Securitize rises in NYSE debut after $400 million SPAC deal
The tokenization firm backed by BlackRock entered public trading as banks and asset managers test blockchain-based versions of traditional assets.
By Hana Yoshida · Markets Reporter
3 min read
Securitize began trading on the New York Stock Exchange on Thursday, giving public investors a new way to bet on tokenization, the practice of representing traditional financial assets on blockchains. Fortune reported that the BlackRock-backed company’s shares slipped below their offering price before the open, then traded nearly 3% higher after the market opened.
The Miami-based company raised $400 million through a public offering tied to its merger with Cantor Equity Partners II, a special purpose acquisition company. According to a securities filing cited by Fortune, the transaction valued Securitize at $1.25 billion.
Fortune reported that roughly 71% of the SPAC’s cash remained in the deal instead of being redeemed by investors. That retention level gave Securitize proceeds at a time when many digital-asset companies have faced tougher public-market conditions.
A tokenization bet reaches public markets
Securitize focuses on moving financial products such as stocks and funds into blockchain-based formats. Fortune described the company as a tokenization specialist and reported that its president, Brett Redfearn, said at the New York Stock Exchange that the listing marked a milestone for bringing traditional financial services on-chain.
Redfearn also told Fortune that Securitize plans to create a tokenized version of its own publicly traded shares. The company’s debut comes as Wall Street firms test ways to use blockchain technology for conventional securities and cash-like instruments.
Securitize was founded in 2017 by Carlos Domingo and Jamie Finn, according to Fortune. The company has worked with asset managers including VanEck, which launched a tokenized U.S. Treasury fund on Securitize, and it has partnered with the New York Stock Exchange on a planned venue for trading tokenized stocks and exchange-traded funds, Fortune reported.
BlackRock has also worked with Securitize on BUIDL, a tokenized money market fund, according to Fortune. The publication reported that BlackRock led a $47 million investment in Securitize in 2024.
Crypto listings have been uneven
Securitize joins a short roster of crypto companies that have reached public markets in the past two years. Fortune reported that Circle, the issuer of the USDC stablecoin, completed an IPO in June 2025, followed three months later by Gemini, the exchange led by Cameron and Tyler Winklevoss.
BitGo became the first crypto company to go public in 2026, according to Fortune. Even so, Fortune reported that the broader wave of expected crypto listings has lost momentum as digital-asset markets weakened and larger offerings from companies such as SpaceX drew investor attention.
Kraken, the crypto exchange, paused its multibillion-dollar IPO plans in March because of difficult market conditions, CoinDesk reported, according to Fortune.
Outside crypto-native firms, large financial institutions are also exploring tokenized products. Fortune reported that Citi recently introduced a product allowing wealthy and institutional clients to trade private-company shares through a blockchain.
Major U.S. banks including JPMorgan, Bank of America, Wells Fargo and Citigroup plan to launch a tokenized deposit network in 2027, The Wall Street Journal reported, according to Fortune. Securitize’s debut puts a public-market valuation on one of the companies trying to build that infrastructure.
This story draws on original reporting from Fortune.