Securitize Files for Public Listing via SPAC Merger With Cantor Equity Partners

What Did Securitize File and What Does It Show?

Tokenization firm Securitize has taken another step toward becoming a public company later than filing a registration statement with the U.S. Securities and platform Commission tied to its planned merger with Cantor Equity Partners II, a blank-check company backed by Cantor Fitzgerald.

The filing outlines Securitize’s financial performance ahead of the proposed transaction. For the nine months ended September 2025, the company reported revenue of $55.6 million, an increase of 841% from the identical period a year earlier. Full-year revenue for 2024 totaled $18.8 million, more than double the prior year’s figure.

The sharp revenue growth comes as Securitize prepares to combine with CEPT, a deal that remains subject to shareholder votes and regulatory approval. If completed, the merged entity would trade on Nasdaq under the ticker SECZ, giving public-market investors direct exposure to a company focused on itself.

Investor Takeaway

Why Did CEPT Shares Rise as Crypto Stocks Fell?

Market reaction around the filing underscored that distinction. While many crypto-linked equities fell between 5% and 10% during a broader tradeoff in BTC and technology stocks, CEPT shares gained 4.4% late in the trading session.

The divergence suggests investors may be viewing the transaction less as a bet on near-term crypto prices and more as exposure to tokenization as an operational layer within traditional finance. Unlike companies whose revenues are closely tied to trading volumes or token prices, Securitize generates income by providing infrastructure that enables regulated assets to move onto blockchain systems.

That positioning can offer some insulation during periods of crypto market volatility. Even as , banks, asset managers, and fund issuers continue to experiment with tokenized versions of familiar products, creating demand for platforms that can handle issuance, compliance, and lifecycle management.

What Does Securitize Actually Do?

Securitize builds systems that allow traditional financial assets such as U.S. Treasuries, investment funds, and equity interests to be represented as networks. These tokens can then be issued, traded, or managed with automated settlement and recordkeeping.

The appeal for institutions lies in efficiency rather than speculation. Tokenization can shorten settlement times, improve transparency around ownership, and reduce operational costs tied to reconciliation and manual processing. For asset managers, it can also open new distribution channels by making products easier to access in fractional form.

This focus places Securitize closer to market infrastructure providers than to consumer-facing crypto platforms. Its clients tend to be issuers and managers looking to modernize back-office processes, rather than retail traders viewking exposure to volatile assets.

Investor Takeaway

How Does This Fit Into the Broader Tokenization Push?

The proposed merger arrives as tokenization gains traction across large financial institutions. Global , including major names in custody and asset management, have begun rolling out tokenized funds, bonds, and money-market products, often as pilots that are gradually expanding in scope.

Industry forecasts suggest this is still ahead. A joint report by Boston Consulting Group and Ripple estimated that the market for tokenized real-world assets could reach $18.9 trillion by 2033, driven by adoption in fixed income, private markets, and fund structures.

That growth potential has drawn attention to the firms building the underlying rails. Rather than competing on product performance, infrastructure providers compete on regulatory readiness, integration with existing systems, and the ability to support large transaction volumes without operational friction.

What Are the Remaining Hurdles?

Despite the revenue growth outlined in the filing, the path to a public listing is not guaranteed. The merger must still receive approval from CEPT shareholders and regulators. Market conditions also matter, particularly for SPAC transactions, which have faced uneven investor appetite over the past two years.

There is also execution risk. Sustaining revenue growth depends on continued at scale, rather than remaining confined to pilot projects. That adoption will be shaped by regulatory clarity, internal investment priorities at banks and asset managers, and competition from in-house answers.

Still, the filing places Securitize among a small group of blockchain-focused infrastructure firms with disclosed revenue growth and a clear path toward public markets. As tokenization moves from experimentation toward routine use, public investors may soon have more opportunities to evaluate these businesses on traditional financial metrics rather than crypto sentiment alone.