Cantor Fitzgerald Starts Securitize at Overweight, $21.20 Target

Cantor Fitzgerald initiated coverage of Securitize Corp. (NYSE:SECZ) on September 21 with an Overweight rating and a $21.20 price target, arguing the stock looks attractive at current levels as tokenization of traditional financial assets sits at an early stage of adoption.

The call rests on a striking arithmetic gap. According to Cantor Fitzgerald, traditional financial assets are worth approximately $319 trillion worldwide. Only about $39 billion of that value currently exists onchain — just 0.01% of the total market. The onchain figure has nearly tripled over the past 12 months, even as overall crypto market capitalization fell from about $4 trillion to less than $2.2 trillion.

The research firm also flagged Securitize's regulatory moat. It took the company seven years and approvals from five different regulators to establish its regulatory perimeter. Cantor Fitzgerald sees Securitize's combination of licenses and technical integrations as the broadest in the category.

The analyst house did not mince words on the sector's significance. Cantor Fitzgerald described tokenization as the biggest overhaul financial infrastructure has seen in the past century.

A First-Mover Listing

Securitize began trading on the New York Stock Exchange on July 2, shortly after the end of the second quarter, becoming the first tokenization company to go public. The company manages approximately $5 billion in assets onchain, with more than seven assets each exceeding $100 million in assets under management. Securitize said that is more than any other platform, and added that its strengthened balance sheet positions it to lead the next stage of institutional tokenization growth.

The fundamentals, however, lag the story. In Q2 2026, average tokenized assets under management rose 16% year-over-year, but that asset growth did not translate into revenue. Total revenue fell 5% year-over-year to $14.4 million.

Losses deepened sharply. Net loss widened 253% to $21.69 million, from $6.15 million a year earlier. Adjusted EBITDA also swung further into negative territory, posting a loss of $5.5 million against positive adjusted EBITDA of $1.8 million in the prior-year period.

The Bull Case Against the Numbers

The tension for investors is clear: Cantor Fitzgerald's $21.20 target rests on a market that barely exists today — $39 billion onchain against $319 trillion in traditional assets — while the company's own quarterly results show shrinking revenue and widening losses.

The bull case depends on trajectory rather than current financials. Onchain asset values nearly tripled in twelve months even as the broader crypto market shed nearly half its capitalization, which suggests tokenization demand may be decoupling from crypto price cycles. Securitize's seven-year, five-regulator licensing effort, which Cantor Fitzgerald calls the broadest combination of licenses and technical integrations in its category, would take rivals years to replicate.

The bear case is equally concrete. A 5% revenue decline and a 253% wider net loss indicate the company is spending heavily to build market position before the tokenization market matures at scale. Whether the $319 trillion opportunity converts into revenue fast enough to justify that spending is the question the next several quarters of results will have to answer.

For now, Cantor Fitzgerald has made its position explicit: the firm sees Securitize as attractive at current levels based on its outlook for the sector. Investors now have a named price target — $21.20 — against which to measure whether the tokenization thesis is being validated by the company's asset growth, or undermined by its losses.