Securitize plans SPAC merger to go public and scale tokenization

Asset tokenization platform Securitize is moving ahead with a SPAC merger on Nasdaq, aiming to accelerate its expansion beyond stablecoins into a broader universe of tokenized securities.

Securitize’s efforts to “tokenize the world” just took an added-value turn, with the company doubling down on efforts to assemble on-chain securities infrastructure operational at scale.

The company is advancing a business combination with Cantor Equity Partners II, a Nasdaq-listed special purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald and trading under the ticker CEPT.

The deal, first announced in late 2025, would see Securitize become a publicly traded company on Nasdaq under the ticker SECZ once the merger closes, but recently the company has described in greater detail how exactly that would play out.

Over a recent investor call, Securitize co-founder and CEO Carlos Domingo said the company has already reached profitability in the asset tokenization business, driven by partnerships with large financial institutions. Therein, Domingo emphasized that Securitize intends to use the SPAC transaction to “accelerate,” in what he called the desire to create expand the fund’s mission align more closely with their core vision.

The issue looking ahead seems to be how to trade more assets in tokenized form beyond the stablecoin and money market fund products that have dominated the early wave of tokenization, Domingo noted.

SPAC structure and listing roadmap, how does it function?

Under the merger agreement, Cantor Equity Partners II will combine with Securitize at a pre‑money valuation of around $1.25 billion, according to earlier coverage by CNBC and Securitize’s own press materials.

The transaction is expected to deliver up to roughly $465 million in gross proceeds if there are no redemptions, Domingo noted in the recent investor call, including about $240 million from the SPAC’s trust and $225 million from private investment in public equity (PIPE) commitments from investors such as Borderless Capital and Hanwha Investment.

In January 2026, Securitize Holdings, Inc.—the post‑merger “Pubco”—publicly filed a Form S‑4 registration statement with the U.S. Securities and Exchange Commission, formalizing the deal and detailing the combined company’s projected financials.

The filing notes that Securitize expects to be debt‑free on a pro forma basis post‑merger and is projecting around $110 million in revenue and $24 million in net income for 2026, according to an earlier X post from Domingo summarizing the investor deck.

Completion of the SPAC transaction still hinges on customary closing conditions, including SEC clearance of the S‑4, shareholder approval from CEPT investors, and satisfaction of Nasdaq listing requirements. Until those boxes are ticked, Securitize remains private, though it is already positioning itself as a de facto public‑market candidate in the tokenization sector.

Expanding beyond stablecoins into tokenized securities, how can Securitize buld it?

Securitize has built its reputation on tokenizing real‑world assets particularly private market securities and funds rather than on issuing generic utility tokens.

The company acts as a registered transfer agent and digital asset securities platform, and it has been a key infrastructure provider for high‑profile tokenization deals, including BlackRock’s BUIDL tokenized money market fund and KKR’s tokenized feeder funds.

Domingo has argued that tokenization’s real value lies in “upgrading” traditional assets to programmable, blockchain‑native formats that can improve access, fractional ownership, and secondary market liquidity.

During that same recent interview, he framed the SPAC listing as both a capital raise and a signaling device, saying that becoming a public company while simultaneously tokenizing its own equity on chain demonstrates how Securitize intends to operate at the intersection of traditional capital markets and on‑chain finance.

The firm’s strategy is explicitly broader than stablecoins. While stablecoins and tokenized treasuries have proven highly profitable for issuers, Securitize is betting that everything from private credit and equity to real estate and funds will eventually be issued and traded as digital tokens, and it wants to become the default stack for that transition.

What the SPAC means for tokenization

If the CEPT deal closes, Securitize would become one of the first large, pure‑play tokenization platforms listed on a major U.S. exchange, joining a small group of blockchain‑native firms that have used SPACs to reach public markets.

For that broader tokenization narrative to work, a successful listing with real revenue and profitability would be a significant proof of concept that on‑chain securities infrastructure can sustain a public‑company balance sheet.

It would also give public‑market investors a direct way to express a view on asset tokenization as a theme, rather than just buying tokenized funds or blockchain equities indirectly exposed to the space.

In parallel with other developments, such as Börse Stuttgart’s Seturion platform and a16z’s thesis that finance is undergoing a “cloud‑style” migration to on‑chain infrastructure, it seems that Securitize’s planned SPAC listing underscores that tokenization is no longer a thought experiment but a capital‑intensive, institutional business trying to scale.