Securitize's first post-SPAC earnings missed badly: $14.4M revenue vs $20.6M consensus, $2.37 loss per share. Tokenized AUM still hit a record $4.3B.
Securitize (SECZ) shares fell 20% in after-hours trading Wednesday after the tokenization company reported second-quarter revenue of $14.4 million, down 5% from a year earlier and far short of the $20.6 million analysts expected. The report was Securitize's first as a public company, following a July merger with a Cantor Fitzgerald-backed SPAC.
Securitize builds blockchain infrastructure that lets asset managers issue and administer traditional products, including funds and securities, as digital tokens. The quarter put that model under public-market scrutiny. The company posted a loss of $2.37 per share, well wider than the $0.15 loss analysts had forecast. Net loss reached $21.7 million. Adjusted EBITDA swung to a $5.5 million loss from a $1.8 million profit a year earlier.
Chief Executive Carlos Domingo described the second quarter as "softer" and pointed to a stronger first half. First-half revenue rose 16% from a year earlier, helped by record quarterly revenue of $19.5 million in the first three months of the year. The second quarter came in about 26% below that record, a sharp sequential drop.
Platform activity did not follow the same path. Average tokenized assets under management rose 16% from a year earlier to a record $4.3 billion. Transaction volume jumped 147% to $5.3 billion. The fund-services business administered 663 active funds, representing $24.3 billion in assets under administration. Those records stood in contrast to the revenue decline.
Securitize provides infrastructure for BlackRock's BUIDL tokenized money-market fund, which launched in 2024 and is now among the largest tokenized Treasury and money-market products. The company is also working with the New York Stock Exchange on tokenized securities trading infrastructure and with Computershare to support tokenized shares for U.S. issuers. BlackRock and KKR are among the asset managers it counts as clients. KKR carries an Alpha Score of 47 out of 100, labeled Mixed, in AlphaScala's proprietary rating system. KKR stock page
The revenue miss lands as tokenized equities become a more visible corner of the crypto market. Bybit added Meta and Tesla stock tokens in July, the same month category volumes crossed $1.48 billion. Bybit Adds Meta, Tesla xStocks as Tokenized Equities Hit $1.48B Securitize's NYSE and Computershare partnerships sit inside that trend, though the second-quarter numbers show revenue moving the other way.
Domingo said the first-half result reflected demand for the company's infrastructure, even as the second quarter softened.
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