Securitize AUM Hits $4.3B as Revenue Falls

Securitize closed its first quarter as a public company with average tokenized assets under management of $4.3 billion, a 16% year-over-year increase. Platform transaction volume rose 147% to $5.3 billion. Total revenue declined 5% to $14.4 million and adjusted EBITDA moved to a $5.5 million loss.

Tokenization revenue fell about 12% to $7.8 million, while asset-servicing revenue, the recurring fees for administering assets on the platform, increased 3% to $6.6 million. The company reported higher on-chain activity that did not translate into proportional monetization of transactions.

CFO Francisco Flores told analysts that AUM-based revenue is not material today and that “very little of the platform’s transaction volume is currently monetized.” He described most tokenization revenue as coming from network expansion tied to new protocol integrations and characterized transaction monetization as a medium- to long-term opportunity for the business.

Securitize adjusted its outlook from pre-listing projections. Earlier materials projected $110 million of revenue for 2026 and $32 million of EBITDA. Management now guides full-year revenue between $70 million and $80 million. The company reported $33.9 million in revenue for the first half of the year, which leaves the second half requiring roughly $18 million per quarter at the low end of guidance and about $23 million per quarter to reach the top end. Reaching the original $110 million projection would require about $38 million in revenue per quarter.

Industry participants pointed to structural reasons for the gap between asset growth and revenue. Edwin Mata, CEO of tokenization platform Brickken, wrote that “tokenized AUM can grow while the economics underneath it remain difficult to scale.” He explained that much of the work to put assets on-chain has been delivered through large, customized engagements and professional services tied to each issuance, jurisdiction and product, producing implementation revenue for initial setup rather than recurring infrastructure fees.

Utkarsh Ahuja, founder and managing partner at Moon Pursuit Capital, framed the company’s results as a divergence between adoption and monetization and said investors will focus on how much AUM growth converts into recurring revenue, whether margins improve and how efficient servicing becomes as the business scales.

Management cited potential changes to the business mix that could increase transaction fees, including tokenized public equities, issuer-sponsored tokenized shares, broker-dealer capabilities and atomic settlement, and described those as medium- to long-term initiatives. Analysts outlined scenarios in which AUM and volume growth lead to higher recurring transaction fees, in which revenue improves slowly while remaining partly project-driven, and in which headline adoption continues while tokenization revenue stays volatile and EBITDA remains negative.

The next test for Securitize and the broader tokenization market is whether additional AUM or transaction volume produces repeatable infrastructure-style revenue without the need for continual new integrations. Full-year results near the guidance floor would require only modest acceleration from the second quarter, while meeting prior projections would demand a substantially faster revenue run rate.