Securitize's revenue rises 13% as it agrees to buy River One and sets a $50 million buyback

Securitize (SECZ), which tokenizes funds and stocks and provides fund administration, reported third-quarter revenue of $18.6 million on November 9, up 13% from a year earlier, according to its results release, attached to a Form 8-K filed with the US Securities and Exchange Commission (SEC). The company also said it had agreed to buy River One, an asset-backed financing platform, and that its board had authorized up to $50 million in share repurchases.

The quarter in numbers

Item	Q3 2026	Change from a year earlier
Total revenue	$18.6 million	+13%
Net loss	$66.3 million	from net income of $4.1 million
Adjusted EBITDA (non-GAAP)	−$2.0 million	from +$3.6 million
Average tokenized assets on the platform	$5.0 billion	+39%
Tokenized assets on September 30	$4.8 billion	+9%
Transaction volume	$4.3 billion	+20%
Fund-services assets under administration, September 30	$25.2 billion	−29%

Securitize said about $60 million of the net loss, roughly 90%, consisted of "largely non-cash expenses and accounting charges," most of them connected with the merger that took it public. The company began trading on the New York Stock Exchange on July 2, after merging with Cantor Equity Partners II, so this was its first quarter as a public company. It ended September with about $300 million in cash and cash equivalents and no debt.

Revenue rose 29% from the second quarter, Chief Financial Officer Francisco Flores said in the release.

River One and the buyback

Securitize describes River One as a platform for institutional asset-backed financing "drawing from the stablecoin economy." Framework Ventures incubated River One, and both Framework Ventures and Maple Finance have invested in it. With the purchase, Securitize expects to add warehouse financing—short-term credit that funds loans or assets before they are packaged or sold—to its tokenization business. Completion is expected in the fourth quarter of 2026, provided the usual closing conditions are met. The release did not disclose a price.

The board approved the program on November 6. It allows Securitize to buy back up to $50 million of its shares through December 31, 2027, using cash it already holds, and does not require it to buy any. The maximum equals about a sixth of the roughly $300 million in cash the company held at the end of September.

Why it matters

Securitize's business is tokenization—putting traditional assets such as fund shares and stocks on blockchains. In the third quarter, average tokenized assets on its platform rose 39% from a year earlier, against 13% for revenue, while assets administered by its fund-services business fell 29% to $25.2 billion. The release did not give a reason for that decline. Chief Executive Carlos Domingo said growth from leading asset managers was, to him, "the clearest sign yet that institutions are past the experimenting stage."

On the company's adjusted measure, the quarter also showed a loss. Adjusted EBITDA, which leaves out interest, taxes, depreciation and amortization as well as items such as share-based compensation, was negative $2.0 million, compared with positive $3.6 million a year earlier. It is a non-GAAP measure, meaning it is not defined by US accounting standards.

The results came on the same day Ava Labs said that Avalanche will provide the core ledger technology for clearing and settlement on NYSE's planned tokenized-stock venue, which still needs regulatory approval.

What it could mean for traders

The figures to watch in the coming quarters are average tokenized assets, transaction volume, and whether revenue keeps pace with them, along with the closing of the River One deal and how much of the buyback the company uses. Securitize also said that, besides its own regulated trading venue, it plans to support tokenized-securities venues operating under the SEC's innovation exemption, an order the agency issued on September 17 that, for a limited time and subject to conditions, exempts qualifying tokenized-securities venues and liquidity providers from some rules.