Securitize, a tokenization infrastructure company, went public via merger with Cantor Equity Partners II, Inc. (Nasdaq: CEPT). The setup is bullish on regulated blockchain rails and institutional adoption, but shareholders should watch dilution, redemption risk, and whether growth can outrun losses.
Securitize, a tokenization infrastructure company, went public via merger with Cantor Equity Partners II, Inc. (Nasdaq: CEPT). The setup is bullish on regulated blockchain rails and institutional adoption, but shareholders should watch dilution, redemption risk, and whether growth can outrun losses.
Securitize is a tokenization infrastructure company founded in 2017 and headquartered in Miami. Its platform helps issuers create and manage private market securities on blockchain rails, while also serving investors with accreditation, wallet management, dashboards, and token distribution tools. It also operates regulated market infrastructure through a registered broker-dealer and ATS for digital asset securities.
The company says it is the largest platform by tokenized assets. In 2Q26, Securitize reported $4.3 billion of tokenized AUM and 663 active funds serviced by Securitize Fund Services, which gives it real scale in a market that is still early. The industry backdrop is a broad push to modernize capital markets by moving issuance, ownership, settlement, and servicing onto blockchain infrastructure; Securitize’s deal materials frame tokenization as a very large opportunity, including a company-claimed $19 trillion TAM for real-world asset tokenization.
The SPAC Deal
Securitize merged with Cantor Equity Partners II, Inc., which traded under the current SPAC ticker CEPT before closing. The definitive merger materials value Securitize at a $1.25 billion pre-money equity value, with a stated Securitize Equity Value of $1,257,064,087 after including vested options and warrants. That is the key valuation anchor retail investors should compare against the company’s stage: this is still a growth story, not a mature earnings compounder.
At announcement, the deal was expected to bring in up to about $469 million of gross proceeds, made up of a $225 million fully committed PIPE and $244 million of trust cash assuming no redemptions. Actual redemptions were meaningful: 6,842,508 CEPT Class A shares, or about 28.5% of the shares with redemption rights, were redeemed for roughly $72.5 million at about $10.60 per share. The sponsor also agreed to waive anti-dilution rights on founder shares and surrender up to 30% of its Class B shares depending on redemptions and PIPE proceeds above $100 million, but dilution still remains material from PIPE shares, founder shares, earnouts, assumed options/warrants, and up to 535,000 CEPT Class A shares issued in repayment of sponsor promissory notes. The combined company was expected to trade under SECZ, and after closing it began trading on the NYSE under SECZ on July 2, 2026. The deal was announced October 28, 2025, the S-4 became effective June 5, 2026, the vote was held June 29, 2026, and the transaction closed July 1, 2026, so the first trading window was early July 2026.
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The SPAC route gave Securitize a faster path to public markets while letting it tell a long-duration growth story around tokenization, regulated blockchain infrastructure, and institutional adoption. The merger materials also highlight a strategic angle that a traditional IPO would not have emphasized as directly: the company planned to tokenize its own equity, which it described as an industry first.
The capital raise matters because Securitize is still scaling a new market category. The deal structure brought in committed financing alongside the trust cash, and the public listing gives the company a currency for acquisitions, partnerships, and brand-building with institutions. That said, the SPAC structure also comes with the usual tradeoff: more dilution and more sensitivity to redemptions than a clean cash IPO.
Financial Highlights
Securitize’s recent financials show a company with real revenue but still meaningful losses. In 2Q26, it reported $14.4 million of revenue, a $21.7 million net loss, and a $5.5 million adjusted EBITDA loss. It also reported $5.3 billion of aggregate transaction volume in the quarter, which helps show activity, but not yet operating leverage. For 1Q26, revenue was $19.5 million, and for FY2024 the company said total revenue was about $18.6 million, with a net loss of about $24.3 million and adjusted EBITDA loss of about $11.8 million.
The balance sheet picture improved after closing. The 2Q26 release said Securitize entered Q3 with approximately $350 million in cash and no debt. That is a meaningful runway cushion for a business still investing in product, compliance, and market expansion, but shareholders should remember that cash raised in a de-SPAC can be offset over time by integration costs, growth spending, and the dilution embedded in the transaction structure. Any forward projections in the materials should be treated as projections, not guarantees.
Risk Factors
The biggest de-SPAC-specific risk was redemption pressure, and it showed up in the deal. About 28.5% of redeemable CEPT shares were taken out for cash, which reduced trust proceeds versus the headline no-redemption case. That matters because SPAC deals often look fully funded on paper but arrive with less cash than expected once shareholders vote with their feet. Investors also need to watch dilution from the PIPE, founder shares, sponsor note repayment shares, warrants, and earnouts, all of which can pressure per-share economics even if the business executes.
Beyond the deal mechanics, Securitize still faces execution and regulatory risk. Tokenized securities depend on SEC- and FINRA-compliant infrastructure, and the company disclosed material weaknesses in internal control over financial reporting as of year-end 2025, including issues tied to digital asset receivables, derivative accounting, stock-based compensation, and revenue contract assessment. The business is also still scaling a relatively new market, so adoption risk remains high. If growth slows or regulation becomes less favorable, the valuation case can compress quickly because the story is still more growth- and optionality-driven than earnings-driven.
Comparable Public Companies
There is no perfect pure-play public comp for Securitize, so the closest listed peers are infrastructure and trading platforms rather than direct tokenization names. Relevant tickers include Coinbase (COIN), Robinhood (HOOD), Tradeweb (TW), Nasdaq (NDAQ), and Intercontinental Exchange (ICE). These companies sit in adjacent lanes: regulated trading, market infrastructure, brokerage, and financial plumbing.
As a group, these comps generally trade on scale, profitability, and recurring revenue rather than on tokenization optionality. Securitize is earlier-stage and more speculative than any of them, so the valuation framework is different: investors are effectively underwriting whether tokenization becomes a meaningful capital-markets layer and whether Securitize can own enough of that stack to justify a premium multiple later. The filings do not provide a comp table, so this is a qualitative peer set rather than a formal relative-valuation screen.
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The bottom line is that Securitize is one of the more interesting de-SPACs because it is not just another crypto-adjacent listing; it is a regulated tokenization platform with institutional relationships, real revenue, and a clear market narrative. The deal has already closed, so the key question is no longer whether it gets done, but whether the public market rewards the company for growth while discounting the dilution and execution risk baked into the structure.
Shareholders should watch the post-close trading action in SECZ, the pace of revenue growth versus losses, and whether the company can convert its institutional partnerships into durable scale. This matters now because tokenization is still early, and public-market investors are deciding whether Securitize is the category leader or just the first listed name in a market that still has to prove itself.
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