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Securitize reported its strongest revenue quarter on record as the tokenization platform moves closer to the public markets through its proposed combination with Cantor Equity Partners II (NASDAQ: $CEPT).

The company said first-quarter revenue rose 39% to $19.5 million, helped by growth across its tokenization and asset-servicing businesses. Asset servicing revenue climbed 201% to $8.3 million, while tokenization revenue was roughly flat at $11.1 million.

Profitability remained under pressure as the company continued investing around its public-market transition. Securitize reported a net loss of $7.9 million, or 88 cents per diluted share, while adjusted EBITDA declined to $800,000 from $4.1 million a year earlier. The company attributed the higher cost base partly to added headcount and expenses tied to preparing for its planned listing.

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That listing path gives the quarter a broader public-market frame. Securitize has agreed to merge with Cantor Equity Partners II, a Nasdaq-listed SPAC, positioning the company as a potential listed proxy for real-world asset tokenization. It ended the quarter with $3.4 billion of tokenized assets under management, $24.9 billion of assets under administration and $1.9 billion of aggregated transaction volume.

Securitize also used the quarter to deepen its institutional position. The company announced a collaboration with the New York Stock Exchange to support tokenized securities markets, expanded liquidity options for BlackRock’s BUIDL fund through UniswapX and was chosen to tokenize loan interests tied to Trump International Hotel & Resort, Maldives.

Co-founder and CEO Carlos Domingo said tokenization is becoming “the most consequential upgrade to U.S. capital-market infrastructure in a generation,” pointing to the company’s partnerships with NYSE, BlackRock (NYSE: $BLK), Uniswap and Computershare as signs that tokenized assets are moving beyond isolated products.

The numbers give Securitize a cleaner growth story heading into its pending listing, though investors still have to weigh revenue momentum against losses and the execution risk of turning tokenization demand into a durable public-company model.

Cantor Equity Partners II (NASDAQ: CEPT) is currently trading at $13.16 U.S. per share.