Securitize Corp.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red here does not stand for a liquidity problem — quite the opposite: with pro forma $352.6 million of cash, $348.3 million of positive equity and $13.7 million of cash used in operating activities in the first half of 2026, the money lasts for many years, and the absence of a going concern qualification is justified. What decides the rating is a different finding, and it is one explicitly treated as a threat to substance: a break in the accounts. The independent auditor identified material weaknesses in internal control, the 2023 and 2024 accounts had to be restated, and the cause was still fully present as of December 31, 2025 — with material errors in the 2025 accounts as well. For a company whose result is largely driven by valuations of hard-to-measure financial instruments, that goes to the core: the body that vouches for the accuracy of every other figure is impaired. It is reinforced by dependence on a single counterparty — more than 60 percent of tokenized assets under management in one product whose contract is terminable on 90 days' notice. What did not decide the rating were the falling quarterly revenue and the widening loss; those are open operating questions that on their own would warrant yellow. Red is the more cautious grade, and it stands until the first annual report as a listed company reports the controls as remediated. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Securitize is the largest provider of tokenized securities and has been listed since July 1, 2026 via a special purpose acquisition company. The combination turned the balance sheet around: $352.6 million of cash and $348.3 million of equity on a pro forma basis, after a deficit of $169.0 million before. The operating picture does not yet carry the story: in the second quarter of 2026 revenue fell 5 percent to $14.4 million while assets under management rose 16 percent and operating costs 56 percent. Add two documented findings from the prospectus: more than 60 percent of tokenized assets most recently sat with a single client relationship terminable on 90 days' notice, and the 2023 and 2024 accounts had to be restated, with the cause still present as of December 31, 2025. Not investment advice.
Market position
Securitize leads its market: 19 percent share per the industry tracker RWA.XYZ (December 2025), $4.3bn of tokenized assets under management as of 2026-06-30 and more than seven individual products above $100m each. The licence stack is unusually broad: broker-dealer activity with its own alternative trading system, transfer agency, investment advice and fund administration in the United States, plus a trading and settlement system in the EU under the DLT Pilot Regime.
Earnings
Volume growth is not reaching the revenue line: $14.4m in the second quarter of 2026 is 5 percent below the prior-year quarter and 12 percent below it in the core tokenization business — while average assets under management rose 16 percent. Operating expenses climbed 56 percent to $24.1m, the operating loss from $0.2m to $9.7m, and adjusted EBITDA flipped from +$1.8m to −$5.5m.
Balance sheet and liquidity
The combination turned the financial position around: negative equity of $169.0m (2026-06-30, before closing) became $348.3m positive on a pro forma basis, and $33.6m of cash became $352.6m. Against that stands $13.7m of cash used in operating activities in the first half of 2026 — cash runway therefore far exceeds the critical four quarters. The operating entity's accounts contain no going concern qualification.
Client concentration
As of 2025-09-30, per the prospectus of 2026-08-07, more than 60 percent of tokenized assets under management sat in a single product, BlackRock's money market fund BUIDL. The underlying platform services and transfer agent agreement renews annually and is terminable by BlackRock on 90 days' notice, the placement agent agreement at any time. There is no exclusivity; in the same paragraph the company notes that it has no partnership agreement with the houses it publicly calls "partners".
Reporting quality and controls
The independent auditor identified material weaknesses in internal control over financial reporting during the 2024 audit; the 2024 and 2023 accounts had to be restated. The weaknesses continued to exist as of 2025-12-31 and produced material errors in the 2025 accounts as well, among them embedded derivatives, compensation expense on secondary transactions and the assessment of tokenization contracts. The company explicitly gives no assurance of remediation.
Capital structure
On top of 163,265,685 shares (2026-08-13), up to 29,965,037 more may follow per the quarterly report (18.4 percent): 6,250,000 earnout shares, 16,321,869 for employee plans, 3,711,658 from warrants and 3,681,510 from assumed awards. On 2026-09-02 the company registered a further 31,483,485 shares for its employee plans. The earnout shares sit in the pro forma balance sheet as liabilities of $63.2m and the sponsor's as $19.7m, remeasured at every reporting date.
