Securitize, a tokenization platform that went public in July, reported significant growth in its third-quarter results, with tokenized assets increasing by 9% to $4.8 billion and revenue rising 28% to $11.5 million.
Despite these gains, the company faced a substantial rise in operating costs, which were up 183% compared to the previous year, largely due to expenses related to its public offering and enhanced compliance measures.
CEO Carlos Domingo noted that while adjusted EBITDA showed an improvement, the company still reported a loss of $2 million, compared to a positive adjusted EBITDA of $3.6 million a year ago. The firm also announced a $50 million share buyback and the acquisition of River One, an asset-backed financing platform, which aims to leverage stablecoins in traditional lending markets.
This move is seen as a strategic expansion into a $9 trillion market, positioning Securitize to capture revenue growth in a competitive landscape that includes major players like BlackRock and Franklin Templeton entering the tokenization space