SPAC Listing via Cantor SPAC
Securitize, the blockchain tokenization platform behind BlackRock’s tokenized U.S. Treasury fund, is in talks to go public through a merger with Cantor Equity Partners II Inc., a blank‑check company backed by Cantor Fitzgerald, according to Bloomberg. The proposed deal could value Securitize at more than $1 billion, the report said, citing people familiar with the matter.
Securitize has not commented publicly on the discussions. If completed, the merger would make the company one of the few tokenization firms to enter public markets through a Special Purpose Acquisition Company (SPAC) — a route increasingly favored by crypto and fintech startups seeking faster access to capital markets.
SPACs are publicly listed shell companies created to acquire private firms and take them public without a traditional initial public offering. Once the merger closes, the target company’s shares begin trading on a stock exchange under its own name. The structure gained traction among digital asset firms during the last market cycle and is reemerging as sentiment improves in 2025.
SPAC Route Returns to Crypto Markets
If the deal proceeds, Securitize would join a short list of crypto firms that went public through SPAC mergers. Bakkt listed via VPC Impact Acquisition Holdings, while Core Scientific went public through Power & Digital Infrastructure Acquisition Corp. before being acquired by CoreWeave for $9 billion. Circle, issuer of the USDC stablecoin, announced a similar plan with Concord Acquisition Corp in 2021, but that deal was later terminated. Circle eventually went public this year in one of the sector’s largest offerings.
The talks come as digital asset firms regain access to equity markets. In 2025, several companies — including Circle, Figure Technologies, Gemini, and Bullish — have completed high‑profile listings, reflecting a rebound in investor interest after two years of subdued activity.
The potential merger with Cantor’s SPAC would also highlight Cantor Fitzgerald’s deepening involvement in the blockchain ecosystem. The firm has previously invested in tokenization and digital asset infrastructure projects as institutional demand for regulated crypto exposure continues to grow.
BlackRock Ties and Tokenization Expansion
Securitize has been a leading player in the fast‑growing market for tokenized real‑world assets (RWAs). In May 2024, the company raised $47 million in a funding round led by BlackRock, with participation from Paxos, Aptos Labs, and Circle. The capital supported the expansion of its regulated digital securities platform, which enables institutions to issue and trade tokenized versions of traditional assets on blockchain networks.
BlackRock’s involvement drew attention after it launched the BUIDL fund on the Ethereum network, a tokenized U.S. Treasury fund that uses Securitize’s infrastructure for investor onboarding and secondary trading. The collaboration marked one of the first large‑scale instances of tokenized Treasurys being distributed through a major asset manager’s fund vehicle.
Data from RWA.xyz shows that more than $33 billion in traditional assets have now been tokenized across public and private blockchains, with U.S. Treasurys and private credit leading adoption. Securitize’s core technology underpins several of these projects, making it a central player in the sector’s institutional build‑out.
Institutional Momentum Behind On‑Chain Finance
Traditional financial institutions are stepping deeper into tokenization. BNY Mellon recently said it is exploring tokenized deposits to enable real‑time settlement between clients. Earlier this year, it partnered with Goldman Sachs to pilot tokenized money market funds using blockchain to track ownership and transfers. Meanwhile, S&P Global this week introduced the Digital Markets 50 Index, designed to track 15 cryptocurrencies and 35 blockchain‑linked equities, in collaboration with tokenization firm Dinari, which plans to issue a tokenized version of the index later this year.