Legacy tokenization platform Securitize is moving forward with a SPAC merger with Nasdaq, which aims to accelerate its expansion beyond stablecoins into the wider space of tokenized securities.
Summary
- Confirm plans to go public through merger with SPAC listed Cantor Equity Partners II (CEPT)
- CEO Carlos Domingo says the company is already profitable in asset tokens
- The company wants to use its public listing to issue and trade assets with tokens beyond stablecoins
Securitize’s efforts to “tokenize the world” recently took a value-added turn, with the company doubling down on efforts to put together a high-performance securities infrastructure.
The company is developing a business combination with Cantor Equity Partners II, a Nasdaq-listed special purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald and trading under the ticker CEPT.
The deal, first announced in late 2025, would see Securitize become a publicly traded company on Nasdaq under the ticker SECZ once the merger closes, but the company recently detailed how that would play out.
In a recent call to investors, Securitize founder and CEO Carlos Domingo said the company has already achieved profitability in the asset token business, driven by partnerships with major financial institutions. There, Domingo emphasized that Securitize intends to use SPAC activity to “accelerate,” in what he called the desire to create and expand the fund’s mission to be more in line with their core vision.
The issue going forward appears to be a way to trade more assets in the form of tokens beyond the stablecoin and money market fund products that dominated the first wave of tokens, Domingo noted.
SPAC structure and roadmap, how does it work?
Under the merger agreement, Cantor Equity Partners II will merge with Securitize for an upfront cash value of approximately $1.25 billion, according to a previous CNBC report and Securitize press materials.
The transaction is expected to bring in about $465 million in net proceeds if there is no redemption, Domingo noted in a recent investor call, including about $240 million from a SPAC prospect and $225 million from private investment in public equity (PIPE) commitments from investors such as Borderless Capital and Hanwha Investment.
In January 2026, Securitize Holdings, Inc—the post-merger “Pubco”—filed publicly a registration statement on Form S-4 with The US Securities and Trade Commission, which formalized the deal and outlined the proposed financial details of the combined company.
The filing notes that Securitize expects to be debt-free on a pro forma basis and projects cash of approximately $110 million and net cash of $24 million by 2026, according to a previous X post from Domingo summarizing the investor pitch.
Completion of the SPAC transaction remains subject to customary closing conditions, including SEC approval of the S-4, shareholder approval of CEPT investors, and satisfaction of Nasdaq listing requirements. Until those boxes are checked, Securitize remains private, although it has already positioned itself as a public market candidate in the token sector.
Expanding beyond stablecoins into tokenized securities, how can Securitize strengthen it?
Securitize has built a reputation for tokenizing real-world assets, particularly private market securities and currencies, rather than issuing conventional utility tokens.
The company acts as a registered transfer agent and securities platform for digital assets, and has been a key infrastructure provider for high-profile token deals, including BlackRock’s BUIDL token money market fund and KKR’s tokenized feeder funds.
Domingo argued that the true value of tokenization lies in “upgrading” common assets into programmable, blockchain formats that can improve access, partial ownership, and secondary market capitalization.
In the same recent interview, he listed the SPAC as a capital raising and signing tool, saying that being a public company while at the same time showing its equity in the chain shows how Securitize intends to work at the intersection of traditional capital markets and on-chain finance.
The firm’s strategy is clearly broader than stablecoins. While stablecoins and token wealth have proven hugely profitable for issuers, Securitize is betting that everything from private debt and equity to real estate and funds will eventually be issued and sold as digital tokens, and it wants to be the default stack for that change.
What does SPAC mean by tokenization
If the CEPT deal closes, Securitize will be the first large, pure-play tokenization platform listed on a major US exchange, joining a small group of native blockchain firms that have used SPACs to access public markets.
For that broader token narrative to work, a successful listing with real revenue and profit would be a key proof of concept that an on-chain security infrastructure can support a public company’s balance sheet.
It may also provide public market investors with a direct way to express the idea of asset tokenization as a theme, rather than simply buying token funds or blockchain equity indirectly exposed to the space.
Along with other developments, such as Börse Stuttgart’s Seturion platform and a16z’s idea that finance is moving “cloud-style” to on-chain infrastructure, it seems that Securitize’s planned SPAC listing emphasizes that tokenization is no longer a thought experiment but an attempt to grow the institution’s business.
