TLDR
- StoneX reiterated its Buy rating and $18 price target on Securitize (SECZ), implying about 111% upside.
- Securitize closed at $8.53 on Tuesday, up 22.4% on the day.
- Q3 revenue hit $18.6 million, with record average tokenized assets of $5 billion.
- StoneX sees revenue climbing to $167.9 million by 2028.
- Securitize Stocks has listed 25 stocks and operates under permanent broker-dealer, ATS and transfer agent registrations.
Securitize (SECZ) just got a vote of confidence from Wall Street. StoneX reiterated its Buy rating and $18 price target on Wednesday.
The stock closed at $8.53 on Tuesday, up 22.4% on the day. StoneX’s target implies roughly 111% upside from that level.
Analyst Mark Palmer shared the call in a note to clients. He pointed to a few numbers behind it.
Third-quarter revenue came in at $18.6 million, up 13% from a year earlier. Average tokenized assets reached a record $5 billion, a 39% jump.
Transaction volume totaled $4.3 billion in the quarter, up 20%. The tokenization segment rebounded 46% from the prior quarter.
The Revenue Forecast
StoneX expects $72.4 million in revenue for 2026. That sits inside the company’s guidance range of $70 million to $80 million.
Looking further out, the firm sees $108.2 million in 2027 and $167.9 million in 2028. Those forecasts assume average tokenized assets near $12 billion by 2028.
Palmer said growth should come from new fund launches and the rollout of Securitize Stocks. Distribution deals in South Korea also play a part, ahead of that country’s first tokenization rules in February.
The bottom line is not as tidy. Securitize posted a net loss of $66.3 million for the quarter.
About 90% of that loss came from largely non-cash costs, the company said. Most were tied to its business combination and public listing.
Tokenized Stocks Take Center Stage
Palmer called tokenized equities a potentially bigger prize. Global equities make up a $169 trillion market, and only about 0.002% of that sits onchain.
The tokenized stock market grew fivefold over the past year to $3.2 billion, he said. RWA.xyz put distributed tokenized stock value near $3.88 billion on Nov. 11.
Securitize Stocks launched Oct. 8 on Solana. It started with tokenized interests in names like Apple, Microsoft, Nvidia, Tesla and Amazon.
Each token is backed one-for-one by the underlying stock. The platform had listed 25 stocks by Nov. 2, and RWA.xyz counts 27 assets worth about $274.8 million.
Palmer cited CEO Carlos Domingo, who said Securitize holds permanent broker-dealer, ATS and transfer agent registrations. That means its tokenized stock entitlements do not need issuer consent.
Venues under the SEC’s temporary Innovation Exemption have seen some issuers opt out of tokenized trading pilots. Securitize’s stock product does not run under that exemption.
StoneX also noted fee income from BlackRock’s BRSRV money market fund, where Securitize acts as transfer agent and tokenization provider. Its Securitize Capital arm also collects fees from the Neuberger Berman high-income fund.
Securitize recently agreed to acquire River One, a structured-credit platform backed by Maple Finance. Domingo said the deal would open the door to loan origination fees and a share of net interest margin.
