Securitize posts record revenue growth ahead of Cantor SPAC merger
First-quarter results show $19.5 million in revenue, though net losses widen on costs associated with its transition to public markets via Cantor Equity Partners II.
Securitize has reported its strongest quarterly revenue on record, posting a 39% year-on-year increase to $19.5 million in the first quarter. The tokenisation platform’s financial results come as it advances toward a planned merger with Cantor Equity Partners II (NASDAQ: CEPT), a special purpose acquisition company listed on the Nasdaq. The company aims to position itself as a public-market proxy for real-world asset tokenisation through this combination.
Asset servicing revenue was the primary driver of growth, surging 201% to $8.3 million. In contrast, tokenisation revenue remained roughly flat at $11.1 million. Despite the top-line growth, profitability faced pressure as the firm continued to invest in its transition to a public entity. Securitize recorded a net loss of $7.9 million, equating to 88 cents per diluted share, while adjusted EBITDA declined to $800,000 from $4.1 million in the prior year period.
The company attributed the decline in profitability to increased headcount and expenses linked to preparing for its public-market listing. This cost base expansion is part of the broader operational shift required for a listed entity. Cantor Equity Partners II was trading at $13.16 US per share at the time of the reporting, providing a market context for the impending merger.
On the balance sheet, Securitize ended the quarter with $3.4 billion in tokenised assets under management, $24.9 billion in assets under administration, and $1.9 billion in aggregated transaction volume. These figures underscore the scale of the platform’s operations as it seeks to capitalise on institutional interest in digital assets.
Strategically, the quarter saw the company deepen its ties with major financial institutions. Securitize announced a collaboration with the New York Stock Exchange to support tokenised securities markets and expanded liquidity options for BlackRock’s BUIDL fund through UniswapX. Additionally, the firm was selected to tokenise loan interests tied to the Trump International Hotel & Resort in the Maldives.
Co-founder and chief executive Carlos Domingo described tokenisation as “the most consequential upgrade to U.S. capital-market infrastructure in a generation.” He pointed to partnerships with the NYSE, BlackRock, Uniswap, and Computershare as evidence that tokenised assets are moving beyond isolated products into broader market infrastructure.
The results provide a growth narrative for Securitize as it heads into its pending listing, though investors must weigh the revenue momentum against the current losses and the execution risks involved in establishing a durable public-company model for tokenisation.
