Securitize misses in first quarter as a public company; shares drop 20% despite record tokenized AUM

Securitize (SECZ), the issuer and administrator behind BlackRock's BUIDL tokenized money-market fund, reported second-quarter revenue of $14.4 million on Wednesday — down 5% year over year and roughly 30% below the $20.6 million analysts expected, according to CoinDesk. The stock fell 20% in after-hours trading.

The bottom line missed by a wider margin than the top line. Securitize posted a loss of $2.37 per share against a consensus estimate of $0.15, CoinDesk reported, with a net loss of $21.7 million. Adjusted EBITDA swung to a $5.5 million loss from a $1.8 million gain a year earlier.

The operating metrics moved the other way. Average tokenized assets under management hit a record $4.3 billion, up 16% year over year, and transaction volume rose 147% to $5.3 billion. The fund-services arm oversaw 663 active funds and $24.3 billion in assets under administration. CEO Carlos Domingo described the quarter as "softer" while pointing to first-half revenue up 16% year over year, including a record $19.5 million in the first quarter.

This was Securitize's first report since completing a merger with a Cantor-backed special purpose acquisition company in July. Beyond BlackRock — BUIDL launched in 2024 and is among the larger tokenized Treasury products — its client list includes KKR, and it has announced work with the New York Stock Exchange on tokenized-securities infrastructure and a partnership with transfer agent Computershare.

Key facts

• Q2 revenue $14.4M, down 5% y/y vs. $20.6M consensus (CoinDesk, citing the company's report and analyst estimates)
• Loss of $2.37/share vs. $0.15 expected; net loss $21.7M (CoinDesk)
• Adjusted EBITDA –$5.5M, from +$1.8M a year earlier (CoinDesk)
• Average tokenized AUM a record $4.3B, +16% y/y; transaction volume $5.3B, +147% (CoinDesk)
• Fund services: 663 active funds, $24.3B under administration (CoinDesk)
• Shares –20% after hours, Wednesday Aug. 12 (CoinDesk)

The real-world read

The "first-half revenue up 16%" line is doing heavy lifting. Q1 was a record $19.5 million; Q2 was $14.4 million. The half is up because of the quarter that already happened, not the one just reported — and the sequential drop is about 26%.

The more awkward number is the spread between activity and money. Transaction volume rose 147% and AUM hit a record, yet revenue fell. Either pricing compressed sharply or the volume growth sits in low- or no-fee activity. Neither the company's framing nor the reporting explains which.

One figure needs care: $21.7 million of net loss over a $2.37 per-share loss implies roughly 9.2 million weighted-average shares — far below a typical post-SPAC count, which suggests the period only partly reflects the merged share base. The share count wasn't disclosed in the reporting, so the per-share miss may overstate the operating shortfall.

Caveat on sourcing: every figure here traces to a single secondary account of Securitize's release. No filing or company statement was independently available to corroborate them.

Opinion, and whose

Domingo's "softer" is the company's characterization, from an interested party. The $20.6 million consensus is analysts' estimate, not a company forecast, and missing it is not itself a business outcome. No independent read on the take-rate question has been offered by anyone.

Sources

• CoinDesk (Aug. 12, 2026) — all financial and operating figures, the share move, Domingo's quote, and background on the SPAC merger, BUIDL, NYSE and Computershare. CoinDesk attributes the financials to Securitize's earnings report and the estimates to analyst consensus. Not marketing; no sponsored or press-release material was used here.

Not financial advice.