Tokenization Platform Pioneer Securitize Goes Public, Its Own Stock Issued on Avalanche and Solana

Original | Odaily Planet Daily (@OdailyChina)

Author｜Golem (@web3_golem)

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

On July 2, 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 around noon (up approximately 10%), and finally closed at $12.30, bringing its market capitalization close to $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 US investors to purchase tokenized SECZ separately on Avalanche and Solana through Securitize's regulated platform. According to RWA.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 that the "behemoth" entrenched in the RWA赛道 (track) is starting to expand its territory.

A Tokenization Platform Committed to 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 Ondo, xStocks, and Binance's bStocks, retail investors may 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 intentionally tries to stay away from the public; rather, its products are mostly irrelevant to the average retail investor and primarily target institutions. The 24 on-chain tokenized products it has issued, totaling over $4 billion in assets, are mainly bonds, private credit, and money market funds, with only one tokenized stock, CURR (which has virtually no trading volume).

Securitize's most representative on-chain product is the tokenized BUIDL money market fund for BlackRock. To date, the fund's size 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).

But with Securitize issuing its own stock as the 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 perfectly 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 many "tokenized stocks" currently available on the market, which are often merely "certificates of entitlement." 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, the price Securitize pays for its pursuit of "authentic" tokenized stocks is that ordinary people cannot buy them.

For example, to purchase SECZ currently, investors must complete KYC, pass KYC/AML checks, meet jurisdictional requirements, and comply with applicable securities laws to be eligible for the investment opportunity. If an investor does not have US status, they cannot even pass KYC. Securitize will whitelist wallet addresses of qualified investors, and 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 platform X, stating, "This means that although the US traditional stock market will be closed on Friday (July 3) for the Independence Day holiday, SECZ will continue trading." This might sound somewhat ironic, as the number of people globally eligible to trade SECZ is inherently very small, while at the same time, global retail investors 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 the newly listed Securitize currently undervalued? SECZ closed at $12.30, but the official total share count has not been disclosed, so we can only estimate its market cap.

Securitize valued itself at $1.25 billion in its S-4 filing with the SEC. The SPAC and PIPE financing subscription price was $10 per share, implying approximately 125 million shares. Adding the shell company Cantor Equity Partners II's approximately 30 million outstanding common shares, the total number of shares for the merged Securitize is likely around 160 million. Therefore, Securitize's market cap on its first trading day was approximately $1.96 billion, reaching a peak intraday market cap close to $2.2 billion.

In April, investment bank Benchmark gave Securitize a post-listing target price of $16, believing it would significantly benefit from the wave of asset tokenization. Benchmark emphasized that Securitize is not just a tokenization platform; it also possesses a "complete regulatory qualification system" covering broker-dealer, transfer agent, and trading functions, allowing 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 full-year 2025 revenue has not been disclosed, but management forecasts it at approximately $69 million. Meanwhile, Securitize's Q1 2026 revenue was $19.5 million, a 39% increase compared to Q1 2025, marking the highest single-quarter revenue in company history, with a forecast of approximately $110 million for the full year 2026.

Based on management's 2025 expected revenue, Securitize's static price-to-sales (P/S) ratio for 2025 is approximately 28x. A comparable listed company for valuing Securitize is the RWA platform Figure, primarily focused on real estate and private credit. Figure's static P/S ratio for 2025 is about 15x. Comparatively, Securitize's P/S ratio seems somewhat expensive. Looking at it from a tokenized AUM perspective, 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, so Securitize is still higher than Figure.

Although Securitize is higher than Figure on both metrics, suggesting it is not obviously undervalued, considering the richness of Securitize's business and its leading position in the RWA track, this data still doesn't indicate it is significantly overvalued. The capital market is still looking forward to Securitize's future performance, especially in the tokenized stock field.

Undoubtedly, the tokenized stock market is one where bad money drives out good. Most investors are primarily interested in gaining exposure to stock price movements, and are less interested in the underlying ownership, voting rights, and other shareholder rights. Therefore, Securitize, which pays the price of higher trading barriers to only sell "real" stocks on-chain, may find itself at a disadvantage.

This could also be a masterstroke that puts Securitize dozens of steps ahead of its competitors. Think back to the early days of the online video copyright market in China. At that time, almost all Chinese video websites were rampant with piracy. Users didn't care whether the content they watched was legal or not. Many video companies thought paying high costs to acquire legal copyright libraries was foolish, but LeEco insisted on buying and hoarding large amounts of legal copyrights at high cost. When the relevant policies were eventually enforced, LeEco became the biggest winner. Securitize might also be waiting for that regulatory hammer to fall.

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