Securitize averaged $5 billion in tokenized assets as listing costs drove quarterly loss

Securitize reported an average of $5 billion in tokenized assets on its platform during the third quarter, up 39% from the same period in 2025, as the newly public company expanded its role in bringing funds and equities onto blockchains.

The November 9 results also showed why platform growth should not be confused with profitability or a continuously rising asset balance. Securitize recorded a $66.3 million net loss for the three months ended September 30, while tokenized assets finished the quarter at $4.8 billion—below the quarterly average, although still 9% higher than a year earlier.

The report is Securitize’s first quarterly update since its July combination with Cantor Equity Partners II and New York Stock Exchange listing under the SECZ ticker. It offers a public-company view of a tokenization business whose activity spans asset issuance, transaction infrastructure and fund administration.

Revenue grew while listing charges weighed on earnings

Third-quarter revenue reached $18.6 million, 13% above the $16.5 million reported for the comparable 2025 quarter. Tokenization revenue increased 28% to $11.5 million, while asset-servicing revenue declined 6% to $7.2 million over the same year-over-year window.

The company attributed approximately $60 million, or about 90%, of its quarterly net loss to expenses and accounting charges that it described as largely non-cash and primarily associated with the business combination and public listing. The detailed statement included a $23.2 million change in the fair value of earnout liabilities and a $20.6 million loss on the settlement of convertible instruments.

Those adjustments explain much of the difference between the GAAP result and Securitize’s $2 million adjusted EBITDA loss. The latter compares with positive adjusted EBITDA of $3.6 million in the third quarter of 2025, but it is a company-defined non-GAAP measure that excludes significant items and may not be comparable with similarly named figures from other businesses.

Securitize ended September with $298.9 million in cash and cash equivalents. Its board authorized a repurchase program of up to $50 million on November 6, funded from available cash and open through December 31, 2027. The authorization does not require the company to buy any shares and may be changed, suspended or terminated.

The $5 billion figure is a platform measure

Securitize defines “Tokenized Assets on Platform” as all fund and equity assets it has tokenized. The company previously called the measure tokenized assets under management, but said the naming change did not alter historical figures.

That definition matters because it is broader than a snapshot of freely tradable tokens or independently measured blockchain liquidity. It also differs from the $25.2 billion of assets under administration reported by Securitize Fund Services at September 30. The latter figure, which fell 29% year over year, reflects the most recent official net asset values calculated for serviced funds and excludes funds without a completed official calculation.

Aggregate transaction volume was $4.3 billion during the third quarter, 20% above the comparable 2025 period. That metric combines investments, redemptions, dividends and cross-chain movements rather than measuring secondary-market trading alone. Securitize also revised its previously reported second-quarter transaction volume from $5.3 billion to $4.4 billion, saying the revision did not affect historical financial results.

Expansion adds execution risk

Alongside the results, Securitize announced a definitive agreement to acquire River One, an early-stage asset-backed financing platform intended to connect stablecoin capital with traditional warehouse lending. The price was not disclosed, and closing is expected in the fourth quarter subject to customary conditions.

The proposed acquisition could extend Securitize beyond token creation and servicing into credit infrastructure, but the benefits remain forecasts. River One is still developing capital-provider relationships, and Securitize warned that the transaction could be delayed, fail to close or produce less revenue than anticipated.

The quarter therefore documents real growth in Securitize’s own tokenized-asset and revenue measures, alongside a large listing-related loss and declining fund-administration assets. Future filings will need to show whether platform growth produces sustained operating profitability—and whether the River One acquisition closes and generates measurable financing activity.