Securitize stock is 38% below its launch-day close, and its tokenized Apple, Nvidia and Tesla shares still have no published volumes

Securitize stock (NYSE: SECZ) traded at about $7.83 at 16:47 UTC on Friday 23 October, down 1.8% from Thursday’s close of $7.97, according to Yahoo Finance data. That is 38% below the $12.66 close of 8 October reported by DL News, the day Securitize opened onchain trading of tokenized Apple, Nvidia, Tesla and nine other US stocks on Solana. Two weeks on, the company has published no trading volume, supply figure or holder count for those tokens.

The fall has no established cause. DL News, which reported the 38% gap on 22 October, lists what happened in between without tying the decline to any one event. Neither Securitize nor any regulator has commented on the share price.

SECZ share price: back where it stood before the SEC exemption

The launch was not the top. On 17 September, the day the SEC published its innovation exemption for tokenized stocks, SECZ was up 21.2% at $9.42 during the session, according to a market report carried by the Mexican broker GBM, and it closed at $8.93. The run went on for another seven trading days, to a close of $16.63 on 28 September, its highest since the July listing in Yahoo Finance daily data. By 7 October, the eve of the launch, the stock was back at $11.40.

Launch week brought a short rebound. SECZ gained 11% on 8 October and another 9% the next session, closing at $13.82 on 9 October, according to DL News. Then it turned: down 14% on 12 October, down 13% on 16 October, and down 15% intraday on Thursday 22 October, when it was at $7.81 at 17:13 UTC. It closed that day at $7.97.

By our calculation, Friday’s price is 43% below the 9 October close and 53% below the 28 September peak, and almost exactly where SECZ ended on 16 September, the day before the exemption. The 8 and 9 October closes are DL News’s figures; Yahoo Finance daily data show the same levels. For European readers: SECZ is listed on the New York Stock Exchange and priced in dollars, so a holder in euros also carries the EUR/USD move.

How the shares got here: SPAC listing in July

The company came to the stock market through a merger with Cantor Equity Partners II (CEPT), a blank-cheque company. The agreement was signed on 27 October 2025, approved at a CEPT shareholder meeting on 29 June 2026 and closed on 1 July, according to the 8-K current report Securitize filed in July. SECZ began trading on the NYSE on 2 July and closed its first day at $12.30.

Holders of 6,842,508 CEPT shares, about 28.5% of those that could be redeemed, took back about $72.5 million in cash at roughly $10.60 a share, the filing says, and 163,218,683 shares were outstanding after closing. Former CEPT shareholders held about 14.5% of them. The 8-K and the S-1 give slightly different share counts for the private placement, so Coindaro leaves that figure out. By 17 August the stock had fallen to $5.39, its lowest close since listing, before the September rally.

On listing day, Securitize also issued a tokenized version of its own SECZ shares, which has traded since July, the October release says. Outlets disagree on the amount, and none of the figures could be checked.

A crypto-related listing trading far below its early levels is not new this month: Gemini stock closed at a record low on 20 October, 89% under its IPO price. The two cases differ. Gemini runs an exchange whose business has shrunk; Securitize sells a product whose first figures are not yet public.

What Securitize launched on 8 October

The launch came in a press release dated 8 October at 09:00 ET (13:00 UTC). Twelve stocks were on the first list: Apple, Microsoft, Nvidia, Alphabet, Tesla, Meta, Amazon, Netflix, Circle, SPCX, Strategy and Palantir. DL News names eleven and leaves out SPCX; the release includes it.

The tokens live on Solana and settle in USDC, the dollar stablecoin issued by Circle, whose business and USDC reserves we explain on its project page, itself one of the twelve listed names. Trading runs on Securitize’s own Solana venue, which it calls a PropAMM, with Jump Trading as market maker. Hours are extended at first, with round-the-clock trading planned later.

The release spells out the legal form: “Each token is backed one for one by an underlying share and represents a security entitlement under UCC Article 8”. Article 8 is the part of the US Uniform Commercial Code that governs securities held through a broker or custodian. In plain terms, the buyer owns a claim on a share held for them, not the share itself. Token holders can move onto the issuer’s share register only where the issuer adopts its own tokenization and works with Securitize’s transfer agent partners. The backing shares are not lent out, the release says.

None of the twelve companies has sponsored or endorsed the tokens, the release states. It names two further venues, the NYSE’s planned 24/7 digital platform and the OKX-ICE tokenized securities venue, says neither has launched and warns that trading there may not occur. Ripple Prime is named as a supporter and Aave as a possible future market for using the tokens as collateral. Securitize put its assets under management at about $5 billion as of September.

No volumes, no holders, no supply

The release gives no trading volume, no number of tokens issued and no count of holders, and Securitize has not published any since. DL News reported that the analytics site Solana Compass did not yet show the tokens in its data. Coindaro found no onchain dashboard tracking them either.

So nobody outside the company can say whether the launch is busy or quiet. Figures from the rest of the market describe the field Securitize entered. Wallets holding the Apple token of xStocks, a competing product on Solana, grew from about 15,400 in July to about 43,000 on 8 October, according to Solana Compass data cited by DL News. Solana carried 34% of tokenized-stock trading over the past week, about $120 million a day, according to Stakecake figures in the same article. How much of that flow went through Securitize, if any, is unknown.

Why the shares fell is not established

Several explanations are in circulation. None has been shown to be the cause, and the share price could reflect several at once or something else.

The September run is the plainest. SECZ more than doubled between the 16 September close and the 28 September peak, and it was already falling before the tokens went live. Some of the decline may be traders taking those gains, though nobody has measured it.

