Cantor Fitzgerald Initiates Securitize at Overweight, Sees 95% Upside in Tokenization Play
TREE NEWS reports: Cantor Fitzgerald opened coverage of Securitize on Monday with an overweight rating and a $21.20 price target, implying roughly 95% upside from Friday’s close of $10.86. The call puts a mainstream Wall Street valuation on a company whose core business is converting stocks, funds and other traditional instruments into blockchain-based tokens.
The Business Behind the Rating
Securitize sits at the intersection of traditional finance and public blockchains. It provides the issuance, compliance, transfer-agent and investor-onboarding infrastructure that lets asset managers put regulated securities onchain. Its platform has been used for tokenized money market funds, private credit vehicles and, increasingly, tokenized public equities — the segment Cantor Fitzgerald appears to be underwriting.
The timing is notable. Tokenized U.S. Treasuries and money market products have grown into a multi-billion-dollar category over the past two years, and major asset managers have launched or expanded onchain share classes. Securitize’s position as a regulated transfer agent and broker-dealer gives it a defensible moat that pure software vendors lack.
Why Wall Street Is Paying Attention
- Regulatory clarity is improving. A more permissive posture from U.S. regulators toward tokenized securities has reduced the legal overhang that previously capped valuations in the sector.
- Distribution is the bottleneck. Tokenization’s hard problem is not minting tokens but connecting them to compliant custody, brokerage and settlement rails. Securitize sells exactly that plumbing.
- Fee economics scale. Transfer agency, administration and compliance services generate recurring revenue tied to assets under management rather than one-off issuance fees.
Cantor’s price target implies the market is materially undervaluing the company’s pipeline of tokenized fund mandates and its potential to become default infrastructure for onchain equities.
Implications for the Tokenization Sector
A sell-side initiation of this magnitude matters beyond a single ticker. It signals that institutional research desks are beginning to model tokenization as a standalone revenue category rather than a crypto curiosity. That shift could pull more capital toward listed pure-plays and toward the broader RWA (real-world asset) ecosystem, including tokenized treasuries, private credit and real estate platforms.
It also raises the competitive bar. Legacy transfer agents, custody banks and exchanges are all building or buying tokenization capabilities. Securitize’s early regulatory licenses and issuer relationships are its main defense, but incumbents have distribution advantages that could compress margins over time.
What to Watch
Three catalysts will determine whether the 95% upside thesis holds: growth in assets under tokenization, progress on tokenized equities gaining mainstream brokerage access, and whether U.S. regulators formalize rules that make onchain securities transfer legally routine. If those fall into place, Securitize’s valuation could look conservative. If adoption stalls, the stock will trade on crypto sentiment rather than fundamentals.
