Securitize to buy River One as first public quarter shows loss

What happened

Securitize, which trades on the New York Stock Exchange under the ticker SECZ, has agreed to acquire River One, a New York financing firm, in a move to expand into asset-backed lending. Securitize announced the deal alongside its third-quarter results. The company said it expects the purchase to close in the fourth quarter of 2026, or by year-end. Financial terms were not disclosed.

River One is developing technology that would allow lenders to obtain stablecoin funding. Under that model, lenders could use pools of small business loans or receivables as collateral to borrow money and finance new loans, according to Cointelegraph's report. Securitize said the acquisition would add a financing layer to its platform and give it a role in arranging credit alongside its existing work issuing and servicing tokenized assets for clients such as BlackRock.

Securitize went public on the NYSE in July, and the third quarter was its first reporting period as a listed company. Revenue rose 13% from a year earlier to $18.6 million, while the company reported a net loss of $66.3 million. Securitize said about $60 million of the loss came from largely noncash expenses and accounting charges, mainly tied to its business combination and public listing. CFO Francisco Flores said on the Nov. 9 earnings call that earnout liabilities generated a $23.2 million charge after the stock rose from $11.78 at the listing deal's close to $14.59 on Sept. 30. The earnout liability moves with the share price.

Why it matters

Securitize is the second-largest real-world asset platform, with $3.7 billion in total RWA value, behind Ondo at $4.1 billion, according to RWA.xyz. The River One deal would push the company beyond tokenization and into credit arrangement, a business that could connect pools of assets to stablecoin-based funding. The acquisition also adds a lending component to a platform that already issues and services tokenized products for institutional clients. Cointelegraph described Securitize as BlackRock-backed.

What the data shows

Securitize's third-quarter revenue was $18.6 million, up 13% year over year. The $66.3 million net loss included roughly $60 million in mostly noncash and accounting items. Adjusted EBITDA was a $2.0 million loss. The board authorized a $50 million share buyback on Nov. 6, open through Dec. 31, 2027.

Securitize released the results after the 4 p.m. ET close. SECZ closed at $6.97 on Nov. 9; in after-hours trading it reached a high of $8.17, and its last print before 8 p.m. ET was $7.88, up 13.1% from the close, according to Unchained's calculation from Yahoo Finance data.

Background

Securitize's listing in July made it one of the higher-profile tokenization firms to trade publicly. River One, the target, has backing from Framework Ventures and Maple Finance. On the earnings call, Flores said Securitize is not disclosing financial terms for River One and does not expect the deal to materially affect fourth-quarter results. He also said the company still expects total revenue of $70 million to $80 million for 2026.

What to watch

Investors will watch whether Securitize completes the River One purchase on schedule and how quickly River One's stablecoin-funding technology reaches lenders. Because the purchase price was not disclosed and Securitize said it does not expect a material fourth-quarter impact, more details may emerge only after closing. Cointelegraph said it contacted Securitize and River One for comment; its report did not include a response. Flores also noted that if the share price at year-end were at the level seen around the call, Securitize would expect a meaningful noncash gain in the fourth quarter.

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