Securitize and Cantor Fitzgerald to Build Tokenized IPO Framework

Securitize and Cantor Fitzgerald announced Wednesday they will develop a framework to enable tokenized initial public offerings and follow-on equity offerings for listed companies. Securitize will provide the blockchain infrastructure to mint and manage digital securities, and its SEC-registered broker-dealer affiliate, Securitize Markets, will handle issuance and settlement. Cantor Fitzgerald will provide equity capital markets, underwriting, bookbuilding and trading services.

The framework is designed to allow companies to raise capital through tokenized securities while complying with existing U.S. public-offering rules. It covers primary issuances, including IPOs, and secondary offerings in which publicly listed companies issue additional shares.

Securitize will operate the technical systems used to issue, distribute and service tokenized shares. Securitize Markets will take part in offering and settlement processes required under securities law. Cantor will manage distribution and market access using its capital markets and trading infrastructure.

The agreement builds on an existing relationship: Securitize went public through a SPAC backed by Cantor Fitzgerald, and the two firms have worked together on tokenization projects previously.

On-chain tracker RWA.xyz shows the value of tokenized stocks rose about 16% over the past 30 days to roughly $1.9 billion. Tokenization efforts have concentrated on private credit and Treasury products, and market participants are increasingly exploring blockchain-based systems for public equities.

The announcement comes as the Depository Trust & Clearing Corp. plans a pilot to tokenize stocks and U.S. Treasurys with nearly 40 financial firms and has indicated an intention to roll out tokenized trading services later this year. Assets cited for the pilot include shares of large-cap companies, equity in stablecoin issuers and exchange-traded funds that track major indexes and short-term Treasurys.

The companies did not name specific issuers or provide a timetable for the first tokenized IPOs. The partners described the framework as aiming to integrate token issuance and secondary trading into existing public markets infrastructure rather than replace traditional channels.