Securitize shares fell more than 27% after the tokenization platform reported below-estimate results in its first earnings report since going public, disappointing investors expecting that the billions of dollars moving into tokenized assets would immediately translate into revenue and profits.
Securitize Shares Fall as Earnings Fail To Reflect Tokenization Boom
13 August 2026 - 23:40 UTC
By Jona Jaupi
After market close on 12 Aug, Securitize reported $14.4mn in second-quarter revenue, missing estimates of $20.6mn, and down 5% from a year earlier, even as average tokenized assets on its platform reached a record $4.3bn, up 16%. The tokenization platform also reported a loss per share of $2.37, missing analyst expectations of a $0.15 loss per share. On 13 Aug, Securitize shares fell over 27.4% to $5.70 as investors digested the release.
The results offered an early test of momentum around tokenization, which has accelerated over the past year as major banks and asset managers continue to move financial assets onchain. Securitize's results seemed to indicate that the spending needed to create that growth will lengthen the time before it shows up in revenue and profits. Securitize's results suggest that the cost of scaling its tokenization business could slow how quickly growth translates into revenue and profits.
Securitize says it became the first tokenization company to go public when it began trading on the New York Stock Exchange under the ticker SECZ on 2 Jul. The company also put its own shares onchain when it listed.
Revenue falls as tokenized assets grow
Revenue from Securitize's main tokenization business fell 12% to $7.8mn from $8.9mn a year earlier. Adjusted EBITDA dropped to a $5.5mn loss from a $1.8mn profit a year earlier.
The company's net loss was partly caused by changes in the value of some of its financial obligations. Its operating loss was $9.7mn, compared with around $200,000 a year earlier.
Costs also rose during the quarter, with operating expenses increasing 56% to $24.1mn, partly as the company spent more on staff and running the business.
However, transaction volume across the company climbed 147% to $5.3bn from a year ago. The figure highlights how higher activity on a platform doesn't always translate to higher revenue.
"We continued to make solid progress on our financial goals in the second quarter," CFO Francisco Flores said. "While our quarterly revenue can be volatile at this stage of Securitize's growth, we remain focused on driving top-line growth."
Tokenization market keeps growing
Securitize's weaker revenue comes as the broader tokenization market continues to grow. The value of distributed tokenized assets stood at around $38.3bn as of 13 Aug, up from $25bn at the start of the year, according to RWA.xyz.
Meanwhile, Securitize said it added around $1bn in assets during the second quarter. RWA.xyz data shows around $4.9bn in distributed assets across 25 products on its platform, with BlackRock's BUIDL being the largest at around $2.7bn in assets. BUIDL accounts for more than half of Securitize's total tracked by RWA.xyz.
The earnings report comes as Securitize has been working more closely with traditional financial companies. Computershare and Continental Stock Transfer & Trust chose Securitize to help put shares of US public companies onchain – this followed an earlier partnership with the NYSE.
Also during the quarter, Securitize received approval from the Financial Industry Regulatory Authority (FINRA) to hold tokenized securities and partnered with Cantor Fitzgerald to explore putting IPOs and other stock offerings onchain.
The company said it entered the third quarter with around $350mn in cash and no debt, and that reaching positive adjusted EBITDA remains a near-term goal.
