Securitize shares jump 41% after Citi upgrades stock to Buy, sets $14 price target
Key Facts
Citigroup upgraded Securitize from Neutral to Buy on November 10 and set a price target of $14 per share, according to CoinDesk. The move followed the company’s third-quarter results and an agreement to acquire River One. In Tuesday trading, Securitize shares rose 41% to $9.86, according to CoinDesk, in a move the report linked to the results, the deal announcement and Citi’s upgrade. The company’s results showed growth in tokenized assets and transaction volume, alongside a large quarterly loss. The indicators present a mixed picture of activity: expansion in the platform and revenue, while expenses continued to weigh on profitability.
Securitize generated about $18.6 million in revenue in the third quarter of 2026, up 13% year over year, according to the results statement the company filed with the U.S. Securities and Exchange Commission. The company said the figure was its second-highest quarterly revenue on record, not a record. The quarterly record was for average tokenized assets on the platform, which reached $5.0 billion, up 39% from the same period a year earlier. Total tokenized assets stood at $4.8 billion on September 30. The difference between the two indicators shows that growth in the value of assets on the platform was more pronounced than the company’s quarterly revenue ranking in its historical record.
Gross transaction volume reached $4.3 billion during the quarter, up 20% from the third quarter of 2025, according to the company’s statement. But the expansion in activity did not prevent a net loss of $66.3 million, or $0.41 per diluted share. Securitize attributed about $60 million, or nearly 90% of the loss, to expenses and largely non-cash accounting items. The company said these items were primarily related to the business combination and public listing. On an adjusted EBITDA basis, the company recorded a loss of $2.0 million, compared with adjusted profit of $3.6 million in the same period a year earlier.
The figures reflect a broader commercial operation alongside costs associated with the company’s structure following the business combination and listing. Revenue grew year over year, and average tokenized assets and transaction volume increased, but the adjusted earnings measure moved from profit to loss. The company said most of the net loss came from non-cash accounting items, distinguishing their impact from typical cash operating expenses. The results did not provide a breakdown linking Citi’s decision directly to any particular indicator. The rating change coincided with the quarterly figures and the River One agreement, while CoinDesk’s coverage cited these developments in the context of the stock’s rise.
In a separate capital measure before the results announcement, Securitize’s board authorized the repurchase of up to $50 million in common stock on November 6. The company said the program would remain open through December 31, 2027, without creating an obligation to buy any shares. The authorization gives the company the option to conduct repurchases up to the announced limit and within the specified timeframe, but it does not establish that any purchases have been made. The announcement came as the company reported a large quarterly net loss, although it said most of the loss was tied to non-cash accounting items. The buyback therefore remains an authorized decision within a set financial and time limit, not a result recorded in the quarter.
The company also announced after the quarter ended that it launched Securitize Stocks on October 8, providing access to tokenized interests in U.S.-listed stocks for eligible investors in the United States, Europe and other permitted jurisdictions. It said the service expands the range of products available on its platform to include U.S.-listed stocks. As for River One, Securitize entered into a definitive acquisition agreement that it said would expand its infrastructure into institutional-backed asset financing and add warehouse financing capabilities. The company expected the deal to close in the fourth quarter of 2026, subject to customary closing conditions. At the time of the company’s disclosure, the deal therefore remained a future step contingent on meeting those conditions, while the new product launch had been announced in October.