Tokenization platform Securitize Holdings is accelerating its path to a public listing through a merger with a Cantor Fitzgerald-backed SPAC, as the company reports a surge in revenue and lays out ambitious 2026 targets. In a public registration statement filed with the U.S. Securities and Exchange Commission, Securitize said nine months ended September 2025 revenue reached $55.6 million, an 841% jump from the same period in 2024. The company had $18.8 million in revenue for all of 2024, up 129% from 2023’s $8.2 million, underscoring the rapid growth of asset tokenization as traditional finance explores the sector under a crypto-friendly regulatory framework. The merger announcement in October with Cantor Equity Partners II would bring Securitize to the public markets, with the combined entity valued at approximately $1.24 billion on a pre-transaction basis and a $225 million private investment in public equity (PIPE) component to support the deal. Management signaled 2026 revenue around $110 million and EBITDA of $32 million, signaling an intent to scale the platform’s institutional footprint amid ongoing demand for tokenized assets.
Key takeaways
- Securitize reports nine-month 2025 revenues of $55.6 million, an 841% YoY increase versus the same period in 2024.
- Full-year 2024 revenue was $18.8 million, up 129% from 2023’s $8.2 million, reflecting accelerating demand for tokenization services.
- The proposed SPAC merger with Cantor Equity Partners II would value Securitize at about $1.24 billion pre-transaction, including a $225 million PIPE.
- Projected 2026 revenue stands at $110 million with EBITDA of $32 million, signaling a path to profitability aligned with scale economics.
- On-chain tokenized asset value has surged, underscoring broader market momentum behind tokenized real-world assets and crypto-native infrastructure.
Tickers mentioned: $ETH
Sentiment: Bullish
Market context: The wave of tokenization activity is broadening as on-chain value of tokenized assets climbs. Data from RWA.xyz shows on-chain tokenized value reaching an all-time high of $24.2 billion, excluding stablecoins, with roughly 40% in tokenized US Treasuries and 20% in tokenized commodities, illustrating growing diversification across asset classes. Ethereum (CRYPTO: ETH) remains the leading platform for asset tokenization, supporting the bulk of activity when layer-2 networks are counted, which reflects a continued shift toward programmable, on-chain finance despite ongoing regulatory scrutiny.
Why it matters
The Securitize filing and the SPAC pathway illuminate a pivotal shift in how traditional finance views tokenized assets. If completed, the merger would position Securitize as a bridge between regulated securities markets and the burgeoning on-chain asset ecosystem. The company’s growth figures—nine-month 2025 revenue of $55.6 million and a forecast of $110 million for 2026—underscore demand for tokenization infrastructure among institutional clients and asset managers seeking enhanced liquidity, transparency, and settlement efficiency. A successful listing could also catalyze similar integrations, encouraging more traditional institutions to engage with tokenized instruments under a framework that regulators have signaled is becoming more navigable for compliant issuers.
The broader market backdrop emphasizes how tokenization is moving from a niche concept to a scalable, revenue-generating segment within the crypto and financial services sectors. The on-chain value metric, rising 310% over the past year to a record $24.2 billion, reflects both investor appetite and the operational utility of tokenized assets. As ETH-based tokenization platforms mature, the industry has benefited from continued attention from major institutions and the growing feasibility of tokenized real-world assets (RWAs). The alignment with a reputable SPAC sponsor and a PIPE financing package also suggests an effort to balance growth with investor protections and liquidity, key factors as regulators refine oversight of tokenized offerings and custody frameworks.
The narrative around tokenization is not purely technical; it intersects with capital markets structure, regulatory clarity, and investor risk appetite. The SEC’s evolving guidance on tokenized securities—especially distinctions between issuer and third-party tokenized instruments—has provided a pathway for issuers to pursue regulated tokenization without sacrificing compliance. The industry-wide momentum is reinforced by continued discussions around tokenized stocks and ETFs on traditional exchanges, illustrating a broader trend toward hybrid finance that marries blockchain-enabled efficiency with conventional governance and disclosure standards.
What to watch next
- Regulatory clearance: SEC review and approvals for the SPAC merger remain a gating factor before completion in H1 2026.
- Shareholder approvals: Cantor Equity Partners II and Securitize shareholders will need to approve the transaction to finalize the merger.
- PIPE closing: The $225 million PIPE is a critical funding component; timing and alignment with closing milestones will be watched closely.
- Operational milestones: The company’s 2026 targets—revenue of $110 million and EBITDA of $32 million—will serve as performance benchmarks post-merger.
- Regulatory landscape: Ongoing guidance on issuer-versus-third-party tokenized securities may influence the pace of new deals and custody arrangements for tokenized assets.
Sources & verification
- Securitize’s public registration statement filed with the U.S. Securities and Exchange Commission detailing nine-month 2025 revenue, growth metrics, and forward-looking projections.
- The October announcement confirming plans to merge with Cantor Equity Partners II SPAC and related financial terms, including the PIPE financing.
- RWA.xyz data on the on-chain value of tokenized assets and its all-time high level, used to illustrate market momentum behind RWAs.
- Industry references to Ethereum’s role in asset tokenization and its market share when layer-2 networks are considered, reflecting a broader industry consensus on the dominant platform for tokenized assets.
Securitize’s SPAC merge pushes tokenization into the public markets
In pursuing a public listing via a Cantor-led SPAC, Securitize is betting that its platform, coupled with institutional partnerships and a diversified asset-tokenization pipeline, can scale more rapidly within a regulated environment. The nine-month 2025 revenue figure of $55.6 million demonstrates a significant acceleration relative to prior years, reinforcing management’s confidence in a 2026 revenue target of $110 million. The PIPE component of $225 million adds a measure of financing discipline to the deal, potentially easing the transition into public markets and supporting product expansion, productization of tokenized offerings, and expanding custodian capabilities for institutional customers.
Looking forward, the transaction’s completion hinges on standard regulatory clearances and shareholder votes, along with achieving the projected financial outcomes. If approved, Securitize could set a precedent for how tokenization platforms scale within traditional capital markets, leveraging established investor networks and strategic partnerships with blue-chip firms already active in the space. The broader tokenization trend—now reflected in a roughly $24.2 billion on-chain value—helps contextualize why this deal is being watched by participants across crypto and finance, as it signals a potential inflection point where tokenized assets begin to operate with more predictable liquidity, governance, and compliance frameworks than in prior years.
