Three years ago, Securitize nearly collapsed. The company could not raise money after the FTX crypto exchange failed in late 2022.
Today, its shares are listed on the NYSE. The turnaround came when BlackRock decided to bet on tokenization - the process of turning real-world assets like bonds or real estate into digital tokens on a blockchain.
Securitize founder and CEO Carlos Domingo almost gave up. "I thought the project was never going to see the light," he said.
The company had raised $48 million from investors including Morgan Stanley in 2021. Then the crypto crash hit. Securitize struggled to survive.
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A breakthrough arrived when BlackRock began exploring tokenization. In January 2024, BlackRock launched one of the first U.S. spot-Bitcoin ETFs. Soon after, CEO Larry Fink predicted "the tokenization of every financial asset" during a CNBC interview. The partnership gave Securitize credibility with mainstream finance.
Joseph Chalom, who previously led BlackRock's digital assets division and currently serves as CEO of crypto investment firm Sharplink, praised Securitize's early regulatory work. "Carlos and his team did the unglamorous work of becoming a broker-dealer, a transfer agent and an operator of a regulated alternative trading system, years before the market understood why that mattered. That regulatory foundation is the moat."
The market for tokenized assets is growing fast - but not from crypto speculation. The firm oversees close to $25 billion in assets under administration, and has facilitated roughly $1.9 billion in cumulative transactions. The company's first-quarter revenue in 2026 hit a record $19.5 million, up 39% from the same period in 2025.
Still, not everyone is convinced the technology improves finance. Finance professor Vivian Fang at Indiana University warns: "Tokenization may remove some frictions, but it can also introduce new ones."
The International Monetary Fund has warned that blockchain-based finance may exacerbate market turbulence during times of strain. Better Markets' policy director Amanda Fischer summarized Wall Street's approach to crypto: "If you can't beat 'em, join 'em."
The NYSE is collaborating with Securitize on tokenized-securities infrastructure, and Jump Trading, a market maker, is collaborating with Securitize to shift equity trading to blockchain-based platforms. While the listing may resolve the question of whether a tokenization-focused firm can sustain itself, the larger issue remains unresolved: does blockchain technology truly improve the functioning of traditional financial markets?
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