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SPAC debut, tokenization boom
Securitize, a BlackRock-backed tokenization platform, went public on the NYSE on July 2, 2026 after completing its SPAC merger with Cantor Equity Partners II and began trading under the ticker SECZ.
“BlackRock-backed Securitize slides 40% after SPAC debut despite tokenization boom The decline fits into a pattern of recently-public digital asset companies sliding after debut, Arca's Jeff Dorman said”
The deal raised approximately $400 million in gross proceeds and pegged the company’s pre-money valuation at $1.25 billion, but the stock fell roughly 40% shortly after listing.
CoinDesk also said Securitize is down roughly 40% since completing its merger with Cantor Equity Partner II last week, after shares tumbled as much as 25% on Tuesday before clawing back some of the sell-off.
In its IPO presentation via a SPAC deal, Securitize reported total revenues for the nine months ended September 2025 of $55.6 million, up 841% from the same period in 2024, and projected revenues of $110 million for 2026.
The company said it has $4 billion in assets under management and top-tier institutional partnerships including BlackRock, Apollo, Hamilton Lane, and VanEck, while the on-chain value of tokenized assets increased 310% in the last 12 months to an all-time high of $24.2 billion excluding stablecoins.
Why shares fell
Arca’s Jeff Dorman said the selloff appears to have little to do with Securitize’s fundamentals or any specific news, arguing, "There is no major negative fundamental catalyst that we can see."
Dorman added that big movements are common after SPACs because the investor base turns over from fixed-income-oriented SPAC buyers to new, fundamentally driven long-term equity owners, which can create sharp price swings when the float is limited or the stock had traded up before the merger.
CoinDesk framed the same decline as part of a broader pattern, noting that the firm’s shares tumbled as much as 25% on Tuesday before clawing back some of the sell-off and that Securitize is down roughly 40% since completing its merger last week.
Dorman also pointed to a crypto IPO hangover, saying, "Given how horrible recent crypto IPOs have been — Coinbase (COIN), Bullish (BLSH), Gemini (GEMI), BitGo (BTGO) and Circle (CRCL) — it's not that surprising."
CoinDesk listed declines for recent crypto listings, including BitGo down 70% since its February IPO, Gemini down 85% from its September debut, and Coinbase trading 56% lower from its $381 opening.
What investors watch next
Securitize’s institutional reach is tied to its partnership with BlackRock’s BUIDL fund, which brought a money-market-style product onto blockchain rails, while the NYSE partnership is described as a longer-term variable if the exchange integrates Securitize’s technology into settlement or issuance infrastructure at meaningful scale.
“Securitize slides 40% after SPAC debut despite tokenization boom The BlackRock-backed RWA platform went public on the NYSE at a $1”
Crypto Briefing said Securitize tokenized over $4 billion in assets to date and that it has a partnership with the NYSE to support tokenized securities infrastructure.
TradingView reported that the deal would value the company at $1.24 billion in enterprise value pre-transaction and include a $225 million private investment in public equity (PIPE), and said the transaction still requires shareholder approval and SEC authorization before closing.
TradingView also said Securitize projected revenues of $110 million for 2026 and adjusted EBITDA of $32 million, while its filing advanced with an October announcement to merge with Cantor Equity Partners II, a SPAC backed by Cantor Fitzgerald.
CoinDesk added that Citi projected tokenized assets could reach $5.5 trillion by 2030, while BCG and Ripple estimate the market could approach $19 trillion by 2033, and it linked the broader tokenization momentum to stablecoin market cap falling to $312B in June and tokenized equity volumes surging 145% to a record $3.86B.
