Tokenization platform Securitize recorded a mixed result for the first quarter of 2026, with record revenue but zero profitability ahead of a SPAC merger.
The firm announced its quarterly results on Wednesday, roping in a $19.5 million revenue, a 39 percent increase compared to the previous year. The number is also the highest ever recorded revenue for the firm.
However, despite strong revenue growth, Securitize stayed in the red as it stepped up spending on expansion and preparations for going public. The company reported a net loss of $7.9 million, or 88 cents per share, showing that costs are still running ahead of earnings for now.
On the operating side, adjusted EBITDA also dropped to $800,000 from $4.1 million a year earlier. The decline mainly reflects higher investment in scaling its tokenization infrastructure, improving regulatory readiness, and building out systems needed for a potential public listing via a SPAC deal.
Other parameters
The Miami-based company also saw a sharp jump in its asset servicing business, with revenue rising 201 percent to $8.3 million. The growth was driven by the continued expansion of its Securitize Fund Services division, which was supporting around 650 active funds as of March 31.
However, tokenization revenue remained relatively flat at $11.1 million, compared to $11 million in the same quarter last year. The number shows steady but not accelerated growth in the segment.
On the balance sheet side, the company reported strong scale metrics. It ended the quarter with $3.4 billion in tokenized assets under management and $24.9 billion in assets under administration.
It also recorded $1.9 billion in total transaction volume, reflecting increasing institutional activity and usage of its platform for real-world asset tokenization and fund servicing.
Securitize SPAC merger
The rather confused result comes at a time when Securitize has agreed to merge with Cantor Equity Partners II, a Nasdaq-listed special purpose acquisition company. If the deal goes through, it will take Securitize public and position it as one of the relatively few listed companies focused primarily on tokenized securities and real-world assets.
The merger is aimed at giving Securitize better access to public markets along with additional capital to support its expansion. The acquisition takes place amid continued efforts to develop the tokenization capabilities of the platform.
The firm specializes in transforming conventional financial products into tokenized versions on the blockchain, an industry that has become increasingly popular among institutional investors in recent years.
Following the news, the stock price of Cantor Equity Partners II increased by about 5 percent, indicating that the investors were quite enthusiastic about the potential partnership.
Overall, the SPAC deal demonstrates increasing momentum in the tokenization market. At present firms are exploring ways to go public to capitalize on the increasing demand for blockchain products and tokenization solutions.