Shares of Securitize, the BlackRock-backed tokenization company, dropped roughly 20% in after-hours trading after its first earnings report as a public company fell far short of Wall Street expectations.
Securitize reported second-quarter revenue of $14.4 million, down 5% from $15.3 million a year earlier and well below the $20.6 million analysts had expected. Its net loss widened sharply to $21.7 million for the three months ended June 30, compared with a loss of $6.1 million in the same quarter last year. The per-share loss came in at $2.37, while analysts had forecast a loss of only $0.15 per share. Adjusted EBITDA swung to a loss of $5.5 million from a gain of $1.8 million a year earlier.
Despite the earnings miss, platform activity showed growth. Average tokenized assets under management reached a record $4.3 billion, up 16% year over year. Transaction volume surged 147% to $5.3 billion during the quarter. Securitize’s fund-services arm oversaw 663 active funds and $24.3 billion in assets under administration.
CEO Carlos Domingo called the quarter “softer” on the earnings call, while pointing to a stronger start to the year. First-half revenue was still 16% higher compared with the same period in 2024, and the first quarter was the company’s strongest with revenue of $19.5 million.
Securitize went public last month after merging with a special purpose acquisition company backed by Cantor Fitzgerald. The stock was trading at around $7.86 before the after-hours drop. The company is best known for managing BlackRock’s BUIDL fund, a tokenized money-market product launched in 2024, and its clients include BlackRock and KKR.
