Securitize (SECZ) Registration filing summary

Company overview and business model

• Operates a regulated, end-to-end platform for issuing, trading, and servicing tokenized securities on blockchain, integrating transfer agent, broker-dealer, ATS, investment advisor, and fund administration functions.

• Focuses on tokenizing real-world assets (RWAs) such as funds, stocks, bonds, and securitized assets, targeting both institutional and retail investors.

• Revenue is generated from tokenization (integration, trading, distribution) and asset servicing (transfer agent, fund administration), with a mix of recurring and transaction-based fees.

• Holds a leading market share in tokenized treasuries, institutional funds, and tokenized stocks, with over $3.1 billion in tokenized assets under management as of December 2025.

• Strategic partnerships with major asset managers (e.g., BlackRock, Apollo, KKR) and integration with 21 blockchains and DeFi protocols.

Financial performance and metrics

• Revenue for 2025 was $62.2 million, up from $18.6 million in 2024, driven by growth in tokenization and asset servicing.

• Net loss for 2025 was $(48.5) million, compared to $(24.3) million in 2024; Adjusted EBITDA improved to $3.4 million in 2025 from $(11.8) million in 2024.

• Average assets under management (AUM) grew 272% from December 2024 to March 2026, reaching $3.15 billion.

• Operating expenses increased due to higher headcount, acquisitions, and public company readiness costs, but operating leverage improved as revenue growth outpaced cost increases.

• Cash and cash equivalents were $14.5 million as of March 31, 2026; company has relied on equity and debt financings to support operations.

Use of proceeds and capital allocation

• The company will not receive proceeds from the resale of shares by selling stockholders; proceeds from the PIPE investment were used for transaction expenses, working capital, and general corporate purposes.

• Capital allocation priorities include investing in technology, expanding product offerings, and supporting growth in tokenized assets and services.