Tokenization company Securitize announced an 841% increase in revenue for the nine months ended September 30, 2025, as it gets closer to going public through its planned merger with Cantor Equity Partners II (CEPT). 

In the announcement, Securitize and Cantor Equity Partners II have publicly filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission (SEC). This filing follows Pubco’s secret submission of a draft registration statement on Form S-4, which was previously revealed on November 13, 2025.

Securitize merger highlights rising tokenization trend

Securitize announced that the registration statement includes a combined proxy statement relating to the proposed business combination. It also includes Securitize’s most recent historical financial data up until September 30 of last year.

For the nine months ending September 30 of last year, Securitize reported total revenue of $55.6 million, an 841% increase from $5.9 million for the same period in 2024. Revenue increased by 129% to $18.8 million for the entire year ending December 31, 2024, from $8.2 million in 2023.

However, Securitize confirmed that the registration statement remains under SEC review. The leading platform went on to say that the completion of the proposed merger is subject to customary closing conditions, such as approval by CEPT shareholders and the registration statement becoming effective, after which Securitize Holdings is expected to list publicly.

If approved, Securitize would go public and start trading on Nasdaq under the SECZ ticker.

This deal between Securitize and Cantor Equity Partners II occurs at a time when tokenization is becoming more popular in traditional finance. Tokenized assets are becoming increasingly popular among international banks and asset managers such as JPMorgan and BlackRock. 

BlackRock, JPMorgan highlight accelerating institutional tokenization adoption

On January 21, Investment giant BlackRock identified bitcoin and tokenization as the “themes driving markets” in 2026. In its 2026 Thematic Outlook, the investment firm pointed out that tokenization, or the digital representation of physical assets like stocks and real estate, is becoming more popular.

According to BlackRock, this adjustment is part of a shift in how investors access markets. A stablecoin, like one backed by the U.S dollar, is an early example of a tokenized asset.

Against this backdrop, BlackRock’s tokenized U.S. dollar money market fund (BUIDL), issued by Securitize, is increasingly used in decentralized finance (DeFi) and has nearly $2 billion in assets under management.

“In our view, as tokenization continues to rise, so will the opportunity to access assets beyond cash and U.S. Treasuries via the blockchain,” the report stated.  Meanwhile, a Cryptopolitan report noted that BlackRock specifically identified the Ethereum blockchain as a potential beneficiary of tokenization expansion given its extensive use in creating decentralized applications and token infrastructure.

Institutional momentum is also building elsewhere. On December 15, JPMorgan Chase announced the launch of a tokenized money-market fund on Ethereum in response to increasing demand from institutional clients. The move represented JPMorgan’s first tokenized money market fund, making it the largest GSIB, or Global Systemically Important Bank, to construct such a vehicle on a public blockchain.

“Tokenization can fundamentally change the speed and efficiency of transactions, adding new capabilities to traditional products,” Donohue said in a statement.

Looking further ahead, the market for tokenized financial instruments, or real-world assets (RWAs), could reach $18.9 trillion by 2033, according to a joint analysis by Boston Consulting Group (BCG) and payments-focused digital asset infrastructure company Ripple.

That projection represents a compound annual growth rate (CAGR) of 53%, falling between the report’s cautious estimate of $12 trillion in tokenized assets over the next eight years and its more optimistic estimate of $23.4 trillion.

The joint report outlined tokenized government bonds, specifically U.S. Treasuries, as an early success for tokenization. These products will enable corporate treasurers to easily transfer stalled capital from digital wallets into tokenized short-term government bonds without the need for middlemen, maintaining liquidity continuously and in real time.

Beyond sovereign debt, BCG and Ripple noted that private credit is another sector attracting attention.

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