Securitize Posts Record $4.3B Tokenized AUM as Revenue Dips

Securitize closed its first quarter as a public company with average tokenized assets under management hitting a record $4.3 billion, up 16% year over year, while transaction volume on the platform jumped 147% to $5.3 billion. Total revenue, however, fell 5% to $14.4 million, and tokenization revenue, the segment most directly tied to on-chain activity, dropped about 12% to $7.8 million. Adjusted EBITDA swung to a $5.5 million loss from a year-ago profit, the clearest signal that scale and economics are moving in opposite directions.

Why it matters

The gap between tokenized AUM and revenue is structural, not cyclical. CFO Francisco Flores acknowledged on the earnings call that AUM-based revenue is not material today and that very little of the platform's transaction volume is currently monetized. Most tokenization revenue still traces back to network expansion through new protocol integrations, work that does not compound the way recurring infrastructure fees would.

Brickken CEO Edwin Mata framed this as the industry's central question. Tokenization has been delivered mostly through large, customized engagements: bespoke integrations, jurisdiction-specific setups, and professional services built around each issuance. Every new asset, jurisdiction, or product risks becoming its own implementation project. When economics depend on building and configuring those projects one at a time, tokenized assets can grow far faster than the recurring revenue behind them.

Mata argued the larger opportunity sits well past issuance. Enterprises need infrastructure that manages an instrument for years: permissions, compliance, reporting, distributions, corporate actions, and secondary transfers. That is the difference between implementation revenue, fees tied to getting an asset on-chain, and infrastructure revenue, fees tied to keeping it operational.

Market impact

Management's original 2026 projection called for $110 million of revenue and $32 million of EBITDA. Current guidance is $70M to $80M for the full year, with H1 already delivering $33.9 million. Hitting the guidance floor still requires roughly $18 million per quarter for the rest of the year; hitting the ceiling requires about $23 million per quarter, and the original $110 million target would need $38 million per quarter, more than 2.6x what Securitize earned in Q2.

The bull case is that Securitize's push into tokenized public equities creates higher-velocity activity that transaction fees can capture through issuer-sponsored shares, broker-dealer capabilities, and atomic settlement.