Tokenized asset platform Securitize sees growth in volume but revenue declines

Securitize’s tokenized assets grow, but revenue drops

Securitize, a company that helps turn real-world assets into digital tokens on a blockchain, reported record growth in its tokenized assets under management (AUM). However, its revenue declined, raising questions about how well the business can make money from this growth.

The company’s tokenized AUM reached $4.3 billion, up 16% from last year. Transaction volume on its platform surged 147% to $5.3 billion. Despite this growth, total revenue fell 5% to $14.4 million, and revenue specifically from tokenization dropped 12% to $7.8 million.

Securitize also reported an adjusted EBITDA loss of $5.5 million, meaning its costs exceeded its earnings before interest, taxes, depreciation, and amortization.

Key numbers from Securitize’s report

• Tokenized assets under management: $4.3 billion (+16% year-over-year)
• Transaction volume: $5.3 billion (+147% year-over-year)
• Total revenue: $14.4 million (-5% year-over-year)
• Tokenization revenue: $7.8 million (-12% year-over-year)
• Asset-servicing revenue: $6.6 million (+3% year-over-year)
• Adjusted EBITDA: -$5.5 million (swing to loss)

Why revenue is not keeping up with growth

Securitize’s CFO, Francisco Flores, explained on an earnings call that most of the platform’s transaction volume is not currently monetized. He said that revenue from assets under management is still not significant, and most tokenization revenue comes from setting up new integrations rather than recurring fees.

Asset-servicing revenue, which includes fees for managing funds already on the platform, performed better, rising 3% to $6.6 million. Flores described transaction monetization as a long-term opportunity that the current business model does not yet capture.

Revenue targets and challenges

Securitize initially projected $110 million in revenue for 2026, with $32 million in EBITDA. Management later revised this guidance to $70 million to $80 million for the year. In the first half of 2026, the company reported $33.9 million in revenue, meaning it needs roughly $18 million to $23 million per quarter in the second half to meet the lower end of its guidance.

Edwin Mata, CEO of tokenization platform Brickken, said the gap between growth and revenue highlights a structural issue in the industry. He explained that tokenization often relies on custom projects for each new asset, jurisdiction, or financial product, making it difficult to scale revenue alongside growth.

What is confirmed about Securitize’s performance

• Securitize’s tokenized AUM reached $4.3 billion, up 16% year-over-year.
• Transaction volume on the platform rose 147% to $5.3 billion.
• Total revenue fell 5% to $14.4 million, and tokenization revenue dropped 12% to $7.8 million.
• Adjusted EBITDA swung to a $5.5 million loss.
• Management revised its 2026 revenue guidance to $70 million to $80 million, down from an initial $110 million projection.

What is still unclear

• Whether Securitize can monetize its growing transaction volume in the near term.
• How much of the company’s revenue will come from recurring fees versus one-time project-based integrations.
• If the company can achieve its revised revenue targets for the second half of 2026.
• Whether tokenized public equities will generate enough transaction fees to improve revenue quality.

Why this matters for tokenized assets

The gap between Securitize’s growth in tokenized assets and its declining revenue highlights a broader challenge in the tokenization industry. While more assets are being moved onto blockchains, companies are still figuring out how to turn this activity into steady, recurring revenue.

Utkarsh Ahuja, founder of Moon Pursuit Capital, said the industry is entering a phase where investors will focus more on revenue quality, margins, and the economics of servicing assets over time. This shift could determine which platforms build sustainable businesses and which remain dependent on project-based work.

What happens next for Securitize

Securitize’s management believes its push into tokenized public equities could eventually create more transaction-driven revenue. However, this is seen as a medium- to long-term opportunity, not an immediate solution.

The company needs to generate roughly $18 million to $23 million per quarter in the second half of 2026 to meet its revised guidance. If it fails to do so, adjusted EBITDA could remain negative even as headline growth numbers continue to rise.

Sources

• CryptoSlate