Then there is an analyst call. Citi cut SECZ to neutral from buy on 13 October, according to DL News, which says the bank cited doubts about how much revenue tokenization can bring and the risk of extra shares when lock-ups end. A Tickeron market note gives the same date but says Citi pointed to the stock’s run-up. Coindaro has not seen the Citi note, so its reasoning is unconfirmed.

Supply is the third worry DL News cites. The S-1 registration statement Securitize filed with the SEC locks up the shares that pre-merger Securitize holders received until 180 days after the 1 July closing, which means about 28 December. One third of them can be freed earlier each time the volume-weighted price exceeds $15, $17.50 and $20 for at least 20 of 30 consecutive trading days, counted from 90 days after closing. The sponsor’s founder shares follow the same 180 days, with lower triggers of $12.50, $15 and $17.50. SECZ last closed above $15 on 29 September, according to Yahoo Finance data, and at about $7.83 it is far from the first trigger for the Securitize holders.

The S-1 adds that the sponsor and the former Securitize holders owned about 77% of the shares after the merger. The 8-K says holders of about 38.2% of the shares were bound by lock-ups as of 7 July, and that an addendum of 8 July freed shares the lock-up parties had bought on the market or in the private placement.

Pushback from listed companies against tokenized copies of their shares, covered below, and the absence of any usage figure are also cited. The 15% drop of 22 October, the largest single move since the launch, has no reported trigger.

The SEC exemption of 17 September

The rule behind the September rally is set out in the SEC’s press release 2026-90, “SEC Issues Innovation Exemption to Facilitate Trading of Tokenized NMS Stock; Request for Comment”.

It is temporary and comes with conditions. Tokenized securities venues are exempted from the definition of an exchange, and liquidity providers in their automated market makers from the definition of a dealer. Caps apply to the number of symbols and to volumes. A tokenized share must carry the same rights as the share itself. When an unaffiliated third party tokenizes a company’s stock, the venue must give the issuer written notice and a chance to object, within 30 days according to law-firm notes. Smart contracts must be public and auditable on a permissionless ledger, venues must disclose their trading activity, and token trading stops when the underlying stock is halted. The relief expires after five years, the SEC says.

“We invite public comment on all aspects of the Innovation Exemption,” SEC chair Paul Atkins said in the release.

Securitize’s Solana product does not depend on it. The release presents secondary trading through Securitize’s broker-dealer “without the need for exemptions”, and ties the exemption only to future listings on tokenized securities venues, where it expects the tokens to be eligible. OKX-ICE is one of those venues. Elsewhere in the market, the DTCC began putting 25 securities onchain on Canton and Besu in mid-October.

OKX-ICE and the 16 objecting companies

OKX-ICE, a venture of the exchange OKX and Intercontinental Exchange, the owner of the NYSE, announced its plans on 5 October to operate under the exemption. Its issuer notice, first published on 4 October according to DL News, listed 63 tickers from 62 companies, Alphabet appearing with both share classes, CoinDesk noted. The notice was updated on 19 October.

The update showed 16 objecting issuers, up from nine in the previous notice, CoinDesk reported on 20 October. Seven were new: Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald’s and Western Digital. The earlier nine were Broadcom, Verizon, UnitedHealth, CoreWeave, AppLovin, Applied Digital, Rocket Lab, Applied Optoelectronics and Cerebras, which was not on the original list. Fifteen of the 62 companies first named have now objected, leaving 47 with no objection on record. The notice gives neither reasons nor dates for the objections.

Two of the objectors, Microsoft and Alphabet, are in Securitize’s twelve. The Wall Street Journal reported on 20 October, according to DL News, that both had objected to tokenization of their shares under the SEC framework. Their objection concerns the OKX-ICE venue and the exemption’s notice process; it does not by itself stop Securitize’s entitlement tokens. It does show how far these companies are from backing such products, which Securitize’s release already says they have not done. We followed the objections as they grew, along with the AMC refusal aimed at Robinhood, in our report on issuers pushing back against tokenized stock venues.

Counting 30 days from 4 October, DL News expects no OKX-ICE trading before 3 November, and the venue has given no launch date. Trading is planned in permissioned Uniswap v4 pools on OKX’s X Layer network, open only to verified wallets, with a cap per token of 0.25% of the underlying stock’s average daily volume over the previous month for the most traded names. The NYSE’s 24/7 platform has no date either.

Robinhood takes a different route. Its stock tokens are debt securities and are not offered in the United States, and its crypto chief, Johann Kerbrat, told The Block that the exemption’s volume caps would bite, according to DL News.

What European buyers can and cannot tell

According to the company, the tokens are offered to “eligible investors in the U.S., EU and other permitted jurisdictions”. The release does not list the EU countries, and it does not say whether a MiCA authorisation, a prospectus or another legal route is used. Coindaro found no statement from France’s AMF or Italy’s Consob on the product. Until Securitize publishes that list, a reader in Paris or Milan cannot tell from public documents whether the tokens are open to them.

Dates to watch for Securitize stock

• 3 November: the earliest date for OKX-ICE trading under the 30-day count reported by DL News; no launch date has been set.
• November: Securitize’s third-quarter results, the first chance for the company to publish token volumes. The company has not confirmed a date; one market site suggests around 11 November.
• 28 December: 180 days after the 1 July closing, the end of the lock-up on pre-merger Securitize shares and on the sponsor’s founder shares, according to the S-1, unless price triggers free some earlier.