Securitize Corp. (SECZ)

Price$8.25Cached quoteAs of 2026-09-08 23:29 UTC

AI: Overvalued

Price checkThe stock price assumes rapid growth and profits that current results do not support.

At 163.3 million shares, the observed quote implies about $1.35 billion of market value. After subtracting roughly $350 million of cash and no debt, investors value the operating business near $1.0 billion, around 15 times first-half 2026 revenue annualized to $67.8 million. With losses instead of earnings, no earnings-based measure supports that premium. The price therefore requires sustained high growth and a turn to cash profits; declining second-quarter revenue and widening operating losses make those assumptions too demanding.

Big pictureFast annual growth has not produced dependable earnings or cash generation.

Revenue climbed from $18.6 million in 2024 to $62.2 million in 2025, while the operating loss narrowed only slightly from $15.3 million to $14.5 million. The net loss worsened from $18.3 million to $42.0 million, partly reflecting volatile liability valuations. First-half 2026 revenue rose 16% to $33.9 million, but the operating loss nearly tripled to $12.1 million. Free cash flow—cash left after operations and equipment spending—was approximately negative $14.3 million, reversing 2025’s modest positive result.

Business strengthFresh cash and regulated infrastructure protect the downside, but revenue remains volatile.

The merger left Securitize with approximately $350 million of cash and no debt, providing substantial funding relative to first-half cash use. The platform reported $4.3 billion of tokenized assets under management, up 9%, and second-quarter transaction volume rose 147% to $5.3 billion. It also serviced 663 funds. However, administered client assets fell 20% to $24.3 billion, while quarterly tokenization revenue declined 12%. Relationships with BlackRock, the New York Stock Exchange, Computershare and Cantor support its competitive position, but most commercial terms remain undisclosed.

What could change the storyProfitable scaling could justify the price, while dilution or stalled growth would not.

Management is directing capital toward expansion rather than dividends or share repurchases. Beyond 163.3 million outstanding shares, disclosed pools include up to 6.25 million earnout shares, 16.32 million shares for employee plans, 3.71 million from warrants and 3.68 million from options and restricted awards—nearly 30 million potential additional shares, or about 18%. Not all will be issued. Converting roughly $5 billion of tokenized assets and new partnerships into recurring revenue with low additional costs and positive free cash flow would weaken the bear case; continued losses or issuance would strengthen it.

AI: News

Public listing completedThe merger delivered substantial cash and a public listing, while greatly expanding the share count.

The combination closed July 1, and trading began July 2. Securitize had expected approximately $400 million of gross proceeds; after closing, it reported about $350 million of cash and no debt. Financial press recorded a 12% debut gain. The capital sharply lowers near-term funding risk and supports product investment. Conversely, the resulting 163.3 million shares, registered resales and possible future awards mean investors must judge growth on a per-share basis, not simply company-wide growth.

Quarterly loss widenedSecond-quarter costs surged while revenue declined, challenging expectations for near-term profits.

On August 12, Securitize reported quarterly revenue of $14.4 million, down 5% from the prior year, and a $21.7 million net loss. Management’s adjusted operating measure showed a $5.5 million loss versus a $1.8 million profit previously. Shares closed 27.5% lower in the next session on roughly 6.4 million shares of volume. The release’s timing supports an earnings-related interpretation, although it cannot prove that the results caused the entire move.

New markets exploredSports and Dubai partnerships opened promising channels, but neither announcement included committed revenue.

On September 2, Securitize and Socios.com announced plans for regulated minority ownership interests in professional sports teams, subject to approvals and individual deals. Socios cited relationships with more than 70 major sports organizations and an estimated $500 billion franchise market. A September 3 agreement with Dubai’s virtual-assets regulator created a cooperation framework rather than a commercial contract. Shares gained roughly 19% from the preceding close through September 4, but timing alone cannot establish that these announcements drove the move.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$62.2M	$18.6M
Operating expenses	$26.0M	$13.6M
Operating income	−$14.5M	−$15.3M
Operating margin	−23.38%	−82.18%
EBITDA	−$12.6M	−$14.2M
EBITDA margin	−20.34%	−76.28%
Net income	−$42.0M	−$18.3M
Net profit margin	−67.65%	−98.39%
Basic EPSper basic share	-$0.34	-$0.16
Diluted EPSper diluted share	-$4.98	-$2.12

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 1 reported holders of SECZ
Holder	Shares held
Securitize, Inc.	10K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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