BlackRock's BUIDL Lift: Securitize Lists on NYSE After SPAC Deal

Securitize began trading on the New York Stock Exchange in July under the ticker SECZ. The tokenization infrastructure company got there through a SPAC merger with Cantor Equity Partners II, a deal that raised roughly $400 million in gross proceeds. In a first for a public company, Securitize tokenized between $295 million and $300 million of its own common stock as part of the transaction.

The company's most important client is BlackRock. BlackRock picked Securitize as transfer agent for its BUIDL fund when that product launched on March 20, 2024. BUIDL is a tokenized money market fund that now holds between $2.2 billion and $2.5 billion in assets across Ethereum, Solana, and Avalanche. BlackRock's continued use of Securitize for BUIDL is the single biggest validator of the platform's technology.

Apollo and KKR are also on the client roster. Together, those asset managers account for an estimated $4 billion in tokenized assets under management on Securitize's infrastructure. ARK Invest sits among the sector's backers.

The broader real-world asset tokenization market sits somewhere between $18 billion and $37 billion today, according to industry estimates Securitize cites. Projections reach $80 billion by the end of 2026. That growth depends on regulatory clarity, institutional adoption velocity, and the willingness of asset managers to keep building on-chain products.

For Securitize, revenue is tied directly to the expansion of that market. The company charges fees based on the assets under management that tokenized products hold on its platform. A bigger BUIDL means more fee revenue. A broader RWA market means more products from more asset managers.

The SPAC listing gives public equity investors a way to bet on tokenization without holding crypto themselves. Securitize can also use its stock as currency for acquisitions and equity compensation. The tokenized common stock serves as a live demonstration of its own technology.

Among Securitize's partners, KKR carries an Alpha Score of 50 at AlphaScala, a Mixed label.

The International Monetary Fund recently noted that tokenization needs legal and infrastructure fixes before it can scale. That report Tokenization Needs Legal and Infrastructure Fixes highlights the uncertainty still embedded in the sector. Securitize's public listing does not remove that uncertainty.

BUIDL's AUM now sits between $2.2 billion and $2.5 billion. Continued growth past that range would validate the entire stack. A flat or shrinking figure would raise questions about demand for on-chain money market products.