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StoneX Financial reiterated its Buy rating on Securitize, setting an $18 price target that implies roughly 111% upside from Tuesday's $8.53 close. The shares rose 22.4% that day. Analyst Mark Palmer pointed to $18.6 million in third-quarter revenue, a 46% sequential rebound in the tokenization segment and record average tokenized assets of $5 billion.
Why it matters
StoneX sees institutional fund distribution and tokenized equities as growth opportunities. Palmer said the global equities market is worth $169 trillion, but only about 0.002% is onchain. He estimated that the tokenized stock market grew fivefold over the past year to $3.2 billion.
Securitize's stock product gives eligible investors exposure to U.S. equities through tokens backed one-for-one by underlying shares. The platform had listed 25 stocks by Nov. 2. Palmer cited CEO Carlos Domingo's comments that the company's broker-dealer, alternative trading system and transfer agent registrations mean its tokenized stock entitlements do not require issuer consent.
Market impact
StoneX forecasts Securitize revenue of $72.4 million in 2026, $108.2 million in 2027 and $167.9 million in 2028. The 2026 forecast falls within company guidance of $70 million to $80 million. The projections assume average tokenized assets approach $12 billion by 2028, supported by new fund launches, Securitize Stocks and South Korean distribution agreements.
Securitize also agreed to acquire structured-credit and asset-backed finance platform River One. Domingo said the deal would expand the company into loan origination, adding potential origination fees and a share of net interest margin to its existing servicing and distribution revenue.
Frequently asked questions
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What share price did StoneX use to calculate its implied upside?
StoneX's $18 target implies roughly 111% upside from Securitize's Tuesday closing price of $8.53. The shares rose 22.4% that day.
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What financial results support StoneX's Securitize rating?
Analyst Mark Palmer cited $18.6 million in third-quarter revenue, a 46% sequential rebound in tokenization revenue and record average tokenized assets of $5 billion.
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What revenue does StoneX forecast for Securitize through 2028?
StoneX forecasts $72.4 million in 2026, $108.2 million in 2027 and $167.9 million in 2028. Its 2026 estimate is within company guidance of $70 million to $80 million.
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How does Securitize's tokenized stock product work?
It gives eligible investors exposure to U.S. equities through digital tokens backed one-for-one by underlying shares. The platform had listed 25 stocks by Nov. 2.
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What would the River One acquisition add to Securitize's business?
CEO Carlos Domingo said the deal would expand Securitize into loan origination, providing origination fees and a share of net interest margin alongside existing servicing and distribution revenue.
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