Securitize shares dropped 20% in after-hours trading after the tokenization firm missed Wall Street's second-quarter revenue estimates in its first earnings report since going public. Revenue fell even as tokenized assets under management and transaction volume both hit records.
Securitize (SECZ) shares plunged 20% in after-hours trading Wednesday after the tokenization firm fell short of Wall Street's second-quarter expectations. It was the company's first earnings report since going public last month.
The company posted a $2.37 per-share loss, compared with an expected loss of just $0.15 per share. Its net loss totaled $21.7 million, while adjusted EBITDA swung to a $5.5 million loss from a $1.8 million gain a year earlier.
Revenue misses even as tokenized assets hit a record
Securitize, best known for issuing and managing BlackRock's BUIDL tokenized money-market fund, reported revenue of $14.4 million, down 5% from a year earlier and missing analyst estimates of $20.6 million. Wall Street has grown increasingly excited about bringing funds, equities and other financial assets onto blockchain rails, and Securitize sits at the center of that push. Yet the growing interest has yet to materialize as sustained revenue growth.
Activity on the platform still grew despite the weaker financial results. Average tokenized assets under management reached a record $4.3 billion, up 16% from a year earlier, while transaction volume surged 147% to $5.3 billion. The company's fund-services arm oversaw 663 active funds and $24.3 billion in assets under administration.
CEO points to a stronger start to the year
According to CoinDesk, CEO Carlos Domingo called the quarter "softer" when reporting earnings on Wednesday, while pointing to a stronger start to the year. First-half revenue remained 16% higher year-over-year, including a record $19.5 million in the first quarter.
The company provides the infrastructure for asset managers to issue and manage traditional financial products as blockchain-based tokens, with clients including BlackRock and KKR. It is also working with the New York Stock Exchange on infrastructure for trading tokenized securities and has partnered with transfer agent Computershare to enable tokenized shares for U.S. issuers. Wednesday's report followed Securitize's merger with a Cantor-backed special purpose acquisition company in July.
Source: Securitize Q2 2026 earnings release (SEC filing)
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