Securitize’s tokenized shares have shed more than half their value in less than a month, widening a gap with competitor Circle in the onchain equities market.
SECZ, the tokenized version of Securitize’s own common stock, fell from a market capitalization high of $430.4 million on September 28 to $208.6 million by Sunday, according to Token Terminal data. That decline of 51.5% occurred as Circle-linked tokenized shares gained 20% in value over the same period, reaching a combined market cap of $383.6 million.
Securitize, which helps asset managers including BlackRock issue securities on blockchains, brought its own shares onchain alongside its July 2 NYSE listing. The move made SECZ the largest tokenized equity at the time. It remains the largest individual tokenized stock, though Circle’s total is spread across products from several issuers. The broader tokenized equities market stands at $3.3 billion.
The collapse in tokenized SECZ coincided with weakness in Securitize’s underlying NYSE-traded shares. The stock closed Friday at $7.80, down 2.1% that day. The sell-off erased gains that followed Securitize’s October 8 launch of a stock trading platform on Solana.
Citi downgraded SECZ from Buy to Neutral on October 13, citing concerns about tokenization revenue. The downgrade signaled investor caution around Securitize’s onchain strategy even as the company expanded its infrastructure.
Securitize’s NYSE-listed shares carry a market cap of $1.27 billion. Binance’s CRCLb token on BNB Chain, one of the Circle-linked products, holds a market cap of $154.1 million.
