Securitize (SECZ), BlackRock's tokenization partner, slides 40% after SPAC debut

Securitize (SECZ), the BlackRock-backed tokenization specialist that went public last week, is off to a rough start despite arriving as one of the few pure-play bets on one of Wall Street's hottest crypto trends.

The firm's shares tumbled as much as 25% on Tuesday before clawing back some of the sell-off, and Securitize is down roughly 40% since completing its merger with special purpose acquisition company Cantor Equity Partner II last week.

The sharp decline stands in contrast to growing attention around tokenization, one of Wall Street's fastest-growing blockchain use cases. Major financial firms like BlackRock, Franklin Templeton and JPMorgan have expanded efforts to bring traditional assets such as U.S. Treasuries, funds, credit and equities onto blockchain rails. Citi projected that the tokenized assets could reach $5.5 trillion by 2030, while BCG and Ripple estimate the market could approach $19 trillion by 2033.

The selloff appears to have little to do with Securitize's fundamentals or any specific news, said Jeff Dorman, chief investment officer at investment firm Arca.

"There is no major negative fundamental catalyst that we can see," Dorman said. "These kinds of big movements are common after SPACs because the entire investor base turns over from fixed-income-oriented SPAC buyers to new, fundamentally driven long-term equity owners."

SPAC merger tickers are often volatile in their early days of trading. These vehicles raise money first and seek an acquisition later, allowing a private company to reach the public market by merging with the shell. But once the deal closes, the investor base often turns over, with SPAC arbitrage investors and redemption-focused holders giving way to public-equity investors weighing the company’s fundamentals. That transition can create sharp price swings, particularly when the float is limited or the stock had traded up before the merger.

Dorman added that poor performance of recent crypto-related stock listings have conditioned investors to be cautious.

"Given how horrible recent crypto IPOs have been — Coinbase (COIN), Bullish (BLSH), Gemini (GEMI), BitGo (BTGO) and Circle (CRCL) — it's not that surprising," Dorman said.

Since its February IPO, digital asset service provider and custodian BitGo tumbled 70%. Gemini, the crypto exchange founded by the Winklevoss brothers, is down 85% from its September debut. Bullish, CoinDesk's owner, has fallen over 70% from its $90 debut price in August 2025, and sits below its $37 IPO price.

Circle (CRCL) shares remain more than double the stablecoin issuer’s $31 IPO price, but are slightly below their $69.50 opening trade and 77% off of its June 2025 peak. Meanwhile, Coinbase (COIN), which went public through a direct listing in April 2021, is trading 56% lower from its $381 opening.

Tuesday's decline also coincided with a generally negative day for crypto-related stocks across the board while the tech-heavy Nasdaq lost 2%. CRCL was 5% lower, BTGO fell over 4%, while Figure (FIGR), the blockchain firm of former SoFi Mike Cagney, plunged nearly 8.8%.

Read more: Securitize eyes acquisitions with $400 million war chest after going public, CEO says

Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.

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