Despite a record in tokenized assets and increased trading activity, revenue fell short in the company's inaugural earnings report post-IPO.
By Krisztian Sandor|Edited by Nikhilesh De33 min ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Securitize co-founder and CEO Carlos Domingo (CoinDesk)SummaryShow- Securitize's stock fell by 20% in after-hours trading on Wednesday after announcing a loss of $2.37 per share, significantly higher than the anticipated loss of $0.15.
- Revenue decreased by 5% to $14.4 million, falling short of the $20.6 million expected by analysts, despite average tokenized assets under management hitting a record $4.3 billion.
- Transaction volume surged 147% to reach $5.3 billion, highlighting increased market activity as Wall Street seeks to integrate funds and other assets into blockchain technology.
In its first earnings report since going public last month, Securitize (SECZ) saw its shares decline by 20% in after-hours trading on Wednesday, as the company did not meet Wall Street's expectations for the second quarter.
The firm, recognized for managing BlackRock's BUIDL tokenized money-market fund, reported revenues of $14.4 million, a 5% drop from the previous year, and significantly below the anticipated $20.6 million forecast.
Additionally, Securitize recorded a loss of $2.37 per share, contrasting sharply with the expected loss of only $0.15. The total net loss for the quarter was $21.7 million, with adjusted EBITDA dropping to a loss of $5.5 million from a gain of $1.8 million a year prior.
While Wall Street has shown increasing enthusiasm for tokenization—aiming to transition funds, equities, and other financial assets onto blockchain technology—Securitize has yet to achieve consistent revenue growth despite this heightened interest.
CEO Carlos Domingo described the quarter as “softer” during the earnings call, although he noted a stronger performance earlier in the year. For the first half of the year, revenue was still up 16% year-over-year, highlighted by a record $19.5 million in the first quarter.
Despite the disappointing financial figures, Securitize's platform saw increased activity. Average tokenized assets under management reached a record $4.3 billion, a 16% increase year-on-year, while transaction volume skyrocketed by 147% to $5.3 billion. The company managed 663 active funds and $24.3 billion in assets under administration through its fund-services division.
Securitize provides the infrastructure for asset managers to issue and oversee traditional financial products as blockchain-based tokens. Its clientele includes major players like BlackRock and KKR, positioning the company at the forefront of Wall Street's efforts to bring securities onto blockchain networks. The BUIDL product, launched in collaboration with BlackRock in 2024, has become one of the leading tokenized Treasury and money-market solutions.
Furthermore, Securitize is collaborating with the New York Stock Exchange to develop infrastructure for trading tokenized securities and has partnered with Computershare, a leading transfer agent, to facilitate tokenized shares for U.S. issuers.
Wednesday's earnings announcement marked Securitize's first quarterly update as a publicly traded entity following its merger with a Cantor-backed special purpose acquisition company in July.
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