Securitize Q2 Earnings Call Highlights

Securitize (NYSE:SECZ) reported second-quarter 2026 revenue of $14.4 million, down 5% from a year earlier, as lower tokenization revenue offset continued growth in asset-servicing revenue. The company, which recently became publicly traded, also reduced its full-year revenue outlook to $70 million to $80 million from a prior expectation tied to $85 million of contracted or AUM-based revenue.

Chairman and Chief Executive Officer Carlos Domingo used the company’s first public earnings call to outline Securitize’s strategy to build regulated infrastructure for tokenized securities, including transfer-agent, fund-administration, broker-dealer and alternative-trading-system capabilities.

“The question is no longer whether capital markets move on-chain. It’s how fast and which companies will build the regulatory infrastructure that enables that transition,” Domingo said.

Tokenized AUM Reaches $5 Billion in Early Q3

Securitize said it ended the second quarter with $4.2 billion of tokenized assets under management and surpassed $5 billion in early in the third quarter. Domingo said the company was the only tokenization platform with more than $4 billion of assets at the end of the quarter and had more than seven individual assets above $100 million in AUM.

The company reported $5.3 billion of transaction volume during the second quarter, up 170% sequentially. Domingo said the prior year’s fourth quarter included an unusually large amount of peer-to-peer activity from one customer, but transaction volume otherwise has grown steadily.

Assets under administration in Securitize’s fund-services business remained around $24 billion for the past three quarters, management said. The business had been affected by declining digital-asset prices and fund closures following the October 2025 crypto-market downturn, but the company said its administration base has remained stable despite continued weakness in the broader crypto market.

Domingo said the company’s current monetization centers on asset creation and servicing, but it sees longer-term opportunities in trading, on- and off-ramping, lending and collateral activity involving tokenized assets.

Treasury Products and Institutional Partnerships

Securitize highlighted tokenized Treasuries as a key area of growth. Domingo said the tokenized-Treasury market has expanded to more than $16 billion across 87 products, from less than $1 billion when BlackRock’s BUIDL fund launched in March 2024. According to the company, Securitize-supported Treasury products account for approximately 20% of the market.

The company also discussed BlackRock’s Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, a registered fund tokenized by Securitize. Management said the fund is designed for use as a stablecoin reserve asset and supports daily interest reinvestment through blockchain transactions.

In addition, Securitize announced a partnership with Atlas Capital involving a planned USFi token, which would represent a strategy combining Treasuries, gold, real assets and strategic commodities. Domingo said the initiative marks Securitize’s first collaboration under Dubai’s VARA regulatory framework.

Securitize has also expanded integrations intended to make BlackRock’s BUIDL usable as collateral. The company cited integrations with Crypto.com, Deribit, Binance and OKX, with the latter using Standard Chartered’s custody solution. It also discussed work with DeFi protocols and the release of its Vault Registrar technology, which management described as a smart-escrow structure for collateral.

Tokenized Equities Strategy

Management identified public equities as another major opportunity, noting that U.S. equity and ETF markets exceed $100 trillion while tokenized equities currently represent about $2 billion. Domingo said Securitize favors issuer-sponsored tokenization, in which a token represents the underlying share and preserves shareholder rights, rather than synthetic offshore structures or tokenized claims held through intermediaries.

The company cited partnerships with transfer agents Computershare and Continental Stock Transfer, as well as a relationship with the New York Stock Exchange. Securitize said it was selected as a design partner, transfer agent and tokenization partner for the NYSE’s planned digital alternative trading system, which is intended to support 24/7 trading and instant settlement of tokenized equities and ETFs.

Securitize also partnered with Jump Trading, which is serving as a market maker for tokenized equities beginning with Securitize’s own stock. On its NYSE listing day, the company made tokenized SECZ shares available on Avalanche and Solana for eligible investors, with USDC atomic-swap trading and Jump Trading providing market-making services.

During the question-and-answer session, Domingo said tokenized equities could create a greater transaction-revenue opportunity than tokenized funds because equities are more liquid. He said fund tokenization is more focused on issuance, AUM and servicing, while equities could generate more trading-related monetization.

Revenue Declines as Costs Rise

Chief Financial Officer Francisco Flores said tokenization revenue totaled $7.9 million in the second quarter, down 12% year over year, primarily because the prior-year period benefited from a larger number of new protocol launches. Asset-servicing revenue increased 3% to $6.96 million.

First-half revenue rose approximately 16% to a record $33.9 million, despite the quarterly decline.

• Total operating costs and expenses were $24.1 million, up 56% year over year.
• Compensation and benefits rose $2.5 million to $10.5 million, reflecting headcount growth and senior hires.
• SG increased $4.7 million to $8.2 million, including about $1.9 million in one-time public-listing costs.
• Adjusted EBITDA was negative $5.95 million, compared with positive $1.8 million a year earlier.
• GAAP net loss widened to $21.7 million from $6.1 million, while diluted loss per share was $2.37 versus $0.72.

Flores said the quarter also included $11.7 million of non-cash expense related to the fair value of complex financial instruments, including SAFE agreements, option liabilities and derivative liabilities. He said the company does not expect material future impacts from those business-combination-related items.

Following the July 1 closing of its business combination, Securitize had approximately $350 million of net cash and liquid securities on a pro forma basis and no debt, Flores said. About $80 million of convertible notes converted into equity at closing, and the company does not expect material interest expense in the third quarter.

Lower Outlook Reflects Market Conditions

Securitize lowered its 2026 revenue outlook as crypto, stablecoin and real-world-asset markets have grown more slowly than management anticipated when it issued its previous outlook in November 2025. Flores said the overall crypto market was below $2.2 trillion, compared with the company’s prior expectation that it would reach about $5 trillion by year-end 2026. The stablecoin market remained near $300 billion, while the broader RWA market stood at roughly $38 billion.

The company had previously targeted $9 billion of tokenized AUM by the end of 2026. It now has about $5 billion in August, but management said it continues to see demand from asset issuers and cited partnerships with the NYSE, Computershare and Continental as potential growth drivers.

Flores said the midpoint of the revised $70 million to $80 million revenue range would still represent growth of more than 20% for the year. He added that asset-servicing revenue should remain a relatively stable recurring revenue source, while tokenization revenue is more project-based and subject to the timing of integrations and product launches.

About Securitize (NYSE:SECZ)

Securitize is a financial technology company that provides a platform for issuing, managing, and trading tokenized securities and other digital assets. The company focuses on helping issuers digitize assets on blockchain-based infrastructure while giving investors and intermediaries tools to support compliance, transferability, and recordkeeping.

Its products and services are designed for use across the lifecycle of digital securities, including issuance, investor onboarding, cap table and ownership management, and secondary trading support through regulated market infrastructure.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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