Worth Noting
The trigger for this analysis was our in-house Reddit hype scanner: the ticker SECZ reached our desk on September 18, 2026.
Data as of September 18, 2026. The operating figures come from the earnings release filed as exhibit 99.1 to the Form 8-K of 2026-08-12, from exhibits 99.1, 99.2 and 99.4 to the Form 8-K/A of 2026-08-13 and from the prospectus 424B3 of 2026-08-07. The Form 10-Q for the period ended 2026-06-30 (filed 2026-08-13) concerns the holding company before the combination and contains no operating figures.
The market data feed provides no market capitalisation for SECZ. This analysis therefore derives it solely from filing evidence: 163,265,685 shares per the cover of the quarterly report (2026-08-13) times $7.86 — the last reported sales price as of 2026-08-12, documented in both prospectus supplements 424B3 of 2026-08-13. The prospectus of 2026-08-07 cited $7.19 as of 2026-08-06. This analysis states no price target.
The quarterly figures relate to Securitize I, Inc. (formerly Securitize, Inc.), the operating entity that has been a subsidiary of Securitize Corp. since 2026-07-01. The balance sheet figures as of 2026-06-30 predate the combination; the convertible notes, preferred shares and similar instruments that produced the negative equity there were converted into equity at closing.
Not to be confused: Securitize Corp. (CIK 0002094496) was named Securitize Holdings, Inc. until 2026-07-01; the former Securitize, Inc. is now Securitize I, Inc. and a subsidiary. That is why the SEC history under this CIK only begins in November 2025.
The going concern qualification that appears in the documents related to the acquisition company Cantor Equity Partners II and its deadline of 2027-05-05 to complete a business combination. It became moot with the closing on 2026-07-01; the operating entity had none.
Stock Watch
This analysis is as of September 19, 2026. Stock Watch will tell you what's changed at SECZ since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.40 $ to 16.60 $ · Last price: 16.60 $ (As of: September 28, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/29/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Securitize Corp. SECZ | 1.6 | – | 0.0 | 35.7 | – | 234.4 | – |
| Morgan Stanley MS | 305.4 | 16.8 | 0.0 | 87.6 | 40.6 | 11.5 | 23.7 |
| Goldman Sachs Group Inc GS | 270.3 | 16.7 | 0.0 | 82.1 | 38.6 | -1.4 | 16.4 |
| Charles Schwab Corp SCHW | 168.9 | 20.1 | 0.0 | 97.5 | 49.4 | 6.5 | 4.3 |
| Interactive Brokers Group Inc IBKR | 147.7 | 37.6 | 3.4 | 93.0 | 76.8 | 9.8 | 32.3 |
| Robinhood Markets Inc HOOD | 106.2 | 56.4 | 50.1 | 91.9 | 38.5 | 51.6 | -4.4 |
| Nomura Holdings Inc NMR | 29.2 | 11.9 | 0.0 | 78.0 | 30.8 | 5.6 | 37.8 |
| LPL Financial Holdings Inc LPLA | 25.2 | 27.2 | 12.1 | 29.9 | 11.1 | 37.2 | -6.3 |
| Circle Internet Group, Inc. CRCL | 23.3 | – | 42.9 | 22.0 | 6.5 | 63.9 | -28.6 |
| Median of companies shown | 106.2 | 20.1 | 0.0 | 82.1 | 38.6 | 11.5 | 10.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2024 | 19 | -15 | -24 | -0.16 | -19 | -101 | 163 |
| 2025 | 62 | -15 | -48 | -0.33 | -16 | -141 | 170 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | – | – | 14 | – | -36.50 | – | – |
| 2025: Q2 | – | – | 15 | – | -40.30 | – | – |
| 2026: Q1 | – | – | 20 | 38.80 | -40.70 | – | – |
| 2026: Q2 | -2.37 | – | 14 | -5.40 | -150.20 | – | – |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.25 | -0.25 – -0.25 | 72 | – | 1 |
| 12/31/2027 | -0.02 | -0.06 – 0.03 | 123 | 94.0% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Securitize verkauft keine KI-Produkte, sondern setzt maschinelles Lernen und KI nach eigener Darstellung intern ein — zur Informationsverarbeitung, beim Programmieren, in der Softwareentwicklung sowie für Research- und Marketingmaterial; zusätzlich werden KI-Werkzeuge Dritter genutzt.
