Shares of Securitize Corp. sank 20% in after-hours trading Wednesday after the tokenization platform posted second-quarter revenue of $14.4 million, well short of the $20.6 million analysts had expected, in its first earnings report since going public.
The company, which lists on the New York Stock Exchange under the ticker SECZ following its business combination with a Cantor Fitzgerald-backed SPAC, reported a net loss of $21.7 million, or $2.37 per share — far wider than the $0.15 loss Wall Street had modeled. Adjusted EBITDA swung to a $5.5 million loss from a $1.8 million gain a year earlier.
The revenue miss stands in contrast to Securitize's underlying growth metrics. Average tokenized assets under management hit a record $4.3 billion for the quarter, up 16% year-over-year, while transaction volume more than doubled to $5.3 billion, a 147% jump. The platform now administers $24.3 billion in assets across 663 active funds. CEO Carlos Domingo described the quarter as “softer” while pointing to a “stronger start to the year,” noting first-half revenue still ran 16% ahead of the prior year after a record $19.5 million in the first quarter.
A public debut built on tokenizing itself
Securitize completed its merger with Cantor Equity Partners II last month, raising roughly $400 million and pricing the combined company at a pre-money equity valuation of $1.25 billion. The firm made its NYSE debut on July 2 as the first newly public company to bring its own stock onchain on day one of trading — a symbolic move for a business built on converting traditional securities into blockchain-based tokens.
Securitize's client roster includes BlackRock and KKR, and its BUIDL tokenized money-market fund, launched in 2024, remains one of the most prominent products in the real-world-asset sector. The company has also built partnerships with the New York Stock Exchange and Computershare to extend tokenized settlement infrastructure to traditional finance.
Related: Coinbase Launches New Deribit Matching Engine Handling 100k Orders a Second
Growth without profit, a familiar SPAC pattern
The disconnect between surging platform activity and a revenue shortfall echoes a pattern seen elsewhere in the tokenization sector, where trading volumes and assets under management have scaled faster than fee capture. Securitize's transaction volume growth of 147% far outpaced its revenue growth, suggesting the company may be facing fee compression as competition in tokenized real-world assets intensifies. Coinbase's recent push into institutional-grade matching infrastructure for its Deribit business reflects the same broader race among crypto-native firms to build trading rails that traditional finance will trust with serious volume.
For a company barely six weeks removed from its public listing, the earnings miss is an early test of investor patience. Securitize will need to show that its record volumes eventually translate into fee revenue that matches the scale of assets now flowing through its platform.
