TLDR
- Benchmark initiates coverage of Cantor Equity Partners II (CEPT) with a Buy rating and $16 price target.
- CEPT is set to merge with tokenization firm Securitize, valuing it at $1.25 billion.
- Securitize holds roughly 70% of the U.S. tokenization market and runs BlackRock’s $2.2B BUIDL fund.
- The NYSE and Securitize recently announced a joint platform for tokenized securities with round-the-clock trading.
- Benchmark sees Securitize’s total addressable market as $300 trillion in real-world assets.
CEPT was trading around $11 at the time of writing.
Cantor Equity Partners II, Inc. Class A Ordinary Share, CEPT
Benchmark investment bank has initiated coverage on Cantor Equity Partners II with a Buy rating, pointing to its planned merger with Miami-based tokenization company Securitize as a key catalyst. Analyst Mark Palmer set a price target of $16, contingent on Securitize generating $178 million in revenue by the end of 2026.
Securitize operates an end-to-end platform for tokenizing real-world assets — things like stocks, bonds, and funds — by creating digital representations on blockchain networks. The company has built what Benchmark describes as a “compelling pure-play investment on tokenization.”
The merger between CEPT and Securitize was announced in October 2024, with an implied valuation of $1.25 billion for Securitize. Once complete, the combined company is expected to list on the Nasdaq under the ticker SECZ.
Palmer said there is strong revenue visibility for Securitize, pointing to origination fees from companies that tokenize assets and recurring servicing revenue as reliable income streams. He added that the firm’s broad focus — not tied to any one industry — is a key differentiator.
“Securitize is really focused on providing the process behind tokenization, from origination through servicing, in a way that’s applicable to a breadth of industry vertices,” Palmer said.
BlackRock and NYSE Backing Adds Credibility
Securitize already manages BlackRock’s BUIDL fund, the largest tokenized money-market fund in the industry, valued at $2.2 billion and spread across eight blockchain networks including Ethereum and Solana. BlackRock also led a $47 million strategic funding round in Securitize, a relationship that Benchmark views as a competitive advantage.
Last week, Securitize and the New York Stock Exchange announced a collaboration to build a platform for tokenized securities, featuring 24/7 trading. The partnership puts Securitize at the center of efforts to modernize U.S. capital markets in line with the SEC’s “Project Crypto” initiative.
Benchmark’s Palmer argues Securitize’s platform goes further than most competitors because it bypasses legacy clearing infrastructure like the DTCC. That puts it in a different category from firms like Figure Technologies, which listed on the Nasdaq in September 2025 and focuses specifically on tokenized home equity lines of credit.
$300 Trillion Addressable Market
Benchmark pegged Securitize’s total addressable market at $300 trillion — the estimated value of real-world assets globally. Because the platform is industry-agnostic, Palmer said the company is not capped by any single vertical.
“The concept here really is better and faster across the board,” Palmer told Decrypt. “It’s just a matter of time before the market begins to recognize the benefits both in terms of efficiency and settlement times.”
Securitize controls approximately 70% of the U.S. tokenization market, according to Benchmark. That market share, combined with blue-chip partnerships, is expected to help the company widen its competitive lead as the space grows.
CEPT was trading at around $11 at the time Benchmark published its note, well below the analyst’s $16 target.
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