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Following the Public Offering Announcement, Securitize Posts Its Best Quarter on Record. Here Is What the Tokenisation Sector Is Watching.

  • Writer: Shawn Jhanji
    Shawn Jhanji
  • 2 days ago
  • 3 min read
The tokenisation industry has spent several years building infrastructure while asking when it will produce the kind of financial returns that attract mainstream capital markets attention. Securitize, the largest regulated tokenisation platform in the United States, just answered part of that question. Its first-quarter 2026 results set a revenue record, and the company is preparing to list on Nasdaq through a $1.25 billion SPAC merger, making it the first tokenisation platform to go public on a major exchange.

The tokenisation industry has spent several years building infrastructure while asking when it will produce the kind of financial returns that attract mainstream capital markets attention. Securitize, the largest regulated tokenisation platform in the United States, just answered part of that question. Its first-quarter 2026 results set a revenue record, and the company is preparing to list on Nasdaq through a $1.25 billion SPAC merger, making it the first tokenisation platform to go public on a major exchange.


For UK founders and investors tracking the commercial maturity of the tokenisation sector, the Securitize numbers are worth examining closely.


Record first quarter

Securitize reported revenue of $19.5 million for the first quarter of 2026, up 39 per cent from a year earlier. The growth was driven primarily by its asset-servicing business, which manages the ongoing operational requirements of tokenised fund structures including recordkeeping, investor onboarding and regulatory compliance. The company ended the quarter with $3.4 billion in tokenised assets under management, across funds including BlackRock's BUIDL fund and a growing number of institutional issuers.


The company remains unprofitable at the operating level, but its financial projections for 2026 point to around $110 million in full-year revenue and $24 million in net income, reflecting the operational leverage it expects from the SPAC transaction.


The public listing

Securitize has agreed a business combination with Cantor Equity Partners II, a Nasdaq-listed SPAC sponsored by an affiliate of Cantor Fitzgerald. The deal values the combined entity at a pre-money valuation of approximately $1.25 billion and is expected to deliver up to $465 million in gross proceeds, including $240 million from the SPAC trust and $225 million in private investment in public equity commitments from investors including Borderless Capital and Hanwha Investment. Once completed, Securitize will trade on Nasdaq under the ticker SECZ.


The transaction has been unanimously approved by both companies' boards and is expected to close in the first half of 2026, subject to SEC clearance of the S-4, shareholder approval from SPAC investors and Nasdaq listing requirements.


One unusual aspect of the deal: Securitize plans to tokenise its own equity as part of the listing, creating a situation where shares in a tokenisation platform are themselves tokenised. The company has described this as a first-of-its-kind demonstration of how capital markets can operate entirely onchain.


A broadening infrastructure footprint

The SPAC announcement sits alongside several other significant Securitize milestones from the first half of 2026. In March, the New York Stock Exchange announced a Memorandum of Understanding with Securitize, naming it as the first digital transfer agent eligible to mint blockchain-native securities for corporate or ETF issuers on a planned NYSE-affiliated tokenised securities platform. Securitize Markets is expected to become one of the broker-dealer participants on that platform.


Earlier in May, Securitize's broker-dealer subsidiary received expanded FINRA approval covering regulated custody, settlement, underwriting and selling group permissions for tokenised securities. The approval makes Securitize Markets the first company permitted to custody tokenised securities within a regular broker-dealer structure, enabling atomic swaps between tokenised securities and stablecoins onchain.


The company has also partnered with Jump Trading and Jupiter to launch fully onchain, regulated trading for tokenised equities, bringing together Securitize's regulatory infrastructure, Jump's liquidity provision and Jupiter's distribution interface.


Why this matters for the UK ecosystem

A publicly listed tokenisation platform changes the competitive and capital dynamics of the entire sector. It creates a benchmark valuation, generates reporting obligations that produce more transparency about industry economics, and provides a liquid reference point for investors evaluating exposure to the tokenisation thesis.


For UK platforms and infrastructure providers operating in a less mature but increasingly regulated environment, the Securitize public listing sets a commercial precedent. The question is no longer whether tokenisation is a viable business model. The question is which infrastructure providers are building at the scale and regulatory depth required to participate in the institutional wave now under way.


Key Takeaways

  • Securitize reported record Q1 2026 revenue of $19.5 million, up 39 per cent year on year, driven by asset-servicing growth

  • The company is merging with Cantor Equity Partners II at a $1.25 billion valuation to list on Nasdaq under the ticker SECZ

  • The transaction is expected to deliver up to $465 million in gross proceeds and is the first public listing of a major tokenisation platform

  • Securitize plans to tokenise its own equity as part of the deal, creating an onchain shares structure for the listed entity

  • Additional milestones include a NYSE MOU for tokenised securities and expanded FINRA approval for tokenised securities custody


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