Securitize shares drop 20% as tokenisation revenue misses despite record AUM

Securitize, the tokenisation infrastructure firm best known for managing BlackRock‘s BUIDL money-market fund, reported a sharper-than-expected loss in its first quarterly earnings as a public company, sending shares down 20% in after-hours trading on Wednesday. Revenue came in at $14.4 million, a 5% decline year-on-year and well short of the $20.6 million analyst consensus, while the per-share loss of $2.37 dwarfed the $0.15 loss the market had anticipated. Net loss reached $21.7 million, and adjusted EBITDA swung from a $1.8 million gain to a $5.5 million loss over the same period a year earlier.

The disconnect between operational momentum and financial results is the central tension in this report. Average tokenised assets under management hit a record $4.3 billion, up 16% year-on-year, and transaction volume surged 147% to $5.3 billion. The fund-services arm administered 663 active funds with $24.3 billion in assets under administration. CEO Carlos Domingo described the quarter as ‘softer’ while noting that first-half revenue, at a level 16% above the prior year, included a record $19.5 million in the first quarter, suggesting the second quarter represented a meaningful sequential step down.

Securitize went public last month via a merger with a Cantor-backed special purpose acquisition company. Its client roster includes BlackRock and KKR, and it is building trading infrastructure with the New York Stock Exchange alongside a partnership with transfer agent Computershare to enable tokenised shares for US issuers. The gap between surging on-chain activity and flat-to-declining revenue raises a structural question that the market has now priced in: whether higher transaction volumes and assets under management are translating into a durable fee model, or whether pricing pressure and product mix are diluting the top line even as the category grows.