Tokenized transactions surge to $5.3 billion but generate just $14M as costs soar by 56%
Securitize’s second quarter showed sharp growth in platform activity but weaker profitability. Average tokenized assets under management rose 16% year over year to $4.3 billion, and aggregate transaction volume jumped 147% to $5.3 billion, driven mainly by BlackRock BUIDL/BUIDL-I activity and a $250 million subscription to the Tokenized AAA CLO Fund. Still, revenue fell 5% to $14.4 million and net loss was $21.7 million. Tokenization revenue dropped 12% to $7.8 million, while asset-servicing revenue increased 3% to $6.6 million. Costs surged 56% to $24.1 million, pushing operating loss to $9.7 million and adjusted EBITDA to a $5.5 million loss. The GAAP loss included large fair-value remeasurements. After quarter-end, Securitize completed its business combination with Cantor Equity Partners II, leaving a pro forma $352.6 million in cash and no borrowings.
