Securitize, a BlackRock-backed tokenization platform that began trading on the New York Stock Exchange in July, reported nearly $34 million in first-half revenue in its Q2 results.
- But as The Coinformer noticed, management's October 2025 investor presentation, which accompanied Securitize's proposed merger with Cantor Equity Partners II, estimated that revenue would reach $110 million in 2026.
Subtracting the first-half result leaves $76.1 million for the final six months. Securitize would need to average about $38 million in each of the next two quarters, nearly twice its quarterly record of $19.5 million set in Q1.
It was an internal management estimate prepared in September 2025 and subsequently included in materials supporting the SPAC transaction.
By the time Securitize filed its definitive proxy on June 5, the company had already warned that the assumptions had weakened.
- Securitize said the crypto market had declined since the estimate was prepared and that its tokenized assets under management would probably grow less than originally expected.
- It also said some revenue previously described as contracted was unlikely to materialize fully during 2026 without a replacement counterparty, which the company said it was seeking.
- No updated estimate was provided.
The original projection assumed that roughly $85 million of the $110 million would come from contracted or recurring revenue supported by existing relationships and assets under management.
Securitize also fell short of the estimates presented for 2025. The investor materials projected $69 million in revenue and $17 million in adjusted EBITDA. The definitive proxy later reported actual revenue of $62.2 million and adjusted EBITDA of $3.4 million.
As for Q2 revenue, it fell 5% from a year earlier to $14.4 million. Tokenization revenue declined 12%, offset partly by a 3% increase in asset-servicing revenue. Average tokenized assets under management nevertheless rose 16% to $4.3 billion, while transaction volume increased to $5.3 billion.
Securitize hasn't publicly connected the quarterly decline with the missing contracted revenue identified in its proxy.
Francisco Flores, Securitize's chief financial officer, said only that quarterly revenue "can be volatile" at the company's current stage. Carlos Domingo, its chairman and chief executive, called Q2 "softer" on X while emphasizing that first-half revenue remained 16% above the same period last year.
- The Coinformer reached out to Securitize and will update the story if the company responds.