Securitize reported record average tokenized assets under management of $4.3 billion for the second quarter, up 16% from a year earlier, but revenue fell 5% to $14.4 million and its net loss widened to $21.7 million in its first results released after it began trading publicly.
Tokenization revenue dropped even as assets and transaction activity rose. The divergence gives investors an early measure of whether growth in tokenized funds can translate into revenue at Securitize.
Shares dropped about 16% in after-hours trading to $6.61 at 8 p.m. ET after closing Wednesday at $7.86, according to Yahoo Finance market data.
The revenue decline came from Securitize’s tokenization business, where quarterly revenue fell 12% to $7.8 million. Asset-servicing revenue rose 3% to $6.6 million, leaving total revenue below the prior-year quarter.
Securitize said it added about $1 billion of tokenized assets during the quarter after declines in the previous two quarters. Aggregate transaction volume reached $5.3 billion, up 147% year over year.
