Can tokenized assets continue to scale faster than the revenue models behind them?
Securitize closed its first quarter as a public company with average tokenized assets under management hitting a record $4.3 billion, up 16% year over year, while transaction volume on the platform jumped 147% to $5.3 billion.
Total revenue fell 5% to $14.4 million, tokenization revenue dropped about 12% to $7.8 million, and adjusted EBITDA swung to a $5.5 million loss.
The company put more assets on-chain and processed far more activity than a year earlier, and earned less money doing it.
| Metric | Q2 result | YoY change | What it shows |
|---|---|---|---|
| Average tokenized AUM | $4.3B | +16% | Assets on-chain are still scaling |
| Transaction volume | $5.3B | +147% | Platform activity accelerated sharply |
| Total revenue | $14.4M | -5% | Activity did not translate into higher revenue |
| Tokenization revenue | $7.8M | -12% | Core tokenization economics weakened |
| Asset-servicing revenue | $6.6M | +3% | Recurring/admin revenue held up better |
| Adjusted EBITDA | -$5.5M | Swing to loss | Costs and weak monetization pressured profitability |
The CFO explains the gap
Securitize CFO Francisco Flores said on the earnings call that AUM-based revenue is not material today and that very little of the platform's transaction volume is currently monetized.
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