Key takeaways
- Investment firm Benchmark initiates coverage on Cantor Equity Partners II (CEPT) with a Buy rating and sets a $16 price target.
- The SPAC is preparing to complete its merger with Securitize, a $1.25 billion tokenization platform.
- Securitize controls nearly 70% of the US crypto market share and manages BlackRock’s $2.2 billion BUIDL fund.
- Securitize and the New York Stock Exchange have unveiled plans to create a joint tokenized securities platform that will provide 24/7 trading capabilities.
- The analyst estimates the real-world addressable market for asset tokens at $300 trillion globally.
CEPT was trading at around $11 at the time of writing.
Cantor Equity Partners II, Inc. Class A common stock, CEPT
Investment banking firm Benchmark launched coverage of Cantor Equity Partners II with an upbeat outlook, highlighting the upcoming merger with Miami-based tokenization firm Securitize as an important growth driver. Research analyst Mark Palmer set a price target of $16, which assumes Securitize will generate annual revenue of $178 million by late 2026.
Securitization It provides a comprehensive platform for converting real-world traditional assets – including stocks, fixed income securities and investment funds – into blockchain-based digital tokens. Benchmark describes the company as an “attractive investment opportunity in the tokenization sector.”
The business combination between CEPT and Securitize was publicly disclosed in October 2024, resulting in an enterprise valuation of $1.25 billion for Securitize. Following completion of the transaction, the combined entity will trade on the Nasdaq under the new ticker symbol SECZ.
Ballmer highlighted Securitize’s strong revenue predictability, noting that origination fees charged to companies tokenizing assets combined with ongoing service income provide reliable cash flow. The analyst stressed that Securitize’s platform-agnostic approach across many industries represents a strategic advantage.
“Securitize is really focused on providing the process behind the token, from creation to servicing, in a way that is applicable to a wide range of industry sectors,” Palmer said.
Strategic partnerships with BlackRock and NYSE strengthen its market position
Securitize is working offline Black Rock BUIDL Fund, which is the industry’s largest money market token product with $2.2 billion in assets under management, spread across eight blockchain networks including Ethereum and Solana. BlackRock previously led a $47 million strategic investment round in Securitize, creating what Benchmark identifies as a meaningful competitive moat.
Just last week, Securitize and the New York Stock Exchange unveiled a strategic collaboration to develop a dedicated platform for tokenized securities that will enable round-the-clock trading. This partnership positions Securitize as a key player in modernizing US capital markets infrastructure in alignment with the SEC’s “Project Crypto” regulatory framework.
Benchmark analyst Palmer asserts that Securitize’s technology suite provides distinct advantages over competitors by eliminating reliance on traditional clearing systems such as DTCC. This sets the company apart from competitors such as Figure Technologies, which completed its Nasdaq listing in September 2025 with a narrower focus on tokenized home equity credit products.
A huge market opportunity worth $300 trillion
Benchmark calculates Securitize’s total addressable market at around $300 trillion – representing the total value of real assets worldwide. Since the platform operates across diverse asset classes and industries, Ballmer noted that the company does not face any artificial ceiling of specific vertical constraints.
“The concept here is better and faster across the board,” Ballmer told Decrypt. “It is only a matter of time before the market starts to recognize the benefits in terms of efficiency and settlement times.”
According to Benchmark research, Securitize maintains control of nearly 70% of the US tokenization market. This dominant market position, combined with prestigious corporate partnerships, will enable the company to expand its competitive advantage as adoption accelerates.
CEPT shares were trading near $11 when Benchmark released its research report, representing a significant discount to the analyst’s price target of $16.
