Benchmark urges investors to look past Securitize SPAC selloff

Benchmark reiterated a Buy rating on Securitize and kept a $16 price target in a research note Wednesday, after the company's shares fell about 40% following its SPAC listing. The firm attributed the drop to price discovery and SPAC investors taking profits rather than changes in Securitize's operating performance.

The note followed Securitize's announcement of a partnership with Cantor Fitzgerald to enable onchain initial public offerings and secondary raises for companies already listed. The collaboration pairs Cantor's access to equities capital markets with Securitize's issuance, distribution and tokenization platform.

Securitize completed a merger with Cantor Equity Partners II earlier this month and tokenized nearly $300 million of its SECZ shares on Solana and Avalanche. The stock fell to about $7.40, down roughly 40% from its $12.45 debut, then recovered to about $8.50.

Benchmark trimmed its 2026 revenue forecast for Securitize to $82 million from $107 million, citing slower tokenization activity this year. The firm highlighted Securitize's existing footprint, including more than $5 billion in tokenized real-world assets and regulated digital-securities infrastructure across the U.S. and Europe, and partnerships with BlackRock, Apollo and Hamilton Lane.

Analyst Mark Palmer wrote that the shareholder register has shifted but the company's business quality and prospects have not changed. He added investors would be “well served to strip out the noise” and focus on the core business.

Palmer also wrote: “When the marginal seller is a SPAC investor who bought the trust at $10 for a fixed-income-like return, and the marginal buyer is a fundamental equity investor who has never underwritten a tokenization business, then the clearing price is likely going to be found lower.” Benchmark wrote it sees potential upside if tokenization adoption accelerates despite the near-term revenue revision.