StoneX reiterates Buy on Securitize as tokenization rebound lifts growth outlook

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StoneX Buy on Securitize

Highlights

Securitize shares closed at $8.53, up 22.4%, with StoneX reiterating its Buy rating and maintaining an $18 price target, implying 111% upside.
Securitize reported Q3 revenue of $18.6 million, record $5 billion average tokenized assets, and a 46% sequential rebound in tokenization, with 2028 revenue forecast at $167.9 million.
Recent launch of tokenized stocks, permanent regulatory registrations, and the acquisition of River One position Securitize to expand into loan origination and grow fee-based revenue streams.

Revenue forecasts and tokenized equities expansion

As reported by The Block, StoneX Financial reiterates its Buy rating on Securitize with an $18 price target after updating its revenue projections and highlighting growth opportunities in institutional fund distribution and tokenized equities.

Securitize shares close at $8.53 on Tuesday, up 22.4% on the day, implying roughly 111% upside to StoneX's target. In a note to clients on Wednesday, analyst Mark Palmer says the company's third-quarter revenue of $18.6 million, record average tokenized assets of $5 billion, and a 46% sequential rebound in its tokenization segment support the firm's investment thesis.

StoneX expects revenue to reach $72.4 million in 2026, $108.2 million in 2027, and $167.9 million in 2028. Palmer says those forecasts assume average tokenized assets on the platform approach $12 billion by 2028, driven by new fund launches, the expansion of Securitize Stocks, and distribution agreements in South Korea ahead of the country's first tokenization rules in February.

Regulatory positioning and broader business impact

Palmer identifies tokenized equities as a potentially larger opportunity for Securitize, noting that global equities represent a $169 trillion market while only about 0.002% of that value is currently onchain. He adds that the tokenized stock market grows fivefold over the past year to $3.2 billion.

Palmer cites CEO Carlos Domingo's comments that Securitize operates under permanent broker-dealer, alternative trading system, and transfer agent registrations, meaning its tokenized stock entitlements do not require issuer consent. That sets it apart from venues operating under the SEC's temporary Innovation Exemption, where some issuers opt out of tokenized trading pilots.

Securitize launches its tokenized stock product last month, giving eligible investors exposure to U.S. equities through digital tokens backed one-for-one by the underlying shares, and the platform has listed 25 stocks by Nov. 2. StoneX also says the company earns a share of management fees as transfer agent and tokenization provider for BlackRock's BRSRV money market fund, while its Securitize Capital subsidiary collects fees from the Neuberger Berman high-income fund and shares them with the manager as sub-adviser.

The company also recently agrees to acquire River One, a structured-credit and asset-backed finance platform incubated by Framework Ventures and backed by Maple Finance. Domingo says the deal allows Securitize to expand into loan origination, adding origination fees and a share of net interest margin to its existing servicing and distribution revenue.

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