StoneX raised its price target for Securitize Corp. to $18 from $12 after the tokenization firm launched Securitize Stocks, a platform designed to earn recurring fees from trading and asset servicing rather than relying largely on integration work. Analyst Mark Palmer maintained a Buy rating on SECZ in a Monday note, arguing that the new business line gives the company a clearer route to monetizing activity on its tokenization infrastructure.
SECZ shares fell about 10% in Monday morning trading, while stock reference data accompanying the report showed a 12.08% decline. Even after the selloff, StoneX’s new $18 target stood roughly 45% above the prevailing share price cited in the report.
The target increase rests less on Securitize’s existing transaction volumes than on the company’s ability to convert those volumes into fee-paying activity. StoneX said that very little of Securitize’s $5.3 billion in second-quarter transaction volume generated revenue, underscoring the gap between operating a tokenization platform and capturing economics from each transaction conducted on it.
Trading platform adds recurring fee opportunities
Securitize launched Securitize Stocks last Thursday, offering tokenized versions of publicly traded equities including Apple, Nvidia and Tesla on the Solana blockchain. Transactions on the platform settle in USDC, the dollar-pegged stablecoin issued by Circle.
According to Securitize’s platform description, each tokenized stock is backed one-for-one by an underlying share and is structured to provide holders with dividend and shareholder rights. That structure aims to distinguish the products from synthetic stock tokens, which can track a company’s price without necessarily giving holders a legal claim connected to the underlying equity.
For Securitize, the platform introduces several potential revenue streams that were largely absent from its earlier model. StoneX said the company could earn fees from stock transactions and ongoing servicing, while collateral-related income may become another source of revenue later.
Trading and servicing fees would give Securitize an economic interest in continuing activity on the platform. Integration fees, by contrast, are generally earned when an issuer or financial institution connects to the company’s technology, making them less directly tied to the scale of secondary-market trading.
StoneX’s Palmer said comments on Securitize’s August second-quarter earnings call suggested that integration fees made up the bulk of the company’s tokenization revenue. The launch of a trading venue therefore changes the financial logic behind the company’s reported transaction volumes: activity that previously demonstrated platform usage without producing much revenue could become more valuable if it moves through Securitize Stocks.
Stonex bases valuation on 2028 revenue forecast
StoneX projected that Securitize’s revenue could approach $120 million in 2027 and reach $198.5 million in 2028. The forecasts assume annual growth of about 65%, a pace that depends heavily on the new platform attracting trading flow and retaining assets that require ongoing administration.
Palmer derived the $18 price target by applying a 14.5-times enterprise-value-to-revenue multiple to StoneX’s 2028 revenue estimate. Enterprise value measures a company’s operating value by accounting for market capitalization as well as debt and cash, making it a common tool for comparing companies with different capital structures.
The valuation places a substantial portion of Securitize’s prospective value in future platform economics rather than in revenue already generated by its existing tokenization operations. That leaves execution central to the company’s case: Securitize needs to demonstrate that tokenized shares can attract sustained volumes, not just initial interest around a product launch.
A reported $5.3 billion in quarterly transaction volume provides evidence that Securitize’s infrastructure has handled meaningful activity, but StoneX’s own assessment indicates that volume alone has not translated into comparable income. The new platform is intended to close that gap by placing more of the trading and servicing stack within Securitize’s business.
Solana and usdc shape the platform’s operating model
Securitize selected Solana for the tokenized-stock rollout, linking the product to a network known for relatively fast transaction processing and low fees. Using USDC as the settlement asset allows purchases and sales to be completed in a dollar-denominated digital instrument rather than requiring users to move funds through conventional brokerage settlement systems for every transaction.
That setup could make tokenized equities more useful for markets that operate beyond standard U.S. trading hours, although the practical appeal will also depend on liquidity, compliance controls and how easily eligible users can move between tokenized shares and conventional brokerage holdings.
The platform’s ability to preserve dividend and shareholder rights will be particularly relevant. Many early tokenized equity products have faced questions over whether buyers owned the underlying shares, held contractual exposure to an issuer, or received rights comparable to those of conventional shareholders. Securitize’s one-for-one backing model seeks to address those concerns, though the product’s uptake will depend on how market participants assess its legal and operational structure.
StoneX’s revised target reflects a view that Securitize is moving from a company primarily paid to build tokenization infrastructure toward one that can participate in the economic activity occurring on it. The distinction will become clearer in future earnings reports, where trading fees, servicing income and the relationship between transaction volume and revenue will offer a more direct measure of whether Securitize Stocks is changing the company’s business model.
Explore how tokenized equities work and why they matter in crypto—read our guide on tokenized equities today.
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