Investor focus is turning to securitize tokenization as public markets warm to blockchain-based financial infrastructure and institutional adoption accelerates across major asset classes.
Summary
SPAC merger filing and path to Nasdaq
Tokenization platform Securitize has filed a public registration statement with the SEC, advancing plans to merge with Cantor Equity Partners II (CEPT), a blank-check company backed by Cantor Fitzgerald. The move, disclosed Wednesday, positions the firm for a U.S. listing via a SPAC transaction.
The deal assigns Securitize a pre-transaction enterprise value of $1.24 billion. Moreover, the merger structure includes a $225 million Private Investment in Public Equity (PIPE) financing, aimed at strengthening the companys capital base as it scales its tokenization offering.
PIPE financing allows institutional investors to acquire shares in a private placement at negotiated terms. However, the business combination still requires shareholder approval and full SEC clearance before closing, in line with standard SPAC processes.
The company expects to complete the transaction in the first half of this year. Once approved, Securitize plans to list on Nasdaq under the ticker SECZ, adding another regulated tokenization player to U.S. public markets.
Explosive revenue growth and financial outlook
Securitize reported $55.6 million in revenue for the nine months ending September 2025, representing an 841% jump from the same period in 2024. That said, the numbers suggest rapid institutional demand for on-chain financial products despite broader market volatility.
For full-year 2024, Securitize generated $18.8 million in revenue, a 129% increase from $8.2 million in 2023. Moreover, the company projects 2026 revenue of $110 million and forecasts adjusted EBITDA of $32 million for that year, signaling expectations of continued scaling and improving operating leverage.
The strong growth profile underpins investor interest in the SPAC deal and PIPE financing. However, execution risks remain tied to regulatory conditions, market sentiment for crypto-related equities, and the pace at which institutions migrate assets to tokenized formats.
Institutional adoption and strategic partnerships
Securitize currently manages $4 billion in assets under management on its platform. It has struck partnerships with major financial players including BlackRock, Apollo, Hamilton Lane, and VanEck, underscoring rising institutional confidence in tokenization infrastructure.
Traditional finance firms are increasingly experimenting with on-chain representations of real-world assets. A more crypto-friendly posture at the SEC has, in practice, given large institutions greater confidence to pilot and expand these blockchain-based systems.
Securitize provides the infrastructure to convert instruments such as US Treasuries, funds, and equity into blockchain tokens. Moreover, these tokens can be issued, traded, and managed on distributed ledgers with the aim of reducing friction, cutting settlement times, and enhancing transparency across capital markets.
For many asset managers, this model offers a route to modernize legacy processes without abandoning existing regulatory frameworks. However, questions remain around interoperability between chains, custody standards, and how quickly market participants will standardize around common token formats.
On-chain asset growth and market composition
The value of tokenized assets recorded on public blockchains reached an all-time high of $24.2 billion. This figure, which excludes stablecoins, represents a 310% increase over the past 12 months and highlights the pace at which real-world assets are moving on-chain.
US Treasuries now account for 40% of tokenized assets, reflecting the appeal of short-duration government debt as an on-chain yield and liquidity instrument. Moreover, commodities represent 20% of the tokenized universe, illustrating diversification beyond purely fixed-income exposure.
Private credit makes up 11% of tokenized assets, while the remainder spans alternative funds, corporate bonds, non-US government debt, and equity. However, market penetration is still small relative to traditional finance, leaving significant room for expansion as infrastructure matures.
Ethereum remains the leading blockchain for asset tokenization, holding a 65% market share when layer-2 networks are included. This dominance reinforces the ecosystems position as the primary settlement and liquidity venue for on-chain real-world assets.
Market reaction and broader industry momentum
In equity markets, CEPT stock rose 4.4% late in Thursdays session following the merger announcement. That said, the move came against a weak backdrop for crypto-linked equities, many of which fell 5-10% as bitcoin and major tech stocks sold off.
The contrasting price action suggests investors are distinguishing between speculative crypto exposure and infrastructure plays tied to regulated, revenue-generating businesses. Moreover, the planned listing of Securitize on Nasdaq could broaden access for traditional investors seeking targeted exposure to tokenization without holding digital assets directly.
Industry forecasts underscore the long-term growth thesis. A report by Boston Consulting Group and Ripple estimated that the tokenization market could reach $18.9 trillion by 2033. In parallel, global banks and asset managers such as JPMorgan and BlackRock are steadily adding tokenized assets to their product suites.
Within this backdrop, the securitize tokenization platform aims to leverage its SPAC merger and institutional partnerships to capture a larger share of on-chain real-world assets. However, longer-term performance will depend on regulatory clarity, market infrastructure, and sustained institutional demand.
Overall, Securitize enters its planned public-market phase with surging revenue, blue-chip partnerships, and a rapidly expanding tokenized asset base, positioning the firm as a central player in the next stage of blockchain-enabled capital markets.
