Tokenization platform Securitize said its revenue jumped 841% year‑over‑year, reaching $55.6 million for the nine months ended september 30, as it moved to complete a business combination that would take the company public.
The company filed a registration statement on Form S‑4 on january 28, outlining a pre‑money equity valuation of $1.25 billion, a PIPE between $225 million and $469 million and backing from institutional investors including ARK Invest and BlackRock.
Securitize is pursuing a merger with Cantor Equity Partners II, a SPAC sponsored by Cantor Fitzgerald, the filing shows. The combined company will be named Securitize Corp and is expected to list on Nasdaq under the ticker SECZ once it secures customary shareholder and regulatory approvals.
Financials and company projections
The S‑4 disclosed $55.6 million in revenue for the nine months ending on september 30, an 841% increase versus the same period a year earlier. Management also reported a 129% revenue increase to $18.8 million for the full year 2024 and set a 2026 target of $110 million in revenue with $32 million of adjusted EBITDA.
The filing and accompanying materials positioned Securitize’s growth against a broader uptick in tokenization activity, citing an on‑chain value metric that rose 310% to $24.2 billion over the prior year.
The filing ties institutional backing and a sizeable PIPE to Securitize’s argument that tokenization can scale into a regulated, revenue‑generating business. For traders and crypto treasuries, the combination raises execution questions: whether the company can sustain rapid top‑line growth, convert projected EBITDA, and manage custody and compliance at scale.
Investors will evaluate whether the $1.25 billion valuation and PIPE pricing reflect durable market demand or a premium for optionality in the tokenization theme.
The merger’s completion and the Nasdaq listing, contingent on shareholder and regulatory approvals, will be the next material events for market participants tracking liquidity and secondary market access to tokenized RWAs.
