Securitize Files S-4; Revenue Jumps 841% Ahead of $1.2B Nasdaq Debut

Real-world asset (RWA) infrastructure provider Securitize filed its Form S-4 registration statement with the SEC late Wednesday, formalizing its bid to become the first publicly traded pure-play tokenization firm. The filing confirms a SPAC merger with Cantor Equity Partners II (NASDAQ: CEPT) at a $1.25 billion pre-money valuation.

The disclosure reveals violent growth in the tokenization sector. Securitize reported $55.6 million in revenue for the nine months ended Sept. 30, 2025. An 841% increase from the $5.9 million generated during the same period in 2024. For context, full-year 2024 revenue was just $18.8 million.

The Financials

The filing offers the first audited look under the hood of an institutional RWA protocol. While the sector has largely operated on opaque private valuations, Securitize’s numbers reflect actual deal flow from partners like BlackRock and Hamilton Lane.

The transaction expects up to $469 million in gross proceeds: $225 million PIPE plus $244 million from CEPT trust cash.

Existing institutional backers, including BlackRock, ARK Invest, and Tradeweb Markets, will roll 100% of their equity into the combined entity. The stock is set to trade under the ticker SECZ on Nasdaq upon deal closure, expected in the first half of 2026.

Market Reaction

Cantor Equity Partners II (CEPT) shares held steady at $12.03 following the filing. The lack of volatility suggests the $1.25 billion valuation was already priced in by arbitrageurs tracking the SPAC’s previous announcements.

This listing creates the first liquid proxy for institutional blockchain adoption. Until now, exposure to RWA infrastructure was limited to illiquid venture rounds or volatile governance tokens. With over $4 billion in assets under management as of November 2025, Securitize effectively corners the regulated on-chain securities market.

The merger remains subject to a shareholder vote by CEPT investors and final SEC review.