What Securitize's NYSE Listing Means for the Future of Private Market Infrastructure

Most of the attention in private markets right now is on the company names: SpaceX, Anthropic, OpenAI, and that's understandable. But while investors have been focused on which AI companies will win, a quieter and more structurally interesting story has been building underneath them: who builds the infrastructure those companies, and thousands of others, will eventually trade on.

Have you heard of Securitize? On 29 June 2026, shareholders of Cantor Equity Partners II will vote on a SPAC merger that would bring Securitize to the NYSE under the ticker SECZ at a $1.25 billion pre-money valuation. If approved, it will be the first regulated tokenisation platform to trade on a major US exchange, and the first time public market investors can own equity in the plumbing that underpins the next generation of private and public capital markets.

What Securitize Actually Builds

Securitize is a regulated infrastructure for tokenising real-world assets on blockchain, built specifically for institutional clients who want the efficiency of blockchain settlement without sacrificing the legal clarity of traditional securities.

The client list tells the story. BlackRock, Apollo, KKR, Hamilton Lane, and VanEck all run tokenised products on Securitize infrastructure. Its most prominent deployment is BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), which tokenises money market fund exposure across Ethereum, Solana, Polygon, Avalanche, and four other blockchain protocols. These are not pilot programs. They are live, scaled, institutional products running on Securitize's transfer agent and broker-dealer infrastructure.

In March 2026, the NYSE signed a memorandum of understanding naming Securitize the first digital transfer agent eligible to mint blockchain-native securities for corporate or ETF issuers. In May 2026, FINRA approved Securitize to custody tokenised securities within a regular broker-dealer and to underwrite tokenised IPOs and secondary offerings, making it the first firm with full-stack regulatory approval for onchain capital markets in the United States.

The moat here is regulatory positioning and exchange relationships, not technology alone. Licences of this kind take years to obtain and are not easily replicated.

The Financials

Q1 2026 revenue came in at $19.5 million, up 39% year-on-year, with $3.4 billion in tokenized assets under management and $24.9 billion in assets under administration as of 31 March 2026, across 650 active funds. Management is guiding for $110 million in full-year 2026 revenue and $32 million in adjusted EBITDA.

The net loss in Q1 was $7.9 million, driven by staff expansion, IPO preparation costs, and non-recurring expenses. Operating cash flow was described as close to breakeven before working capital changes and IPO-related costs. For investors assessing the listing, the gap between adjusted EBITDA profitability and net losses is the key variable to track as the company transitions to public reporting obligations.

The de-SPAC structure also carries specific mechanics worth understanding. No underwriters price shares in the traditional sense, existing shareholders roll 100% of their equity into the combined company and are locked up at close, and the final capital position depends on how many SPAC shareholders elect to redeem rather than hold. These differ materially from a conventional underwritten IPO and carry their own risk profile.

The Picks-and-Shovels Thesis

Private markets are growing. McKinsey's 2026 Global Private Markets Report puts closed-end AUM at between $16 trillion and $16.5 trillion in 2025, and the number of unicorns globally has rebounded 70% since September 2024. The companies generating the most attention, and the most value, are staying private longer and trading more actively in secondary markets before they ever list.

The problem with that growth is structural.

• Private market transactions still run on fragmented, manually intensive infrastructure.
• Cap tables update infrequently.
• Settlement takes days.
• Secondary trades require legal coordination that would be automated in a public market.

Tokenisation solves all of those problems by recording ownership on a blockchain that updates in real time and settles atomically.

The tokenised real-world asset market grew roughly 35% in Q1 2026 alone, from $23 billion at end-2025 to $31 billion by 31 March 2026. The trajectory reflects genuine institutional adoption rather than speculative activity, with money market funds, private credit instruments, and equity structures being placed on-chain by asset managers who have existing AUM and existing clients.

Securitize's position in that market is the picks-and-shovels argument in its clearest form. While investors debate which AI company will win, Securitize builds the infrastructure that will eventually service all of them and thousands of others as private markets continue to scale.

What the Listing Signals

For the private markets industry broadly, a Securitize listing matters beyond the company itself. It establishes a public valuation benchmark for regulated tokenisation infrastructure, gives institutional investors a liquid way to express a view on the tokenisation thesis without buying a token, and signals that the regulatory environment in the US has moved far enough toward clarity that a company built on tokenised securities can list on a major exchange.

As we covered in our analysis of the Polymarket-Nasdaq partnership, private market price discovery is becoming more transparent and more accessible, and Nasdaq Private Market is at the centre of that shift. Securitize is building complementary infrastructure: if Nasdaq Private Market is the price discovery layer, Securitize is the settlement layer. The two together represent a more complete picture of what modern private market infrastructure looks like.

For wholesale investors thinking about where the next phase of private market value creation sits, the infrastructure layer, including regulated tokenisation platforms, transfer agents, and secondary market operators, is earlier in its public market journey than the companies it services. That is where thesis-driven private market investing may find its next interesting entry points.

NonPublic Pty Ltd (ABN 49 607 216 928) holds Australian Financial Services Licence #482668. Investments are available to wholesale and sophisticated investors as defined under the Corporations Act 2001. This content is general in nature and does not constitute financial product advice. It does not take into account your objectives, financial situation, or needs. Investing in private markets involves significant risk, including the potential loss of your entire investment. Past performance is not a reliable indicator of future results. You should obtain independent financial advice before making any investment decision.