Securitize Agrees to Buy River One as Q3 Revenue Rises 13%
The tokenization firm also posted a $66.3 million net loss, about $60 million of it from listing-related charges, and approved a $50 million buyback.
Securitize, the company that puts funds and stocks on blockchains for managers like BlackRock and ARK Invest, agreed Monday to buy lender River One and reported third-quarter revenue of $18.6 million, up 13% from a year earlier. Its shares rose about 10% after hours, CNBC reported.
The deal moves Securitize from issuing tokens to lending against assets. River One, founded in New York in 2025, does warehouse financing: short-term credit that lenders use to fund new loans, backed by pools of small-business loans, receivables and similar assets, Securitize said. Terms weren't disclosed. The company expects the deal to close in the fourth quarter.
Two ways the business gets paid
Tokenizing a fund means issuing a blockchain token that stands for a share in it, so it can move and settle around the clock. Securitize charges for that work, and it also earns by running fund back offices. Per its results release, tokenization revenue rose 28% to $11.5 million while asset-servicing revenue fell 6% to $7.2 million.
Tokenized assets on the platform stood at $4.8 billion on Sept. 30, up 9%. The quarterly average was a company-record $5.0 billion.
The loss behind the growth
Net loss was $66.3 million, or 41 cents a share, after a $4.1 million profit a year earlier. The company said about $60 million of the loss came from largely non-cash charges tied to its July listing on the NYSE through a merger with Cantor Equity Partners II. Operating costs rose 183% to $42.2 million. Adjusted EBITDA, which leaves those charges out, was a $2.0 million loss.
The board approved buybacks of up to $50 million through Dec. 31, 2027. Securitize ended September with about $298.9 million in cash and no debt. Its release lists the risk that the River One deal doesn't close on the expected terms or timeline, or at all.
In our opinion: the line to follow is asset servicing, the only revenue stream that shrank, as assets under administration fell 29% to $25.2 billion. Securitize is leaning on token fees to carry growth while it adds a lending arm on top. The fourth-quarter closing date for River One is the first checkpoint.
Sources: Securitize: Third Quarter 2026 Results (PR Newswire) · Securitize: Agreement to Acquire River One · CNBC: Securitize gains 10% postmarket on Q3 results · The Defiant: Securitize Agrees to Buy River One
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