Tokenized Securitize Shares Lose Over Half Their Value as Circle Tokens Take the Lead

The onchain value of tokenized Securitize shares (SECZ) has fallen from a peak of $430.4 million on Sept. 28 to $208.6 million by Sunday.

The underlying NYSE shares ended Friday down 2.1% at $7.80, giving the company a market value of $1.27 billion. Meanwhile, tokens tracking Circle (CRCL) have grown about 20% since Sept. 28 to $383.6 million, which puts them back on top of a tokenized stock market worth $3.3 billion, excluding ETFs.

Why Securitize Shares Slid

The drop in the tokens followed a sell off in the real shares, which wiped out the gains made after the Oct. 8 launch of Securitize’s stock trading platform on Solana. Citi cut its rating on the stock from Buy to Neutral on Oct. 13, citing doubts about revenue from tokenization.

Securitize and Circle Tokenized Equity Rankings

Securitize helps asset managers such as BlackRock issue securities on blockchains. It put its own common shares onchain when it listed on the NYSE on July 2, which made it the biggest tokenized equity at that point. SECZ is still the largest single tokenized stock, because Circle’s total is split across products from several issuers. Binance’s CRCLb on BNB Chain leads those at $154.1 million.