Today marks a changing of the guard. After a stretch under John Kennick’s stewardship, I will be writing the public company snapshot once again, resuming a semi-monthly basis with the intention of covering the new and emerging themes around crypto public markets. With this transition, we have also updated the look and feel of our snapshot, so hopefully it feels more digestible.
Let’s talk about Securitize, the newest addition to our comp sheet and the highest multiple of revenue.
The SPAC
Securitize went public on July 2, 2026 through a SPAC merger with Cantor Equity Partners II, raising roughly $400M at a $1.25B pre-money valuation and giving public equity investors the first pure-play tokenization company. Similar to Circle, the price reflected a scarcity premium with its first-day trading at 30.0x 2026E revenue and rising 23% from their initial $10 price.
Early Trading
That momentum seems to have faded, in spite of a positive SPAC outcome with an oversubscribed PIPE and sub-30% redemptions. One month in, the stock has declined 34% from $10. Some of that is market, over the same period Coinbase fell 13%. Likely the other portion is a debut valuation being set a bit too high in a previous market that has since seen compression close to fundamentals.
Where It Stands Today
Securitize now trades at 16.0x 2026E revenue, still the highest multiple in the group. The business underneath is growing quickly: revenue scaled from $19M in 2024 to $74M in 2025, and roughly $110M is expected for 2026, and EBITDA has turned positive. The company has tokenized more than $4B of assets, though BlackRock’s BUIDL accounts for about $3.1B of that total.
Our Perspective
The real question is whether the growth plan supports this revenue multiple. Today the business is heavily concentrated on BlackRock and needs to expand to become more than this. The practical reality is that tokenization is still quite early, but seeing initial adoption by institutions. The bet Securitize is taking is that these institutions will rely on them for tokenization instead of doing it themselves.
Computershare has announced a partnership that may materialize into exactly that, and NYSE and Cantor have signed similar deals. These channels offer significant distribution potential if they get turned on. We’re anxious to see how real these developments can become.
