Benchmark says Securitize ‘poised to be a positive outlier,’ sets $16 target as NYSE listing nears

Benchmark Equity Research is maintaining its Buy rating on tokenization infrastructure firm Securitize as the company's planned NYSE listing moves into final stages, with a $16 price target tied to 2027 revenue projections of $178 million. 

The rating follows the SEC's declaration last week that the registration statement for Securitize's merger with Cantor Equity Partners II had become effective, clearing a key regulatory hurdle before a shareholder vote scheduled for June 29. If approved and customary closing conditions are met, the combined company is expected to trade on the NYSE under the ticker SECZ.

In a note to investors on Wednesday, Benchmark analyst Mark Palmer wrote that Securitize could emerge as a listed company within days of the shareholder vote, adding that the timing coincides with accelerating commercial adoption of tokenization infrastructure. 

Palmer argued that the key question for investors is not whether real-world asset tokenization will occur, but who will control the rails supporting it.

"On that question, Securitize has separated itself from the field, in our view," Palmer wrote in the note. "So, at a time when the sentiment around digital asset related equities has been at a low ebb, the company's stock is poised to be a positive outlier."

According to the note, Securitize’s competitive positioning is driven by a cross-jurisdictional regulatory stack that would-be competitors cannot quickly replicate. 

The company operates as an SEC-registered broker-dealer, an SEC-regulated alternative trading system, an SEC-registered transfer agent, an exempt reporting adviser, and a fund administration affiliate in the U.S., while holding a regulated trading and settlement license under the EU DLT Pilot Regime, Palmer said. 

BlackRock, Computershare partnerships

Benchmark cited the deepening of Securitize's relationship with BlackRock as the latest validation of its platform, highlighting its role as a tokenization platform, transfer agent, and placement agent for the asset manager’s BUIDL fund, which the note said has grown to about $2.46 billion in assets since launching in March 2024. The firm also noted that BlackRock selected Securitize to support its proposed Daily Reinvestment Stablecoin Reserve Vehicle.

Elsewhere, Securitize has partnered with Computershare, a move the authors said would power a key extension into public equities. Under the arrangement announced in late April, Computershare is supporting U.S.-listed clients seeking to issue equity securities in tokenized form through Securitize's technology.

On the demand side, Benchmark noted that tokenized assets are shifting from static wrappers into programmable collateral, pointing to VanEck’s Securitize-issued Treasury fund going live on the DeFi lending platform Euler in late May.

As of March 31, Securitize held $3.4 billion in tokenized assets under management, positioned inside a broader tokenized asset market that nearly tripled over the past year to surpass $30 billion, though Benchmark flagged risks to its bullish thesis like regulatory uncertainty, adoption speed, and partner dependencies.