Securitize’s Tokenized Stock Value Halves as Circle Widens Lead
Key Takeaways
- •Securitize's tokenized stock market capitalization declined from a high of $430.4 million on Sept. 28 to $208.6 million by Sunday, according to Token Terminal data.
- •Circle-linked tokens gained about 20% over the same period to a combined $383.6 million, overtaking Securitize to lead the $3.3 billion tokenized equities market.
- •Securitize's NYSE-listed shares closed Friday down 2.1% at $7.80, leaving the tokenized version at roughly 16% of the company's $1.27 billion market capitalization.
- •Citi downgraded SECZ from Buy to Neutral on Oct. 13, citing concerns about tokenization revenue, after the company's Oct. 8 Solana trading platform launch failed to sustain its share gains.
- •SECZ remains the largest individual tokenized stock, while Binance's CRCLb token on BNB Chain is the largest Circle-linked offering with a market capitalization of $154.1 million.
Securitize’s tokenized stock market capitalization fell by more than half in less than a month, while tokens linked to Circle reclaimed the top position in the $3.3 billion tokenized equities market, a nascent sector in which listed shares circulate as blockchain tokens and which remains small relative to traditional equity markets.
The market capitalization of Securitize (SECZ) tokens declined from a high of $430.4 million on Sept. 28 to $208.6 million by Sunday, according to Token Terminal. Circle-linked tokens, by comparison, gained about 20% over the same period, reaching a combined $383.6 million across products issued by several companies. Those products are tokenized versions of shares in Circle Internet Group, the New York Stock Exchange-listed issuer of the USDC stablecoin.
The underlying SECZ shares, which trade on the New York Stock Exchange, closed Friday down 2.1% at $7.80 per share, giving Securitize a market capitalization of $1.27 billion — meaning the tokenized version now accounts for roughly 16% of the company’s total market value.
The decline in tokenized SECZ coincided with a sell-off in Securitize’s NYSE-listed shares. That drop erased gains recorded after the company launched its stock trading platform on Solana on Oct. 8. Citi downgraded SECZ from Buy to Neutral on Oct. 13, citing concerns about tokenization revenue.
Securitize helps asset managers, including BlackRock, issue securities on blockchains — the core service behind the tokenized equities market. The company brought its own common shares onchain at the time of its July 2 NYSE listing, making SECZ the largest tokenized equity at that point.
SECZ remains the largest individual tokenized stock because Circle’s combined total is distributed across products from multiple issuers. Binance’s CRCLb token on BNB Chain, the blockchain network created by the exchange, is the largest of those Circle-linked offerings, with a market capitalization of $154.1 million.
The figures refer to tokenized stock market capitalization by underlying stock and exclude exchange-traded funds (ETFs).
