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FollowingTokenization News
BlackRock backed tokenization company Securitize (SECZ) shares have fallen about 40% since completing its merger with special purpose acquisition company Cantor Equity Partner II last week, even though the company operates in one of the fastest-growing institutional applications segments in the blockchain space.
The stock plunged 25% on July 7 before recovering some of its losses. The decline comes as large financial institutions continue to expand their tokenization projects-BlackRock, Franklin Templeton and JPMorgan Chase are all actively introducing assets such as U.S. Treasury bonds, private credit and stocks into the blockchain network.
Forecasts for the tokenized asset market differ significantly. Citi expects the sector to reach US$5.5 trillion by 2030, while Boston Consulting Group and Ripple estimate that the figure will be as high as US$19 trillion by 2033. Securitize, one of the few listed companies that can directly provide equity exposure on this subject, completed a public listing.
Investor base shift triggers SPAC volatility
Jeff Dorman, chief investment officer of investment firm Arca, said the sell-off did not reflect negative developments unique to Securitize. \"We don\'t see any significant fundamentals negative catalysts,\" Dorman said.\"This kind of big volatility is common after SPAC is completed, as the entire investor base shifts from fixed-income-oriented SPAC buyers to new, Fundamentals-based long-term equity holders.\"
Special purpose acquisition companies (SPAC) first raise funds through open shell companies and then identify target acquisition companies. Once the merger is completed, SPAC arbitrage investors, who typically hold shares until the end of the deal, will exit to make way for equity investors who focus on the fundamentals of the company\'s business. Such a transition can severely depress stock prices, especially if there are limited freely tradable shares or shares have risen before the deal is completed.
Historical performance of cryptocurrency IPOs makes investors cautious
Dorman added that a series of underperforming cryptocurrency-related listings have made investors cautious about the entire sector. \"This is not surprising considering the recent dismal performance of cryptocurrency IPOs,\" he cited Coinbase, Bullish, Gemini, BitGo and Circle as examples.
Numbers for these listed projects show similar trends. BitGo\'s share price has fallen 70% since its IPO in February 2026. Gemini has fallen 85% since its launch in September 2025. Bullish, which was priced at $90 in August 2025, has fallen more than 70% and is trading below its $37 IPO price. Circle\'s share price is still more than double its $31 IPO price, but it has fallen 77% from the peak reached by the stablecoin issuer in June 2025. Coinbase went public directly in April 2021 for US$381 and is now trading at a price that is 56% lower than its opening price.
July 7 was also a weak day for cryptocurrency stocks overall. The Nasdaq index fell 2%, with Circle down 5%, BitGo down more than 4%, and Figure, a blockchain company run by former SoFi CEO Mike Cagney, fell nearly 8.8%.
