Securitize falls 20% after earnings miss as tokenization revenue falls short
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- Securitize shares plunged 20% in after-hours trading Wednesday after the firm reported a $2.37 per-share loss, far worse than the $0.15 loss analysts expected.
- Securitize posted Q2 revenue of $14.4 million, down 5% year-over-year and missing the $20.6 million consensus estimate, in its first earnings report since going public via a Cantor-backed SPAC merger in July.
- Average tokenized assets under management at Securitize hit a record $4.3 billion, up 16% from a year earlier, while transaction volume surged 147% to $5.3 billion.
- Securitize reported a net loss of $21.7 million, with adjusted EBITDA swinging to a $5.5 million loss from a $1.8 million gain a year earlier.
- CEO Carlos Domingo called the quarter "softer" but noted first-half revenue was still 16% higher year-over-year, including a record $19.5 million in Q1.
- Securitize's fund-services arm oversaw 663 active funds and $24.3 billion in assets under administration, with clients including BlackRock and KKR.
- The firm's BUIDL tokenized money-market fund, launched with BlackRock in 2024, has become one of the largest tokenized Treasury products, and Securitize is also working with the NYSE and Computershare on tokenized securities infrastructure.
Why it matters: Securitize's 20% drop is the first market verdict on a publicly traded pure-play tokenization firm, and the result raises doubt about whether record platform activity — $4.3 billion in tokenized AUM and 147% transaction volume growth — can convert into the revenue investors were pricing in.
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