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Securitize sees tokenized AUM and volume rise, revenue and EBITDA fall
Average tokenized assets under management reached $4.3 billion, but total revenue slipped to $14.4 million and adjusted EBITDA swung to a $5.5 million loss.
Securitize reported first quarter results showing a sharp increase in on-chain activity but weaker monetization. The company said average tokenized assets under management rose 16% year over year to a record $4.3 billion, while platform transaction volume jumped 147% to $5.3 billion, as it put more assets on-chain and processed far more activity than a year earlier, according to CryptoSlate.
Despite the growth in assets and transaction volume, Securitize’s earnings reflected challenges scaling its revenue model. Total revenue fell 5% to $14.4 million, tokenization revenue dropped about 12% to $7.8 million, and adjusted EBITDA swung to a $5.5 million loss.
On management’s earnings call, Securitize CFO Francisco Flores said AUM-based revenue is not material today and that very little of the platform’s transaction volume is currently monetized. Flores added that most tokenization revenue is still tied to network expansion through new protocol integrations.
The company said recurring asset-servicing revenue, the fees linked to administering funds already on the platform, increased 3% to $6.6 million. Securitize guided to full-year revenue of $70 million to $80 million after producing $33.9 million in the first half, while the original pre-listing plan projected $110 million of 2026 revenue and $32 million of EBITDA; guidance implied the second half would need roughly $18 million per quarter to reach the low end and closer to $23 million per quarter to reach the top. CryptoSlate also cited Brickken CEO Edwin Mata, who said the gap reflects a structural industry issue where tokenized AUM can grow while underlying economics remain difficult to scale.