reached an intraday high of $13.70 (up about 10%), and closed at $12.30, nearing a market cap of $2 billion.

Securitize is the first company to be listed simultaneously on the NYSE and on-chain. Upon listing, it tokenized its common stock, allowing eligible U.S. investors to purchase tokenized SECZ individually 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 over $295 million in on-chain value.

SECZ is also Securitize's first major tokenized stock launched on-chain. This is a signal, indicating that the "behemoth" entrenched in the RWA赛道 has begun to expand its territory.

A Tokenization Platform Dedicated to Selling Only "The Real Thing"

Securitize is undoubtedly the leader in the RWA赛道. 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: Stablecoins like USDT and USDC are not included in this calculation). However, compared to Ondo, xStocks, and Binance's bStocks, retail investors may find Securitize much less familiar; some users may have never even 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 irrelevant to most retail investors, primarily targeting institutions. Its 24 on-chain tokenized products, totaling over $4 billion in assets, are mainly bonds, private credit, and money market funds, with only one tokenized individual stock, CURR (which has virtually no trading volume).

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

However, 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 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, granting the same legal and economic rights as any traditional shareholder, including dividends, voting rights, and all other entitlements. This is fundamentally different from the many "tokenized stocks" currently on the market, which are often merely a form of "beneficial interest certificate." Investors can only enjoy the economic benefits behind the stock (such as dividends), but do not receive true ownership or regulatory protection. This includes tokenized stocks issued by Ondo, xStocks, Binance's bStocks, and Bitget's Reality.

However, Securitize's pursuit of "genuine" tokenized stocks comes at a price: ordinary people cannot buy them.

For example, to purchase SECZ now, an investor must complete KYC, KYC/AML checks, meet jurisdiction requirements, and comply with applicable securities laws to qualify for the investment opportunity. If an investor does not have U.S. residency, they cannot even pass the KYC process. Securitize whitelists the wallet addresses of qualified investors; only whitelisted addresses can trade tokenized SECZ. Therefore, even on decentralized exchanges (DEXs), ordinary people cannot buy Securitize's tokenized stocks.

When launching tokenized SECZ, Securitize posted on X, "This means that while the traditional U.S. stock market will be closed on Friday (July 3) for Independence Day, SECZ will continue trading." This might sound somewhat ironic, as the number of people globally eligible to trade SECZ is already very small. Meanwhile, retail investors worldwide can gain exposure through other tokenized stock platforms that don't sell "the real thing."

The high user barrier 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?

Setting aside the user perspective, from an investment standpoint, is Securitize, which just went public, currently undervalued? SECZ closed at $12.30, but the company has not disclosed its current total shares outstanding. Therefore, 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 shares of common stock outstanding from the shell company Cantor Equity Partners II, the total number of shares post-merger is likely around 160 million. Thus, Securitize's market cap on its first trading day was approximately $1.96 billion, with an intraday high approaching $2.2 billion.

In April of this year, investment bank Benchmark gave Securitize a target price of $16 post-listing, believing it stands to benefit significantly from the tokenized asset wave. Benchmark emphasized that Securitize is not just a tokenization platform but also possesses a "comprehensive regulatory license system" encompassing broker-dealer, transfer agent, and trading functions, positioning it to generate diversified revenue across the entire 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. The company has not yet disclosed its full-year 2025 revenue, but management forecasts it to be approximately $69 million. Meanwhile, Securitize's Q1 2026 revenue was $19.5 million, a 39% increase year-over-year, marking its highest quarterly revenue ever. Management forecasts 2026 revenue to be around $110 million.

Based on management's 2025 revenue forecast, Securitize's static price-to-sales (P/S) ratio for 2025 is approximately 28 times. A comparable publicly 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 15 times. By comparison, Securitize's P/S ratio appears somewhat expensive. Looking at AUM for tokenized assets, Securitize has $4.4 billion, while Figure has $19.4 billion. Securitize's market cap to AUM ratio is about 0.45, compared to Figure's 0.38, meaning Securitize is still valued higher than Figure on this metric.

Although Securitize's ratios are higher than Figure's in both metrics, suggesting its valuation is not clearly undervalued, considering the richness of Securitize's business and its leading position in the RWA赛道, these figures still do not indicate excessive overvaluation. The capital market is still anticipating Securitize's future performance, particularly in the tokenized stock sector.

Undoubtedly, the tokenized stock market is one where bad money drives out good. Most investors are primarily interested in gaining exposure to stock trading, rather than the underlying ownership, voting rights, and other shareholder benefits. Therefore, Securitize, which sells only "genuine" stocks on-chain at the cost of higher trading barriers, might be 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. At the time, many Chinese video websites were rampant with pirated content, and users did not care about watching authorized versions. Many film companies thought spending money to acquire legal rights libraries was foolish. However, LeTV insisted on high-cost, large-scale acquisition and hoarding of legal copyrights, becoming the biggest winner when relevant policies were eventually enforced. Securitize might also be waiting for that proverbial "iron fist" to fall.

But the ultimate irony is this: for most retail investors, even if we are bullish on Securitize's future development and want to invest in SECZ for its value, we can only wait for other tokenized stock platforms to list the "counterfeit" version.