View the full file — quotes, sources, reviewed filings
„We currently use machine learning and AI to improve our products and processes in certain circumstances, including for internal purposes, such as collecting and processing information, writing code, supporting software development, and producing research and marketing materials."
Wir setzen derzeit in bestimmten Fällen maschinelles Lernen und KI ein, um unsere Produkte und Abläufe zu verbessern, auch für interne Zwecke wie das Sammeln und Verarbeiten von Informationen, das Schreiben von Programmcode, die Unterstützung der Softwareentwicklung sowie die Erstellung von Research- und Marketingmaterial.
424B3 · 2026-08-07 · View SEC filing
„We also use AI technologies from third parties, which may include open source software. If we are unable to maintain rights to use these AI technologies on commercially reasonable terms, we may be forced to acquire or develop alternate AI technologies, which may limit or delay our ability to provide competitive offerings and may increase our costs."
Wir nutzen außerdem KI-Technologien Dritter, darunter möglicherweise quelloffene Software. Können wir die Nutzungsrechte an diesen KI-Technologien nicht zu wirtschaftlich vertretbaren Bedingungen erhalten, müssen wir womöglich alternative KI-Technologien erwerben oder entwickeln, was unsere Fähigkeit zu wettbewerbsfähigen Angeboten einschränken oder verzögern und unsere Kosten erhöhen kann.
424B3 · 2026-08-07 · View SEC filing
Filings Reviewed: 10-Q 2026-08-13 · 424B3 2026-08-07 · 8-K/A 2026-08-13 · 8-K 2026-08-12 · 8-K 2026-07-08 · S-8 2026-09-02
Rated on September 18, 2026 · How the Rating Is Built
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 40.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 40.9%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -13.6%
- Expected return > 10% 39.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Miller William Dawson | Chief Operating Officer | Other | 109,913 | 0.00 | – |
| Sep 10, 2026 | Domingo Soriano Carlos Francisco | Executive Chairman and CEO | Other | 318,302 | 0.00 | – |
| Sep 10, 2026 | Flores Junco Jose Francisco | Chief Financial Officer | Other | 161,140 | 0.00 | – |
The company
About the Company
Securitize Corp. operates a regulated platform for the tokenization of real-world assets. Through its affiliates it acts as an SEC-registered transfer agent, an SEC-registered broker-dealer operating an alternative trading system, an SEC-registered investment adviser and a fund administrator, and it runs a trading and settlement system in the European Union under the DLT Pilot Regime. The company issues and services tokenized funds for asset managers including Apollo, BlackRock, BNY, Hamilton Lane, KKR and VanEck, and earns recurring tokenization and asset-servicing fees based on assets under management. Securitize Corp. resulted from the business combination of Securitize, Inc. with Cantor Equity Partners II, Inc. on July 1, 2026, is headquartered in Miami, Florida, and trades on the New York Stock Exchange.
- Employees
- 194
- Headquarters
- Miami, FL
- Address
- 78 SW 7th St, 33130 Miami, United States
- Phone
- 415 745 3030
- Website
- securitize.io
- IPO Date
- 07/02/2026
- ISIN
- US81517B1017
Management
| Name | Title | Birth Year |
|---|---|---|
| Carlos Domingo Soriano Ph.D. | Co-Founder, CEO & Director | 1972 |
| Francisco Flores | Chief Financial Officer | 1979 |
| Billy Miller | Chief Operating Officer | 1991 |
| Brett Redfearn | President, Chairman of Advisory Board & Director | 1965 |
| Jorge Serna | Chief of Product & Technology | – |
| Jerome Roche | General Counsel | – |
| Sara Chapman | Chief Marketing Officer | – |
| Rose Shirazi | Chief People Officer | – |
| Eiji Kobayashi | Country Head of Japan | – |
| Joseph Nikolson | CEO & CCO of Securitize Markets | 1968 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/12/2026 Securitize Corp. (SECZ): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 28, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.