Securitize tokens fall by more than half since September to $208.6 million

Key Facts

SECZ tokens’ market capitalization fell to $208.6 million by October 25, after reaching $430.4 million on September 28, according to a report published by Cointelegraph on October 26. That marks a decline of more than half in less than a month. Circle consequently regained the lead in combined value of tokens linked to it, while SECZ remained the largest individual tokenized stock. The shift comes within a market the report valued at about $3.3 billion.

The comparison shows a difference between an individual token’s value and the combined value of a company’s offerings: CRCLb, issued via Binance on BNB Chain, reached $154.1 million and was the largest Circle offering cited. SECZ tokens were valued at $208.6 million on October 25, remaining above the value of that offering alone. These figures concern the tokens’ market capitalization, not their trading volumes. The value of a stock-linked token also differs from the price of Securitize’s own listed stock; the two are separate measures.

The decline in SECZ tokens coincided with a sell-off in Securitize’s underlying shares traded on the New York Stock Exchange, Cointelegraph reported, erasing gains that followed the company’s launch of a platform for trading stocks on the Solana network on October 8. In the session when the launch was announced, the stock rose and closed at $12.66, up 11.05% from the previous session, according to Stock Analysis data. The session’s trajectory indicates the gains after the announcement, before the subsequent sell-off in the underlying shares erased them. On October 13, Citi downgraded SECZ from Buy to Neutral amid concerns about asset-tokenization revenue, according to the report. The downgrade came five days after the platform announcement, as SECZ tokens’ market capitalization fell from its September peak.

Securitize said each token issued under its product is backed one-for-one by an underlying share and represents a security entitlement. The company says this structure preserves the rights and economic benefits associated with the share, including dividends and voting rights where applicable. At launch, it said trading would take place through its registered broker on Solana, with transactions settled in USDC. The product is available to eligible investors after they complete registration, identity verification and anti-money laundering procedures. The company’s description places the product within a trading framework that links the token to an underlying share and stated rights.

The platform’s launch followed a decision by the U.S. Securities and Exchange Commission on September 17 to grant TSV platforms temporary, conditional relief from the definition of an exchange. The decision allows certain National Market System-listed stocks to trade on-chain through licensed liquidity pools. The SEC required tokenized stocks traded through these platforms to give holders the same rights and privileges as conventional shares of the equivalent class. Trading in a token must also stop when the underlying stock’s trading is halted on its primary listing exchange. SEC Chair Paul Atkins said the relief is temporary and invited public comment on its provisions to help determine what changes may be needed later.

Securitize said its tokenized shares are expected to become available on the upcoming NYSE digital platform and on OKXICE, but its statement clarified that neither platform has launched and that trading on them is subject to approvals and review. The SEC’s page on the relief, updated on October 26, listed the OKXICE TSV platform among entities that had notified the agency of their intent to operate as such a platform. OKXICE filed its notice on October 4. This places the platform within a regulatory process that remains temporary and conditional, as Securitize continues to point to future availability through platforms that have not yet begun operating. Any availability for trading through those platforms will remain contingent on their launch and completion of approvals and review.