Securitize Q3: revenue up 13%, tokenized assets hit record $5 billion

Securitize, the US company that turns funds, bonds and shares into digital tokens on blockchains, reported third-quarter 2026 revenue of $18.6 million on Monday, 9 November 2026, up 13% from a year earlier. It was the first full quarter of results since the BlackRock-backed firm became a listed company on the New York Stock Exchange in July under the ticker SECZ. Chairman and chief executive Carlos Domingo said average tokenized assets on its platform reached a company record of $5 billion, up 39% from a year earlier. The company still made a GAAP net loss of about $66.3 million, which one analysis attributed largely to about $60 million of non-cash charges. Its shares rose after the results, according to market reports.

Tokenization means representing a real asset, such as a share in a money-market fund or a company's stock, as a digital token on a blockchain. Supporters say it lets assets be traded around the clock, settled in minutes rather than days and split into smaller pieces. Securitize was the first issuer to tokenize its own shares on the day it listed, according to reports at the time.

That makes its numbers a test of whether tokenization is becoming a real business rather than an experiment. The third quarter gives mixed answers. The core tokenization business grew 28%, and average assets on the platform hit a record, helped by new products such as tokenized versions of large US stocks launched in October. But the asset-servicing side, which handles administration for funds, shrank, and assets under administration in its fund services unit fell sharply, by 29% according to one summary.

The large net loss mostly reflects accounting charges linked to becoming a public company, according to analysis of the results, while the smaller adjusted EBITDA loss suggests the operating business is moving closer to break-even. With about $300 million in cash and no debt, the company has room to keep investing.

For Indian founders building in fintech and digital assets, Securitize is an example of how a start-up in a regulated corner of finance can reach public markets in the US, where regulators have recently opened a limited path for trading tokenized US stocks.

Peepals calculation: tokenization made up about 62% of revenue ($11.46 million of $18.61 million, 11.46 / 18.61 ≈ 0.616), with asset servicing the remaining 38%. The 13% annual rise implies third-quarter 2025 revenue of about $16.5 million (18.6 / 1.13 ≈ 16.46), and the 29% rise from the second quarter implies about $14.4 million in that quarter (18.6 / 1.29 ≈ 14.42). Of the $66.3 million net loss, roughly $6.3 million was not covered by the reported $60 million of non-cash charges (66.3 − 60). Our calculation from the reported figures.

Short-term: Investors have a first full public-company quarter to judge Securitize by, with revenue ahead of analysts' estimates but a large GAAP loss.

Long-term: Whether tokenized funds and stocks win wide use will decide if companies like Securitize can turn record platform assets into steady profits.

Who is affected: Securitize shareholders, asset managers that use its platform, investors in tokenized funds and stocks, and fintech start-ups working on tokenization.

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