Securitize (SECZ) began trading on the New York Stock Exchange on Thursday following a business combination with Cantor Equity Partners II late Wednesday. The stock opened at $12.45, hit a midday high of $13.70—about a 10% jump—and closed at $12.30. Securitize simultaneously launched tokenized versions of full SECZ shares on Solana and Avalanche, enabling broader global access and 24/7 trading. The dual launch makes Securitize the first company to debut shares on the NYSE and onchain at the same time. President Brett Redfearn, former director of the Securities and Exchange Commission's trading and markets division, stated the firm has been in operational discussions with capital markets desks at major investment banks about distributing IPO allocations to crypto investors in tokenized form.
SECZ Tokenized Shares Enable 24/7 Trading on Solana and Avalanche
Securitize launched tokenized versions of full SECZ shares on Solana and Avalanche, enabling 24/7 trading even when traditional U.S. stock markets are closed. Traditional U.S. stock markets will be closed Friday in observance of Independence Day, but SECZ will continue to trade through its tokenized versions. "We're gonna eat our own dog food," Redfearn told The Block, discussing plans to bring stocks onchain. While some firms have issued versions of their stock onchain, Securitize is the first to do so at debut.
Redfearn said Securitize has been having conversations with "capital markets desks at the largest investment banks," like JPMorgan, about getting IPO allocations to be distributed "to crypto investors in a tokenized form to like MetaMask wallets or OKX wallets." "The conversation isn't theoretical. It's operational," he said. According to Redfearn, Securitize "tried to get in on SpaceX," but "it was a little early." SpaceX went public June 12.
Securitize Operates Issuer-Sponsored Tokenization Model with Full Entitlements
Stocks tokenized through Securitize are issuer-sponsored tokens, where the token itself is the security, as per the Security Exchange Commission's preliminary tokenization guidance. Securitize tokenized equity retains full entitlements, like voting rights and dividends, and "can be removed" from the Depository Trust Company (DTC), the central book-keeping securities depository for nearly all U.S. stocks. This differs from tokenized wrappers of shares on platforms like Kraken's xStocks subsidiary, which are backed 1:1 with an underlying asset.
Securitize operates blockchain-native versions of the existing securities tech stack, including its own transfer agent, broker-dealer, fund services business and adviser. "We're a very vertically integrated company," Redfearn said. Some Securitize competitors, like Superstate and tZERO, have also taken the route of issuer-sponsored tokenization, though Redfearn argued Securitize remains largely alone in its "holistic" approach. "There are some people who compete with us who have registered transfer agents. We have a broker-dealer," he said. "There are not that many who have a transfer agent and a broker-dealer." Securitize also operates an alternative trading system (ATS), a platform where Securitize-issued and non-Securitize-issued tokens can trade.
Redfearn noted the wider DeFi ecosystem outside of Securitize is also developing uses for tokenized assets as novel forms of collateral or for depositing into yield-bearing vaults. He said that he himself has run a "looping strategy" on a tokenized fund Securitize tokenized for asset manager Apollo.
Securitize Reports $3.4 Billion Tokenized Assets Under Management in Q1
Securitize indicated it was looking to go public through a merger with Cantor Equity Partners II in October, with plans targeting a listing in the first half of the year. According to its latest financial statement, Securitize has $3.4 billion worth of tokenized assets under management across its 650 active funds. The company reported Q1 revenue of $19.5 million, up 39% from the same quarter a year earlier and its best to date.
The firm's S-4 registration became effective in June. Redfearn confirmed Securitize was not bound by a contractual agreement to go public at this time, or faced a financial penalty. "I think the timing is really good because we're approaching a tipping point in tokenization for financial services generally, and Securitize is, in my view, in the clear leading position as an infrastructure builder," Redfearn said.
Asked about potential ethics issues considering Cantor Fitzgerald's relationship to Treasury Secretary Howard Lutnick, Redfearn noted he believes there are "satisfactory walls in place," especially considering Lutnick's divestment from Cantor Fitzgerald. "Cantor Fitzgerald is definitely the leader in SPACs in the digital asset space, so they were the right partner for very, very different reasons," Redfearn said, adding that "Securitize is looked upon by the SEC and by regulators as a good actor."
With the public listing and a $400 million PIPE raise last year, Redfearn said the firm is looking to use the funds on hiring, product build-out, ecosystem development, and potential M&A. "The timing is exactly right," Redfearn said. "I love the idea that we're fueled to escalate our growth trajectory right now."
FAQ
What did Securitize do on Thursday?
Securitize (SECZ) began trading on the New York Stock Exchange on Thursday following a business combination with Cantor Equity Partners II late Wednesday. The stock opened at $12.45, hit a midday high of $13.70, and closed at $12.30. Securitize simultaneously launched tokenized versions of full SECZ shares on Solana and Avalanche.
How does Securitize's tokenization approach differ from competitors?
Securitize uses an issuer-sponsored tokenization model where the token itself is the security, retaining full entitlements like voting rights and dividends. This differs from tokenized wrappers on platforms like Kraken's xStocks, which are backed 1:1 with an underlying asset. Securitize operates its own transfer agent, broker-dealer, fund services business, and alternative trading system (ATS).
What are Securitize's current business metrics?
Securitize has $3.4 billion worth of tokenized assets under management across its 650 active funds. The company reported Q1 revenue of $19.5 million, up 39% from the same quarter a year earlier and its best to date. The firm completed a $400 million PIPE raise last year.
