StoneX has reaffirmed its Buy rating and $18 price target on Securitize (NYSE: SECZ), projecting full-year 2026 revenue of $72.4 million. The call reflects the company's evolution from a provider of tokenization infrastructure for asset managers into an operator of markets for digital securities.

The brokerage estimates that tokenized equities represent only around 0.002% of the $169 trillion global equity market, leaving substantial room for growth if regulatory frameworks and investor access continue to develop.

Securitize Reports $18.6M in Q3 Revenue and $5B in Assets

Securitize's latest quarterly results provide the backdrop for that forecast. Third-quarter 2026 revenue came in at $18.6 million, a 13% increase year over year, while average tokenized assets on the platform reached a record $5 billion, up 39% from the previous year. Aggregate transaction volume climbed 20% to $4.3 billion during the quarter.

Growth in tokenized assets has not yet translated into consistent profitability. Securitize recorded a net loss of $66.3 million, although the company said approximately 90% of the loss came from largely non-cash expenses and accounting charges, mainly tied to its business combination and public listing. Management maintained its full-year revenue guidance of $70 million to $80 million, keeping StoneX's $72.4 million estimate within the company's own range. The quarterly figures were published in an earnings exhibit filed with the SEC.

Securitize Stocks Could Add Transaction-Based Revenue

A central part of StoneX's investment thesis is Securitize Stocks, launched on October 8. The platform initially brought tokenized interests in US-listed companies — including Apple, Microsoft, Nvidia, Tesla and Amazon — to Solana, a public blockchain network. The securities are backed one-for-one by underlying shares and give eligible investors the associated economic benefits and shareholder rights, subject to applicable conditions.

The launch could change how Securitize earns revenue. Previously, much of its tokenization income came from integration and infrastructure fees, even as transaction volumes expanded. Operating a venue for tokenized equities creates opportunities to collect revenue from trading and servicing activity, and the use of tokenized securities as collateral could open another revenue channel over time. StoneX has identified this shift from infrastructure provider to market operator as a key reason for its valuation outlook.

SEC Rules and Market Adoption Remain Key Growth Factors

Regulation will influence how quickly tokenized equities can reach a broader investor base. Securitize says its stock platform operates through its existing regulatory framework, which includes an SEC-registered broker-dealer, an alternative trading system and a registered transfer agent. The company has also pointed to the SEC's temporary, conditional Innovation Exemption as a possible additional route for certain tokenized securities venues, although its own Securitize Stocks product does not operate under that exemption.

On-chain market data shows tokenized stocks growing, but still small relative to traditional equity markets. On-chain analytics platform RWA.xyz reported approximately $3.88 billion in distributed tokenized stock value on November 11, 2026, with Securitize accounting for around $274.8 million across 27 assets on its platform — roughly 7% of the tracked total, leaving the bulk of on-chain tokenized stock value on venues outside Securitize's platform.

Taken together, the figures underline the gap between the current on-chain market and the $169 trillion global equity market cited by StoneX, while also showing that adoption has not yet reached the level of widespread liquidity or mainstream ownership. Whether that gap narrows, and whether the launch of Securitize Stocks translates into the transaction-based revenue central to StoneX's thesis, rests on the factors already in view: regulatory frameworks, investor access, and the pace of on-chain adoption.