In short
- Securitize is expected to begin trading under the ticker symbol “SECZ” next week following the completion of its merger with the blank check company.
- The BlackRock-backed tokenization specialist’s debut will test Wall Street’s preference for companies tied to emerging markets.
- The company’s NYSE debut comes as the SEC grapples with the issue of innovation exemptions for tokenized stocks.
Is Wall Street Interested? Tokenization Demand for companies closely connected to technology will be tested next week with the expected debut of Securitize.
The BlackRock-backed company specializes in digital representations of real-world assets. presentation It plans to trade on the New York Stock Exchange under the symbol “SECZ” after its merger with the Cantor Fitzgerald-backed blank check company is completed.
The deal moved closer to realization this week when investors owning less than 30% of Cantor Equity Partners II’s common stock elected to redeem their holdings in the SPAC. As a result, Securitize expects to receive approximately $400 million in proceeds from the combination and related private financing prior to completion of the transaction.
Securitize’s public debut, eight years after the company was founded, marks a pivotal milestone for tokenization and highlights the technology’s transition from an abstract market pipe to the new foundation of modern finance, according to CEO Carlos Domingo.
“The idea that major institutions would embrace tokenized securities was still largely theoretical,” he said. “Today, tokenization is moving into the mainstream, and we believe that being a public company gives us visibility, credibility, and capital.”
In recent years, Securitize has become a familiar resource for institutions beyond the world’s largest asset managers. knocking Tokenized money market fund companies for 2024 such as Apollo, BNY, Hamilton Lane, and KKR. Securitization in March published It has signed an agreement with the NYSE itself to develop a blockchain-based securities system.
Securitize said the company had more than $4 billion in assets under management as of June. The largest product the company services so far is BlackRock’s BUIDL, which was reportedly valued at $2.4 billion on Friday. RWA.xyz.
As infrastructure giants like DTCC go deeper Domingo has advocated for “native” tokenization. controversy To reach their full potential at scale, securities must be issued directly on-chain, rather than encased in a digital shell.
Last month, the SEC According to reports It postponed the innovation exemption for tokenized shares after concerns were raised about third-party issuers potentially complicating corporate activities and governance obligations through tokens issued on-chain. bloomberg.
Incoming SEC Chairman Paul Atkins described tokenization as a technology that has “the potential to transform markets” through streamlined transactions. Comments written Written by BlackRock CEO Larry Fink during 2022 Cryptocurrency Market Depth.
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