Securitize’s $4B Tokenization Journey Goes Public via SPAC

According to PYMNTS.com, tokenization infrastructure company Securitize has announced plans to go public through a merger with Cantor Fitzgerald-affiliated SPAC Cantor Equity Partners II. The boards of both companies unanimously approved the transaction, which is expected to close in the first half of 2026 subject to customary closing conditions. Founded in 2017, Securitize has tokenized more than $4 billion in assets and operates as an SEC-registered broker-dealer, digital transfer agent, fund administrator, and alternative trading system operator. CEO Carlos Domingo stated the company’s mission is to “democratize capital markets” through tokenization, while Cantor Fitzgerald’s Brandon Lutnick called tokenization “a foundational force in the next era of capital markets.” This landmark deal represents a significant milestone for the institutional adoption of blockchain technology in traditional finance.

The Infrastructure Behind the $4 Billion Tokenization Engine

What makes Securitize’s infrastructure particularly noteworthy is its comprehensive regulatory positioning. Unlike many blockchain startups that operate in regulatory gray areas, Securitize has methodically built a fully compliant stack that includes SEC registrations as both a broker-dealer and transfer agent. This regulatory moat is difficult for competitors to replicate and positions the company as a bridge between traditional finance and blockchain innovation. The company’s ability to handle the full lifecycle of financial assets—from issuance through trading and servicing—creates a compelling value proposition for institutions wary of regulatory risks. Their work with BlackRock’s BUIDL fund demonstrates that this infrastructure can meet the rigorous standards of the world’s largest asset managers.

Why the SPAC Route Makes Strategic Sense

The choice of a SPAC merger rather than a traditional IPO reveals much about the current market environment for blockchain companies. While traditional IPOs require extensive historical financial disclosure and immediate market pricing, SPACs provide more predictable capital raising and valuation negotiation. For a company operating in the rapidly evolving tokenization space, this structure offers flexibility during a period when investor sentiment toward blockchain remains volatile. The 2026 timeline also provides a lengthy runway to demonstrate continued growth before the public market debut. Cantor Fitzgerald’s involvement brings not just capital but significant credibility and institutional relationships that could accelerate Securitize’s enterprise adoption.

How This Reshapes the Tokenization Competitive Landscape

Securitize’s path to public markets creates immediate pressure on competitors like Figure Technologies, ADDX, and traditional financial institutions developing their own tokenization capabilities. The $4 billion in tokenized assets represents significant market traction, but the real competition is just beginning as major banks and asset managers accelerate their blockchain initiatives. What differentiates Securitize is their focus on building the plumbing rather than just creating tokenized products. As a broker-dealer and transfer agent, they’re positioning themselves as the infrastructure layer that multiple institutions can build upon, similar to how AWS serves multiple competing businesses.

The Regulatory Hurdles That Could Derail Progress

Despite the optimistic timeline, significant regulatory challenges remain. The SEC under Chairman Gary Gensler has taken an increasingly aggressive stance toward crypto-related businesses, and tokenized securities exist in a complex regulatory space between traditional securities laws and emerging blockchain frameworks. The board of directors and leadership will need to navigate evolving guidance from multiple regulators including the SEC, FINRA, and potentially banking regulators. The 2026 closing date suggests the companies anticipate a thorough regulatory review process. Any major regulatory shift or enforcement action against similar tokenization projects could significantly impact investor confidence and valuation.

Broader Implications for Capital Markets Transformation

This transaction represents a validation of tokenization as more than just a niche technology experiment. When a firm with Cantor Fitzgerald’s stature in capital markets backs a tokenization infrastructure company to this extent, it signals that institutional players see real long-term value in bringing traditional assets on-chain. The efficiency gains from instant settlement, reduced intermediary costs, and global accessibility could fundamentally reshape how financial assets are issued and traded. However, the technology’s success will depend on achieving critical mass—tokenization only delivers its full benefits when enough participants adopt the standards and infrastructure to create network effects.

Realistic Outlook: Beyond the 2026 Timeline

Looking beyond the SPAC merger, Securitize faces the challenge of transitioning from a technology pioneer to a sustainable public company. The tokenization market is still nascent, and while $4 billion in assets sounds impressive, it represents a tiny fraction of the global financial assets that could potentially be tokenized. The company will need to demonstrate both rapid growth and a path to profitability that justifies public market expectations. Their success will depend on converting pilot projects into recurring revenue streams and expanding beyond their current focus areas. The coming years will test whether tokenization can deliver on its promise of making financial markets more efficient or whether it remains a solution in search of widespread problems.